We offer many jumbo products, including primary residences, second homes, and investment properties, we can offer 5% down jumbo on primary residences. We also have an interest-only jumbo product available. The jumbo rates we are seeing are comparable to conforming rates. In the past when we would encourage borrowers to stay at the conforming loan...
Tag: Arizona
Post
DON’T BE ENTICED BY PUBLISHED RATES
Published rates entice you, but may not give you the whole story: Often times we get asked, “I saw this rate on-line, can you match it?” Generally, we can, or can beat it, but you have to make sure you are comparing apples to apples. There are many factors that go into an interest rate....
Post
APPRAISAL REPORT: AN OPINON OF VALUE
As you know, an appraisal provides an opinion of value of the property, but, did you also know the appraisal contains comments on the condition of the property? An appraiser will comment on the condition of the property based on what they see during their visit. They will not inspect the property like a property...
Post
NO MONEY DOWN LOANS INTEREST RATES
Many lenders will try to sell you no money down loans, or down payment assistance loans, but it is likely that these loans will have higher interest rates and more costs. If you can come up with a down payment, in some instances as little as 1% of the sales price, you may be able...
Post
AGE QUALIFICATIONS FOR A MORTGAGE LOAN
Any adult, pursuant to that state’s laws, can apply for a for a mortgage loan. According to Fannie Mae, “borrowers who are natural persons and have reached the age at which the mortgage note can be enforced in the jurisdiction where the property is located” can apply; there is no maximum age limit for a...
Post
DOWN PAYMENT ASSISTANCE PROGRAMS
Let’s take a look at down payment assistance; there are programs that will actually make the down payment for you: There are different types of programs. Some which you will have to apply for separately and others that are part of the loan process. However, like anything else, these programs are not free. Although you...
Post
ALWAYS OBTAIN A PAYOFF STATEMENT
If you have a loan and are looking to pay it off, make sure you obtain the payoff statement. The statement is a document provided by the lender which contains the final amount to be paid to release their lien. It contains the principal balance, interest up to the date of closing, penalties (if...
Post
WORKING WITH A LOAN ORIGINATOR
The closer you work with your loan originator, the quicker the loan will move through the process. What is involved in the process? Step One: Complete the loan application; Lenders require a fully completed application. This includes providing a 2 year residential and employment history. Lenders will email the Loan Estimate to you within 3...
Post
DEFINING PITIMI
The acronym PITIMI represents the components of the monthly mortgage payment. It is defined as follows: • P = Principal • I = Interest • T = Real estate taxes • I = Insurance • MI = Mortgage Insurance The principal is the amount paid against the borrowed funds per month. Interest is the...
Post
INVESTMENT OPTIONS
The following is a little help to analyze your options. Let’s say you worked hard and saved money over the years. It is sitting in your checking or savings account, and making little or no interest. You’d like to have your money work for you. You are considering investment options, such as stocks, mutual funds...