Advantages Of VA Streamline Refinances with Gus DahlehComments Off on Advantages Of VA Streamline Refinances with Gus Dahleh
Advantages Of VA Streamline Refinances with Gus Dahleh
Best Jumbo Lenders – How to Source the Best Mortgage Rates(1)
Jumbo loans and mortgages are similar to traditional mortgages, only they are larger. Some would argue that the name is somewhat silly seeing that these mortgages are typically a higher-end type borrower but the name has founds its place within the mortgage industry. Generally speaking in most markets, any mortgage over the $417,000 Conventional limit is considered a non-conforming or jumbo mortgage. There are some exceptions in “high cost” areas of the country but for this article we will stick to the standard $417K+ realm for finding the best jumbo lenders.
Best Jumbo Lenders – Guidelines to Watch Out For:
Due primarily to the higher loan amount and overall risk of these these mortgages, jumbo loans typically come with more stringent lending guidelines than their Conventional counter parts. First, the down payment(or equity, on a refinance) requirements are generally more strict, typically 20%-25% down at a minimum. Next, expect the debt-to-income ratios to be a bit more restrictive than a Conventional loan. Another aspect that is different will be the cash “reserve” requirement. Typically lenders will want to see at least 6-12 months worth of mortgage payments in the bank, in liquid form. This helps ensure that the borrowers can continue making payments if something unexpected were to occur such as a job loss, large home/auto repairs, or any other emergency which may cause money to get tight for a stretch. Even the best jumbo lenders may also require additional documentation, such as three years worth of tax returns vs just two, additional asset statements, and often times additional documentation pertaining to corporate entities owned by the borrowers.
Best Jumbo Lenders – About Interest Rates?
As you may expect, jumbo loans typically carry a bit higher interest rate. This is not only due to some added layers of risk, but also because they are generally “portfolio loans” or mortgages retained by the lending institution after closing and not sold in the secondary market. Because portfolio loans are “shelved” and retained, the loss is much greater if a borrower were ever to go into default. For this added risk, the interest rates are generally anywhere from .25% – 1.00% higher depending on the loan term and other layers risk factors. This sometimes can work to a jumbo borrower’s favor, however. Since the portfolio lender has full control over structuring the loan, they may sometimes grant special ultra-low interest rates to very well-qualified borrowers and/or borrowers who also happen to have large asset accounts with their lending institution. That being said, you can sometimes put your current bank among the best jumbo lenders by virtue of simply having large asset accounts there and being on their “VIP list” of sorts.
Remember, sometimes your best place to find the best jumbo lenders is your own local bank. If you have large asset accounts at a local bank, or you can move some money there, it is quite likely that bank may grant you special rate incentives on your mortgage in return.
In conclusion, jumbo loans are just larger mortgages with more strict guidelines and slightly higher interest rates. Though they are often times “portfolio loans” retained by the lending institution, the process for obtaining a jumbo mortgage is generally the same as that of a Conventional loan.
Author Brad Troendle of PNC Bank is a seasoned mortgage professional dedicated to bringing his subscribers relevant and useful information on how to compare jumbo mortgage rates. Want a free jumbo mortgage quote? Check out the following link for more a FREE consultation and expert advice on helping you identify the best jumbo lenders.
How to Get the Best FHA Streamline Rates(17)
So you’ve had your FHA loan on your home for at least six months and now you’re eligible for an FHA streamline refinance but how do you go about getting the best FHA streamline rates?
FHA Streamline Rates and the Recent Guideline Changes:
Beginning June 11, 2012, homeowners that have an FHA mortgage that was originated prior to May 31st 2009 can qualify for a significantly lower monthly MI rate (mortgage insurance), making it all the more beneficial to refinance in light of today’s historically low mortgage rates. For those FHA mortgage that fall within this category of having closed prior to 5/31/09, the monthly MI rate is only 1 basis point or .001 rather than the significantly higher rate that is charged on newer FHA loans. Its best to fill out our free mortgage quote form to be put in touch with one of our preferred lenders who are best equipped to provide you with the best fha streamline rates.
FHA Streamline Rates – Are all lenders the same?
When in search for the best FHA Streamline Rates, you may be asking yourself whether its better to go with one of the “big banks” such as Wells Fargo, Bank of America, Chase, or even a Lending Tree type portal company. The fact is that the “big banks” generally have much higher overhead costs and therefore their rates come in and out of being competitive. Local or regional mortgage bankers such as Chicago-based Bridgeview Bank typically have very low rates and can provide the very same FHA streamline refinance as the big banks can. Because the FHA program is governed by the Federal Government, the guidelines are virtually identical regardless of which bank you originate the loan with.
Perhaps the most attractive features of the FHA streamline refinance program is that the guidelines are much more aggressive than a conventional mortgage and even that of a newly-originated purchase FHA mortgage, including no income qualification, no appraisal, and no employment verification.
In conclusion, it’s best to talk to a few different lenders and compare their interest rates, total closing costs, as well as how long it will take them to close the loan. Due to the popularity of this program in today’s market, some of the “big banks” are not taking any refinance applications with less than a “90 day rate lock”. Generally speaking, the longer your rate needs to be guaranteed for, the worse your interest rate will be. This is another factor to keep in mind when shopping around.
Author Joe Karns of Bridgeview Bank is a seasoned mortgage professional dedicated to bringing his subscribers relevant and useful information on how to compare mortgage rates. Want a free mortgage checkup? Check out Joe Karns at the following link for more a FREE refinance consultation and expert advice on getting you the best FHA streamline rates.
The Art Of Property ManagementComments Off on The Art Of Property Management
Property management is about the managing of real estate with regards to renting, purchasing, selling, leasing and investing. There are two classes of this kind of management: residential and commercial.
The first form pertains to the supervision of rental properties. The second, on the other hand, refers to the management of property designated for commercial uses. In both classes, however, the renter and property owner share a really delicate relationship determined by legal documentation of the lease contract, rental fees along with other minute details pertaining to routine maintenance and checking tenant records.
Property Management Firms:
Through the years, an extensive empire of real estate management firms has emerged. Many companies pertain purely to one class – in other words, commercial or residential. Quite a few others focus on managing both types. Such firms are much larger, having a number of well-trained staff members who perform an essential part in the company’s success and popularity.
A professional employed to oversee such legal matters and maintain a balance between the parties involved is known as the property manager. Acting as a neutral individual, these managers not only take care of the property but additionally ensure the full satisfaction of the tenant and landlord when putting together a deal. The presence of legalities frequently means a trained attorney is also working alongside the property manager. Determined by the country, property managers are required to be working under licensed property management companies based on the law. Ways to verify the broker’s license are offered on the web with public license check software programs.
Property Management Software:
Property management software is gaining momentum rapidly. Smaller management companies are now able to afford and use it with a lot of ease. Asset management software programs are responsible for the accessibility through affordability factor. Simultaneously, other closely related software has been launched online that cater to the very same needs. These are available on the web first for a no cost trial period and afterwards charge a minimal installment and regular monthly fee. The fee rarely increases if an update or newer features are introduced. Improvements are made on the server side and altering settings on the user’s side is rarely needed. Services may be terminated in the event the objectives are not met with the software.
Managing property is actually a branch of business economics which will involve connecting land owners with land seekers. Before settling any kind of deal through a property manager or management firm, check on the web for registered licensing. In the event that litigation may be required, opt for a company with professional attorneys on board. An attorney will in addition make certain the contracts agreed upon between landlords and tenants are within legal bounds. In case the contract is violated, the attorney can take legal action according to previously documented conditions.
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