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This is the place to view the past and present contests put on by ActiveRain and its members. Everyone can join the
group and help encourage each other. Current contest will be highlighted posts so it's easy for you all to see. Let it
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AR's community takes the time to leave honest and transparent reviews of their experiences
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Whatever it is you're into and wherever you are, AR surely has a group for you to join.
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Each month AR runs numerous contests as a way for our members to engage in activities
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Do what's good for you and your business by participating
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Ask a Real Estate Question
Here's another avenue for you to build relationships with others. Share your expertise with someone searching for answers.
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Your Homepage will alert you of new questions in your state
A wonderful way to open a door to a possible new client
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These state pages or hyper-local pages provide content directly related to a specific geographical location.
State, County, City and Neighborhood pages make it easy for consumers to find what they're looking for.
Post your listings, school information, local events, market reports and more
Consumers peruse these pages for information
Farm your niche market and cover all the happenings in your neighborhood
When you purchase a home the amount of money that you have for down payment will impact your monthly mortgage payment. Let me give you an idea of the difference using a home price of $250,000.00.
A conventional mortgage is available with no mortgage insurance premium if you are in a position to put 20% down. The down payment amount would be $50,000.00.
A VA mortgage is available with NO money down and if you are an eligible veteran buying your first home you are responsible for paying a VA Funding Fee of 2.15% of the loan amount. With a sales price of $250,000.00 and no money down the VA Funding Fee will be $5,375.00. This amount on a monthly basis based on a rate of 4.5% would be $26.66.
A conventional mortgage is available with 5% down. That would be $12,500.00 for the down payment. The loan would have a private mortgage insurnance premium that is based on the loan amount. In this example, the PMI cost monthly would be $186.04.
A FHA mortgage is available with 3.5% down. That would be $8,750.00. The new FHA insurance premiums effective October 1, 2010 are calculated with two parts. The up front mortgage insurance premium is 1% of the loan amount or $2,412.50. When financed this will be $12.13 per month. The second part of the FHA insurance premium will be a monthly premium based on the loan amount x .0090 / 12. This will be $180.94 per month.
Conventional mortgages with 10% or 15% down will have lower PMI premiums.
VA loans for veterans with at least a 10% VA disability will not be charged a VA Funding Fee.
The FHA insurance premium will be lower if the borrower is putting down 10%.
What you will find is that there is not always one right answer. Make sure you are talking to a mortgage banker who offers all of these mortgage programs. At McCue Mortgage we do just that.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.