No Downpayment Required -- 100% Financing (only program in today's market that offers this benefit) A 4% Seller Concession is allowed, to pay for certain closing costs (less out of pocket funds required at closing) No PMI (Private Mortgage Insurance) -- although an upfront funding fee is required and can be financed or paid by the seller concession Interest rates similar to FHA rates (yesterday's rates were under 5.50%!) Prospective … (0 comments)
dutchess county mortgages: What's up with Mortgage Rates?
- 06/23/09 04:39 AM
I read an article yesterday on MarketWatch.Com that basically summed up some of what I've been telling my customers of late. Rates were very low -- below 5% for a 30 year fixed rate mortgage -- a few weeks ago. People wouldn't commit to 4.75% because they wanted 4.5%! Then, some good (albeit bogus in my opinion) news about the economy was released and interest rates spiked. Those customers who could have gotten 4.75% were now getting 5.75% or 6%. There's a lesson there somewhere! Well, rates have been bouncing around the last week or so. We're at 5.5% today for … (0 comments)
dutchess county mortgages: More About Reverse Mortgages
- 06/11/09 05:21 AM
Another cool feature about Reverse Mortgages is that they are not credit dependent. Your credit score is not a factor in the decision making process. The loan amount you qualify for will be based on your age (similar to insurance products) and the equity (appraised value of home minus any mortgages and liens on the property) that you have in your home. You can choose the following options:
1. Just pay off your existing mortgage so that you have no more mortgage payments. 2. Pay off your existing mortgage (eliminating that payment) and take a line of credit, to be … (0 comments)
My blogs will contain mortgage-related information, based on my experience, that will hopefully be helpful to anyone looking to purchase a new home or refinance their existing mortgage.
If you're a retired veteran or active military, you are eligible for the best mortgage program on the market today! A VA Loan. Benefits of a VA Loan are:
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