If you’ve ever been in the market for a mortgage, you’ve probably heard the phrase ‘loan-to-value ratio’ or ‘LTV’ for short. Obtaining a new mortgage can be nerve-wracking, even without the financial jargon and acronyms—so let’s talk about LTV, what it means, and how it affects you and your mortgage. How are Loan-to-Value ratios calculated?… Read more »
The first step in considering any home purchase or refinance should always be speaking to a licensed loan officer about getting pre-approved. It is important to have all of your information ready so you do not delay the process. Once you get the good news, comes the fun part, finding out how much your refinance… Read more »
Partnering with one of the nation’s largest conventional mortgage lenders, Riverbank Finance is now offering Fannie Mae’s new 3% down home loan program called the HomeReady Mortgage, which allows borrowers to obtain a mortgage with substantially lower payments that standard conventional home loans. For a home purchase or even a mortgage refinance, this new home… Read more »
If you are in the market for buying a house it is important to understand the implications of qualifying for a mortgage with student loans. Each year, at least 60% of college attendees take out some form of student loans to help with the ever growing costs of higher education. While this can be an… Read more »
Buy a Home with only a 3% down payment with Freddie Mac’s 97% Home Loan! If you are a first-time home buyer or struggle to come up with a conventional down payment for a house, the FHA Loan is no longer your only option. Freddie Mac’s new Home Possible Advantage program is a conventional loan… Read more »
FANNIE MAE CONVENTIONAL 97% MORTGAGE LOANS A Conventional 97% mortgage loan is a Fannie Mae home loan that allows homeowners to purchase a home with only a 3% down payment. It is a great misconception that all conventional mortgage loans require a 20% down payment however many options for alternative financing do exist with low down payments… Read more »
When shopping around for a home it is beneficial to check the cost of property taxes. Property Tax Overview: Property tax is a levy on property. It is required to be paid by the owner annually based on the fiscal year. They are collected on a county level and each county has its own system… Read more »
Mortgage Closings are stressful. Let’s not add to it! Congratulations! You have found the home of your dreams! You have all of your documentations in order! You are ready to move in! All you have to do is close on your mortgage! But wait, did something go wrong that could potentially prolong your loan closing?… Read more »
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