A Home's Best Mortgage

read moreA buydown is a type of financing where the buyer or seller pays extra points (also called discount points) to reduce the interest rate on a loan. Buydowns make it easier to qualify for a loan because they lower a loan's interest rate. They can also allow you to buy more house for your money. There are generally two types of buydowns: a permanent buydown and a temporary buydown. A permanent buydown lets you pay extra points to get a low interest rate over the life of your loan. A permanent buydown can be paid by the seller or the builder as an incentive to finalize a sale by creating lower monthly payments.

read moreThere is no doubt that getting a mortgage loan is a complex process. You wouldn't be here on our site if you could complete a one-page loan app and get a great loan check cut in one day. We do the heavy lifting for you, so you can concentrate on what's important - preparing to move into your new home or saving money. A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history?

read moreIf the last time you looked at your mortgage was when you closed on your loan, it's time to take it out for an annual once over. New loan programs and opportunities to leverage your home equity can bring you lower mortgage payments and new investment opportunities. Many of us opt for the certainty of a 20 year or 30 year fixed rate mortgage when we get our first mortgage. If you anticipate selling your home within the next 10 years, one of our new hybrid Adjustable Rate Mortgages (ARM) may be a better financial fit for you.

read moreMany borrowers qualify for various loan programs, but they can't afford a large down payment. Down payments can be as little at 3% of the purchase price with some requiring no down payment such as VA or USDA loans. Here are some ideas to increase your down payment. Tighten your belt and save. Look for ways you can trim your monthly expenditures to save toward a down payment. There are bank programs through which a specific portion of your take-home pay is automatically transferred into savings every pay period.

read moreFamiliarize yourself with your loan statements to keep your eye on the principal balance. You'll want to be aware of the the purchase amounts of the homes that sell in your neighborhood. You are paying mostly interest if the closing was fewer than 5 years ago, so your principal most likely hasn't been reduced by much. A Quick Quote is simple with no cost or obligation. Only those items with an asterik (*) are required to get started but the more information you provide the more accurate your quote will be.

read moreSince we live in an computer-driven world, it should come as no surprise that your ability to repay your mortgage boils down to just one number. Credit reporting agencies use your history of paying all types of loans to compile this score. TransUnion, Equifax, and Experian, the three major credit agencies, each have their own proprietary formula for building your credit score. The original FICO score was developed by Fair Isaac and Company. While Experian still calls its score "FICO", TransUnion calls its score "Beacon" and Equifax uses "Empirica."

read moreYou'll see an interest rate and an Annual Percentage Rate (A.P.R.) for each mortgage loan you see advertised. The easy answer to "why" is that federal law requires the lender to tell you both. The A.P.R. is a tool for comparing different loans, which will include different interest rates but also different points and other terms. The A.P.R. is designed to represent the "true cost of a loan" to the borrower, expressed in the form of a yearly rate. This way, lenders can't "hide" fees and upfront costs behind low advertised rates.

read moreVA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans. Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage.