With mortgage guidelines tightening over the past few years, some of the actions that might cause “hiccups” in your loan transaction may surprise you. Below are a few basic rules to follow when preparing to purchase or refinance.
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Instant Mortgage Rate Help
Loan Amount: How much do you want to borrow? Example: 150,000 (You can borrow up to 100% of the purchase price of your home. You will find better interest rates at 95%, 90%, and 80% progressively.)
Property Value: This is the purchase price of your property or your best estimate of the appraised value of the property. Example: 175,000.
Loan Type: Selecting Refinance WITH CASH OUT may increase your rate. If you want some extra cash to pay the closing costs on your new loan, this would NOT be considered receiving extra cash.
Escrow/Impounds: Allows you to pay 1/12 of your annual property taxes and homeowners insurance with your mortgage payment each month. Escrowing your taxes and insurance will lower your points by .25%
Property State: Specify the State where the property is located
Property County: Specify the County where the property is located
Todays Rates: These rates are based on the following criteria..
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