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What is the difference between VA mortgage loan interest rate and conventional rates?
VA rates are about the same as FHA. FHA is about the same as conventional or within .25% of conventional. The key with VA is that you don't have any mortgage insurance premiums as you would with FHA and conventional loans when putting a downpayment of less than 20% when purchasing a home. VA is also a zero downpayment loan.
What is the difference between renting a property and having a mortgage?
The difference between renting a property and having a mortgage is that when you have a mortgage you are buying the property.
What is the difference between a wholesale mortgage lender and a mortgage banker?
There are many differences between a wholesale mortgage lender and a mortgage banker. Lenders lend the money to fund loans and the bankers may be secondary lenders.
Is there a difference between jumbo mortgage rates and the rates of a conventional mortgage?
A jumbo mortgage is a loan larger than the conventional mortgage limits. The rates of jumbo mortgages is typically 0.25% to 0.5% higher than traditional mortgage rates.
What are the differences between a closed mortgage and an open mortgage?
A closed mortgage has restrictions on prepayment and renegotiation, while an open mortgage allows for more flexibility in paying off the loan early without penalties.
What is the difference between VA mortgage loan interest rate and conventional rates?
VA rates are about the same as FHA. FHA is about the same as conventional or within .25% of conventional. The key with VA is that you don't have any mortgage insurance premiums as you would with FHA and conventional loans when putting a downpayment of less than 20% when purchasing a home. VA is also a zero downpayment loan.
What is the difference between renting a property and having a mortgage?
The difference between renting a property and having a mortgage is that when you have a mortgage you are buying the property.
What is a wraparound mortgage?
A wraparound mortgage arrangement is being used in certain areas to make selling a home easier. The seller doesn't pay off their mortgage as part of the transaction. They keep paying it. The buyer takes the property subject to the mortgage. The seller takes back a mortgage from the buyer based on the difference between the selling price and the balance owed on the first mortgage. That type of transaction is not legal in every state and most mortgages have a "due on transfer" clause by which the lender can demand full payment in the case of any transfer of title.There is also serious risk for the buyer because if the former owner doesn't pay the mortgage the lender will take possession of the property by foreclosure and the buyer will lose their interest in the property including any downpayment or cost of improvements, if any.A wraparound mortgage arrangement is being used in certain areas to make selling a home easier. The seller doesn't pay off their mortgage as part of the transaction. They keep paying it. The buyer takes the property subject to the mortgage. The seller takes back a mortgage from the buyer based on the difference between the selling price and the balance owed on the first mortgage. That type of transaction is not legal in every state and most mortgages have a "due on transfer" clause by which the lender can demand full payment in the case of any transfer of title.There is also serious risk for the buyer because if the former owner doesn't pay the mortgage the lender will take possession of the property by foreclosure and the buyer will lose their interest in the property including any downpayment or cost of improvements, if any.A wraparound mortgage arrangement is being used in certain areas to make selling a home easier. The seller doesn't pay off their mortgage as part of the transaction. They keep paying it. The buyer takes the property subject to the mortgage. The seller takes back a mortgage from the buyer based on the difference between the selling price and the balance owed on the first mortgage. That type of transaction is not legal in every state and most mortgages have a "due on transfer" clause by which the lender can demand full payment in the case of any transfer of title.There is also serious risk for the buyer because if the former owner doesn't pay the mortgage the lender will take possession of the property by foreclosure and the buyer will lose their interest in the property including any downpayment or cost of improvements, if any.A wraparound mortgage arrangement is being used in certain areas to make selling a home easier. The seller doesn't pay off their mortgage as part of the transaction. They keep paying it. The buyer takes the property subject to the mortgage. The seller takes back a mortgage from the buyer based on the difference between the selling price and the balance owed on the first mortgage. That type of transaction is not legal in every state and most mortgages have a "due on transfer" clause by which the lender can demand full payment in the case of any transfer of title.There is also serious risk for the buyer because if the former owner doesn't pay the mortgage the lender will take possession of the property by foreclosure and the buyer will lose their interest in the property including any downpayment or cost of improvements, if any.
What is the difference between a wholesale mortgage lender and a mortgage banker?
There are many differences between a wholesale mortgage lender and a mortgage banker. Lenders lend the money to fund loans and the bankers may be secondary lenders.
What is the difference between a fixed second mortgage and one with a variable rate?
The difference between a fixed second mortgage and one with a variable rate is that fixed second mortgage has a fixed rate and is commonly thought of as safer than a mortgage with a variable rate.
Is there a difference between jumbo mortgage rates and the rates of a conventional mortgage?
A jumbo mortgage is a loan larger than the conventional mortgage limits. The rates of jumbo mortgages is typically 0.25% to 0.5% higher than traditional mortgage rates.
What are the differences between a closed mortgage and an open mortgage?
A closed mortgage has restrictions on prepayment and renegotiation, while an open mortgage allows for more flexibility in paying off the loan early without penalties.
What is the difference between a mortgage vs a home equity loan?
A mortgage is taken out for the sole purpose of paying for and acquiring a home. A home equity loan is taken out on a property where you already have a mortgage or have paid off the mortgage and want to release some of the difference between the value of your home and the balance of any remaining mortgage to spend on other purposes.
How do home loan rates compare between a fixed and an adjustable rate mortgage?
A home loan rate compares between a fixed and adjustable rate mortgage by one is that it would fluctuate between payments which is the adjustable mortgage and the other the rate stays the same for 30 years.
What is the difference between mortgage loan insurance and mortgage life insurance?
Mortgage Insurance protects the LENDER in the event of a foreclosure and will pay any $$$ loss to them....no protection at all for YOU. Mortgage Life will pay-off your mortgage in the event YOU or the covered person dies.
What is the difference between mortgage lender and consumer lender?
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What is the difference between a construction mortgage loan and a normal mortgage loan?
A normal mortgage is borrowing money to buy a house. A construction mortgage is when you own a house and borrow money against the house for repairs or renovations.
