Ready Bell Home Loans @ Mason McDuffie Mortgage » Home Refinance

Great News! Ready Bell 5% down loan.

readybell — Fri, 07 May 2010 04:32:40 +0000

Introducing: The Ready Bell 5% down conventional loan

As the market changes we are constantly looking for new loan products to help buyers get into homes faster and with as little trouble as possible. With recent changes to FHA we have determined it is crucial to have a conventional loan that competes with FHA.

FHA vs The Ready Bell 5% down Conventional loan;

1) FHA has upped their upfront MI fee to 2.25%. So with the 5% down program you still have mortgage insurance but there are no upfront MI fees. That saves you 2.25%
2) Also with FHA you have to have mortgage insurance for a minimum of 5 years. With this you do not.
3) FHA appraisals are tougher than conventional appraisals. With the 5% down you do a conventional appraisal.

Bottom Line: This is a great option for borrowers with limited amounts down. As many buyers have found some asset managers are not FHA fans and for those properties you now may have an ace in your pocket. Please note that not all lenders will have access to this loan. This is a specialty loan. Please inquire for more details

*In order to qualify you need to have a credit score over 680 and a maximum debt to income of 41%

How Recent Market Changes Can Affect You

readybell — Mon, 18 May 2009 01:42:17 +0000

As the Real Estate and financial markets continue to move up and down, mortgage rates can also be affected. Since mortgage rates are more closely tied to the bond markets, an up or down move in the stock market may not have the result in mortgage rates that one might expects. In fact, many times the resulting mortgage rate changes are counter-intuitive.

More importantly, rates change daily and they can change quickly. Some mortgage professionals have recently noted that their rate quotes have only had shelf lives of three to four hours before market changes have deemed them inaccurate.

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How does a consumer navigate fast changing markets in order to refinance their existing loan or purchase a home with the most favorable terms possible?

Plan – Define your needs ahead of time, do not wait until the last minute. This is especially true of home purchases.
Consult – Talk to your mortgage professional on a regular basis so they can interpret recent market events to you and communicate how those events can affect you.
Execute – When you have defined your needs and have determined that now is the best time to move forward, don’t shop yourself out of a good loan! What does this mean? It is easy to get caught up in shopping for the best rate, but it is not uncommon for home owners to miss locking their loan at a great rate because they are in search of better rates that do not exist or that they do not qualify for. It is important to shop to insure you are getting the best rate possible, but set limits to the number of companies you are going to consider doing business with and be careful of having your credit report needlessly and more times than is necessary!

Is an FHA Loan Right For Me?

readybell — Sun, 17 May 2009 17:21:01 +0000

With the resurgence of FHA home loans, many home owners are wondering if they can benefit from an FHA loan. The truth is that you may or may not benefit by converting your existing loan into an FHA loan when you refinance.

Some of the factors that can determine if an FHA loan is right for you:

Loan To Value
Home Value
Size of Existing Loan
Credit Score
Amount of Cash You Want to Take Out

With the many changes that have occurred with FHA loans, it is possible that even if you didn’t qualify six months ago, there may be a loan program that is right for you.

One of our mortgage professionals can help you determine if an FHA loan is right for you quickly with no costs.

Welcome to Our Blog!

readybell — Sat, 16 May 2009 21:38:20 +0000

Our mortgage professionals can give you FREE loan advice to help you understand the mortgage process.

Wondering which loan is right for you? Not a problem! We can help determine which loan will fit your needs for your home purchase, refinance or debt consolidation needs.

If you have any questions, please contact us or call us!

Thanks!