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USDA home loan -mortgage closing costs? USDA Home Loan Blog #cosmetic #surgery #loans


#usda home loan
#

USDA home loan closing costs ?

USDA home loan closing costs?  What can you expect?

We have received many questions lately regarding USDA financing and closing costs.  Generally speaking, for a new home purchase in Florida the buyer can expect to pay 3 -6% ( of the purchase price) for closing costs and pre –paid escrow requirements.  Generally speaking in Florida, the seller will have “customary” closing costs that they are responsible for and the buyer will have the same. Again, these closing costs are “customary” and not set in stone.

One of the great benefits of a USDA mortgage is the flexibly it allows regarding closing costs. First, the sellers is permitted to give concessions ( pay for) the buyers closing costs up to 6%. These closing costs and escrows can be negotiated into your purchase contract and paid by the seller as part of the deal.  In some cases this option may not be feasible with the seller.  When this option is not possible, there is a second option as well.

The second option for closing costs involves including the costs, or rolling in the cost into your new loan. This option has nothing to do with the home seller.  USDA will permit any pre approved buyer to roll in their closing costs if the homes appraised value supports the increase. Your new home must appraise high enough for this option to be used.

Example –

Home purchase price $120,000

Closing costs and escrows to be paid by home buyer $5,000

Appraised value   $126,000

In this example it would be ok to roll in all of your closing costs into the new loan, the home appraisal supports it. Your total loan amount would be $125,000 plus the 2% USDA guarantee fee.

Now you have your USDA contract fully approved and closing costs are taken care of as well. What else can the home buyer expect to pay?  Generally you will be required to pay an escrow or earnest money deposit when you write your purchase contract.  This amount is usually around $500- $1,000 depending on the sales price.  This deposit money will be placed into a separate escrow account by the closing agent and applied. Appraisal and home inspection fees will also be paid in advance – these costs are generally $200 and $425.

Depending on the sellers concessions you negotiate, or the appraisal value, you can often receive the advance money you paid (deposit on contract, appraisal fee, home inspection fee) back at closing!

If you have questions about this topic or the USDA / Rural Development pre approval process, please just submit the quick Info Request Form here .

Serving you seven days a week, USDA Mortgage Source is Florida’s leading resource for all 100% USDA / Rural Development home loans. Fort Walton Beach. High Springs.  Middleburg. Zephyrhills and everywhere in between – please visit our main web site at www.UsdaMortgageSource.com or call 904.302.6060 to learn more about the benefits of 100% USDA / Rural Development home loans here in Florida.

Servicing the following Florida cities and counties: Apopka | Aventura | Boca Raton | Bradenton | Brandon | Cape Coral | Clearwater | Clermont |Cocoa Beach | Coconut Creek | Coral Gables | Crestview | Crystal River | Daytona Beach | DeLand | Deltona | Delray Beach | Destin | Dunedin | Englewood | Fernandina | Flagler Beach | Fort Lauderdale | Fort Myers | Fort Pierce | Fort Walton Beach | Gainesville | Green Cove Springs | Hallandale | Hobe Sound | Hollywood | Homestead | Inverness | Jacksonville | Lakeland | Lake City | Lake Mary | Live Oak | MacClenny |Melbourne | Miami | Milton | Mount Dora | Naples | Ocala | Ocoee |Ojus | Orange Park | Orlando | Ormond Beach | Palatka| Palm Bay | Panama City | Pensacola | Pompano Beach | Port Charlotte | Port St. Lucie | Punta Gorda | Santa Rosa | Sarasota | Siesta Key | Springhill | St. Augustine | St. Petersburg | Sunny Isles | Tallahassee | Tamarac | Tampa | Titusville | Venice | Vero Beach | Weeki Wachee | Wesley Chapel | West Palm Beach | Winter Garden | Winter Haven | Winter Park | Winter Springs | Zephyrhills | Florida | Fla |FL

Alachua | Baker | Bay | Bradford | Brevard | Broward | Calhoun | Charlotte | Citrus | Clay | Collier | Columbia | Dade | De Soto | Dixie | Duval | Escambia | Flagler | Franklin | Gadsden | Gilchrist | Glades | Gulf | Hamilton | Hardee | Hendry | Hernando | Highlands | Hillsborough | Holmes | Indian River | Jackson | Jefferson | Lafayette | Lake | Lee | Leon | Levy | Liberty | Madison | Manatee | Marion | Martin | Monroe | Nassau | Okaloosa | Okeechobee | Orange | Osceola | Palm Beach | Pasco | Pinellas | Polk | Putnam | St. Johns | St. Lucie | Santa Rosa | Sarasota | Seminole | Sumter | Suwannee | Taylor | Union | Volusia | Wakulla | Walton | Washington | County


Mortgages Unlimited #mn #mortgages, #mortgages #unlimited, #minnesota #mortgage, #minnesota #mortgages, #mortgage #rates #mn, #best #mortgage #company, #home #mortgage, #mortgage #brokers, #interest #rate, #mortgage #rates, #mortgage, #minnesota, #wisconsin, #south #dakota, #home #loans, #mn, #wi, #sd, #refinance, #good #faith #estimate, #closing #costs, #fha #lender, #va #lender, #joe #metzler, #mn #va #loans, #refinance, #down #payment #assistance, #first #time #home #buyer, #second #home #mortgage, #home #refinancing, #investment #property #mortgage, #mn #housing #bond, #maple #grove, #minneapolis, #st. #paul, #eagan, #edina, #bloomington, #elk #river, #otsego, #west #st. #paul, #woodbury, #stillwater, #rice #lake, #wi


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MN, WI, and SD Home Mortgage Loans

As a Direct Mortgage Lender, MN, WI, and SD home loans are all we do. We beat the banks, the big internet lenders, and the Realtor’s in-house lender everyday with our great interest rates on home loans, and personalized service from LOCAL professional Licensed Loan Officers. Our ultimate goal is to create lasting relationships by closing your home loan on time with a stress free process.

READY TO APPLY? Our Secure Online Mortgage Application is available 24/7. There is no application fee, and we will only move forward with an actual loan your permission after reviewing all your options with you.

WANT JUST A QUICK QUOTE? Complete the Online Mortgage Rate Quote Form . This option allows our Licensed Loan Officers the opportunity to research current mortgage interest rates, refinance options and programs, then get back to you with our accurate quote.

Check today’s mortgage interest rates based on your personal situation. Get live market mortgage rates and closing cost cost options. Pick what interest rate or closing cost option works best for you.

Call (651) 552-3681. Speaking with an experienced, and Licensed Loan Officer is easily the best way to apply, or to obtain an accurate interest rate quote and an Estimate of closing costs.

Your Loan Officer in an important decision. Why choose Joe Metzler to assist you?

2016 – Top 300 Loan Officer in the Nation (National Mortgage News )
2015 – Top 100 Loan Officer in the Nation (Orignation News )
2014 – Minnesota Loan Officer of the Year (Minnesota Mortgage Association)
2012 – Best Mortgage Professionals in the Twin Cities based on Customer Satisfaction (Minneapolis St Paul Magazine)
2011 – Top 40 Most Influential Mortgage Professionals to Watch (National Mortgage Professional Magazine)
2010 – Top 150 Loan Officer in the Nation (Origination News)

TOP REASONS YOU SHOULD HAVE US HELP YOU:

We keep it simple for you! Slick advertising is not our game. We are a top MN lender, and it’s not just because of our LOW mortgage rates. Its because we offer the whole package. We provides fully automated processing, with all of the latest instant approval systems. We even give you instant Email notification for each step of your loan!

NO applications fees

Minnesota based – not some out-state 800 number

Purchase: Using your Realtor’s in-house lender, or the big banks

Refinance: Assuming the company you currently make payments to is your best option

Dakota County First Time Homebuyer City Living Program Zero down Payment VA Loans and USDA Rural Development Loans HARP Lender in MN, WI, and SD (Home Affordable Refinance Program

Mortgages Unlimited CLIENT TESTIMONIALS

“Thanks for helping us get this done, I really didn’t think I could refinance. I called on a whim because you had placed my original mortgage on this house. Now we will be enjoying a lower house payment for years to come. Best wishes to you.”
Angie W. St Paul, MN

“Hello Joe Eric, I just wanted to personally thank you both for helping me secure my home in Cottage Grove. You made the process simple and easy to follow and took a lot of worry out of purchasing the home. I will gladly recommend you to anyone who is also seeking a home mortgage.”
-Tim M. Minneapolis, MN
(Read more client testimonials)

Mortgage Loan Programs

Conducting Your Minnesota, Wisconsin, or South Dakota Mortgage Rate and Lender Search

Shopping for a home loan has never been this easy. To obtain the most accurate and up-to-date mortgage rate quote for your loan scenario, call us at 651-552-3681. If you are simply shopping for a mortgage. you can fill-out our easy Mortgage Rate Quote Form and someone will usually contact you within minutes with that information.

Y ou can also initiate the application process by completing our Secure Online Mortgage Application. We advertises our services in many places and we are committed to honoring the displayed rates and mortgage closing costs as defined by the various publishers’ guidelines.

You can always count on Mortgages Unlimited for great rates and low mortgage closing costs. Please do not hesitate to contact us with any questions. We are always here to address your concerns and offer you up-to-the minute mortgage quotes and home loan advice.

Smart people know Mortgages Unlimited is your St Paul, Minneapolis best lender choice for your home loan needs.

Our staff of Loan Officers are thankful for the opportunity to provide you with comprehensive mortgage rate quotes and mortgage closing cost information. Your Loan Officer will be happy to provide you with a Good Faith Estimate and Truth-In-Lending Statement so that you can better compare Mortgages Unlimited to other Mortgage providers. We wish you the best during your loan process, and remind you that a low rate quote is only part of your overall satisfaction!

I know you have lender options, and I understand the importance of securing the very best interest rate and lowest closing costs for you and your family. I do not take that obligation lightly and will work hard to prove the value in having a long term relationship with myself and my team.

Joe Metzler and his team are committed to helping you make a truly informed mortgage decision. Our advice goes way beyond just quoting rates and fees. We provide you with a complete analysis of your mortgage debt picture through analysis and reports. Most people don’t understand the life changing differences between different loan programs. We do. Learn More

Get real interest rate and closing cost estimates so you can see specific numbers right up front. No surprises. Our rates are typically 0.125% to 0.25% lower than the big banks and little mom-and-pop mortgage brokers, with lower closing costs, too.

With our low interest rates and low closing costs. you might be wondering about the kind of service or expertise you ll receive. You re in for a pleasant surprise. We ve gone to great lengths to streamline the loan process and make it the easiest, most convenient experience imaginable. No appointment needed. No account numbers or shoebox full of financial papers. Just the information that s in your head.

Find out how good it feels to work with a lender that delivers on both price and service, and read a few real customer comments. Then you’ll know why we enjoys a 98.0% overall recommendation rating. which we’d like to point out is a far higher standard than mere satisfaction.

I have closed thousands of loans in my career. That’s a lot! Those customers contributed to our continuing success because they know WE GOT THEM A BETTER DEAL!

We can do the same for you ! So if you are checking mortgage rates in Minneapolis, St Paul, all of Minnesota, Wisconsin, or South Dakota. we can help you get the lowest cost mortgage of anyone on your area, saving you thousands of dollars!


ECU Future Students #apply #for #a #course, #course #applications, #undergraduate #applications, #postgraduate #applications, #research #degree #applications, #apply #online, #graduate #diploma #of #education #applications, #international #student #applications, #waapa #applications, #wa #screen #academy #applications, #screen #studies #application, #important #dates, #application #cut-off #dates, #application #closing #dates, #university #dates, #cross-university #applications, #cross-institutional #applications, #non-award #students, #ecu #authorised #agents, #find #agents, #find #ecu #agents, #application #status #check, #edith #cowan #university, #ecu


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ECU offers innovative and practical courses across a variety of disciplines and we have a vibrant research culture. ECU is a leader in developing alternative entry pathways to higher education.

We have three campuses in Western Australia. Joondalup and Mount Lawley in the Perth metropolitan area and our South West campus in Bunbury, 200km south of the Perth CBD.

ECU provides a variety of services and facilities that go beyond the classroom, with opportunities for personal development and social interaction for students and staff.

Future Students

Applicants with an ATAR

  • If you want to start a course in Semester 1, apply through the Tertiary Institutions Service Centre .
  • If you want to start a course in Semester 2 (mid-year), you can apply direct to us .

Note: Applying is different to enrolling. If your application for a course is successful and you accept our offer of a place, you then enrol by selecting your course units.

Applicants with a VET qualification

  • If you’ve completed a Certificate IV during or right after year 12, you can apply direct to us for undergraduate or University Preparation courses .
  • If you’re currently in Year 12, we expect you to achieve WACE by the end of the year.
  • If you’re not currently in Year 12, and don’t yet meet English competency, please apply to us with your Certificate IV and we will evaluate your application individually.
  • If your Diploma or Advanced Diploma is in the same subject area as the course you wish to study at ECU, you may be eligible for credit, or advanced standing. You can apply for this after you accept your offer into the course.

Note: Applying is different to enrolling. If your application for a course is successful and you accept our offer of a place, you then enrol by selecting your course units.

All other applicants

  • You can apply direct to us. Before you start your application, make sure you’ve made scanned copies of school or other study results and the components of your portfolio if you’re using our Portfolio Pathway .
  • Please ensure the University Preparation course is listed as a preference in your application.
  • If you’ve been an ECU student and are using an ATAR from previous years, or sat the STAT or the ISIT at ECU, we don’t need documents because we can check your score electronically.

Note: Applying is different to enrolling. If your application for a course is successful and you accept our offer of a place, you then enrol by selecting your course units.

Research degrees

Some research degrees have recommended submission dates for applications.

Our Doctor of Philosophy (course code L61) accepts applications all year long.

To apply for a research degree, please supply the following with your application:

  • a 300-word research abstract and a 2-page research proposal
  • facts about your work and academic history
  • references from any publications or conference papers you’ve co-authored
  • your previous academic qualifications

Note: If you’re a citizen of India, Pakistan, Nepal or Bangladesh, we may require you to apply via an ECU Authorised Agent .

Check the progress of your application

If you’ve applied for a course – either directly or through an ECU Authorised Agent – you can easily track its progress through our application status check .

What happens after you’ve applied?

After your application is processed and if you’re successful:

  1. We send you an Offer Letter for a place at ECU. This will be an Offer or a Conditional Offer (you must meet the conditions of your offer), and includes course details, fees to pay and more.
  2. You complete the online acceptance and pay the ‘Fees payable now’. This includes your first semester course fees and Overseas Student Health Cover. You can accept and pay by going to the Respond to your offer page.
  3. Once you’ve successfully accepted your offer to study at ECU, and we’ve confirmed receipt of the required fees, we’ll issue a Confirmation of Enrolment. If required, this document allows you to apply for a student visa to study in Australia.
  4. Once the above steps are complete, we welcome you as an official ECU student. You should then review our pre-departure information. attend orientation and enrol in your study units.

USDA home loan -mortgage closing costs? USDA Home Loan Blog #department #of #education #student #loans


#usda home loan
#

USDA home loan closing costs ?

USDA home loan closing costs?  What can you expect?

We have received many questions lately regarding USDA financing and closing costs.  Generally speaking, for a new home purchase in Florida the buyer can expect to pay 3 -6% ( of the purchase price) for closing costs and pre –paid escrow requirements.  Generally speaking in Florida, the seller will have “customary” closing costs that they are responsible for and the buyer will have the same. Again, these closing costs are “customary” and not set in stone.

One of the great benefits of a USDA mortgage is the flexibly it allows regarding closing costs. First, the sellers is permitted to give concessions ( pay for) the buyers closing costs up to 6%. These closing costs and escrows can be negotiated into your purchase contract and paid by the seller as part of the deal.  In some cases this option may not be feasible with the seller.  When this option is not possible, there is a second option as well.

The second option for closing costs involves including the costs, or rolling in the cost into your new loan. This option has nothing to do with the home seller.  USDA will permit any pre approved buyer to roll in their closing costs if the homes appraised value supports the increase. Your new home must appraise high enough for this option to be used.

Example –

Home purchase price $120,000

Closing costs and escrows to be paid by home buyer $5,000

Appraised value   $126,000

In this example it would be ok to roll in all of your closing costs into the new loan, the home appraisal supports it. Your total loan amount would be $125,000 plus the 2% USDA guarantee fee.

Now you have your USDA contract fully approved and closing costs are taken care of as well. What else can the home buyer expect to pay?  Generally you will be required to pay an escrow or earnest money deposit when you write your purchase contract.  This amount is usually around $500- $1,000 depending on the sales price.  This deposit money will be placed into a separate escrow account by the closing agent and applied. Appraisal and home inspection fees will also be paid in advance – these costs are generally $200 and $425.

Depending on the sellers concessions you negotiate, or the appraisal value, you can often receive the advance money you paid (deposit on contract, appraisal fee, home inspection fee) back at closing!

If you have questions about this topic or the USDA / Rural Development pre approval process, please just submit the quick Info Request Form here .

Serving you seven days a week, USDA Mortgage Source is Florida’s leading resource for all 100% USDA / Rural Development home loans. Fort Walton Beach. High Springs.  Middleburg. Zephyrhills and everywhere in between – please visit our main web site at www.UsdaMortgageSource.com or call 904.302.6060 to learn more about the benefits of 100% USDA / Rural Development home loans here in Florida.

Servicing the following Florida cities and counties: Apopka | Aventura | Boca Raton | Bradenton | Brandon | Cape Coral | Clearwater | Clermont |Cocoa Beach | Coconut Creek | Coral Gables | Crestview | Crystal River | Daytona Beach | DeLand | Deltona | Delray Beach | Destin | Dunedin | Englewood | Fernandina | Flagler Beach | Fort Lauderdale | Fort Myers | Fort Pierce | Fort Walton Beach | Gainesville | Green Cove Springs | Hallandale | Hobe Sound | Hollywood | Homestead | Inverness | Jacksonville | Lakeland | Lake City | Lake Mary | Live Oak | MacClenny |Melbourne | Miami | Milton | Mount Dora | Naples | Ocala | Ocoee |Ojus | Orange Park | Orlando | Ormond Beach | Palatka| Palm Bay | Panama City | Pensacola | Pompano Beach | Port Charlotte | Port St. Lucie | Punta Gorda | Santa Rosa | Sarasota | Siesta Key | Springhill | St. Augustine | St. Petersburg | Sunny Isles | Tallahassee | Tamarac | Tampa | Titusville | Venice | Vero Beach | Weeki Wachee | Wesley Chapel | West Palm Beach | Winter Garden | Winter Haven | Winter Park | Winter Springs | Zephyrhills | Florida | Fla |FL

Alachua | Baker | Bay | Bradford | Brevard | Broward | Calhoun | Charlotte | Citrus | Clay | Collier | Columbia | Dade | De Soto | Dixie | Duval | Escambia | Flagler | Franklin | Gadsden | Gilchrist | Glades | Gulf | Hamilton | Hardee | Hendry | Hernando | Highlands | Hillsborough | Holmes | Indian River | Jackson | Jefferson | Lafayette | Lake | Lee | Leon | Levy | Liberty | Madison | Manatee | Marion | Martin | Monroe | Nassau | Okaloosa | Okeechobee | Orange | Osceola | Palm Beach | Pasco | Pinellas | Polk | Putnam | St. Johns | St. Lucie | Santa Rosa | Sarasota | Seminole | Sumter | Suwannee | Taylor | Union | Volusia | Wakulla | Walton | Washington | County


Closing Cost Calculator. #sba #loan #rates


#fha loan calculator
#

Closing Cost Calculator

Buying a home? Expect to find mortgage fees and closing costs. You’re going to pay. A lot. But how? What’s the best way? Pay them all now. or a little bit at a time? Are you really always better off paying them out of pocket today? What are my options, and how will they work out for me?

For FHA or VA borrowers, upfront costs like the first year’s mortgage insurance premium or funding fee can be included in the loan amount. In all cases, though, the question remains: “Is it better to pay closing costs and fees out of pocket, finance them into the loan amount, or trade them for a higher interest rate?” There’s no one simple answer, since each choice has its own benefits and total costs over time. One may be more or less expensive depending upon how long you’ll hold onto the mortgage. And yes, even a “no-cost” mortgage choice will have costs!

You can’t escape running into the puzzle of proper “asset allocation.” You’ll need to decide how best to use your limited funds to cover a down payment and the fees and costs associated with getting your new mortgage. Even if all three methods aren’t available to you, you’ll usually need to compare at least two options.

HSH.com’s FeePay BestWay calculator will allow you to run the numbers for a Traditional method of paying those costs out-of-pocket against Higher Loan Balance or even “No-Cost” choices to help you see how the costs of each will work for you over time. Fill in the information once and compare the costs or savings the other choices might bring.

The Traditional Method calculator assumes you pay the closing costs out of pocket today. We assume that typical fees will be approximately 2 points (2 percent of the loan amount) but if they are more or less you can change it; just type the expected total dollar amount into the yellow box.

In a Traditional method, you pay the fees once, and then they are gone.

The Higher Loan Balance calculation uses the Estimated Costs you plugged into the Traditional calculator, and adds them into the outstanding loan balance. If you are an FHA borrower, you should add in your up-front mortgage insurance premium (MIP) in the space provided in this calculator. If you are a veteran borrowing a VA-backed loan and will be financing all or part of the VA funding fee, make sure you add that cost here to get the most accurate results. A larger loan balance will raise your Loan-to-Value (LTV) ratio, and may affect the cost of or require you to obtain mortgage insurance, so you’ll need to consider this cost if it applies to your situation.

Since you are financing the costs, you’ll not only pay them but also interest on them. However, you are only paying them a little at a time, and depending upon how long you remain in the mortgage, they may cost you more or less than if you paid them right up front, as you would have using the traditional method.

A “No-Cost” offer might be your best bet if you don’t have cash to spend or available equity to commit toward your costs. Your loan will have a slightly higher than market interest rate, so your income will need to be sufficient to be able to handle the higher rate. If it isn’t, this higher rate can lower the amount of the mortgage you can qualify for, and that might disturb your purchasing plans.We assume that the interest rate available for a “no-cost” mortgage will be a half-percentage point higher than if you had paid the fees. If a lender offers you something different, you can change the information in the yellow box, then re-calculate the results.

In effect, since the whole amount of your loan will be exposed to this “higher-than-market” interest rate, this choice may cost you more over the long haul. If you’re not planning on being in the mortgage for the entire term, this choice may work better for you, so run the numbers to see.

Below the initial calculations, we’ve provided some examples of your costs over time, including the interest cost and the remaining loan balance after a given period of time. This way, you can see what those costs will be at varying intervals. You might find, for example, that relative to your time frame, incorporating the fees into the interest rate might mean they cost you less in interest over a given period than the amount you might have paid out-of-pocket up front.

Before you add in your actual numbers, we suggest that you use the following example in order to make it easier to follow the discussion of savings comparisons below. Use a $100,000 loan amount, a 4% interest rate and a 30-year term, press calculate, then read the example results below the calculator.

Tip: Check current mortgage rates to make sure you are getting the best deal on your mortgage. To learn more about homebuying. mortgage qualification and more, visit our library .

Are you sure you’re getting the best rates? Compare rates now.


No Closing Cost Refinance Mortgage, Refinance Analysis Zero Fees #auto #loans #calculator


#no fee loans
#

Another No Cost Loan Article from our Writers

No Closing Cost Home Loan – Saving you Money and Pain?

You ve found the perfect home. You ve found the perfect price, or the perfect refinancing opportunity. But have you remembered everything?

Closing costs are the end of the line for homebuyers, the last hurdle before mortgage completion. Unfortunately, they can be a burden, totaling thousands more than some buyers might have planned for. Closing costs include title and escrow fees, appraisal, lendeR s fees, credit report fees, and other expenses that are non-recurring over the life of a mortgage loan.

The unexpected and expensive nature of closing costs may account for the growing popularity of a mortgage option called no-closing-cost mortgages.

No closing cost mortgages are billed as the perfect method for homebuyers to eradicate the pain of closing costs. But much confusion exists about how they actually work. Turns out, free doesn t always mean free.

These mortgages are based on higher rates than other mortgages that require buyers to pay all closing costs. Typically, the loans have interest rates at least 0.25 percent higher than other loans. This extra interest is reworked as a Yield Spread Premium for lenders, and acts as a fund from which closing costs can be paid.

An example: For a $200,000 mortgage, closing costs might equal $5000. A normal mortgage will require buyers to pay these closing costs out of pocket, and the interest rate for the mortgage will be 7 percent. With a no-closing-cost mortgage, buyers will not pay any closing costs out of pocket. However, the loan rate will be 7.5 percent. This results in higher monthly payments.


How Can You Refinance Your House and Your Car Payment in the Same Closing? #unsecured #personal #loans


#refinancing car loan
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How Can You Refinance Your House and Your Car Payment in the Same Closing?

by David Rouse

Ensure you have sufficent equity in your home when combining your home and car loans into one loan.

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  • No Closing Cost Refinance Mortgage, Refinance Analysis Zero Fees #usda #loan #program


    #no fee loans
    #

    Another No Cost Loan Article from our Writers

    No Closing Cost Home Loan – Saving you Money and Pain?

    You ve found the perfect home. You ve found the perfect price, or the perfect refinancing opportunity. But have you remembered everything?

    Closing costs are the end of the line for homebuyers, the last hurdle before mortgage completion. Unfortunately, they can be a burden, totaling thousands more than some buyers might have planned for. Closing costs include title and escrow fees, appraisal, lendeR s fees, credit report fees, and other expenses that are non-recurring over the life of a mortgage loan.

    The unexpected and expensive nature of closing costs may account for the growing popularity of a mortgage option called no-closing-cost mortgages.

    No closing cost mortgages are billed as the perfect method for homebuyers to eradicate the pain of closing costs. But much confusion exists about how they actually work. Turns out, free doesn t always mean free.

    These mortgages are based on higher rates than other mortgages that require buyers to pay all closing costs. Typically, the loans have interest rates at least 0.25 percent higher than other loans. This extra interest is reworked as a Yield Spread Premium for lenders, and acts as a fund from which closing costs can be paid.

    An example: For a $200,000 mortgage, closing costs might equal $5000. A normal mortgage will require buyers to pay these closing costs out of pocket, and the interest rate for the mortgage will be 7 percent. With a no-closing-cost mortgage, buyers will not pay any closing costs out of pocket. However, the loan rate will be 7.5 percent. This results in higher monthly payments.


    Closing Cost Calculator. #mortgage #interest #rates


    #fha loan calculator
    #

    Closing Cost Calculator

    Buying a home? Expect to find mortgage fees and closing costs. You’re going to pay. A lot. But how? What’s the best way? Pay them all now. or a little bit at a time? Are you really always better off paying them out of pocket today? What are my options, and how will they work out for me?

    For FHA or VA borrowers, upfront costs like the first year’s mortgage insurance premium or funding fee can be included in the loan amount. In all cases, though, the question remains: “Is it better to pay closing costs and fees out of pocket, finance them into the loan amount, or trade them for a higher interest rate?” There’s no one simple answer, since each choice has its own benefits and total costs over time. One may be more or less expensive depending upon how long you’ll hold onto the mortgage. And yes, even a “no-cost” mortgage choice will have costs!

    You can’t escape running into the puzzle of proper “asset allocation.” You’ll need to decide how best to use your limited funds to cover a down payment and the fees and costs associated with getting your new mortgage. Even if all three methods aren’t available to you, you’ll usually need to compare at least two options.

    HSH.com’s FeePay BestWay calculator will allow you to run the numbers for a Traditional method of paying those costs out-of-pocket against Higher Loan Balance or even “No-Cost” choices to help you see how the costs of each will work for you over time. Fill in the information once and compare the costs or savings the other choices might bring.

    The Traditional Method calculator assumes you pay the closing costs out of pocket today. We assume that typical fees will be approximately 2 points (2 percent of the loan amount) but if they are more or less you can change it; just type the expected total dollar amount into the yellow box.

    In a Traditional method, you pay the fees once, and then they are gone.

    The Higher Loan Balance calculation uses the Estimated Costs you plugged into the Traditional calculator, and adds them into the outstanding loan balance. If you are an FHA borrower, you should add in your up-front mortgage insurance premium (MIP) in the space provided in this calculator. If you are a veteran borrowing a VA-backed loan and will be financing all or part of the VA funding fee, make sure you add that cost here to get the most accurate results. A larger loan balance will raise your Loan-to-Value (LTV) ratio, and may affect the cost of or require you to obtain mortgage insurance, so you’ll need to consider this cost if it applies to your situation.

    Since you are financing the costs, you’ll not only pay them but also interest on them. However, you are only paying them a little at a time, and depending upon how long you remain in the mortgage, they may cost you more or less than if you paid them right up front, as you would have using the traditional method.

    A “No-Cost” offer might be your best bet if you don’t have cash to spend or available equity to commit toward your costs. Your loan will have a slightly higher than market interest rate, so your income will need to be sufficient to be able to handle the higher rate. If it isn’t, this higher rate can lower the amount of the mortgage you can qualify for, and that might disturb your purchasing plans.We assume that the interest rate available for a “no-cost” mortgage will be a half-percentage point higher than if you had paid the fees. If a lender offers you something different, you can change the information in the yellow box, then re-calculate the results.

    In effect, since the whole amount of your loan will be exposed to this “higher-than-market” interest rate, this choice may cost you more over the long haul. If you’re not planning on being in the mortgage for the entire term, this choice may work better for you, so run the numbers to see.

    Below the initial calculations, we’ve provided some examples of your costs over time, including the interest cost and the remaining loan balance after a given period of time. This way, you can see what those costs will be at varying intervals. You might find, for example, that relative to your time frame, incorporating the fees into the interest rate might mean they cost you less in interest over a given period than the amount you might have paid out-of-pocket up front.

    Before you add in your actual numbers, we suggest that you use the following example in order to make it easier to follow the discussion of savings comparisons below. Use a $100,000 loan amount, a 4% interest rate and a 30-year term, press calculate, then read the example results below the calculator.

    Tip: Check current mortgage rates to make sure you are getting the best deal on your mortgage. To learn more about homebuying. mortgage qualification and more, visit our library .

    Are you sure you’re getting the best rates? Compare rates now.


    USDA home loan -mortgage closing costs? USDA Home Loan Blog #personal #loan #with #bad #credit


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    USDA home loan closing costs ?

    USDA home loan closing costs?  What can you expect?

    We have received many questions lately regarding USDA financing and closing costs.  Generally speaking, for a new home purchase in Florida the buyer can expect to pay 3 -6% ( of the purchase price) for closing costs and pre –paid escrow requirements.  Generally speaking in Florida, the seller will have “customary” closing costs that they are responsible for and the buyer will have the same. Again, these closing costs are “customary” and not set in stone.

    One of the great benefits of a USDA mortgage is the flexibly it allows regarding closing costs. First, the sellers is permitted to give concessions ( pay for) the buyers closing costs up to 6%. These closing costs and escrows can be negotiated into your purchase contract and paid by the seller as part of the deal.  In some cases this option may not be feasible with the seller.  When this option is not possible, there is a second option as well.

    The second option for closing costs involves including the costs, or rolling in the cost into your new loan. This option has nothing to do with the home seller.  USDA will permit any pre approved buyer to roll in their closing costs if the homes appraised value supports the increase. Your new home must appraise high enough for this option to be used.

    Example –

    Home purchase price $120,000

    Closing costs and escrows to be paid by home buyer $5,000

    Appraised value   $126,000

    In this example it would be ok to roll in all of your closing costs into the new loan, the home appraisal supports it. Your total loan amount would be $125,000 plus the 2% USDA guarantee fee.

    Now you have your USDA contract fully approved and closing costs are taken care of as well. What else can the home buyer expect to pay?  Generally you will be required to pay an escrow or earnest money deposit when you write your purchase contract.  This amount is usually around $500- $1,000 depending on the sales price.  This deposit money will be placed into a separate escrow account by the closing agent and applied. Appraisal and home inspection fees will also be paid in advance – these costs are generally $200 and $425.

    Depending on the sellers concessions you negotiate, or the appraisal value, you can often receive the advance money you paid (deposit on contract, appraisal fee, home inspection fee) back at closing!

    If you have questions about this topic or the USDA / Rural Development pre approval process, please just submit the quick Info Request Form here .

    Serving you seven days a week, USDA Mortgage Source is Florida’s leading resource for all 100% USDA / Rural Development home loans. Fort Walton Beach. High Springs.  Middleburg. Zephyrhills and everywhere in between – please visit our main web site at www.UsdaMortgageSource.com or call 904.302.6060 to learn more about the benefits of 100% USDA / Rural Development home loans here in Florida.

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