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Locating the Best Milwaukee Mortgage Rates by Gus Dahleh Locating the Best Milwaukee Mortgage Rates by Gus Dahleh(1)

Milwaukee Mortgage Rates by Gus Dahleh:

Due to today’s historically competitive loan rates, a large amount of folks throughout the Windy City are generally asking about how they could attain the most beneficial Milwaukee refinance rates rates. The following are a couple of pointers to help consumers identify the hottest deal.:

Broker Vs. Banker:
Generally there are just a couple of major varieties of mortgage providers for consideration. The first are brokers that technically will not fund the closings with their money, but they typically provide the largest options of “big bank” investors to place the loans with (these banks being Wells Fargo, Citibank, Chase, and GMAC to name a few). The negative effects connected with the broker not using their own funds to actually fund your transaction is their outsourcing of essential services. This could sometimes bring about additional hassles for consumers hoping for the smoothest dealing possible. As opposed to brokers, mortgage bankers offer a similar experience but in most cases have in-house underwriters that approve the mortgage loan to close plus they eventually close the loans on their own giving them the last say in approving conditions.

Studying Closing Cost Structures and How These Institution’s Bring In Revenue can be Critical to Acquiring You the Best Milwaukee Mortgage Rates with Gus Dahleh:

It is crucial you grasp that Broker organizations commonly have the cheapest expenses which will mean the absolute lowest rates. Nonetheless, quite a few borrowers still frown upon them because they also typically delegate many of the important services that involve getting your loan closed and that can lead to some of the head aches stated above in Tip #1. Conversely, the “Big Banks” including Wells Fargo, Chase, and Citi provide the absolute highest overhead costs and that usually end up charged to to the buyer in undesirable rates. The “Big Banks” have substantial continuing carrying costs such as billboards, tv and radio commercials, web banner advertisements, numerous levels of operations, loss mitigation departments, legal departments, and on and on. For this reason, you can typically obtain the best Milwaukee mortgage rates by selecting the lender in the middle of the spectrum: the mortgage bankers. Mortgage bankers generally have relatively low expenses yet nevertheless have the control of crucial services in house, specifically underwriting and closing departments.

Lenders Closing Costs and Getting the Best Milwaukee Mortgage Rates with Gus Dahleh:

You may have seen several banks advertising and marketing “no closing costs”, particularly on refinances. Be cautious though because quite often they’ve already built those fees in to the rate one way or another. For instance, it should be up to you the borrower whether you’d like the closing expenses paid at closing in cash, built in to the new transaction, or, paid for by the lender but in exchange for a marginally increased interest rate. In general with mortgage bankers like Bridgeview Bank, they could cover the majority of or all your closing expenses and also still enable you to get a rate that is lower compared with any of the “big banks”.

Article writer “Gus Dahleh” is a sales innovator who is owner of GusDahleh.com and is focused to delivering readers with important and also helpful tips. Find out more about the following link for a Complimentary refinance assessment as well as skilled assistance on how to obtain the best Milwaukee mortgage rates with Gus Dahleh.

Best Jumbo Lenders – How to Source the Best Mortgage Rates Best Jumbo Lenders – How to Source the Best Mortgage Rates(1)

Best Jumbo Lenders – First, what is a jumbo mortgage?

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 How to Get the Best FHA Streamline Rates(17)

How to Get the Best FHA Streamline Refinance Rates – Where to Begin?

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.

HARP Rates – How Does PMI and LPMI I Affect Refinancing? HARP Rates – How Does PMI and LPMI I Affect Refinancing?(20)

HARP PMI – How Does PMI Affect Refinancing?

With the new HARP 2.0 program in full swing now, many folks are needing to know if they will qualify with their current mortgage insurance, both PMI(private mortgage insurance) as well as LPMI (lender paid mortgage insurance) scenarios.  That being said, HARP PMI has quickly become a major question in determining HARP eligibility so we’ve put together a little Q&A:

HARP PMI Question #1 – If my current loan has PMI, will my new loan it too?

If your current (Conventional) loan has monthly PMI included, then your new loan would as well under the new HARP 2.0 program.  Essentially, the PMI certificate from your existing loan is simply transferred to the new loan and you would continue paying the same amount.  Please note that not all PMI companies and end lenders allow this so its best to complete our simple live rate quote form and discuss your scenario with on of our qualified lenders to see if your scenario will w0rk.

HARP PMI Question #2 – If my current mortgage has LPMI(Lender Paid Mortgage Insurance) will my new one have it?

This depends on whether your current lender paid the entire LPMI amount up front when you last closed or whether they are paying it monthly behind the scenes.  If its the later of the two, then you can sometimes just transfer that way of having it paid to the new lender and pay a slightly higher rate with the new lender to offset them taking on the LPMI.  However, if the LPMI was paid by your current lender all at once, then that is usually a sunk cost and you’d need to pay for LPMI again one way or another on the new loan.  Still, its not too expensive to have the LPMI rolled in so be sure to ask lenders what their LPMI options are.

HARP PMI eligibility can be a tricky subject so its best to consult with one of our qualified lenders.  Simply complete the free Live RateQuote form on this website to see if your scenario will work.

Question #3 – If I have to take on new LPMI with my HARP refinance because my original lender paid it all at once, how much should my new LPMI cost?

Generally speaking, if your new lender needs to roll LPMI into your rate, the rate should only be about .125% – .375% higher and then you would not be paying any monthly PMI on the new loan.  The lender essentially buys out of the PMI requirement by using the extra premium they earn by charging the slightly higher rate and use that money for the PMI buy-out.  The result is that you would not be required to pay monthly PMI on the new loan.

Conclusion:

All this HARP PMI and LPMI stuff may seem a bit confusion and may would agree with you that it shouldn’t have to be this complicated.  It’s best to consult with one of our qualified lenders to see if your scenario will work with the new HARP 2.0 program in relation to your loan’s PMI or LPMI.

Author Joe Karns is a seasoned mortgage banker and owner of the mortgage blog, hotratequote.com, is dedicated to bringing his subscribers relevant and useful information. Want a free mortgage checkup? Check out Joe Karns at the following link for more a FREE refinance consultation.  Or, click here for a free quote and to determine if your HARP PMI scenario qualifies

 

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