mortgage simple definition: Mortgage loans explained 2018 (FAST!)

Mortgage loans explained 2018 (FAST!)

Mortgage loans explained 2018 (FAST!). What is a bridging loan? Mortgage Broker TV

Mortgage loans explained 2018 (FAST!) video duration 3 Minute(s) 40 Second(s), published by The Mortgage Minute on 25 09 2018 - 02:37:07.

The Mortgage minute Episode 10 Mortgage loans explained 2018
Conventional: Conventional loans are great if you have great to excellent credit! They come This is the best mortgage amortization calculator!! I hope this helps you and motivates you as much as it has motivated me
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In this video I sit down with my good friend Matt Gougé to discuss rates right now
In January 2019, rates are down and it's a great time to start the conversation In this episode, we discuss how to get a second mortgage to buy another house, whether to move into or as an investment property
Remember to get your What is a bridging loan? Welcome to Mortgage Broker TV and be sure to SUBSCRIBE: http://bit.ly/BarrFinancial to learn more top tips and insights! If you are .

The Mortgage minute Episode 10 Mortgage loans explained 2018
. Conventional: Conventional loans are great if you have great to excellent credit! They come in all shapes and sizes and are the most flexible in what can be accomplished. If you are looking to buy any type of investment property or second home you will be searching for a conventional loan! You may not want to get a conventional loan if your qualifying credit score is under 700. This is because (assuming you are not putting 20% down) the interest rate for conventional over FHA when you have less than ideal credit is quite-a-bit! Also, you have to factor in Mortgage insurance or MI for short. MI for FHA loans (with few exceptions) is .85% of the loan amount per year divided over 12 months, with conventional (assuming under a 700 fico) could be as high as 1.17% (from my personal experience). All this on top of the higher interest rate!
. FHA: An FHA loan might be the right choice for you if you have less than perfect credit. FHA will allow you to qualify all the way down to 580 FICO (you can qualify lower but it is very difficult) without much difficulty! FHA might also be for you if you have other monthly obligations and in turn, you have a tight Debt-to-income ration (DTI). The biggest downside to an FHA loan is that the mortgage insurance will NEVER go away. You have to refinance out of the loan in order to have the mortgage insurance removed. But considering that the average person will refinance out of their current loan within the first 7-10 years means that in all likelihood you will be refinancing anyway.
. VA loans: VA loans are just about the best way to borrow money on God's green earth! You can put nothing down (with as little as an automated AUS approval!), and the FICO requirements are reminiscence to FHA loans. The interest rates are also going to be (for the most part) the most competitive out of the 3 major options (Conventional, FHA, VA)!

Matthew Tortorelli
Loan Originator
NMLS #1423422

NationsChoice Mortgage
3303 E Baseline Rd, Bldg 7 Ste 118
Gilbert, AZ 85234
480-222-8896 Direct
866-411-8424 Fax
MatthewT@aSmartLoan.com

An Equal Opportunity Lender
NMLS #164626
Arizona: Mortgage Banker License BK-0019241
California: Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License 4130556