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...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’...Loan Calculator
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