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lower: Did you know Conventional 15yr rates DO NOT penalize you for lower credit scores, unlike 30 year rates? - 07/27/11 12:55 PM
Did you know Conventional 15 year rates do not penalize you for lower credit scores, unlike 30 year rates? They do not!!  So a client with a 680 would get the same 15yr rate as a client with a 740 credit score. Lets say you are buying a home of $250,000 with a 20% down payment and you have a 675 credit score.  Your 30 year rate would be 5%(apr 5.48%), but the 15 year rate would be 3.75%(apr 4.25%).   For this example the principal part of your mortgage payment for a 30 year mortgage would be $1074 and the payment … (2 comments)

lower: The FHA 15 Year Mortgage is an Amazing Program and Will Save You Money!! - 02/07/11 01:23 PM
When getting a mortgage it is important to know all your options.  The FHA 15yr mortgage maybe the best option for YOU!.  Over the last couple years FHA loans have become very popular.  They have more lenient guidelines such as allowing lower credit scores (down to a 580).  And they allow higher debt to income ratios, meaning you could buy more home then if you were using a conventional mortgage.  Not to mention they only require a 3.5% down payment. 
One more benefit of the FHA loan is the aggressive 15 year mortgage they offer.  Here are some of the HUGE … (4 comments)

lower: You Need to Refinance Your FHA Mortgage Before October 4th! - 08/23/10 10:14 AM
Right now rates are at an all time low.  By its self is a great reason to be refinancing your mortgage.  But on top of that, HUD( the government) has just recently announced that the monthly mortgage insurance will be going up to .85%-.90%.  On a 30yr mortgage of $100k, this will be an increase of $29+ a month.  So even if rates a really low, this change will keep you from saving more money.  Here are the important reasons to refinance your FHA now:
 
FHA rolls into their loan, the upfront mortgage insurance.  If you refinance within 5yrs after … (1 comments)

lower: Shop for Lower Electric Rates in Texas! - 08/16/10 10:47 AM
I recently came across a great website that allows you to shop around for cheaper electric rates.  It is www.powertochoose.org.  My understanding it is a non profit website and not associated with any specific electric company.  All you have to do is put in your Zip Code and a number of electric company options come up.  I try to shop for my electric every year, when my contract is up.  This way you can always keep your bill as cheap as possible.  You can choose 6, 12, 24mths terms.  It also shows you how much your cancellation fee is per option.  … (1 comments)

lower: Another Great Tip to Lower your Electric or Gas Bill - 03/29/10 12:19 PM
Your water heater runs 24 hours a day.  But you do not need hot water 24hrs a day!  So in order to lower your electric or gas bill, you want to get a timer for your water heater.  It costs about $20 and you can set it to heat the water when you do need it.  Such as in the morning and when you get back from work.  Please have a professional install it thou.  I have seen this reduce people's electric bill by 15%-30%.  Or if your heater is gas then this will also reduce your gas bill.  Just another … (7 comments)

 
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David Krichmar- DaveYourMortgageguy.com

Sugar Land, TX

More about me…

www.DaveYourMortgageGuy.com, FHA, VA, USDA, HomePath, Jumbo

Address: Serving Harris, Fort Bend, Montgomery, Brazoria County, Houston, Katy, Sugar Land, Pearland, The Woodlands or anywhere in Texas!

Office Phone: (832) 689-6012

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