Best Mortgage Refinance Provider Near IMPERIAL CA
Affordable payment can help you shop through a variety of lenders, banks, mortgage brokers and providing you custom rates without any of these banks, lenders, brokers. You do not have to give out your personal information to any of these brokers or lenders. Get qualified for the lowest mortgage and right program and excellent support from Affordable payment.
In this Article we shall focus on answering some common queries of Imperial CA mortgage borrowers:
What is an FHA Loan, read for Imperial CA mortgage borrower?
FHA stands for Federal Housing Administration. FHA is a Government body. Back in 1930 there were reckless foreclosures and bankruptcy filed. To save the housing market and the borrowers. The government laid the foundation for FHA loan to help mortgage borrowers and lenders.
Why people get FHA Loan, read for Imperial CA mortgage borrower?
FHA is liked by First Time Home Buyers a lot. It allows the mortgage borrower to put just 3.5% down payment,. This down payment can be out of borrowers own funds or can even be accepted as Gift from a family member.
A credit score of 580 is enough to qualify the borrower for purchase or refinance. There is no special requirement from a borrower to get an FHA loan. Anyone can apply for FHA loan.
FHA Mortgage Insurance premium
There are two parts to Mortgage insurance in case of FHA Loan. FHA insures the bank or the lender to qualify the mortgage as per FHA guideline and should the borrower default. FHA shall make the bank good of its money as such banks and lenders are comfortable lending money on FHA mortgage.
However a borrower has to take a sort of insurance policy and pay premium on it for life for mortgage.
One is Upfront Mortgage Insurance premium and the other is monthly mortgage insurance premium that is paid by the borrower along with the monthly mortgage payment.
Upfront mortgage insurance is paid once by the borrower while monthly is a recurring payment each month for the life of mortgage.
Call Imperial CA mortgage expert below to get you the lowest mortgage rate on your refinance.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower.
30 yr fixed refi 3.807% APR 3.775%Rate | At 0 pts
20 yr fixed refi 3.500%APR 3.500% Rate | At 0 pts
15 yr fixed refi 3.044%APR 3.000% Rate | At 0 pts
10 yr fixed refi 2.940%APR 2.875% Rate | At 0 pts
Artical by Roger Shanker
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