Mortgage Key Terms
5/1 Adjustable Rate Mortgage A 5/1 adjustable rate mortgage (ARM) or 5-year ARM is a mortgage loan where “5” is the number of years your initial interest rate will stay fixed. The “1” represents how often your interest rate will…
Reverse Mortgage Myths
Reverse Mortgage Myths #1: The bank or lender owns your home. Probably the biggest misconception of them all! Just like any other mortgage, the borrower still owns their home and remains on title and has many options. The bank holding…
Do Mortgage Rates Change Daily
Q: Do Mortgage rates change daily or hourly? A: Mortgage interest rates are in constant flux, changing every day. That's because there are a lot of different factors that influence mortgage rates, including economic conditions, inflation and U.S. Treasury bonds.…
WHAT IS PITI – MORTGAGE PAYMENT BASICS
What exactly does PITI stand for in mortgage terms? PITI - is an acronym for the breakdown of what’s included in your mortgage payment. P – Principal I – Mortgage Interest T – Property Taxes I – Homeowners Insurance Lenders will calculate your PITI…
CALIFORNIA COUNTY LOAN LIMITS 2021
2021 California County Loan Limits (Conforming) for FHA, VA, Conventional and Jumbo loans For 2021, the FHFA (Federal Housing Finance Administration) set the baseline conforming loan limit for 1 unit properties at $548,250 for Conventional financing (Fannie Mae & Freddie Mac) and up to $822,375 on…
CALIFORNIA 2022 HIGH COST COUNTIES LOAN LIMITS: UP TO $937,500
This is very exciting news for new Home Buyers and homeowners looking to refinance their homes that otherwise would not be able to obtain a loan or be subject to obtaining Jumbo Loan Financing. Jumbo loans are harder to…
MANUFACTURED HOME LOAN FINANCING
To be able to obtain financing for a Manufactured Home with Unified Home Loans, the following requirements have to be met: – The home must be a minimum of 400 square feet.– The home must have been built after June…
VA HOME LOANS – WATER TEST FOR HOMES ON WELL WATER
Veterans and active military members can purchase and refinance homes that don’t have public water. Having a private well does not disqualify you from getting a VA home loan. Mortgage Lenders will require a Va Well Water Test to verify…
CONVENTIONAL REFINANCE
Conventional loans are one of the best loans for refinancing your house. The only loan that has lower rates and better terms than a conventional loan is a VA loan. VA loans are limited to people serving or that have…
