Showing posts with label conventional rates ky. Show all posts
Showing posts with label conventional rates ky. Show all posts

Key ways to get your best rate possible on your Kentucky Home loan

 

Kentucky Mortgage Rates


 Key ways to get your best rate possible on your Kentucky Home loan
Kentucky Mortgage Rates FHA, VA, USDA and KHC

Historically speaking, current mortgage rates are pretty average.

But considering all the other factors involved in our post-pandemic housing market, many people are struggling to afford a home.

 Here are the top ways you can get your best mortgage rate, even in a tough market:

  • Improve your credit score by paying down your debt and making all payments on time
  • Consider all your loan options, including your term length and fixed rate vs. adjustable-rate mortgages
  • Shop around for a lender and compare rates and terms

These key factors can mean the difference in paying thousands of dollars extra over the life of your loan.

It all depends on your unique situation.

Best loan options for borrowers in today’s market

  • Conventional purchase — best for borrowers with a high credit score
  • FHA loan — best for first-time borrowers with more flexible credit requirements
  • VA loan — potential for zero down for active-duty military personnel, veterans, and eligible surviving spouses
  • USDA loan — potential for zero down for for borrowers in rural areas who have moderate to low incomes
  • Bank statement loan — for self-employed individuals
  • KHC Loan --Down payment Assistance Grant for Zero Down Home Loans

 Ask your lender about 2-1 buydowns and adjustable-rate mortgages for methods to get a lower initial rate.

 How much home can you afford?

Let’s demystify the mortgage process.

Here are three common models lenders use to calculate how much of your income should go toward your monthly mortgage payment:

  • 28/36 rule: Your max monthly mortgage payment can’t exceed 28% of your gross monthly income, and your mortgage plus other monthly debts cannot exceed 36%
While this is a good starting point, this standard is nearly impossible to hit in many housing markets. Most borrowers today have "debt-to-income ratios" closer to 40-50% of their gross income.

Beyond your debts, lenders will evaluate your income, employment history, and credit score.

That's how to get the lowest mortgage rate possible for your borrower scenario.

What about getting the lowest monthly mortgage payment possible?

  • Boost your credit score
  • Make a larger down payment
  • Choose a more affordable home
  • Shop around for the best mortgage rate



Discounted Mortgage Rate 6% 30 year fixed rate loan. ***

 Exciting News! KHC is thrilled to reintroduce its MRB program, now featuring an interest rate of 6%!
BONUS!!! Add $10,000 in down payment assistance to this amazing program for a power move!
Eligibility requirements for the programs do apply, so reach out to us today for more information. Call or Message us now and seize the moment!

***Subject to Credit Qualifying Criteria and subject to change.

(1) The above rate quote has the following assumptions: $200,000 purchase; $194,000 loan amount; 0% down payment; 620 FICO credit score; property is SFR; borrower has sufficient income and assets to qualify; Tax and insurance impounds required; Estimated closing costs affecting the 6.375% APR include all standard fees. Monthly payment without taxes and insurance is $1,481.00. Rate and Annual Percentage Rate shown as of 02/01/2024, subject to change.

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916


American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364



Text/call: 502-905-3708

email: kentuckyloan@gmail.com

https://kentuckyloan.blogspot.com/

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



Kentucky Mortgage Rates

Due to Volatility in the current mortgage market, mortgage rates are currently not being posted.


Please call for a mortgage rate quote. 



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





                                                               

                                                     

Louisville Ky Mortgage Rates

Louisville Ky Mortgage Rates FHA, VA, KHC, USDAKentucky Housing Loans Jefferson County KentuckyKentucky FHA loansKentucky FHA Mortgage LendersFirst Time Home Buyer Louisvill eKy100_percent_financing Louisville Kentucky
Louisville Ky Mortgage Rates, a set on Flickr.
Louisville Ky Mortgage Rates, by Louisville Ky Mortgage Rates FHA VA USDA KHC

Louisville KentuckyHome Mortgage Loans: Mortgage Refinance Tips

Louisville Kentucky Home Mortgage Loans: Mortgage Refinance Tips





Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*