Fixed Rate Mortgage Term Options
The 30 Year Fixed loan program is the most common program chosen by homeowners. It provides fixed, secure payments at the same interest rate and mortgage payment for the life of the loan (30 years). But there are other options for fixed rate term mortgages that not...Are No-Cost Loans a Real Thing?
Can you purchase a home or refinance your existing mortgage and not pay anything to do so? The simple answer is yes, but it definitely needs more explaining. There are costs associated with every purchase and refinance; the question is how they are paid. The best way...Jumbo Loan with 10% Down Payment?
Back in the day, we only had a conforming loan limit (currently $417k), and any loan amount above that was considered Jumbo. Now we have three levels of loan limits and down payment requirements for Conventional loans. (FHA will allow 3.5% down payment up to a...You Have Options in Mortgage Insurance
Mortgage Insurance is one of those necessary evils in purchasing a home with less than 20% down payment. The purpose of Mortgage Insurance is to protect the lender against the possibility of default. Yes, this is something you pay but does not have any real benefit to...How to Calculate Your Qualifying Ratio
Your qualifying ratio, also called the debt-to-income (DTI) ratio, is one of the three main factors in getting a loan. The other two are the Loan-to-Value ratio (considering down payment or equity), and your credit score. There are many other factors in getting a...What an Increase in Interest Rates Means to You
Rising interest rates can drastically reduce the max purchase price you qualify for. Depending on the loan amount, a rise in rates of just .25% can potentially cost you hundreds of dollars (in particular with the high loan amounts in our Bay Area). But even with...Advantages and Disadvantages to Interest-Only Loans
The new “Qualified Mortgage” Rule will be taking place in January 2014, which will result in the discontinuation of Interest-Only loans. There may be a small handful of portfolio lenders that will continue to offer interest-only loans, but for the most part, they...An Upcoming Change to the Lending Industry: The “Qualified Mortgage” Rule
Earlier this year, the Consumer Financial Protection Bureau (CFPB) released the details for the “ability to repay” and “qualified mortgage” rule. The rule will go into effect on January 10, 2014. “[The Qualified Mortgage] is intended to create a class of ‘safer’...Highlights and Features of FHA Financing
Although FHA (government-insured) loans are more expensive than Conventional, there are many reasons why homeowners and homebuyers go this route of financing. The most common is for its minimal down payment requirement, but there are other reasons. See below for a...Loan Calculator
Try for free!
Free eBook
