Showing posts with label Kentucky Mortgage Rates FHA VA KHC. Show all posts
Showing posts with label Kentucky Mortgage Rates FHA VA KHC. Show all posts

What effects your Kentucky Mortgage Rate for FHA, VA, USDA and Conventional Mortgage Loans?

 What Affects Your Interest Rate for a home loan in Kentucky?


There are really four key factors that will influence rates on your mortgage loan in Kentucky:

The market, your financial situation, the type of Kentucky Mortgage loan (FHA, VA, USDA Conventional), and the loan structure.


The Market for Kentucky Mortgage Rates


Mortgage Backed Security prices directly impact interest rates. Mortgage backed securities or mortgage

bonds are a market just like the stock market. So, when economic news affects these mortgage bond

 prices, home loan rates are directly influenced. One of the biggest influencers of this market is

inflation. Inflation or even expectations of inflation will negatively impact mortgage bond prices and

ultimately increase rates on your home loan in Kentucky


Financial Situation For Your Kentucky Mortgage Rate


Income – 

Your income gives you the ability to make

your monthly mortgage payments. Generally,

lenders require applicants to have a two-year stable

employment history. Applicants who have been at

their job for a shorter period of time should be in the

same field.


Savings – 

Your savings enable you to pay for the

upfront costs associated with purchasing a home.

These include the down payment, closing costs and

cash reserves.

Debts – 

The amount of debt you have will impact your

debt to income ratio. Debt payments consist of car

payments, student loans, alimony, required payments

on installment loans and required payments on credit

cards. They do not include rent, utility bills, mortgage

payments for loans being paid off, or payments on

credit card balances that you pay in full at the end of

the month. Lenders look at debt to income ratios to

determine how much home you can buy.


Credit and Credit Score


– If you want to be eligible for

the best mortgage rates, you will need to maintain a

credit score of 760 and above middle score of the 

Mortgage Fico Scores lenders pull through Equifax, Experian and Transunion

Not only will this excellent

score motivate the lender to lower your rates to get

you as a customer, you will have more choices about

which mortgages are available to you. Your overall

payment history on the debts you have can also impact

your ability to qualify for certain types of loans, which

can affect your interest rate.


Type of Kentucky Mortgage  Loan & Loan Structure


Loan Type 


The type of loan will impact the rate

you can expect. There are many types of loans Kentucky Mortgage Loans.

Conventional, FHA, VA, USDA, and Jumbo loans

can all have different rates.


Occupancy 


The best mortgage rates are

typically offered if you are purchasing a property

that is intended to be occupied as your primary

residence. Rates for second homes and investment

properties are typically higher.


Duration 

The duration of the loan can affect

mortgage rates. A shorter loan period will usually

equate to a lower mortgage rate and a longer loan

will typically have higher rates.


Down Payment – 

A larger down payment can

impact interest rates. Putting more down will

decrease the risk for a lender and can improve

your interest rate. If you put less than twenty

percent down, certain types of loans require

mortgage insurance and this can also impact the

interest rates available.


Discount Points – 

In order to get a lower rate

some clients choose to pay discount points.

Basically, discount points are percentages of the

loan amount paid in cash at closing in order to

lower a rate.


Lock Term – 

The length of time you need to lock

in your rate can impact your rate. Typically, longer

term rates are more expensive.


What effects your Kentucky Mortgage Rate for FHA, VA, USDA and Conventional Mortgage Loans?


Kentucky FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans.




Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.

Text/call:      502-905-3708
fax:            502-327-9119
email:
          kentuckyloan@gmail.com



Title Insurance For your Home: Do you need an Owner’s and Lender’s Title Policy? | Equifax Finance Blog

Title Insurance For your Home: Do you need an Owner’s and Lender’s Title Policy? | Equifax Finance Blog

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What is title insurance, and why buy it?
The primary role of a title insurance company is to research the legal history of the property in order to anticipate any potential problems and resolve them before you close on the purchase. After you close, a title insurance policy continues to protect against any claims on your property that were not found before closing.
There are two types of title insurance: Lender’s title insurance and owner’s insurance title. Lender’s insurance is a requirement if you are getting a loan. An owner’s title insurance policy is technically an option, but most real estate attorneys recommend their clients purchase one.
Your lender will require you to buy title insurance to protect it if a problem were to arise regarding your legal right to the property. If you want the mortgage loan, you usually have no choice but to buy a lender’s title insurance policy for the amount of your loan that will benefit the lender should there be problems down the line.
However, if a problem with your title is discovered after you close, the lender’s title insurance policy does not usually protect you, the owner. Without your own owner’s title insurance policy and coverage, you could lose any equity you have in your home.


-- 


Joel Lobb
Senior  Loan Officer
(NMLS#57916)


 phone: (502) 905-3708
 Fax:     (502) 327-9119












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How Can I Pay Off My Mortgage Faster? Basic Concepts-----Louisville Kentucky Mortgage Refinance




How Can I Pay Off My Mortgage Faster? Basic Concepts

A 30 year mortgage, if paid monthly, is about 60% paid off in 24 years. If the borrower makes one extra monthly payment per year on a 30 year mortgage, the entire mortgage is paid off in 24 years. That's six years of vacations, helping your children with college, or bolstering your retirement accounts.
To understand this, let's look at how your mortgage payment is determined. We'll use a $200,000 mortgage at 6.0% for our example.
  • The monthly payment would be $1199.10.
  • The interest payment is $200,000 * .06 = $12,000/ 12 months = $1000
  • The principal payment would be $199. That's right. After one month you will have paid $1199.10 and your balance will have gone down $199.
  • A lower principal balance = a lower amount of interest. Each month the amount of interest paid goes down and the amount of principal paid goes up.
  • Anything extra
But who has an extra $1200 to make that extra payment? You do.
Call me today for your free refinance mortgage analysis..Rates are low and it is time to refinance
 I can be reached locally at 502-905-3708 or email me your questions to kentuckyloan@gmail.com