Why Do I Need To Pay A VA Funding Fee?
March 28, 2010 by Eddie Knoell · Leave a Comment
The VA Funding Fee is an essential component of the VA home loan program, and is a requirement of any Veteran taking advantage of this zero down payment government loan program. This fee ranges from 1.25% to 3.3% of the loan amount, depending upon the circumstances. On a $150,000 loan that’s an additional $1,875 to [...]
Why Do I Need Mortgage Insurance for Arizona mortgages?
March 28, 2010 by Eddie Knoell · 1 Comment
Mortgage Insurance, sometimes referred to as Private Mortgage Insurance, is required by lenders on conventional home loans if the borrower is financing more than 80% Loan-To-Value. In many cases Arizona mortgages have higher mortgage insurance standards than other states. According to Wikipedia: Private Mortgage Insurance (PMI) is insurance payable to a lender or trustee for [...]
What’s The Difference Between A Single Family, Second Home and Investment Property?
March 28, 2010 by Eddie Knoell · Leave a Comment
When applying for a Arizona mortgage, a borrower’s “Occupancy Type” is a major factor in the amount of down payment required, loan program available and mortgage interest rate. Whether you are purchasing, doing a rate/term refinance or taking equity out of your property through a cash out refinance, occupancy type is always considered by the [...]
Calculating Loan-to-Value (LTV)
March 28, 2010 by Eddie Knoell · Leave a Comment
Understanding the definition of Loan-to-Value (LTV), and how it impacts a Arizona Mortgage approval, will help you determine what type of loan amount and program you may qualify for. Since the LTV Ratio is a major component of getting approved for a new mortgage, it’s a good idea to learn the simple math of calculating [...]
