by Marion Trent | Aug 24, 2014 | Home Loans, Mortgage Loans
Can’t Decide Whether to Pick a 30 Year or 15 Year Fixed Rate Mortgage? These tips may help you decide. Most people who easily decide on a 15 year fixed rate mortgage are at least 40 years old.The reason behind that is obvious. People in their 40s, 50s and up are willing to pay more on their monthly mortgage to pay off their mortgage loan quicker. Besides that, the 15 year fixed rate client has usually saved a fair amount of money or has seen a considerable increase in their salary history over the years. Someone in their 20s and 30s is usually starting a family and is putting money aside for their childrens’ educational fund and other things that are needed right away, so there is less money to go around. A 30 year fixed rate mortgage is perfect for young families because monthly payments are lower and, generally speaking, younger people have more time to pay off their mortgage. Another deciding factor is how self-disciplined the borrower is at saving money. The less disciplined, the better a 15 year mortgage is for that person. or family. Lastly, how close is the borrower to retirement? The closer the borrower is to retirement age, the better a 15 year fixed rate mortgage is. If you can’t decide, call Global Lending Solutions for a more detailed analysis of your financial goals and...
by Marion Trent | Aug 21, 2014 | Home Loans, Mortgage Loans
The Mortgage Bankers Association’s latest forecast says the 30-year fixed rate could average 4.9 percent by the third quarter and reach 5 percent by the end of 2014. But there’s a good chance rates will remain stable through the summer, says Peter Grabel, senior mortgage loan originator for Luxury Mortgage Corp. in Stamford, Connecticut. “I don’t feel there’s any reason for rates to change a lot,” he says. Still, if you like the rate you have today, don’t waste time. “They are not that much off all-time lows. There’s only room for them to go in one direction and that’s up.” Getting a mortgage these days is obviously not as easy as it was during the housing boom, when pretty much anyone could get a loan. But after years of tightening, it seems like the standards are loosening up a bit. “We are seeing underwriters have a little more flexibility with some common-sense issues,” Grabel says. “That’s not a suggestion we are going back to the old days.” Standards have loosened mostly for larger loans, or jumbo loans, because they are not the types of loans that get sold to Fannie Mae and Freddie Mac. The institutions have their own guidelines and lenders must follow them if they want to sell the loans after they issue them. FHFA to Change Guidelines Mel Watt, the new head of the Federal Housing Finance Agency, recently said his office will change some of the guidelines to allow lending to borrowers with slightly lower credit scores. The FHFA oversees Fannie and Freddie. “Mel Watt reversed course for the first time in many years...
by Marion Trent | Jul 27, 2014 | Home Loans, Mortgage Loans
HARP stands for Home Affordable Refinance Program. HARP is a financial aid program that was introduced by the United States Federal Government in 2009 to help homeowners who are underwater, which means there is zero — or negative — equity in their home to refinance their mortgage. If you are a Texas homeowner who is underwater on your existing conforming or conventional mortgage, you may be eligible for a refinance without paying down any principle, without paying mortgage insurance, and in many cases, without spending any money out-of-pocket. HARP 2.0 – Help For Texas Homeowners The modified HARP program – HARP 2.0, also referred to as The Making Home Affordable Program, the DU Refi Plus Program, and/or the Obama Refi Program – is specifically targeted towards Texas homeowners having a loan-to-value ratio less than 125 percent. However, an additional guideline change to HARP 2.0 actually lifted the loan-to-value restrictions. So, Texas borrowers with a loan-to-value ratio even greater than 125 percent can now apply to this program. HARP 2.0 gives Texas homeowners the ability to refinance at today’s low mortgage rates without private mortgage insurance, exorbitant closing costs and fees, and in most cases without an appraisal. If you have been turned down before for this program, you will certainly want to re-apply for HARP 2.0. In order to qualify for HARP assistance, the basic eligibility requirements are: 1. Your loan must be backed by Freddie Mac or Fannie Mae 2. Freddie or Fannie should have bought your mortgage prior to June 1st, 2009. Determine If Your Loan Is Backed By Fannie Mae or Freddie Mac Unfortunately, Texas homeowners rarely know...
by Marion Trent | Dec 19, 2012 | Home Loans, news
Do you meet these qualifications? • A full time paid fire fighter in Texas? • A peace officer? • An adult or juvenile corrections officer? • A county jailer, EMS Personnel? • A public security officer? Texas has a grant money program with funds set aside to help you purchase a house as a first time home buyer. See details below about this program for you – First Come First Served. This grant money is available to qualified fire, peace or correctional personnel as listed above. Grant Mony requirements: • Income and home purchase price limits apply • You must meet standard mortgage underwriting requirements as credit worthy • The house you are buying must be your primary residence • FHA Loans Only This program will give you a grant of 3% of your total loan amount. It can be used as a part your down payment. The grant does not have to be repaid. Example: For a $100,000 loan: The grant would be $3000. If used toward your down payment requirement of 3.5% or $3,500, you would only need $500 for your portion of the down payment. Global Lending Solutions, Inc. is here to help you with a mortgage for your dream home and show you how to use this Homes for Heroes program to your...
