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

Mortgage Revenue Bond (MRB) First Mortgage Products
Eligibility: Must be a first-time home buyer, unless purchasing a single-family dwelling in a targeted county. Purchase price can be no more
than $243,000 or $195,700 when any form of HOME DAP is used. Gross annual household income must be within applicable limits in effect.
All non-borrowing occupants age 18 or older must disclose income and complete KHC Form 98. Mortgage loan must be a new mortgage
loan, not a refinance.
KHC’s First Mortgage Government Loan Products
Federal Housing Administration (FHA)
 Minimum 640 credit score required.
 Financing to 96.50% of lesser of sales price or appraised value.
 All KHC DAPs and other KHC-approved secondary financing may be used.
 Maximum 6% seller-paid items.
 Maximum ratios of 40/45 with AUS approval.
 FHA’s Appraiser Independence began with case numbers on or after February 15, 2010. Please see Mortgagee Letter 2009-28 for full
details.
 All borrowers must be scored by TOTAL.
 Lender must follow the FHA maximum mortgage limits for particular area – see https://entp.hud.gov/idapp/html/hicostlook.cfm.
 Must follow Upfront and Annual Mortgage Insurance Premiums Guidelines (see information below).
Upfront and Annual Mortgage Insurance Premiums
Loan Terms > 15 years
Beginning with case numbers assigned on or after Monday, October 4, 2010
LTV
Less than or Equal to 95% 1% annual .85 monthly
> 95% 1% annual .90 monthly
Conventional
 Minimum 660 credit score required.
 Maximum loan-to-value (LTV) ratio is 80%.
 Maximum ratios 40/45 with AUS approval.
 No down payment assistance products may be used. Borrower must meet down payment requirements with their own funds or a gift.
 Pre-purchase education required as per AUS findings
 Not available for manufactured housing.
 Appraiser Independence required (see page 3).
 KHC does not presently have a product for 81% LTV or greater.
Rural Housing Services (RHS)
 Minimum 640 credit score required.
 Financing to 100% of the appraised value, plus guarantee fee of 3.5%.
 All KHC DAP programs and other KHC-approved secondary financing may be used.
 No maximum on seller-paid items.
 Ratio requirements and guarantee fee per agency guidelines.
 KHC will accept Government Underwriting System (GUS) Findings.
Veteran’s Administration (VA)
 Minimum 640 credit score required.
 Maximum ratios 40/45% with AUS approval.
 Financing to 100% of the lesser of the appraised value or sale price.
 All KHC DAP programs and other KHC-approved secondary financing may be used.
 Maximum 4% seller-paid items.
 Follow agency guidelines for ratio requirements and funding fee.
KHC Program Guide – Real Estate Agents – January 1, 2011

KHC Mortgage Interest Rates as of 01/07/2011

January 4, 2011Louisville Kentucky MortgageEditLeave a comment

Interest Rates

KHC Mortgage Interest Rates as of 01/07/2011, 1:00 p.m. ET

Rates subject to change without notice.

700+ Credit Score Mortgage Revenue Bond (MRB) Interest Rates

KHC-funded down payment assistance not available with these rates

Loan Type	Regular Rate	Zero-Point Rate
*Government Rates only	4.125%	4.500%

640+ Credit Score Mortgage Revenue Bond (MRB) Interest Rates

KHC-funded down payment assistance may be utilized with these rates

Loan Type	Regular Rate	Zero-Point Rate
*Government Rates only	4.375%	4.750%

* Government includes FHA, RHS, and VA.

660+ Credit Score Mortgage Revenue Bond (MRB) Conventional Interest Rates

Loan Type	Regular Rate	Zero-Point Rate
*Conventional Rates	4.125%	4.500%

Maximum LTV 80%**
No pre-purchase education required
No down payment assistance allowed – must be borrowers’ own funds or gift funds
AUS required
No manufactured housing allowed

**At the present time, KHC is not offering a conventional product at 81% or greater LTV.

KHC Mortgage Interest Rates as of 01/03/2011

502-905-3708 or email us at kentuckyloan@gmail.com for Free Application

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