Mortgage Information

ARE MORTAGES AVAILABLE IN TODAY’S CHAOTIC MARKET?

 

The answer is an empathic YES! If you are considering purchasing a residence you can be approved for a mortgage. You have fewer options as a result of what I like to call a much needed correction to the mortgage industry. However, if you have a reasonable level of debt, sufficient income, employment stability and a history of responsible bill paying you should be in a position to qualify for a mortgage.

The key in today’s market in North East Florida is access to at least a ten percent down payment if the desired program is through Conventional financing.

Your down payment requirement is only three percent until December 31, 2008 if you are seeking an FHA mortgage. This requirement increases slightly to three and a half percent effective January 1, 2009.

I advise my prospects who are first time home buyers to consider an FHA mortgage because the down payment can be a family gift. Veterans, active and retired, have one hundred percent financing available through the VA.

The key if you are considering purchasing a home or refinancing your home, is to contact your trusted mortgage professional and determine your options.

 

Contact me today.

Allen Dye

Mortgage Consultant

North Star Mortgage Network

904-880-6742 Office

904-568-6160 Direct

904-880-6742 Fax

 

Use the mortgage calculators below to assist you in making some decisions around financing your new home.

Mortgage Qualification Calculator

This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.

Mortgage Payment Calculator & Amortization Table

This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.