Let's talk about down payments when buying a home. The down payment percentage required to buy a home can vary depending on several factors, including the lender's requirements, the type of mortgage, your credit score(s) and debt-to-income ratio. While a 20% down payment is often considered a standard benchmark to avoid private mortgage insurance (PMI), it's not a strict rule and most home buyers do not provide put the full 20% down. In fact, many have as little as 3 to 5%. Worried about PMI? It can be removed in the future when the home appreciates!
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What is an Adjustable Rate Mortgage (ARM) The interest rate for an adjustable-rate mortgage is a variable one. The initial interest rate on an ARM is set below the market rate on a comparable fixed-rate loan, and then the rate rises as time goes on. ARMs have a fixed period of time during which the initial interest rate remains constant, after which the interest rate adjusts at a pre-arranged frequency. After the initial term, the loan resets, meaning there is a new interest rate based on current market rates. This is then the rate until the next reset, which may be the following year. Integrity Home Mortgage Corporation marketing@ihmcloans.com #IHMC #IntegrityHomeMortgage
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Hey mortgage seekers! 🏡 Ever heard of Loan-Level Price Adjustments (LLPAs) and wondered what the heck they are? 🤔 Think of them as the “extra toppings” on your mortgage pizza. 🍕 Yep, they’re fees or rate adjustments based on your credit score, down payment, and other risk factors. 1️⃣ Credit Score – The higher, the better! Lower scores can add extra costs. 2️⃣ Down Payment – Less down could mean higher LLPAs. 3️⃣ Property Type – Believe it or not, the kind of home you buy can affect it too! So before you dive into that mortgage, make sure you know all the “toppings” you might be getting. #MortgageTips #MortgageBroker #DreamMortgage #Homeownership
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What's the difference between mortgage interest rate and APR? The interest is the price you pay to borrow money to buy a home. For example, when you take out a mortgage, you agree to pay back the... https://bit.ly/3OismVJ #chicagolender #chicagolender #mortgageinterestrate #mortgageAPR
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See how interest rate changes affect the monthly cost of a typical mortgage. If you already have a mortgage, plug in your existing interest rate to see how much more expensive it would be if you signed today. https://lnkd.in/eUSKr58a
Calculate how much more mortgages will cost as interest rates rise
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🏡 Ready for your next place? Play around with your next mortgage payment. 💰 Our simple mortgage calculator lets you adjust home price, down payment, and interest rate so you can plan ahead. Want us to crunch the numbers for you? Just send us a message and we’ll get started!
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