Archive for the 'Mortgage' Category
Mortgage Rates In Salt Lake City
November 16th, 2007 Categories: Mortgage
The new “FHASecure Progam” may be coming out soon according to my Wells Fargo Bank Lender Reps reports that I have been receiving this week.
This will be a benefit to those who have adjustable ARM mortgages that are not currently an FHA loan and the interest rate has adjusted. If your interest rate has adjusted and you were delinquent on your loan due the adjustment, you may qualify for this special refinance program.
More information to come as it is officially released.
Conforming mortgage rates mentioned below are considered with loan amounts up to $417,000 for a single family residence and is owner occupied. It is with proving your income and a “full document borrower”.
The rates quoted are based on a purchase price of $200,000 on a 30-day lock. On these conforming loans, there are no prepayment penalties involved.
|
Program |
Rate |
APR |
| 95% | 6.125 | 7.304 |
| 100% With Mort Insurance | 6.25 | 7.656 |
| 100% No Mort Insurance | 6.625 | 6.810 |
| My Community 100% | 6.625 | 7.559 |
| VA 100% | 6.0 | 6.816 |
| FHA 97% | 6.0 | 6.176 |
If you would like any additional scenarios done, please call for that information at 801-747-1233 and ask for Cindee or email to Cindee@CindeeStone.com
The above figures are deemed reliable but not guaranteed. This advertisement is being provided for informational purposed only and is not to be construed as a loan commitment of any kind. Actual loan qualifying is subject to verification and approval of income, credit, property, appraisal and other factors. Rates, fees, and programs are subject to change at any time without prior notice. A detailed good faith estimate will be prepared upon your application for a loan.
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Mortgage Rates In Salt Lake City
November 9th, 2007 Categories: Mortgage
The Federal government lowered Prime interest rates to 4.5%. This is an interest rate that is directly related with 2nd mortgages, car loans, credit cards etc.
There is talk of another decrease next month that will lower prime to 4.25%. A lot of people do get confused and think that is the rates for 1st mortgages. So, don’t get confused.
It is still a great time to do buy or refinance your loans now. Do not be afraid of what you are hearing in the media. There are loans up to 100% available and grants to help with down payment and or closing costs.
Conforming mortgage rates mentioned below are considered with loan amounts up to $417,000 for a single family residence and is owner occupied. It is with proving your income and a “full document borrower”.
The rates quoted are based on a purchase price of $200,000 on a 30-day lock. On these conforming loans, there are no prepayment penalties involved.
|
Program |
Rate |
APR |
| 95% | 6.25 | 7.08 |
| 100% With Mort Insurance | 6.5 | 7.88 |
| 100% No Mort Insurance | 6.875 | 7.06 |
| My Community 100% | 6.875 | 7.63 |
| VA 100% | 6.125 | 6.3 |
| FHA 97% | 6.125 | 6.94 |
If you would like any additional scenarios done, please call for that information at 801-747-1233 and ask for Cindee or email to Cindee@CindeeStone.com
The above figures are deemed reliable but not guaranteed. This advertisement is being provided for informational purposed only and is not to be construed as a loan commitment of any kind. Actual loan qualifying is subject to verification and approval of income, credit, property, appraisal and other factors. Rates, fees, and programs are subject to change at any time without prior notice. A detailed good faith estimate will be prepared upon your application for a loan.
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Rates In Salt Lake City
October 26th, 2007 Categories: Mortgage
Rates have had some improvements over the last week. It is a great time to do buy or refinance your loans now.
Conforming mortgage rates mentioned below are considered with loan amounts up to $417,000 for a single family residence and is owner occupied. It is with proving your income and a “full document borrower”.
|
Program |
Rate |
APR |
| 95% | 6.13 | 6.26 |
| 100% With Mort Insurance | 6.25 | 7.61 |
| 100% No Mort Insurance | 6.75 | 6.89 |
| My Community 100% | 6.75 | 7.52 |
| VA 100% | 6.25 | 6.39 |
| FHA 97% | 6.13 | 6.90 |
The rates quoted are based on a purchase price of $400,000 on a 15-day lock. On these conforming loans, there are no prepayment penalties involved. The above figures are deemed reliable but not guaranteed. This advertisement is being provided for informational purposed only and is not to be construed as a loan commitment of any kind. Actual loan qualifying is subject to verification and approval of income, credit, property, appraisal and other factors. Rates, fees, and programs are subject to change at any time without prior notice. A detailed good faith estimate will be prepared upon your application for a loan.
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Grant Money For Salt Lake Home Buyers
October 24th, 2007 Categories: FHA, Mortgage
Cindee Stone called me and said that the grants had been funded and there was money to be had. In the hectic day of helping families move around the country, that is a call I don’t mind getting. So I asked her a few specific questions about grants because she is the grant queen.
1) What is a grant?
A down payment assistance grant is not free money. Depending on what city you get the grant from will determine if you have to pay it back at some time or if it is forgiven. For instance, in Taylorsville they have a $5000.00 grant and if you live in that home for 5 years it is forgiven. If you get a grant in Magna for $10,000 it is forgiven after 15 years. But, if you get a grant where there is not a city grant available and we use the federal grant which is up to $10,000, it is never forgiven. But, you will only need to pay it back only if you sell the home, refinance and take cash out or take out a 2nd mortgage. So, they are all different depending on the city.
The grant will go in as a silent 2nd mortgage where no interest will accrue and no payment is due.
2) How much can I get?
The grants start at $5000 and can go up to $15,000. There are restrictions on each one, so you would need to call for more details.
3) What can the money be used for?
The money can only be used for down payment and closing cost only.
4) What restrictions are there?
First, there are restrictions on income. There is a scale that is used and depending on how many people are in your family, will determine how much they will allow you to make.
You have to be a first time homebuyer (this includes people who have not owned a home in the last 3 years) or recently divorced.
You also have to have $500.00 of your own money involved in the transaction.
There are other guidelines, but these are the basics. The other guidelines will apply to which grant you are going for and which city.
5) Is it all of Salt Lake?
We currently have money in all cities and counties in Salt Lake Valley. We even have money in Utah county (expect Provo and American Fork)
6) How do I get it?
Me! I will help you determine how much and if you can qualify. I will also assist you in filling out the application and submitting your paperwork. This is all part of the service that I offer to my borrowers.
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Pre-Approved Versus Pre-Qualified For A Mortgage Loan
October 11th, 2007 Categories: Mortgage
Getting pre-approved versus pre-qualified
It is a common mistake for borrowers to think they are completely approved for the loan when they have talked to a loan officer over the phone or even in person. The loan officer may have given them different ideas on loan programs that are available and even given them a good faith estimate.
There is a big difference between being pre-qualified and being pre-approved. If you have only talked to a loan officer over the phone or in person and they have pulled credit but you have not given them any of your documents to support what you have told them such as pay stubs, W2’s, bank statements etc., chances are you are only pre-qualified and still need to go through underwriting.
Why is getting pre-approved so much better? A lot of times when I talk to a borrower over the phone they will tell me what they make but once I get the actual documents I find more income or less. This can change the entire approval and how much of a home you can afford.
By going through the process of getting your documents to the lender and then getting a full underwriting decision, once you have found a home you will basically get the appraisal, insurance and title and close. If you haven’t gone through the steps of gathering your documents, this can hold up the loan and your closing.
Many of the agents I work with will not even start showing houses until the buyer has been pre-approved by a loan officer and have gone through the underwriting process. The underwriter is someone that works directly for the source of the money and approves the loans. By getting pre-approved means you have given them all the information needed and required to document all that is stated. If these items have actually been verified the closing can happen very quickly and without issues.
A sample letter that I will give for a pre-qualification only is as follows:
To Whom It May Concern:
In regards to Joe borrower and their Mortgage Loan Pre-qualification; we are pleased to inform you that they have been pre-qualified based on our review of their credit.
Full underwriting approval will be contingent to an acceptable appraisal, title, insurance, liabilities, Income and assets. This file may also be subject to additional conditions/information needed by the Lender/Underwriter, upon receipt of the required documentation.
Versus a pre-approval letter:
To Whom It May Concern:
In regards to Joe borrower and their Mortgage Loan Pre-approval; we are pleased to inform you that they have been pre-approved based on our review of their credit, income and assets.
This approval is subject to receipt of purchase contract, acceptable appraisal and title, insurance.
Getting pre-qualified is a good first step; Take the next step and get your information to your loan officer so you can make sure you are set and when you find that great home.
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