November 15th, 2014 | USDA $ On Hold Again
Well. its that time of year again when USDA monies are on hold from the Federal government until they can get more alloted.That was suppossed to have happened in October but we are still waiting. For now, most Lenders will only service 640+ credit scores and that may be on hold too. If you need Lenders that have the USDA $ and will go down to 580 scores, call us, DIVERSIFIED MORTGAGE BROKERS,TEL: 434-237-3143, Email: DBI4009@AOL.COM, Web:www,diversifiedmortbrokers.com... WE EDUCATE & DELIVER
November 8th, 2014 | Bank Or Broker Differences-Who To Choose?
There is quite a difference in your choice of a Bank or Mortgage Broker to represent you or your clients. Typically, the Bank will offer higher rates and limited programs that only apply to that Bank. A Mortgage Broker can offer a variety of programs and lenders to accomodate the Client's needs, credit or other factors. dealing with a Mortgage Broker that has experience and variety will allow more loans to fund, and allow the client to get the most competitive rate. For variety and experience,call us-DIVERSIFIED MORTGAGE BROKERS, since 1989, serving Central Va.Tel: 434-237-3143, Email: firstname.lastname@example.org, Web: www.diversifiedmortbrokers.com WE EDUCATE & DELIVER !
October 31st, 2014 | Trick Or Treat -Lender fees
When shopping for a Mortgage rate, the new gimmick is the option where a Lender does NOT charge for underwriting the loan (sometimes called administative fees, etc). This charge usually ranges from $700 - $1000 depending on the Lender, so can you really expect something for nothing? NO! If you accept a loan w/o the charge, there is an additional .250 to .625 charge that applies to what determines the final % rate, depending on the size of the loan ( the smaller the loan the higher the charge). Thus your final % rate could go up .125 to .250 %. IF you do not plan on being in the home long, then perhaps not adsorbing the Lender fee is for the best. However, if you plan on staying in the home past several years, paying the Lender fee in the closing costs and getting the lower % rate will prove more cost effective. For up front service call us- DIVERSIFIED MORTGAGE BROKERS---- Tel: 434-237-3143, Email: email@example.com, Web: www.diversifiedmortbrokers.com.. WE EDUCATE & DELIVER !
October 27th, 2014 | What Is A "Real" Pre-qual Letter For A Purchase
Every day I get asked to prepare a pre-qual letter to satisfy a Borrower or Realtor. To my surprise, many times I am being asked for a pre-qual w/o the necessary documents to really make it legitimate. A "REAL" prequal letter, at minimum needs the last 2 years Fed. tax returns and W2s, last 30 days pay stubs, last 2 months bank statements, most recent retirement account statement, and a recent credit report. Once these items have been reviewed, then and only then will I put my name on a pre-qual. Hey, without this review, who am I kidding, and who am I going to upset-EVERYONE. For up front service w/o the hype, call us-DIVERSIFIED MORTGAGE BROKERS: Tel: 434-237-3143, Email: firstname.lastname@example.org,Web: www.diversifiedmortbrokers.com . WE EDUCATE & DELIVER !
October 18th, 2014 | First Time Homebuyers-Which Mortgage Is Best?
For years a FHA loan seemed to be the #1 loan choice for First Time Buyers BUT those days may be gone? Over the last few years the FHA mortgage insurance rates have increased several times and now can stay on the loan for the entire 30 years,regardless of the equity accumulated. FHA charges an 1.750% up front mortgage insurance cost added to and financed in with the loan after the required 3.50% down payment, but then a monthly mortgage insurance premium of 135 basis points is added monthly.So, on a $100000 loan this would be $1350/yr. or $112.50 per month. Yes, the FHA rates are less than on a Conventional loan, but this benefit is often offset due to these high monthly mortgage insurance costs. Conventional loans typically require 5% down but the mortgage insurance can be much less than with FHA, and can drop off once 20% equity is achieved. USDA loans are another possibility offering low rates, and do not require a down payment or mortgage insurance, although there is a smaller monthly USDA fee. For USDA, the home must be in the County and the total household income must be under the limits for the County. For your loan options call us at DIVERSIFIED MORTGAGE BROKERS - Tel: 434-237-3143, Email: email@example.com, Web: www.diversifiedmortbrokers.com . WE EDUCATE & DELIVER
100 Copley Place, Suite D Lynchburg, Virginia 24502
Toll Free: 800-388-3561 | Phone: 434-237-3143 | Fax: 434-239-4852
Email: firstname.lastname@example.org | NMLS ID# 188675 (www.nmlsconsumeraccess.com)