Conventional, 30-yr Fixed Rate: 4.25%/APR 4.49%
FHA or Federal VA 30-yr Fixed Rate: 4.25%/APR 4.72%
Interest rates shown are with a 1% Loan Origination Fee. Interest Rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
Friday, July 30, 2010
Wednesday, July 28, 2010
Mortgage Interest Rates as of 07/28/2010
Conventional, 30-yr Fixed Rate: 4.375%/APR 4.418%
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 4.815%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 4.815%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
Tuesday, July 27, 2010
Interest Rates as of 07/27/10
Conventional, 30-yr Fixed Rate: 4.375%/APR4.418%
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 4.815%
Interest rates shown are with a 1% Loan Origination Fee. All loan programs and interest rates are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 4.815%
Interest rates shown are with a 1% Loan Origination Fee. All loan programs and interest rates are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
What are 7 Crucial Facts About FHA Loans?
1. Less-Than-Perfect Credit is OK: Each borrower's creditworthiness is considered in context. Some leeway is allowed, even for borrowers who've filed for bankruptcy.
2. Minimum Down Payment is 3.5%: Borrowers can use their own savings to make the down payment or acceptable funds are a gift from a close family member or borrowing against an asset of yours such as a 401(k) or a vehicle owned free & clear.
3. FHA allows sellers, builders, and lenders to pay some or possibly all of your closing costs and prepaid expenses.
4. Because FHA is not a lender, but rather an insurance fund, borrowers need to get their loan through an FHA-approved lender (as opposed to directly from FHA).
5. Two mortgage insurance premiums are required on all FHA loans. The upfront premium is 2.25% of the loan amount on single-family residences and the annual premium is 0.55% of the loan amount in the monthly payment.
6. FHA 203(k) Rehabilition Loan: FHA has two products - the regular 203(k) is like a construction loan and would be in the situation where you had major work to be done that would require permits. The 203(k) Streamline will allow for up to $35,000 in rehabilitation and no major construction or permits can be involved.
7. FHA does not have any income or geographical limits. The loan is intended for borrowers of modest means who otherwise could not qualify to purchase a home. It is not limited to first-time homebuyers. If a borrower will be retaining a home with an FHA loan, they are typically not able to get an FHA loan on another purchase.
2. Minimum Down Payment is 3.5%: Borrowers can use their own savings to make the down payment or acceptable funds are a gift from a close family member or borrowing against an asset of yours such as a 401(k) or a vehicle owned free & clear.
3. FHA allows sellers, builders, and lenders to pay some or possibly all of your closing costs and prepaid expenses.
4. Because FHA is not a lender, but rather an insurance fund, borrowers need to get their loan through an FHA-approved lender (as opposed to directly from FHA).
5. Two mortgage insurance premiums are required on all FHA loans. The upfront premium is 2.25% of the loan amount on single-family residences and the annual premium is 0.55% of the loan amount in the monthly payment.
6. FHA 203(k) Rehabilition Loan: FHA has two products - the regular 203(k) is like a construction loan and would be in the situation where you had major work to be done that would require permits. The 203(k) Streamline will allow for up to $35,000 in rehabilitation and no major construction or permits can be involved.
7. FHA does not have any income or geographical limits. The loan is intended for borrowers of modest means who otherwise could not qualify to purchase a home. It is not limited to first-time homebuyers. If a borrower will be retaining a home with an FHA loan, they are typically not able to get an FHA loan on another purchase.
Tuesday, July 20, 2010
Interest Rates as of 07/20/10
Conventional, 30-yr Fixed: 4.375%/APR 4.418%
FHA or Federal VA, 30-yr Fixed: 4.375%/APR 4.815%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit our web site at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed: 4.375%/APR 4.815%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit our web site at www.equityloansoregon.com to contact us for further information.
What Are Your Costs in Getting a Home Loan?
Closing Costs: Closing costs are usually 2.00% - 2.50% of your loan amount. These are the one-time costs to obtain your mortgage. These costs are usually in the range of several thousand dollars or more.
Prepaid Expenses: At the time you close your home loan, you will be paying the interest and property taxes owed on your mortgage and new home at that time. This includes a full year of your homeowner's insurance premium. Most loans require that your homeowner's insurance and property taxes be included in your monthly house payment. In order to have enough in your escrow/impound/reserve (all the same thing) account at the time each is due, the necesary months of each will be collected at the closing table.
Closing Costs and Prepaid Expenses can be written into your purchase contract so that you do not need to pay all or some of these costs. Your real estate broker will advise you if this is a good thing to ask for in your offer.
Mortgage Insurance: If your down payment was less than 20% (Conventional Loan) or you are obtaining an FHA mortgage, you will be required to have mortgage insurance. Mortgage insurance allows you to buy a home with little down payment and is protection for the lender against you defaulting on the loan. Mortgage insurance can be removed at some point. You would contact the lender who is servicing your loan for their requirements to remove the mortgage insurance. Federal law requires that mortgage insurance must be removed when the loan is 78% or less of the value of your home at the time the loan was started.
Prepaid Expenses: At the time you close your home loan, you will be paying the interest and property taxes owed on your mortgage and new home at that time. This includes a full year of your homeowner's insurance premium. Most loans require that your homeowner's insurance and property taxes be included in your monthly house payment. In order to have enough in your escrow/impound/reserve (all the same thing) account at the time each is due, the necesary months of each will be collected at the closing table.
Closing Costs and Prepaid Expenses can be written into your purchase contract so that you do not need to pay all or some of these costs. Your real estate broker will advise you if this is a good thing to ask for in your offer.
Mortgage Insurance: If your down payment was less than 20% (Conventional Loan) or you are obtaining an FHA mortgage, you will be required to have mortgage insurance. Mortgage insurance allows you to buy a home with little down payment and is protection for the lender against you defaulting on the loan. Mortgage insurance can be removed at some point. You would contact the lender who is servicing your loan for their requirements to remove the mortgage insurance. Federal law requires that mortgage insurance must be removed when the loan is 78% or less of the value of your home at the time the loan was started.
Thursday, July 15, 2010
Interest Rates as of 07/15/10
Conventional, 30-yr Fixed Rate: 4.25%/APR 4.49%
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 4.815%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 4.815%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
Will Home Loans Be Affected If the Federal Financial Reform Bill Becomes Law?
Yes! One of the biggest changes in the proposed bill that will affect mortgages is that "Liar Loans" are banned. These loans allowed buyers to "state" their income without any independent verification of the income. A segment of the buying public was served by these loans IF they were used under the right circumstances.
If the reform bill passes, lenders will have to document a borrower's income BEFORE originating a mortgage and verify a borrower's ability to repay the loan. The fear of a repeat of the mortgage industry "meltdown" will keep "stated" loans unavailable for many years to come.
If the reform bill passes, lenders will have to document a borrower's income BEFORE originating a mortgage and verify a borrower's ability to repay the loan. The fear of a repeat of the mortgage industry "meltdown" will keep "stated" loans unavailable for many years to come.
Wednesday, July 14, 2010
Interest Rates as of 07/14/10
Conventional, 30-yr Fixed Rate: 4.50%/APR 4.745%
FHA or Federal VA, 30-yr Fixed Rate: 4.50%/APR 4.953%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.50%/APR 4.953%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
How Do You Build Credit to Get a Home Loan?
1. Start by obtaining your free credit report from www.annualcreditreport.com. Review the report to see that all information is correct.
2. Open up a checking and/or savings account at your local credit union or bank. Show responsible usage of your bank accounts (i.e., no overdrafts).
3. Pay your current bills (i.e., utilities, rent, auto insurance) on time.
4. Apply for a credit card at the credit union or bank where you have your checking and/or savings account. You may be able to qualify for a secured credit card with a low limit. A secured credit card means you have given the credit union or bank the money to hold for the amount of credit extended to you.
5. Once you have shown responsible usage and payment on your credit card, apply for a mixture of other credit (i.e., small installment loan, gasoline credit card).
At least three open credit accounts with a 12-month good payment history on a mixture of credit types is what you need to start your qualifying for a home loan.
2. Open up a checking and/or savings account at your local credit union or bank. Show responsible usage of your bank accounts (i.e., no overdrafts).
3. Pay your current bills (i.e., utilities, rent, auto insurance) on time.
4. Apply for a credit card at the credit union or bank where you have your checking and/or savings account. You may be able to qualify for a secured credit card with a low limit. A secured credit card means you have given the credit union or bank the money to hold for the amount of credit extended to you.
5. Once you have shown responsible usage and payment on your credit card, apply for a mixture of other credit (i.e., small installment loan, gasoline credit card).
At least three open credit accounts with a 12-month good payment history on a mixture of credit types is what you need to start your qualifying for a home loan.
Tuesday, July 6, 2010
Interest Rates as of 07/06/10
Conventional, 30-yr Fixed Rate: 4.625%/APR 4.872%
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
Friday, July 2, 2010
Interest Rates as of 07/02/10
Conventional, 30-yr Fixed Rate: 4.50%/APR 4.745%
FHA or Federal VA, 30-yr Fixed Rate: 4.625%/APR 5.439%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.625%/APR 5.439%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
Subscribe to:
Comments (Atom)