When I started Mylendingplace over 3 years ago, I decided I wanted to do “good loans”. Or Home loans that really helped people move forward toward their overall financial goals. Remember, a mortgage is either a 15-30 year debt instrument or a financial tool. It can be a 30 year debt loan or a tool to bigger, better things like getting out of debt, saving for college, retirement.
Any licensed mortgage person can do a home loan, it’s how the mortgage is constructed or designed that’s important. In this post, let’s explore the question “how much is the right amount to put down on a home.”
Let’s compare the following: 80/20 loans (100% financing) or 10% down home loans. (more…)
Excerpt: “Paulson in the CNBC interview also called on Congress to quickly pass pending legislation that would reform the Federal Housing Administration, which he said would help 250,000 at-risk homeowners who have adjustable rate subprime mortgages refinance to more affordable loans and another piece of legislation that would expand the availability of so-called “jumbo” mortgages, loans higher than $417,000.
The two giant government-sponsored mortgage companies, Fannie Mae and Freddie Mac, cannot presently back these jumbo loans, which restricts their availability.
Any single mortgage over 417,000 is considered “jumbo”, which isn’t really an issue in Texas where the median price is around 130-160K. However, on both coasts these sub-prime ARMs are often over 417K. Therefore, they can’t be sold to Fannie Mae/Freddie Mac. One solution to the sub-prime mess is to raise the conforming loan limit to 600K, so these adjusting ARMs can be backed by Fannie Mae without being classified as “jumbo.”
Texas Home Equity Loan Rules, Procedures, Fees, 3%
Texas Home Equity Loans have a State-mandated cap on fees of 3%. You also are limited to 80% of your home’s appraised value. You can borrow more if you’re doing an investment home equity, cash-out loan.
As a mortgage broker, I have many banks with different guidelines . Some banks like people with perfect credit, others don’t care as much. Countrywide, Wells Fargo, WaMu are just a few (hey, I’m rhyming!) of my most popular banks. When working with a mortgage broker like Mylendingplace you simply have more options than a retail bank down the street. You also save TIME since talking with me is like talking with 20 banks at once.
Also, mortgage brokers must disclose all our fees. Banks are not required to do so.
Speaking of mortgage fees on Home equity loans, did you know you don’t always have to pay your fees when you want to do an Home Equity loan? Some banks will pay most of your closing costs. Call my office at 996-8194 or my cell 577-2958
Austin Texas Mortgage News: Good News/ Bad News. Which do you want first?
The good news: Mortgage rates are really good. Even if rates go up in the next 3-6 months, it’s better to buy now than before the “credit crunch.” (more…)
