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Loan Criteria

Property State

Property County

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Property Value ($)

Property Value|The estimated amount for which a property would exchange between a willing buyer and a willing seller. This is determined by an independent appraiser's valuation of your home in comparison to at least 3 other similar recent home sales in your area.

Loan Amount ($)

Loan Purpose

Loan Purpose|<b>Purchase:</b> for the purchase of home<br />
<b>Rate/Term Refinance:</b> refinancing an existing home loan in the amount of what's currently owed which may include closing costs<br />
<b>Cashout Refinance:</b> refinancing an existing home loan in an amount in EXCESS of what is currently owed

Points Paid

Points Paid|Fees paid to lenders. 1 point = 1 percent of the loan amount. On a $200,000 loan 1 point is $2000. .50 points is $1000. The more points paid at closing, the lower the interest rate is.

FICO Score

FICO Score|If known, please enter your middle fico score. If it is left blank, we will assume a fico score of 720. This number, which represents an individual's credit rating, helps creditors determine an applicant's credit-worthiness and decide whether or not to approve a loan. FICO scores typically range from 300 to 850, with a higher score translating into lower interest rates. <br /><br />The key factors used to calculate a borrower's credit score are: <br />1) forms of credit used <br />2) new credit<br />3) length of credit history<br />4) balance owed<br />5) payment history

Loan Programs

Loan Programs |<p>With a fixed rate mortgage loan, the interest rate and your monthly mortgage payments remain fixed for the period of the loan. Fixed-rate mortgages are available for 40, 30, 25, 20, 15 years and 10 years. Generally, the shorter the term of a loan, the lower the interest rate you could get.</p>

<p>The most popular mortgage terms are 30 and 15 years. With the traditional 30-year fixed rate mortgage, your monthly payments are lower than they would be on a shorter term loan. But if you can afford higher monthly payments, a 15-year fixed-rate mortgage allows you to repay your loan twice as fast and save more than half the total interest costs when compared to a 30-year loan.</p>

<p><b>3 year, 5 year, 7 year and 10 year arms:</b></p>

<p>With fixed-period ARMs homeowners can enjoy from three to ten years of fixed payments before the initial interest rate change. At the end of the fixed period (i.e. 3, 5, 7, or 10 years) the interest rate will adjust every year. The rate at the end of the fixed period is generally tied to the one-year Treasury at that time</p>

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