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mortgage rate calculations, Arizona AZ |
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mortgage rate calculations - Arizona AZ: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor. Title Insurance Title insurance will be included in the closing costs to insure that no other party can claim title to your property. LOAN offers the following fixed-rate mortgages: Term Loan to value 30 Year Fixed (30 year) Up to 107% 15 Year Fixed (15 year) Up to 95% Mortgage Insurance This is an insurance policy that pays mortgage lenders for part of their financial losses if a borrower fails to fully repay a loan. Mortgage insurance makes it possible to buy a home with a low down payment. What types of insurance do I need to know about? Simple Assumptions - Loans which allow a simple assumption are also referred to as freely assumable, and this type of loan can be assumed with minimal work and cost. The buyer is allowed to take ownership of the property and begin making the loan payments without providing any information on their credit history or income. Since we do not require any information from the buyer to confirm they have the means to repay the loan, the seller of the property remains liable to us for the repayment of the loan. This means if the buyer who assumed the loan fails to make mortgage payments in accordance with the Note and Mortgage, the seller as well as the buyer may be foreclosed upon, because the seller is still liable for the loan. FHA financing means the Federal Housing Administration (FHA) has guaranteed the repayment of the loan to the lender. Because there is less risk involved for the lender, a smaller down payment is often possible. But FHA loans require the borrower to pay mortgage insurance premiums. The amount of this premium varies; check with your lender if you have questions. Both fixed rate and adjustable rate loans are available with FHA financing. In order to protect the investment both you and Principal Residential Mortgage, Inc. have made in your home, it is required that you maintain adequate insurance coverage on your property at all times. Without this coverage, there may not be funds available to repair your home in the event it is damaged.Social Security benefits If you derive a portion of your income from social security benefits, you should provide the most recent Social Security Award Letter indicating the amount of your current monthly payments from social security. When do I need Private Mortgage Insurance (PMI)?If interest rates drop significantly, you may want to investigate refinancing. Most experts agree that if you plan to be in your house for at least 18 months and you can get a rate 2% less than your current one, refinancing is smart. Refinancing may, however, involve paying many of the same fees paid at the original closing, plus origination and application fees. Applying for a loan is very simple and straightforward. If you would like to go ahead and try to pre-qualify or submit a loan application, please fill out the preliminary online loan application. The uniform loan application that is submitted to lenders is known as the Fannie Mae form. |
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