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Fixed Rate Mortgage For borrowers that plan to stay in their homes for a long time, Bank of England Mortgage offers several fixed rate mortgage options—including 10, 15, 20, and 30 year programs. They are ideal for you if you are looking to build equity, through the purchase of a stable, traditional mortgage.
Our loan team can develop a comprehensive spreadsheet that illustrates the difference in payments among the fixed-rate mortgage options. They will be discussed with the consumer to help determine the choice that best meets their needs. Many consumers select this option because it offers a consistent payment, that will never change. However, the interest rate is higher than shorter fixed-rate options. However, because payments are amortized over a longer time period, monthly payments are lower.
Contact your local branch to get started. There are countless reasons why an FHA loan might be right for you, but here at Bank of England Mortgage, we believe that these four features are what really sets FHA loans apart. Depending on the program, standard FHA loan interest rates are usually better than a conforming Year Fixed loan. Credit Flexible FHA loans are not score driven.
Instead, they are written in a way that provides the borrower the benefit of the doubt that there had been, at some point in their past, circumstances beyond their control, and as long as the borrower has recovered from those circumstances in a reasonable manner, they're generally going to be credit-eligible for an FHA loan. Variety of Property Types Allowed While FHA Guidelines do require that the property be Owner Occupied OO , they do allow you to purchase condos, planned unit developments, manufactured homes, and family residences, in which the borrower intends to occupy one part of the multi-unit residence.
Streamlined Refinance and Assumable Loans One of the most important advantages of an FHA loan is the ability for the loan to be assumed. This gives the buyer a significant advantage in a high interest rate market. FHA loans are eligible for streamlined refinance, a program HUD offers that allows the borrower to easily refinance the loan to reduce their interest rate and lower their monthly payment. Here are our most frequently asked questions about FHA home loans.
Bank of England Mortgage offers affordable, easy-to-understand VA Home loans in recognition of the contributions and sacrifices veterans have made for America. Whether you're buying your first home, refinancing your existing mortgage, or thinking of building your one-of-a-kind dream house, Bank of England Mortgage is your ultimate Veteran's Affairs loans information center.
We'll compare VA home loan interest rates and negotiate the very best deal. We'll also explain important factors to consider, such as the option to prepay your VA mortgage loans without penalty, and how a lack of mortgage insurance premiums can lower your monthly payments. We can even show you how to get VA home loan funds to improve your home's energy efficiency! Did you know your VA benefits can be used again even if you used it in the past? Our highly trained professionals make applying for VA loans online a breeze!
Call us now and let us help you find the perfect VA home loan to suit your individual needs. At Bank of England Mortgage, our specialty is funding the dream of homeownership - no matter the size of the loan or dream - for that matter.
That's why we created our jumbo mortgage lending program - a full suite of offerings designed with the needs of borrowers that seek larger loan amounts than were available through traditional lending options.
It's as simple as it sounds. We call it a jumbo mortgage because it is larger than other more "typical" home mortgage loans. To determine if a jumbo mortgage is right for you, please contact your local branch for more information.
Why would I need a jumbo mortgage loan? Each year, Fannie Mae and Freddie Mac , two government sponsored enterprises, set loan maximums. When loan amounts exceed their limits - the borrower is purchasing a jumbo mortgage loan.
How much money can I be qualified for with a jumbo mortgage? What kind of credit score do I need in order to qualify for either an interest-only jumbo mortgage or jumbo mortgage? That depends on the type of loan. Credit scores for jumbo mortgages are similar to conventional credit score requirements. Our Loan Specialists are trained to work with you to determine if you qualify for a jumbo mortgage. We work together with our clients to identify the ideal mortgage for your vacation home.
Get your Bank of England vacation home mortgage loan and make your dreams a reality - backyard barbeques and sunsets by the lake. Fun-filled relaxing fishing trips with children and grand children. Exciting family skiing vacations. A lifetime of memories. It's time to buy your vacation home - and that means a vacation home mortgage loan from Bank of England Mortgage. If you're in need of a mortgage for a vacation home, we eliminate the hassles and the headaches from the process.
Why is it called a vacation home mortgage? We call it a vacation home mortgage to eliminate the confusion between a second mortgage and a home equity loan. What's the difference between a second mortgage and a home equity loan? A second mortgage loan covers the costs of a second home, for example, a vacation home. The result is that the borrower has two mortgages and two homes. A home equity loan, on the other hand, allows the borrower to refinance their existing mortgage to get cash - or equity - out of their home.
It's still one mortgage, but it's been refinanced. Are interest-only vacation home mortgage rates available? You can choose to pay a fixed, interest-only rate for a period of 10 years or 15 years with our interest-only vacation home mortgage. How much money can I be approved for with a Vacation Second Home mortgage? You must meet the income restrictions for the County you are interested in. Each county has a maximum Income Requirement. To be eligible, you must be purchasing a property in a rural area as defined by the USDA.
Often times the eligible property is just outside city limits. The home or property that you are looking to purchase must be owner-occupied, investment properties are not eligible for USDA loans.
Refinancing your current USDA loan is also available. Guaranteed means USDA insures a portion of the mortgage in the event you default on your loan.
Therefore, these lenders tend to feel comfortable offering modest loan terms to low-income individuals with less-than-favorable credit scores. These types of loans typically suit low- or moderate-income borrowers.
Household income generally includes the combined income of the loan applicant and every adult in the household, regardless if their names are on the loan application. In other words, your lender becomes USDA instead of a bank. Reverse Mortgages A reverse mortgage is a non-recourse loan, which means the borrower or the borrower's estate of a reverse mortgage will not owe more than the future loan balance or the value of the property, whichever is less.
If the borrower or representatives of his or her estate choose to sell the property to pay off the reverse mortgage loan, no assets other than the home will be used to repay the debt.
If the borrower or his or her estate wishes to retain the property, the balance of the loan must be paid in full. With a reverse mortgage, you borrow against the equity you have established in your home and do not need to repay the loan for as long as you live in the home as your primary residence, maintain your home in good condition, and pay property taxes and insurance.
You can live in your home and enjoy making no monthly principal and interest mortgage payments. Depending on your financial situation, a reverse mortgage has the potential to help you stay in your home and still meet your financial obligations. We realize that reverse mortgages may not be right for everyone, give us a call so we can help walk you through the process and answer any questions you may have. Reverse Mortgages vs.
Traditional Mortgage or Home Equity Loans A reverse mortgage is the opposite of a traditional mortgage. With a traditional mortgage, you borrow money and make monthly principal and interest mortgage payments. With a reverse mortgage, however, you receive loan proceeds based on the value of your home, the age of the youngest borrower, and the interest rate of your loan. You do not make monthly principal and interest mortgage payments for as long as you live in, maintain your home in good condition, and pay property taxes and insurance.
The loan must be repaid when you pass away, sell your home, or no longer live in the home as your primary residence. Federal Government, and is only available through an FHA-approved lender. This may help them more comfortably afford an upgrade, or spend less money out-of-pocket. Retiring Boomers are choosing to maintain a comfortable lifestyle in a home that better fits their needs. You own the home, with your name on the title and the home purchase and a reverse mortgage closing are rolled into one, making your process simpler.
How Much Can Be Borrowed? In general, the more your home is worth, the older you are, and the lower the interest rate, the more you will be able to borrow. The maximum amount that can be borrowed on a particular loan program is based on these factors: The age of the youngest borrower at the time of the loan The appraised value of the home Current interest rates Initial Eligibility Requirements for Reverse Mortgages The initial eligibility requirements are quite simple.
Homeowners must be 62 years of age or older and occupy the property as their primary residence The property may be a Single family or a Unit property, Townhome, or FHA-approved Condominium The home must meet minimum FHA property standards Borrower cannot be delinquent on any federal debt Completion of HECM counseling All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral.
Not all loans or products are available in all states or counties. A reverse mortgage is a loan that must be repaid when the home is no longer the primary residence, is sold, or if the property taxes or insurance are not paid. This loan is not a government benefit. Borrower s must be 62 or older. The home must be maintained to meet FHA Standards, and you must continue to pay property taxes, insurance and property related fees or you will lose your home.
Contact our Reverse Mortgage Team today to get started! Renovation Loans Renovation loans give you flexibility. Whether you are building, buying, or refinancing your home, a renovation loan allows you to add a room, remodel, and upgrade.
Save by financing renovation costs into your mortgage rather than racking up credit card bills or dipping into your savings. With one loan, there's only one application, one set of fees, one closing and one monthly payment. Improvements may include repairs and renovations that adds value to your home, including a garage, swimming pool and energy-efficiency upgrades. The U.Learn More Down Payment Assistance A DPA grant decreases homebuyer costs, avoids burdening the homebuyer bank of little rock mortgage corporation additional debt and eliminates property liens associated with secondary financing options. Not all loans or products are available in all states or counties. That's why we created our jumbo mortgage lending program - a full suite of offerings designed with bank of little rock mortgage corporation needs of borrowers that seek larger loan amounts than were available through traditional lending options. Variety of Property Types Allowed While FHA Guidelines do require that the property be Owner Occupied OOthey do allow you to purchase condos, planned unit developments, manufactured homes, and family residences, in which the borrower intends to occupy one part of the multi-unit residence. Many consumers select this option because it offers a consistent payment, that will never change. Are interest-only vacation home mortgage rates available?
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