Loan Programs
thank you for your service; these types of loans are qualified veterans and their spouses.
What is a VA loan?
These types of closing costs will continue to happen even after closing costs.
What are recurring closing costs?
This type of rate never changes for the life of the loan.
What is a fixed rate mortgage?
This type of loan gives people multiple payment options, but be careful, there may be a payment due that may cause the principal balance to go up.
What is an amortization schedule?
this general myth says you have to put down this percent to buy a house
What is 20% down?
want seven figure debt; the loan amount on these types of loans is greater than $970,201
What is a jumbo loan?
paying this percentage of the loan amount will lower the interest rate for the life of the loan.
What is a (discount) point?
every rate has this attached to it, and it can lower payments or lower closing costs
What is a cost of the rate?
this is a schedule of monthly payments which breaks down how much you pay in principal and interest, assuming only minimum payments are made
What is an amortization schedule?
many people are assuming this will happen, when all data shows this is not probable, mainly supply and demand.
What is a housing crash?
What is a bank statement loan?
This reserve account pays the property taxes and insurance.
What is an impound an account?
This type of rate can go up or down, but usually has a fixed period, for three years at least.
What is an adjustable rate?
This penalty is given on some loans when you payoff the loan within the first few years of the loan.
What is a prepayment penalty?
this must be at least 740 to buy a house.
What is a minimum credit score?