Financial Services Online Australia #financial #services #online, #australia #financial #services, #home #loan #in #australia, #personal #loans #australia, #car #loans #australia, #australian #life #insurance, #income #protection #insurance #australia, #private #health #insurance #australia, #australian #mortgage #calculator


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  • Get a free online loan eligibility assessment without accessing your credit file.
  • Compare Australia’s best income protection and life insurance quotes from multiple insurers.
  • Pay out your debts with a single debt consolidation loan, regardless of your credit history.
  • Save on your business insurance, public liability or professional indemnity insurance premiums.
  • Compare home loans, personal loans car loans, boat loans, truck loans and business loans.
  • Access superannuation information and advice from leading Australian superannuation specialists.

Financial Services Online

We help you compare insurance quotes from a big selection of leading Australian insurance companies and intermediaries.

Insurance quotes including income protection, life insurance, car insurance, home & contents, landlords protection, public liability, professional indemnity, business insurance, health insurance, and travel insurance. GO >>

It’s our FREE monthly e-zine, for the latest Australian financial services news, views, information and resources including tools and strategies for wealth creation and protection, free gifts, competitions and special offers. GO >>

Free loan eligibility assessments, fast finance approvals and best rates from a huge range of Aussie bank and non-bank lenders. whatever your circumstances.

Home loans, car loans, personal loans, credit cards, boat loans, truck loans, business & commercial finance, payday loans, debt help, compare mortgage rates, loan calculators. GO >>

Find a wealth of tools and information for managing your financial affairs.

DIY Wills, Power of Attorney, Family Trusts. GO >>

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DIY super, self-managed funds, trust deeds, investment strategies, free superannuation advice, superannuation rollovers, property investment using superannuation, more. GO >>

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Stock market education, online trading, investment advice and free downloads. GO >>

Related Articles

Non-conforming loans aim to meet the needs of borrowers seeking an alternative to the strict qualification guidelines typically imposed by banks, building societies, credit unsions, etc. The lending market. read more

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Many people would not be aware of how widely the definition of disability can vary from one income protection policy to another and how this might play out in the event of a claim. read more

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Mortgage Rates, Get Current Mortgage Rates in Seconds, year mortgage rates massachusetts.#Year #mortgage #rates #massachusetts


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Today’s Mortgage Rates

middle credit score 740,

80% LTV, Rates effective 09/06/2017

Loan Parameters

The interest rates, payment amounts, Annual Percentage Rates ( APR ), and lender fees points shown above are based upon the following parameters:

  • $260,000 loan amount (Jumbo information based upon $500,000 loan amount)
  • 80% loan-to-value ( LTV ) or less
  • 20% or greater down payment
  • No subordinate financing
  • Purchase transaction
  • Fully documented income, assets and liabilities
  • Single Family residence
  • 740 middle credit score
  • 30-day lock period
  • Property located in Massachusetts

Adjustable Rate Mortgages

Adjustable Rate Mortgage ( ARM ) products have an initial fixed rate period of 3, 5, 7, or 10 years, and a full loan term of 30 years (360 months). After the initial fixed period has expired, the interest rate will be adjusted annually based upon an index plus a margin. An interest rate cap limits how high the interest rate may rise at each adjustment. Interest rate caps differ by ARM product.

Depending on market conditions at the time you lock your Initial Interest Rate, as well as the point option you select, your Initial Interest Rate may not be based on the Index used to make later adjustments. Instead, your Initial Interest Rate may have a discount or premium. A premium occurs when the Initial Interest Rate is more than the sum of the Index plus Margin. A discount occurs when the Initial Interest Rate is less than the sum of the Index plus Margin. Your interest rate may not move in the same direction as the Index. For example, if your loan has a premium, your interest rate may decline on the First Rate Change Date even if the Index remains the same or increases. If you choose a rate lock option that provides for a floating rate, your Initial Interest Rate at closing may be different from the interest rate in effect at the time you apply for your loan. The amount of the premium or discount may change as a result.

Example: Let’s assume you have an ARM loan that is fixed for the first five years; a loan amount of $250,000; a loan term of 30 years (360 months); an initial interest rate of 3.50%; a margin of 2.25%; an initial interest rate cap of 2.00%; an annual rate cap of 2.00%; and a lifetime cap of 5.00%. Under these assumptions, your initial loan payment for principal and interest will be $1,122.62. At your first adjustment, the interest rate cannot increase above 5.50% or decrease below 2.25% (the margin). If the interest rate reached the lifetime maximum cap of 8.50%, your payment would reach an amount of $1,788.81.

State and other conditions and restrictions may apply.

For a more personalized rate quote, please complete the fields under Mortgage Rate Quotes .


California Reverse Mortgage Lenders, HECM Lenders in California #california #reverse #mortgage #companies, #california #reverse #mortgage #lenders, #california #reverse #mortgage #company, #california #hecm #lenders, #california #hecm #loans


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California Reverse Mortgage Companies

California is among the top states in reverse mortgage origination. In fact, Orange County is home to a few national reverse mortgage lender. The mild climate makes it ideal for seniors to stay in California during their retirement. Even with the recent housing crisis, the boom that led up to the crash resulted in many seniors becoming house rich. Many of these seniors did not use their home equity as an ATM and now have a lot of built-in home equity to take advantage. A reverse mortgage can help seniors supplement their budget with additional flow of money every month. All this while being able to stay in their home and retain ownership of the home.

Reverse Mortgage Quick Facts

Seniors looking to qualify for a reverse mortgage will be glad to hear that credit scores and income are not used when applying for a reverse mortgage.

  • Property must be the primary residence
  • Youngest borrower must be 62 years or older
  • Senior must complete a HUD approved reverse mortgage/HECM course.

Reverse Mortgage Lenders in CA

Reverse Mortgage Lenders


Mortgage Calculator with Current Rates – Calculate Mortgage Payments with Ease from, mortgage loan.#Mortgage #loan


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Mortgage Calculator

Calculate your monthly mortgage payment using the free calculator below. A house is the largest purchase most of us will ever make so it’s important to calculate what your mortgage payment will be and how much you can afford. Estimate your monthly payments and see the effect of adding extra payments.

Choose a lender below and lock in your estimated payment of $ or less

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Mortgage Basics

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Top 10 mortgage tips for 2016

Thinking about buying a house? These tips will help you find the best mortgage for you.

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How much of your monthly payment will go towards the principal and how much will go towards the interest. View Calculator

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Your debt-to-income ratio can be a valuable number — some say as important as your credit score. View Calculator

About our Mortgage Rate Tables

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our “Advertisers”). Other lenders’ terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a “Next” button that can be used to click-through to the Advertiser’s own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertiser’s phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $424,100 May Have Different Loan Terms: If you are seeking a loan for more than $424,100, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.

Mortgage Calculator Help

Using an online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a few pieces of information. It can also show you the total amount of interest you’ll pay over the life of your mortgage. To use this calculator, you’ll need the following information:

The dollar amount you expect to pay for a home.

The down payment is money you give to the home’s seller. At least 20% down typically lets you avoid mortgage insurance.

If you’re getting a mortgage to buy a new home, you can find this number by subtracting your down payment from the home’s price. If you’re refinancing, this number will be the outstanding balance on your mortgage.

Mortgage Term (Years)

This is the length of the mortgage you’re considering. For example, if you’re buying new, you may choose a mortgage loan that lasts 30 years. On the other hand, a homeowner who is refinancing may opt of a loan that lasts 15 years.

Estimate the interest rate on a new mortgage by checking Bankrate’s mortgage rate tables for your area. Once you have a projected rate (your real-life rate may be different depending on your overall credit picture) you can plug it into the calculator.

Mortgage Start Date

Select the month, day and year when your mortgage payments will start.

Mortgage Calculator: Alternative Use

Most people use a mortgage calculator to estimate the payment on a new mortgage, but it can be used for other purposes, too. Here are some other uses:

1. Planning to pay off your mortgage early.

Use the “Extra payments” functionality of Bankrate’s mortgage calculator to find out how you can shorten your term and net big savings by paying extra money toward your loan’s principal each month, every year or even just one time.

To calculate the savings, click “Show Amortization Schedule” and enter a hypothetical amount into one of the payment categories (monthly, yearly or one-time) and then click “Apply Extra Payments” to see how much interest you’ll end up paying and your new payoff date.

2. Decide if an ARM is worth the risk.

The lower initial interest rate of an adjustable-rate mortgage, or ARM, can be tempting. But while an ARM may be appropriate for some borrowers, others may find that the lower initial interest rate won’t cut their monthly payments as much as they think.

To get an idea of how much you’ll really save initially, try entering the ARM interest rate into the mortgage calculator, leaving the term as 30 years. Then, compare those payments to the payments you get when you enter the rate for a conventional 30-year fixed mortgage. Doing so may confirm your initial hopes about the benefits of an ARM — or give you a reality check about whether the potential plusses of an ARM really outweigh the risks.

3. Find out when to get rid of private mortgage insurance.

You can use the mortgage calculator to determine when you’ll have 20 percent equity in your home. This percentage is the magic number for requesting that a lender wave private mortgage insurance requirement.

Simply enter in the original amount of your mortgage and the date you closed, and click “Show Amortization Schedule.” Then, multiply your original mortgage amount by 0.8 and match the result to the closest number on the far-right column of the amortization table to find out when you’ll reach 20 percent equity.


Homestead mortgage company, homestead mortgage company.#Homestead #mortgage #company


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Dallas-Ft. Worth Zip Code Map

Homestead mortgage companyNEW: Poster-size Dallas-Fort Worth Zip Code Maps for Sale (24 inches x 38 inches)!

Discount: Schools, Fire Police Departments and Non-Profit Organizations receive one additional free map with purchase.

Click to Enlarge DFW Zip Code Map

Homestead mortgage company

Copyright 2017 Max Leaman (NMLS: 151263). All rights reserved.

Texas Mortgage Company Office: 3724 Executive Center Drive #110 | Austin, TX 78731

PrimeLending, A PlainsCapital Company (NMLS: 13649). Privacy & Legal.

Max Leaman, NMLS: 151263. Amy Bailey Oehler, NMLS: 225339. Jori Stern, NMLS: 177299. Amanda Stewart, NMLS: 292478. Adam Biehler, NMLS: 208244.

This website marketing is not intended to offer loan services for properties in New York.

In accordance with Section 326 of the USA PATRIOT Act of 2001, PrimeLending is required to obtain a copy of the documents used in identifying our new account customers.

Homestead mortgage company This notice is being provided to you for adequate notice given under this act.

All loans subject to credit approval. Rates and fees subject to change. Mortgage financing provided by PrimeLending, a PlainsCapital Company.

Equal Housing Lender.

Max Leaman, Branch Manager/Senior Loan Officer, NMLS: 151263.

Amy Bailey Oehler, Production Manager, NMLS: 225339.

Jori Stern, Senior Senior Loan Officer, NMLS: 177299.

Amanda Stewart, Senior Loan Officer, NMLS: 292478

Adam Biehler, Senior Loan Officer, NMLS: 208244


ANZ lifts interest-only home loan rates, but cuts principal and interest loans #banking #and #finance, #anz, #interest #rates, #mortgage #rates, #banking


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ANZ lifts interest-only home loan rates, but cuts principal and interest loans

By submitting your email you are agreeing to Fairfax Media’s terms and conditions and privacy policy .

ANZ’s rate increase, which follows a hike in property investor and interest-only rates in March, will mainly affect property investors, who regulators view as a key source of risk in the housing market.

ANZ said 80 per cent of its owner-occupier borrowers will receive a rate cut, because they have principal and interest loans.

Suncorp also announced it was raising interest rates on Friday, and its increase of 0.12 percentage points will affect only property investors.

The rate increases come after the banking regulator in March unveiled tough new curbs on interest-only lending by banks. amid concerns about “heightened risk” in the property markets of Sydney and Melbourne.

ANZ’s group executive in charge of its Australian arm, Fred Ohlsson, said the bank’s rate moves were a response to “regulatory obligations”, and a desire to encourage more borrowers to pay back principal on their loans.

“While we know those only paying interest on their loans will be disappointed, we need to manage our regulatory obligations and we are now required to hold additional capital against our home loans. We also need to better balance our portfolio towards those paying off their homes,” he said.

We need to better balance our portfolio towards those paying off their homes.

“There are clear benefits for our customers to be paying off their loans and we have made this as easy as possible by removing fees associated with moving across from interest-only loans.”

Combined with a fall in lending to property investors in March. Friday’s drop in loan approvals represents the steepest decline in loans to investors since the last time the Australian Prudential Regulation Authority (APRA) was forced to take action against risky investor lending in mid-2015.

JP Morgan economist Henry St John said there was evidence the Sydney and Melbourne property markets were cooling as the tightening of interest only mortgages placed “fairly immediate downside pressure”.

House prices fell nationally for the first time in 18 months in May, led by a 1.3 per cent drop in Sydney and 1.7 per cent in Melbourne, according to CoreLogic.

In good news for first home buyers, loans to those trying to get into the market crept up to 13.9 per cent, from 13.5 per cent in March, but remain at historic lows.

In recent years, it has been almost unheard of for banks to cut their interest rates on home loans independently of the Reserve Bank .

The chair of the government’s banking inquiry, David Coleman. this week cited findings that on 19 out of 20 occasions when banks had moved their home loan rates independently from the central bank, customers had been left worse off.

Suncorp also pointed to regulatory changes in explaining its decision on Friday to raise variable interest rates on investor home loans by 0.12 percentage points.

Unlike some banks, Suncorp does not charge a separate rate for interest-only loans, which are most popular with property investors.

Suncorp’s banking and wealth chief executive, David Carter, said the bank was complying with the Australian Prudential Regulation Authority’s restrictions, but it needed to act after other banks raised rates for investors in recent months.

“With the market having effectively repriced investor lending, and with some lenders having opted out of certain aspects of the investor market, it’s important for us to manage the demand for new business,” he said in a statement.

Related Articles


Current Mortgage Rates #mortgage, #mortgages, #home #loans, #current #mortgage #rates, #mortgage #interest #rates, #compare, #today #s


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Mortgage Rates Today | Compare Home Loans

APR and Payment examples shown do not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please click here.

All rates provided by Bankrate.com

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our “Advertisers”). Other lenders’ terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a “Next” button that can be used to click-through to the Advertiser’s own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertiser’s phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $417,000 May Have Different Loan Terms:

If you are seeking a loan for more than $417,000, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms:

The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.

The maximum amount the interest rate can change annually or cumulatively over the life of an adjustable-rate mortgage. For example, if the caps are 2 percent annual and 6 percent life of loan, a mortgage with a first-year rate of 10 percent could rise to no more than 12 percent the second year, and no more than 16 percent over the entire loan term.

A type of point (1 percent of a loan) paid by the borrower to reduce the interest rate.

Annual Percentage Rate. A yearly rate of interest that includes fees and costs paid to acquire the loan. Lenders are required by law to disclose the APR. The rate is calculated in a standard way, taking the average compound interest rate over the term of the loan, so borrowers can compare loans.

Percentage a borrower pays for the use of money, usually expressed as an annual percentage.

The monthly principal and interest payment at a given interest rate, loan amount, and loan term

Additional costs incurred by the borrower when getting the loan that, along with the interest rate, determine the true cost of the loan

A fee paid to a lender for processing a loan application. A point equals 1 percent of the loan amount.

A point equals 1 percent of a mortgage or other loan. Some lenders charge “origination points” to cover expenses of making a loan. Some borrowers pay “discount points” to reduce the loan’s interest rate.


Proficio Grows Reverse Mortgage Division With 100 Former FNB LOs #news, #reverse #mortgage


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Proficio Mortgage Ventures has announced it is devoted to growing its reverse mortgage business through the hires of more than 100 former First National Bank of Layton loan originators.

The Orlando, Florida-based company has hired the former FNB team to originate from its production center in Henderson, Nevada, in addition to two other locations in Missouri and Maryland.

We are very excited about the reverse mortgage business and we believe it is a growth industry. In the current market, people are trying to understand how they are going to position themselves in light of the recent lender exits and align with the changing demographics, says Brett Carter, Proficio Mortgage Ventures president.

Proficio operates in the reverse mortgage space across 50 states under the leadership of Carter as well as Doug McLain and Bob Shields. First National Bank s exit from the reverse mortgage business presented a unique growth opportunity, Carter says.

When one entity decides to go in a different direction, it presents an opportunity for others, Carter says. FNB had a good understanding of the HECM space, and presented us an opportunity to recruit a proven group of folks with commitment to the business.

The majority of FNB s former production team has joined Proficio and has begun originating through the production centers as well as through a boots-on-the-ground origination team. It began funding its own loans in 2012 and plans to continue on its growth path in the reverse mortgage space.

This is a very attractive space, Carter says. When you have market dislocation it creates opportunity. It s a great product that provides a lot of value to the senior population in the U.S.

First National Bank of Layton announced in June it would no longer offer reverse mortgages. The company had risen to the Top-10 lenders list as of the time it exited the business.

Sign up to receive free updates like this by email or subscribe by RSS feed. Thanks for reading!

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This can only be described as a smart way to enter the industry. This again proves, reverse mortgage turn key operations have minimal value.

What was once thought to be a business which one could get in, build, and sell at large profits has become an industry where lenders controlling huge amounts of production have simply walked away without receiving any compensation for their efforts or the price they may have paid for the businesses they acquired to enter the industry.

Will the glory days of entrepreneurs return? Maybe, but only after endorsement production shows real signs of life, financial assessment has been introduced, and the bitter taste of walking away from the industry with no compensation has been forgotten.

I applaud this forward thinking. Maybe the other big guys were too worried about trying to place their folks into environments that exposed corporate philosophies, or worse, how underappreciated they really were. We re not throw aways once we get wet.


Mortgage Pre-approval #mortgage #online #pre #approval


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Mortgage Pre-approval

Before you start the house-hunting process, there’s an important step you can take to save you time and make the process smoother: getting pre-approved for a mortgage. A pre-approval determines the home price you can afford which allows you to budget for your home purchase and focuses your home search. With a pre-approval you’ll also be able to lock in a mortgage rate in case rates increase during your home search.

What is a Mortgage Pre-approval?

A mortgage pre-approval is a process that provides you with important information to help you with your home search. When you get pre-approved for a mortgage, you’ll find out:

  • The maximum amount you can afford to spend on a home
  • The monthly mortgage payment associated with your maximum purchase price
  • What your mortgage rate will be for your first mortgage term

Applying for a mortgage pre-approval is free and it doesn’t commit you to one single lender. However, getting pre-approved does guarantee that the mortgage rate you are offered by a lender will not change for 120 to 160 days. By “locking in” your rate, you’re protected if interest rates rise while you’re shopping for a home. If interest rates go down during this time, your lender will honour the lower rate.

Location Please ensure your location is correct in order to find the best rates available in your area.

Current mortgage rates

Rates updated: August 6, 2017 12:04 PM

We shop the most competitive brokers, lenders and banks in Canada to bring you today’s lowest interest rates, free of charge! Click “get this rate,” to get pre-approved for the lowest mortgage rate today.

Closed mortgage rates Minimize Table Maximize Table

Why Get Pre-approved for a Mortgage

Getting pre-approved for a mortgage helps you in several ways: It saves time in your home search because you’ll only look at homes in your price range. Getting pre-approved is also a signal to your real estate agent that you’re serious about buying, and you’ll receive faster more targeted service. Finally, when it comes time to make an offer on a home, the fact that you are pre-approved signals to the seller that you should have no problem financing the purchase, which will improve your chances in a competitive offer situation. Don’t forget that if interest rates fall while you are locked in, your lender will honour the lower rate.

How to Get Pre-approved for a Mortgage

To get pre-approved, you must meet with either a mortgage broker or a lender. To determine how much you can afford to borrow to purchase a home, they will ask you a series of questions and you will need to provide some supporting documentation.

Watch the video below to see which three factors a lender uses to determine how much money they will lend you, and what documentation you may need to supply:

1. Credit Score

Your credit score is a measure of your financial health, and shows lenders how risky it may be to lend you money. If your credit score is between 680 and 900, you’ll qualify for a mortgage with an “A” level lender, such as a major bank.

If your credit score is below 680 and above 600, lenders will look at the other details of your finances to determine if you can qualify with an “A” level lender or not. If you don’t qualify, you’ll need to go through a “B” level lender, such as Home Trust, to get a mortgage pre-approval.

If your credit score is below 600, you will only qualify for a mortgage with a “B” level lender, and you won’t get today’s best mortgage rates.

2. Down Payment

Your down payment is the lump sum of money you’ll put towards the purchase of your home. In Canada, the minimum down payment you must make is 5% of the home’s purchase price. If you put down less than 20%, you’ll have to buy mortgage default insurance to protect your lender in case you default on your loan.

The size of your down payment affects how much you can borrow. For example, if you wanted to buy a house worth $300,000, you would need at least a $15,000 down payment.

$300,000 x 5% = $15,000

As of February 15th 2016, the minimum down payment is higher for homes sold for $500,000 – $999,999. You now need to put down 5% of the first $500,000, and 10% of any amount over $500,000. For example, a house worth $600,000 would require a down payment of at least $35,000.

($500,000 x 5% = $25,000) + ($100,000 x 10% = $10,000) = $35,000

3. Debt Service Ratios

Your debt service ratios are two calculations that lenders use to determine the largest monthly mortgage payment you can afford, based on your current monthly income, expenses and debt. Lenders use these ratios to make sure you can afford to make your monthly mortgage payments, even with all of your other financial commitments, so there’s a smaller risk that you could default on your mortgage payments.

4. Supporting Documentation

Depending on the mortgage broker or lender you sit down with, the documentation you’ll need to submit for your pre-approval may vary. For example, some mortgage brokers require proof of income for a pre-approval, while others don’t require proof until your offer has been accepted and you need to finalize your mortgage application.

Here is a list of documentation you may need to provide for your mortgage pre-approval:

  • Identification
  • Proof of income (pay stubs and letter from your employer, or a notice of assessment if you are self employed)
  • Length of time with employer
  • Proof of down payment and ability to pay closing costs (recent financial statements of bank accounts and investments)
  • Proof of any other assets like a car, cottage or boat
  • Information about other debts including:
    • Credit cards or lines of credit
    • Spousal or child support payments
    • Student loans
    • Car leases or loans
    • Personal loans

Compare today s lowest mortgage rates

Saving on your home purchase starts with the lowest rates. Let RateHubca help you compare lenders.

Best variable rates 1.99 %

After You Receive a Mortgage Pre-approval

Once you’ve been pre-approved, you’ll know the maximum amount you can afford to borrow, as well as the mortgage rate lenders are willing to offer you. If you lock in that interest rate, you’ll be protected from future interest rate increases for the next 120 to 160 days while you search for a home. You can then take the maximum mortgage amount and use it as a guide during your house-hunt, so you only view homes you know you can afford to buy.

The Limitations of a Mortgage Pre-approval

One thing to keep in mind is that getting pre-approved for a mortgage doesn’t guarantee that your final mortgage application will be approved. When you apply for a mortgage after your Offer to Purchase has been accepted, your lender will look at the details of the property to make sure it’s suitable. If the property doesn’t meet their qualification criteria, you won’t qualify for a mortgage. For example, if the home has asbestos, knob and tube wiring, is a heritage home, or its appraised value is below the purchase price, the lender may not find it suitable and could deny you a mortgage.

Getting pre-approved for a mortgage also doesn’t mean that you should buy a home at the top of your price range. Your pre-approval amount only represents how much your lender is willing to lend you, not how much you should spend. You can choose to buy a home that is priced lower than your maximum purchase price which will ensure you have enough room in your budget for saving and paying down debt.


Fha mortgage guidelines, co-borrower on mortgage.#Co-borrower #on #mortgage


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FHA Mortgage Guidelines

The FHA guidelines on this site are intended for the professional in the mortgage industry: mortgage underwriters, mortgage processors, and loan officers. This site is intended as a guide only. Please use caution as every lender has the authority to make determinations as to what is or is not acceptable in the grey areas or in the strength of the borrower, for their company. Hey, it is their portfolio and their investors that take precedence.

In addition to the prerogative of each investor, HUD makes changes to the guidelines often. We try to keep up to date with HUD but if you have concerns please visit the hud.gov web site as they are the one, the only, and the final authority. We can offer no guarantee to the accuracy of the information contained here. All of this information is available in the HUD 4155.1 Rev 5 handbook and is available on their web site.

Wondering about the Housing and Economic Recovery Act of 2008? Click here: FHA Modernization Act of 2008.

Today’s market is in a constant state of change. When major changes occur I send out an email or newsletter. If you would like to be included just fill out the form on the Newsletter page. I don’t share or sell your address and I don’t send out junk email.

We all know the average American family needs a high LTV mortgage to get into a home of their own. HR 3221 eliminated the FHA down payment assistance program (all politics) and now the HR 6694 is trying to re-establish the down payment assistance program. Who would have thought? Please excuse my cynicism regarding our politicians. You can learn more about the benefits and guidelines at: HR 6694 Mortgage Guidelines.

There is another mortgage product that offers 100% LTV and flexible guidelines. It is a government guaranteed mortgage. Check out the guidelines here: 100% Housing Mortgage

FHA Borrower Eligibility:

Borrower must have a Social Security Number be able to document a satisfactory 2 (two) year history of credit, income and assets.

Permanent resident aliens are eligible under the same terms as United States Citizens. The borrower must show evidence of Green Card information.

Non-permanent resident aliens may be eligible if satisfactory evidence of legal residency and ability to work in the United States is documented.

  1. Borrower must be the primary resident only.
  2. Borrower must have a social security number and a satisfactory 2-year credit profile, income, assets, and credit.

Co-Borrower must take title to the property and sign the note and mortgage documents.

Co-Borrower must complete a loan application and a complete underwriting of income, credit and assets is required. The co-borrower will be qualified the same as the primary borrower.

The co-borrower cannot be a person who is a third party to the purchase transaction: seller, realtor, builder, or appraiser.

A co-borrower who will not occupy the property, but is being added to the loan application to strengthen the profile is permitted. Maximum financing is available under the following:

  • The Co-Borrower must be a close family member or demonstrate a long-standing family relationship with the primary Borrower. If no such relationship can be verified, the LTV cannot exceed 75%.
  • The subject property is a single family detached, PUD, or an approved condo unit.
  • Co-Borrower must have a primary residence in the United States of America.
  • A complete credit underwriting analysis will be performed for the non-occupant co-borrower. The income, assets and debt will be included in the loan information and will be weighed equally with the borrower.

Copyright 2008 | Kale Enterprise Corp. | Cartersville, Georgia, 30120

Conventional Mortgage guidelines, click here

  • FHA mortgage guidelines site for the consumer click here