There is no simple answer to this question. The right type of mortgage for you depends on many different factors:

• Your current financial situation
• How much you expect your finances to change
• How long you intend to stay in your house
• Your tolerance for having your mortgage payment changing from time to time.
• your short and long-term financial goals.

I can help you decide which loan program is best for you. Give me a call and I will review your situation with you and show you what programs fit your specific loan needs based on your short and long-term financial goals.

Quite probably, less than you think. Many first-time buyers are surprised to learn there is no fixed answer to this question. Often times even if you have money to put down, you may opt for a lower down payment financing option and opt to keep your cash liquid, earning a safe rate of return. For more info go to "Education Center" to the left and click on: HOW TO SAFELY MANAGE YOUR HOME EQUITY Give me a call for more info: 501-588-7670

No, your monthly payment can change for the following reasons:
Escrow Analysis - At least once a year, your lender will analyze your escrow account, and adjust the portion of your monthly payment collected for real estate taxes, insurance, and other escrow items. Your new monthly payment amount shown on the analysis will typically be effective on the anniversary of your first payment due date.

ArkansasM Adjustments - If you have an adjustable rate loan, the interest rate and principal and interest (P & I) portion of your payment will change on a scheduled basis based on its index. To determine when your new payment will become effective, please refer to your loan agreement. If you have an escrow account, the escrow portion of your payment may change as well.

You purchase discount points to lower your interest rate. Origination points are a fee paid to the originating lender which are part of the profit margin for the services that they provide. Both are measured as percentage of the loan amount and both are factored into the loans APR. Generally, points are tax deductible. Origination fees are tax deductible provided they are expressed as a percentage.

 

Credit scoring is a system creditors use to help determine whether to give you credit. Information about you and your credit experiences, such as your bill-paying history, the number and type of accounts you have, late payments, collection actions, outstanding debt, and the age of your accounts, is collected from your credit application and your credit report. Using a statistical program, creditors compare this information to the credit performance of consumers with similar profiles. A credit scoring system awards points for each factor that helps predict who is most likely to repay a debt. A total number of points -- a credit score -- helps predict how creditworthy you are, that is, how likely it is that you will repay a loan and make the payments when due. For detailed information on the subject of credit scoring be sure and visit the "Credit Scoring" link to the left.

You can obtain your credit report from the following three major credit reporting agiencies:

Equifax: (800) 685-1111
Experian (formerly TRW): (888) EXPERIAN (397-3742)
Trans Union: (800) 916-8800

For additional info go to www.CreditScoringInfo.com

 

Often times yes! With all the bad press the mortgage industry had gotten lately, you would think you had to put 20% down and have a 780 credit score. This isn't the case. There are still viable options for those who have had a few dings on their credit.  Keep in mind that if you have lower credit scoers, you may end up paying higher rates. Each persons situation is unique. Please call and we will assist you in determining what lender and loan program meets your individual needs.  Back to List

VA Loans.
U.S. Department of Veterans Affairs (VA) loans are available to men and women who are now in the military and to veterans with other than dishonorable discharges who meet specific eligibility rules, most of which relate to length of service. The VA doesn't make mortgage loans but guarantees part of the house loan you get from a bank, savings and loan or other private lender. If you default, the VA pays the lender the amount guaranteed and you in turn will owe the VA. This guarantee makes it easier for veterans to get favorable loan terms with a low down payment.

FHA Loans.
The Federal Housing Administration (FHA), an agency of the Department of Housing and Urban Development (HUD), insures loans made to all U.S. citizens and permanent residents who meet financial qualification rules. Under its most popular program, if the buyer defaults and the lender forecloses, the FHA pays 100% of the amount insured. This loan insurance lets qualified people buy affordable houses. The major attraction of an FHA-insured loan is that it requires a low down payment around 3%

Rural Housing Service (RHS):  provides Rural Developement loans guarantees for low and moderate-income families who want to buy modest single-family homes in rural areas. Families must plan to live in the homes they buy. The government guarantees the loansI work with buyers who qualify for either one of these programs. For more information on RD loans CLICK HERE

Please give me a call for more info: 501-588-7670

Depending on your situation, you may or may not qualify for 100% financing. With all of the changes that are taking place in the mortgage market, there are less options than there once was; however, special 100% programs are still available for qualified buyers.  No matter what your situation, I will help you devise a plan that will put on you the path to obtaining the financing that is most benificial for your short and long-term financial goals. Back to List