Tuesday, October 3, 2017

Mortgage rates in Imperial CA

fixed-rate mortgages are available Imperial CA

Conventional Fixed-Rate Mortgages
30-Year Fixed (conforming)
20-Year Fixed (conforming)
15-Year Fixed (conforming)
10-Year Fixed (conforming)

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:

Borrowers looking for FHA Loan:

A common question that keeps coming up are like. Well if FHA says they need a minimum credit score of 580 then why does a lender ask for 620 as a score to get the loan done. Same ways for Conventional Mortgage that if Fannie Mae requires that a borrower be employed for 6 months then who do Lenders want two years of employment history or 1 year. Why cant they stick to the basic guidelines of Fannie Mae or FHA when they are following or the mortgage is being underwritten by their guidelines.
Well this is what is called over lays just like in insurance policy what you call Rider. Meaning there is a basic policy but on you of that there are some over lays or rider.

It’s the same thing even with mortgage.

As far as FHA is concerned. All lenders have to have a FHA approved status. FHA adds to the feather in their cap because relaxed guidelines allow them to do more number of loans. However FHA has a standard that they have to qualify for and meet to continue with the FHA APPRIVED status. 

How the lenders compete amongst theme selves is that FHA does a competitive evaluation of all lenders in a local region as to who was better than the other. What that means that if the FHA says that the lender should accept a credit score of 500 lenders would out an over lay that they would look into score of 620 that is because if they approve the loan and tomorrow the borrower makes a default they risk FHA license and that they cannot afford. So the lenders competing amongst themselves for better performance end up putting over lays.

This however is being addressed by FHA where they are now coming up with guidelines that the lender must adhere to the basic policy of FHA and based on that they will be evaluated.

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.

Artical by Roger Shanker

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