The document provides an overview of mortgages, including what a mortgage is, different types of mortgages and mortgage rates, how to find the best mortgage rates, what mortgage rate lock-in is, and how changing mortgage rates can affect homeowners. It serves as a beginner's guide to understanding mortgages and making informed decisions when taking out a home loan.
So its the time for you to buy your first home and you need a mortgage. In this seminar learn about all of the options for a mortgage, and how you can qualify for a loan. We will cover all of the details and answer your questions. If you are a professional, this is the perfect seminar to help your customer learn about the mortgage loan process and we can customize it to your needs. Just contact us for details.
Mortgage Banking Seminar is part of the continuing series of training presentations for the Financial Services Industry. Check out our other presentations in this series and contact Saunders Learning Group if you have training needs. We can help, we have been doing training in the financial services industry for 30 years.
So its the time for you to buy your first home and you need a mortgage. In this seminar learn about all of the options for a mortgage, and how you can qualify for a loan. We will cover all of the details and answer your questions. If you are a professional, this is the perfect seminar to help your customer learn about the mortgage loan process and we can customize it to your needs. Just contact us for details.
Mortgage Banking Seminar is part of the continuing series of training presentations for the Financial Services Industry. Check out our other presentations in this series and contact Saunders Learning Group if you have training needs. We can help, we have been doing training in the financial services industry for 30 years.
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.
Falling into the trap of unmanageable debt is a very common
situation nowadays. It is a proven fact that more than 40% of US
people spends more than what they earn and very obviously most of
them experience the difficulty of paying debt at the right time. Get all
the info you need here
Mortgage Basics provides information about mortgage products and programs that will help real estate agents realize success. Topics include:
- when you need to ask for more time to close,
- property types and characteristics that might be more difficult to sell (and how to sell them),
- how to use various products/programs to help increase a buyer's purchasing power.
This is a power point I use to teach about various terms related to Auto Loans. These terms are essential for completing the Auto Loans Project in my high school Consumer Education class.
If you need to borrow for college costs, make sure you first understand education loan terminology as well as the steps you should take to borrow wisely. Our presentation covers what you need to know.
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.
Falling into the trap of unmanageable debt is a very common
situation nowadays. It is a proven fact that more than 40% of US
people spends more than what they earn and very obviously most of
them experience the difficulty of paying debt at the right time. Get all
the info you need here
Mortgage Basics provides information about mortgage products and programs that will help real estate agents realize success. Topics include:
- when you need to ask for more time to close,
- property types and characteristics that might be more difficult to sell (and how to sell them),
- how to use various products/programs to help increase a buyer's purchasing power.
This is a power point I use to teach about various terms related to Auto Loans. These terms are essential for completing the Auto Loans Project in my high school Consumer Education class.
If you need to borrow for college costs, make sure you first understand education loan terminology as well as the steps you should take to borrow wisely. Our presentation covers what you need to know.
Link de Cadastro.: http://goldenbit.com.br/anuncios/usuario/novo_usuario
Indicado por um AMIGO.: Você clica em SIM.
Informe o Login do Seu Amigo.: sucessohoje
OBS.: Cada GB$ equivalem a R$ 2,00
QUEM SOMOS EMPRESA DE ANÚNCIO.
ANUNCIOU, VENDEU. PESQUISOU, COMPROU. O GOLDEN BIT É UM CLASSIFICADOS ONLINE ONDE VOCÊ, PODE ANUNCIAR UM PRODUTO OU SERVIÇO GRATUITAMENTE.
2. MOEDA VIRTUAL (GB$) COMPRAR E VENDER NUNCA FOI TÃO FÁCIL. ALÉM DE ATUAR COMO UM CLASSIFICADOS ONLINE, O GOLDEN BIT POSSUI UMA MOEDA VIRTUAL PRÓPRIA, CHAMADA GOLDENBITS (GB$). TUDO PARA FACILITAR AINDA MAIS A COMPRA E A VENDA DOS PRODUTOS ANUNCIADOS, TORNANDO A EXPERIÊNCIA DO ANUNCIANTE MUITO MAIS VANTAJOSA.
3. NOSSOS PRODUTOS
4. CONTAS CONTAS QUE CABEM NO BOLSO E COM MUITO MAIS VANTAGENS PARA SE FAZER NEGÓCIO. FREE BRONZE PRATA OURO RUBI ESMERALDA DIAMANTE PLATINUM
5. CONTAS Z
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7. MAS AFINAL, COMO POSSO ACUMULAR GOLDENBITS? EXISTEM DUAS MANEIRA DE FAZER ISSO: REALIZANDO ATIVIDADES DIÁRIAS EM OU INDICANTO NOSSO SITE PARA UM AMIGO SEU. • AO REALIZAR AS ATIVIDADES DIÁRIAS VOCÊ GANHA UM BÔNUS DIÁRIO QUE VARIA DE ACORDO COM O TIPO DE SUA CONTA. • INDICANTO NOSSO SITE PARA UM AMIGO SEU, VOCÊ AINDA GANHA UM EXCELENTE BÔNUS DE COMISSÃO COM ISSO. TUDO PARA ALAVANCAR MAIS AINDA SEUS ANUNCIOS !!!
8. ATIVIDADES REALIZANDO SUAS ATIVIDADES DIÁRIAS VOCÊ GANHA MUITO MAIS. AO SE LOGAR NO SITE, O USUÁRIO PODERÁ, ATRAVÉS DO SEU PERFIL, REALIZAR ATIVIDADES DIÁRIAS. PARA CADA ATIVIDADE FINALIZADA, O USUÁRIO GANHA UM VALOR EM GB$ E AUMENTA SUAS CHANCES DE FAZER BONS NEGÓCIOS COM SEUS CLASSIFICADOS.
9. REDE DE AMIGOS GANHE INDICANDO NOSSO SITE PARA UM AMIGO
10. ENTÃO,COMPRAR E VENDER NÃO É FÁCIL?
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First time home buyer loan mortgage(TLM).pptxmarketing367770
Unlock your dream of homeownership with our First Time Home Buyer Loan Mortgage (TLM) presentation. Learn about the benefits, eligibility criteria, and steps to secure your first mortgage. Whether you're navigating down payments or exploring loan options, this presentation is your guide to making your first home purchase a reality.
First time home buyer loan mortgage(TLM).pptxmarketing367770
Navigating the realm of mortgages as a first-time homebuyer can feel overwhelming. However, finding the best mortgage tailored to your needs can pave the way to homeownership with confidence. Our mortgage solution for first-time homebuyers is designed to simplify the process and provide peace of mind.
With competitive interest rates, flexible terms, and personalized guidance, our mortgage product empowers first-time buyers to embark on their homeownership journey with ease. Whether you're dreaming of a cozy starter home or envisioning a place to raise a family, our mortgage options cater to diverse needs and financial situations.
Additionally, we offer comprehensive support throughout the mortgage application process, from pre-approval to closing. Our team of experts is dedicated to demystifying the mortgage process, answering your questions, and helping you make informed decisions every step of the way.
Experience the excitement of homeownership without the stress. Discover why our mortgage for first-time homebuyers stands out as the ideal choice for turning your homeownership dreams into reality.
The guide provides information on:
Obtaining finance
Loan types
Application and settlement process
First home owners grant
Property buyers guide
Top tips for paying off your loan quicker
Home loan FAQs
Glossary
Buying a home can be one of the most exciting and daunting times in your life, and whether you’re deciding to buy with your partner, or by yourself, Homeloans will be there to help you every step of the way.
RE/MAX Results complete buyers guide. Whether you are a first time home buyer or a seasoned veteran in home purchasing...this guide will give you a complete through understanding of the home buying process. If you are in the Greater Kansas City area and are remotely interested in Real Estate...this is a must have!
Everything you need to know about purchasing a home, whether you are a first time home buyer or a repeat buyer - this is a great place to start. Then contact me at lisat@mortgagebrokersottawa.com to get started on your preapproved mortgage...
Learn the basics of credit in this easy-to-follow, introductory course that includes:
- What credit is and the different types of credit available
- How credit reports and credit scores work and the factors that go into building them
- Common options for building credit
And more!
Click through the slideshare to start your credit-education now.
Similar to Mortgage rates beginner's_guide-maria arrua (20)
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
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how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
2. US Mortgage Corporation (NMLS ID#3901). Corporate Office is located at 201 Old Country Road, Suite 140, Melville, NY 11747; 631-580-2600
or (800) 562-6715 (LOANS15). Licensed Mortgage Banker-NYS Department of Financial Services- AK, AL, AR, CA, CO, CT, DC, DE, FL, GA, IA,
ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MS, MT, NC, ND, NE, NH, NJ, NM, OH, OK, OR, PA, RI, SC, SD, TN, TX, VA, VT, WA, WI, WV, WY State
Banking Departments/Regulators. Rates, fees and program guidelines are subject to change without notice. Some loans arranged through
third parties. First mortgages only. Not all products and/or programs are available in all states. Certain restrictions may apply.
5. Although almost all of us have heard of the word, ‘mortgage,’ most of us don’t really know
what it means. Unless you are planning on becoming a home-owner, you will not know
the terms and features of a mortgage. In the simplest terms, a mortgage is a loan that you
take out to buy a property. Unlike other types of loans, a mortgage takes a long time to pay
back and they are secured against property. Most mortgages have time-periods of around
25 years, so the choice of taking out a mortgage should not be taken lightly. Failure to
maintain repayments can result in the repossession of your home. This is a problem that
many Americans faced during the subprime crisis.
The interest rate at which the mortgage loan is taken is known as the mortgage rate.
Mortgage rates are not the same for all borrowers. The rates depend on type of loan,
time-period of the loan, the borrower’s credit history and the current economic situation.
Mortgages are very long-term loans and they are not as simple as other types of loans.
Also, by the end of the mortgage, borrowers end up paying a large amount as interest.
To get the lowest mortgage rate possible and to get the home of your dreams, you need
to research and compare and make sure you know enough about mortgages to take the
plunge. However, thousands of people apply for mortgages every year and beginners
looking to take out a mortgage can obtain all of the necessary information from the
following sections.
2
7. Taking out a mortgage is a life-changing decision as it can affect your financial
situation for the next couple of decades. Mortgage rates are obviously the most
important part of the mortgage as it decides the mortgage repayment installments.
You need to take out a mortgage with an interest rate and monthly installments
you can afford to pay. Different banks, lenders and financial institutions offer many
different types of mortgages with different rates. Moreover, these rates also depend
on the credit history of the borrower. However, all the types and rates of mortgages
fall into the following categories.
4
9. • Fixed Rate
This is one of the safest types of mortgages available. In this type of mortgage, the interest or
mortgage rate will remain fixed for the entire term. This means that your monthly payments will
remain the same. This gives a sense of security and certainty to the borrower. Two common types of
fixed-rate mortgages are available – 30-year fixed mortgage and 15-year fixed mortgage. There are
other terms of mortgages available too.
The 30-year fixed mortgage is the most common type of mortgage that people take out. As the term
of this mortgage is very long, the monthly payments are very affordable. Also, the interest rate and
monthly payments do not change over the entire period. 15-year fixed rate mortgages are similar
except that the borrower has half the time to repay the loan. This means that the monthly payments
are higher. However, the shorter mortgage period allows people to build equity much faster.
• Adjustable Rate
Adjustable Rate Mortgages (ARMs) are riskier, as in this type of mortgage, the interest rate varies
with time. It can give homeowners a lower mortgage rate, but these rates vary with the market
and borrowers may end up paying more than they would with fixed rate mortgages in the long
run. These variable rate mortgages are also more complex and homeowners must comprehend the
contract properly before signing it to avoid nasty surprises. The rates of the ARMs may change on
a yearly basis.
• Combination Mortgages
Asthenamesuggests,thistypeofmortgageloanscombinefixed-rateandARMfeatures.Homeowners
are offered a fixed mortgage rate for a period of the term of the loan after which the interest rates
vary yearly, like that of ARMs. The interest rate of the mortgage can remain the same for three, five,
or seven years. After this period, it will be converted to an ARM.
• Split Rate
In this type of mortgage, homeowners are offered a fixed mortgage interest rate on part of the loan
balance and a variable rate on the rest. The balance can be split in many ways such as 75/25 and
60/40.
• Introductory Rates
Such mortgage rates are offered by banks to lure customers and are often known as honeymoon
rates. In these types of mortgage loans, interest rates can be as low as 2% less than the market average
for a period of 6 months to a year. Once this time period expires, mortgage rates are converted back
to original rates matching market averages.
6
11. As mentioned earlier, shopping around for a mortgage loan is not an easy task and is
time-consuming. Finding affordable mortgage rates is probably the most important
task while looking to take out a mortgage. The interest rates will ultimately decide
the amount of money you need to pay as monthly installments. High interest rates
could mean that you will end up paying a lot more than the value of the property and
principal amount in interest itself. So how do you reduce the interest rates that lenders
are offering you?
• Take Out An FHA Mortgage
Firstly, you need to check if you are eligible for a Federal Housing
Administration (FHA) home loan or mortgage. These home loans are
mortgages that are fully insured through the FHA. Consequently, an
FHA mortgage has a lot of benefits over mortgages offered by other
financial institutions. The organization offers some of the best terms,
such as lower interest rates, lower down payments, and lower closing
rates. It is also easier to qualify for an FHA mortgage and there is less
chance of foreclosure.
• Do Your Research
There are tons of websites and tools that allow you to compare and
analyze the mortgage rates offered by different lending institutions. As
mortgage rates change almost daily, it is best to monitor these rates over
a period and then decide on the type and rate of mortgage to settle
on. Of course, the mortgage rate available to you will depend on your
income, assets, FICO credit score and debt to income ratio.
• Choose Short-Term Loans
15 year mortgage loans are offered at a lower interest rate than 30-
year or 25-year ones. However, the monthly payment amount is much
higher for short term loans. If you can afford the monthly payments,
then you should go for a short term loan as you will be paying much
less in the long run.
• Improve Your Credit Score
It is common knowledge that a good credit score will ensure that you
get the best interest rates on all kinds of loans. A good credit score can
save you thousands of dollars over the term of your mortgage. You can
get the best mortgage rates if your FICO score is 760 or better. A good
score, along with a stable income, guarantees that you get the best rates.
• Raise Your Down Payment
Lenders consider the amount of down payment on your home while
deciding your creditworthiness and interest rate. The lowest rates are
offered to those who have at least a 20& down payment, or in other
words, a 20% equity cushion. A lower down payment means that you
will also have to pay for Private Mortgage Insurance or PMI.
8
13. Lenders publish mortgage rates on a daily basis; however,
these rates may not be applicable to you, as interest rates
depend on many personal factors. After a lender has
accepted and analyzed your mortgage application, you will
be offered an initial approval and the choice to lock-in the
mortgage rate offered to you. Once you lock the mortgage
rate, the lender has to finalize your home loan based on the
rate you were offered on the day you locked-in the rate,
even though mortgage rates change daily.
Mortgage rates cannot be locked till the lender has verified
your credit score and checked if you have a steady income
to make monthly payments. You also need to decide on
the property you wish to buy before you can lock-in your
mortgage rate, as some properties, like condominiums, can
only be financed at higher mortgage rates.
Rate locks are not permanent and they are valid for 30 days
on average. As it takes more than 45 days to successfully
process a loan, it is best to lock mortgage rates after you
find out when the closing date of the loan is. Most people
lock in their mortgage rates when they are sure that the
lock will not expire before the close of the loan.
10
14. Some lenders also offer extended locks on rates lasting up to 120 days. To get these extended
locks you have to pay points, which are payments towards the interest amount. Rate quotes
and rate locks are very different terms. A rate quote is a general estimate of the rates you
could get whereas a rate lock is legally binding and decides the final rate offered to you.
Most importantly, you must get the rate lock in a written document. A verbal agreement
is useless and a rate lock should be a legally binding document. This document must
accompany the letter of commitment or should be explained in the commitment
letter itself. The lock-in document must include the names of the lender and
borrowers, the loan amount, points, interest rates and the lock-in fees. The
date the lock was initiated and the expiry date of the lock must also be
mentioned in the lock-in document. You must read this document carefully
while deciding on a mortgage rate lock in.
Check if your rate lock comes with a rate cop. Rate cops with your rate lock
means that if the interest rate rises, the lender is allowed to raise your mortgage
rates slightly while remaining within the rate cap. Although this is a common
practice, it is best to be aware of this when you lock-in your rates.
Things To Consider
11
19. Most people ask – why aren’t mortgage rates stable?
Mortgage rates are subject to economic forces and
evenaslightincreaseordecreasecanmakealotof
difference in the repayments that you make.
When there is an economic decline and
sales of homes are decreasing, the rates
also decrease. Similarly, when economic
activity rises, the rates rise too. Loan
percentage points or mortgage rates
change almost daily and sometimes
more than once a day.
Homeowners who have taken out
fixed rate mortgages are somewhat insulated from the effects of constant
mortgage rate changes. People who have taken ARMs will not feel the effects
of daily mortgage rate changes as lenders are allowed to change mortgage
rates only a fixed number of times a year. Lenders cannot change mortgage
rates more than four or five times a year.
Drastic changes in mortgage rates can have profound effects on both
homeowners and sellers and buyers of real estate. Homeowners are often
not prepared for ARM rate changes and their homes are repossessed when
they are unable to afford monthly payments. Even if the situation is not
so dire, many homeowners have to adjust personal finances to meet rising
mortgage rates.
Rising mortgage rates may eat into the purchasing power and life savings
of homeowners. Buying habits of potential real estate buyers and average
consumers are also affected by mortgage rate changes. Most importantly,
higher mortgage rates can make it hard for many homeowners to make
payments. Late payments can result in hefty fines and can also affect
the credit scores of homeowners.
16
20. Maria Amalia Arrua
Mortgage Loan Originator
NMLS #851361
201 Old Country Road, Suite 140
Melville, NY 11747
Office: (631) 750-0565
Cell: (516) 554-7272
maria.arrua@usmortgage.com
www.usmortgage.com
1994 2014