Finding Home Financing That Is Right For You

Mortgage Calculator --- www.mortgage-calc.com

A house is the largest purchase most of us will ever make so it's important to find the home financing that is right for you. If you can't put down the usual 20 percent, you may still qualify for a loan. The mortgage calculator will help show you how much your monthly payment will be. Just enter the amount and terms, and our mortgage calculator does the rest.

Current Interest Rates

Current Interest Rates --- www.mortgage-calc.com

In these historic times we have all learned not to select a mortgage program or lender just by a low interest rate. If you can't commit to remaining in the same home for at least a few years, then owning is probably not for you. The numerous pitfalls have lead many homeowners down the path of losing their homes. Each buyer needs to explore several programs before deciding which one fits their financial needs.

Mortgage FAQ’s:

Are you confused about the mortgage process? You will find the answers to several frequently asked mortgage questions below.

Q: What is the difference between Pre-Approval and Pre-Qualification?
A: The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a “Pre-Qual” letter. Pre-approval includes all the steps of a full approval, except for the appraisal and title search. Pre-approval can put you in a better negotiating position, much like a cash buyer.


Q: What is a Rate Lock?
A: A “Rate Lock” is a contractual agreement between the lender and buyer. There are four components to a Rate Lock: Loan Program, Interest Rate, Points, and the Length Of The Lock.

Q: What is the difference between a Mortgage Broker and a Lender?
A: A mortgage broker counsels you on the loans available from different wholesalers, takes your application, and usually processes the loan which involves putting together the complete file of information about your transaction including the credit report, appraisal, verification of your employment and assets, and so on. When the file is complete, but sometimes sooner, the lender "Underwrites" the loan, which means deciding whether or not you are an acceptable risk.


Q: What is a Full Documented Loan?
A: Both income and assets are disclosed and verified, and income is used in determining the applicant's ability to repay the mortgage. Formal verification requires the borrower's employer to verify employment and the borrower's bank to verify deposits. Alternative documentation, designed to save time, accepts copies of the borrower's original bank statements, W-2s and paycheck stubs.


Q: What are the Other Types Of Loans?
A: Stated income/verified assets: Income is disclosed and the source of the income is verified, but the amount is not verified. Assets are verified, and must meet an adequacy standard such as, for example, 6 months of stated income and 2 months of expected monthly housing expense.
Stated income/stated assets: Both income and assets are disclosed but not verified. However, the source of the borrower's income is verified.

No ratio: Income is disclosed and verified but not used in qualifying the borrower. The standard rule that the borrower's housing expense cannot exceed some specified percent of income, is ignored. Assets are disclosed and verified.

No income: Income is not disclosed, but assets are disclosed and verified, and must meet an adequacy standard.

Stated Assets or No asset verification: Assets are disclosed but not verified, income is disclosed, verified and used to qualify the applicant.

No asset: Assets are not disclosed, but income is disclosed, verified and used to qualify the applicant.

No income/no assets: Neither income nor assets are disclosed.


Q: What is a Good Faith Estimate?
A: It is the list of settlement charges that the lender is obliged to provide the borrower within three business days of receiving the loan application.


Q: What is a Conforming Loan?
A: A loan eligible for purchase by the two major Federal agencies that buy mortgages, Fannie Mae and Freddie Mac.


Q: What is a Jumbo Mortgage?
A: A mortgage larger than the maximum eligible for conforming purchase by the two Federal agencies, Fannie Mae and Freddie Mac.


Q: What is an Appraisal?
A: An appraisal is a report made by a certified appraiser who provides a professional opinion or estimate of property value.


Q: How important is My Credit?
A: Your credit is an important consideration for determining your credit worthiness. Information in your credit report is prepared by a credit bureau or consumer reporting agency. Any late payments or other adverse information contained in your credit report will receive additional review during the underwriting of your loan application, and may require further written explanation(s) or documentation.


Q: What are Closing Costs?
A: Closing costs cover all the fees and expenses associated with a loan transaction. Closing costs may include fees for an appraisal, credit report, title insurance, survey, and points. Closing costs vary depending upon the loan product and the fees that are customary in your area:

Q: What are Discount Points and how are they calculated?
A: Discount points are a one-time charge (or credit) by the lender. Each point is equal to 1% of the principal loan amount and can be paid to buy down the applicable interest rate. If you choose to pay points, they are typically paid at the time of closing. Discount points may be negotiated in the Purchase Contract to be paid by either the seller or borrower. Contact a Mortgage Consultant for more information.

Q: What is Title Insurance and why do I need it?
A: Title insurance protects the lender (lender's policy) and the homeowner (owner's policy) against loss resulting from disputes over ownership of the property.

Q: What is Private Mortgage Insurance (PMI)?
A: PMI is insurance provided by non-government insurers that protect the lender against loss if a borrower defaults. Typically PMI is required if your down payment is less than 20 percent of the purchase price. For example, on a purchase price of $100,000.00, PMI would be required if you put less than $20,000 (20% of $100,000) as a down payment.

CONTACT LINDA TO VIEW ANY OF THE LATEST LISTINGS

Simply Email Linda at linda@lindaprice.com or call (630) 753-1333 Toll Free (800) 638-1220

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Contact Linda!

Linda Price
REMAX of Naperville
Direct (630) 753-1333
Office: (630) 420-1220 x3083
Toll Free: (800) 638-1220

Email: linda@lindaprice.com
 

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Linda Price is an Agent of REMAX OF NAPERVILLE. Neither Linda Price nor the Service Providers for Linda Price are liable for Errors or Inaccuracies in the Information provided through this web site. Copyright 2010 Birdview Technologies.  Equal Housing Opportunity.  Privacy Policy.
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