Archive for Refinance Information
203K Streamline: Central Ohio Mortgage Loan
Posted by: | CommentsHow to Get an FHA Streamlined Renovation 203(ks) Loan
Streamlined 203(ks) Loans Allow for Repairs up to $35,000
If you’ve been passing up buying a home that requires cosmetic repairs for lack of funds to fix them up, Union Savings Bank & FHA have a program for you. Not to be confused with FHA’s much more complicated 203(K) program, a Streamlined 203(k) loan eliminates much of the paperwork and simplifies the process to obtain rehab funds.
First-time home buyers should get all the help they can. First-time buyers are often turned off by fixer-uppers or overwhelmed and ill-prepared to deal with the work required bringing some homes up to today’s standards. Buyers get their foot in the door and say ‘We have a lot of work to do here, and we’re never going to get it done.
A Streamlined 203(ks) loan might be the answer. Read More→
Central Ohio Mortgage Loans: Resubordination
Posted by: | CommentsResubordination can hamper refinance:
Many borrowers have recently come across a similar situation. You locked in a very competitive interest rate for a refinance only to run into a problem with a resubordination.
If you have an equity loan or line of credit the equity lender must approve the new refinance. This can cause a myriad of problems and can delay the closing for a month or more or stop the refinance altogether.
Resubordination comes into play when a homeowner wants to refinance a primary mortgage and keep the current second. Before this can happen the current home-equity lender must agree to let the second mortgage remain where it is, in second position. That agreement is a resubordination.
Lenders who hold these seconds would prefer you to pay them off and close out the lines to improve their balance sheets. If you are considering a refinance and have an equity line be aware of the following issues:
- Closing a new first with an equity line can trigger delivery fees
- The current equity line holder can require addition fees the first mortgage holder is not charging. I.E. Union Savings does not charge title insurance on conventional refinances however if you want us to subordinate you will have to pay full title insurance
- Waiting for a subordination can endanger a rate lock
- Many times the lender doing the resubordination will lower the equity line as a condition of the resubordination
Please be aware of these issues when you are considering a new mortgage or equity line. If you have any questions regarding resubordinations or refinancing please contact me at your earliest convenience.
Columbus Home Loans: FHA or Conventional
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Columbus and Central Ohio Home Loans: FHA or Conventional
Many Central Ohio Home Loan borrowers are unsure which loan product is best for them FHA or Conventional. Each product has its own merits.
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In summation most borrowers should first look for conventional financing whenever possible. But FHA loans are a good choice for first time home buyers and those who want to purchase with as little down as possible. Please contact me with any questions regarding financing in Columbus or Central Ohio.
Columbus Mortgage Loans: What are delivery fees?
Posted by: | CommentsColumbus and Central Ohio Mortgage Loans: What are delivery fees?
Many customers looking for a conventional refinance or purchase find the rate they are looking for, terms they like and are ready to go only to be blindsided by a new fee that seemingly came out of nowhere a so called delivery fee. Read More→
