Mortgages - Learn all about them

Helpful and easy to understand information on getting a mortgage in Scottsdale.

There are currently 2 blog entries related to this category.

House and keys sitting on top of stacks of money

We see it often as listing agents – Scottsdale homebuyers that go into the process absolutely clueless about the fees they’ll be required to pay at closing. In fact, most of them think the down payment is the whole ball of wax when it comes to cash outlay. Hey, we don’t blame them; it’s their lender’s fault.

Since lenders don’t seem to be doing an adequate job of counselling homebuyers about the very significant amount in fees they’ll pay at closing, we will. Well, we can’t cover all of them, but these are the biggies.

Down payment

The amount you’ll pay at closing for your down payment depends on the amount and the type of your loan. Conventional loans require 20 percent of the loan amount as a down payment while the VA and the USDA require

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Mortgage insurance or Private Mortgage Insurance, by definition, is insurance against a borrower's default, or insurance that a lender obtains against non-repayment of mortgages. In simpler terms, it is insurance that a borrower will pay to a bank, so that the bank is protected against sudden loss and non-payment by said borrower. It might not sound like the most exciting form of insurance, but for some home buyers it is the helping hand they need to get into a home. Traditional conventional financing on a purchase will typically require a 20% down payment, for some buyer-hopefuls this is not an affordable program. Mortgage insurance allows borrowers to attain a home loan for as little as a 5%, 3.5% or even 0%-down payment.

On a low down payment loan

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