Special Mortgage Finance Rates
Special Mortgage Finance Rates
|Loan Type||Purchase (APR)||Refinance (APR)|
|30 Yr Fixed Rate||3.50%(3.50)||3.50%(3.50)|
|15 Yr Fixed Rate||2.75%(2.88)||2.75%(2.88)|
Whether you need a mortgage to buy or refinance your home, make improvements to your property, or consolidate your debts, take advantage of our huge verity of the most competitive lenders available.
By scheduling a meeting with one of our loan experts, we will analyze your financial situation, your lending needs, closing costs, and backup reserve amount you need to keep for emergency reasons and determine how much loan we need to borrow. Applying for a loan is easy, however understanding the documents are not. We will guide you through all parts of loan applications to make sure you sign only when you totally aware of all of the provisions inside the document you are signing. We spend the time to educate our clients on different types of loans and analyze various repayment scenarios to get the best loan if they decide to payoff early or move to another property prior to end of the loan term. Schedule a meeting with one of our loan specialists to find you the lowest rate.
What Do Mortgage Lenders Look for in Loan Applicants?
There are a few factors mortgage lenders look into when evaluating your ability to secure a loan, including:
- your monthly income
- your occupation and length of time with your employer
- your homeownership status and history
- how often you move or have moved
- your past credit history
What Documents Do I Need to Have Available to Apply for a Loan?
When applying for mortgage refinance loan, you will need to have these documents handy:
- Salary history for the past two years (W-2’s and income tax papers)
- Addresses of your landlords/residences for the past two years
- Social security number and that of your co-borrower(s)
- Current income (pay stubs)
- Bank/investment names, locations, account numbers and balances
What Mistakes Should I Avoid in the Loan Application Process?
Here are a few common mistakes to avoid in the process of choosing a lender:
- Not educating yourself about the mortgage process
- Not fixing your credit in advance
- Not looking for first-time home buyers’ programs
- Borrowing too much money
- Not shopping around for rates and terms
- Paying junk fees without detailed information
- Dealing with a second-rate mortgage company
- Making large credit purchases prior to applying for your mortgage
- Not disclosing all information to your lender
- Not planning for closing costs
- Not having enough cash on hand after closing
Down Payment Options and LTV Ratio Information
For most first-time home buyers, saving enough money for a down payment is the biggest hurdle to overcome. Traditionally, lenders require a down payment of at least 20% of the home’s purchase price.
To save for your down payment, you will want to tap these resources:
- Family Gifts
- Personal Savings (including IRA’s and 401K’s)
- Proceeds from the sale of an asset (including stocks, bonds and real estate)
Once you have your down payment, lenders will come up with a lending risk ratio, also called an LTV ratio, which is calculated by dividing the total amount for the mortgage or loan by the appraised value of the property. Bankers usually require a ratio of at least 75% for a mortgage to be approved.
What is an LTV ratio
The LTV ratio is the loan amount expressed as a percent of either the purchase price or the appraised value of the property.
A mortgage with a high LTV ratio is one where the mortgage amount is high relative to the borrower’s cash down payment or to the equity of the property. From a lender’s perspective, a high LTV ratio mortgage is more risky.
When borrowers make a large cash down payment, or have a large equity on a property, they are less likely to default on the mortgage.
Lenders often require borrowers of high LTV ratio loans to pay mortgage insurance to protect the lender from a buyer default. This increases the cost of the mortgage. High LTV ratio loans can also carry a higher interest rate and they are often more difficult to qualify for.
Some lenders require borrowers to have a larger monthly income to qualify for a 95% LTV ratio mortgage than is required of borrowers with a 20 percent cash down payment, even though the loan amount is the same.
Looking for the lowest rate?
We offer you an easy way to get mortgage rates that are personalized for your specific financial situation and needs, and find the loan that is really best for you. We are experts in reading the fine prints of the loans, that’s why our clients always get the lowest rates. Schedule a meeting with one of our loan specialists to find you the lowest rate.