Customers: Lending Resources

A home loan is required to purchase a first or second home. Here are some points to look out for:

Rate of Interest
Amount sanctioned as loan
Term of the loan
Fees Charged
Margins on loan
Monthly Payments

These options also decide the acceptability and popularity of loan programs. It is equally important for a mortgage and a loan company to offer the best rates possible to ensure a mutual benefit.

PTF/My Mortgage Company™, makes the entire process easy and beneficial to customers by simplifying it into three easy steps.

Step 1: Helping assess your personal financial situation and to determine the extent to which you can afford a loan. Monthly installments are also easier to access.

Step 2: The latest rates and online quotes are available to help you decide the best alternative that befits your financial needs.

Step 3: Online application for home loans allows you to put forth important details with regard to the required home loan. This also helps the mortgage company assess your creditworthiness.

You can also contact loan experts at PTF/My Mortgage Company™ to resolve all queries or doubts you may have to ensure you make the right decision.

In an attempt to improve the rate of home ownership, the mortgage industry as a whole has recently made several additional offerings that specifically target borrowers with the desire to purchase a home without a down payment.

With that in mind, PTF/My Mortgage Company™ has dedicated a new section of our website to those consumers seeking a 100% financing program to cater to this growing, yet untapped market. We have compiled a number of these programs, resulting in the creation of one of the most comprehensive loan offerings in the industry.

It is important to note that the term, “100% financing,” does not necessarily mean higher rates. In fact, if you have good credit, you are still eligible for the same rates that apply to most conventional loan programs.

However, higher standards of credit history are required, because there is a higher risk involved for lenders in the granting process of this type of loan.

Our program targets:
• First-time home buyers
• Buyers with limited resources and funding
• Young adults entering the work force, building up their assets

Our program is available for:
• Purchases
• Refinances/Debt Consolidation

If you fit any of these criteria, 100% financing may be the choice for you. This program eliminates any immediate financing problems of home-buying for any situation.
If you would like to apply for this program, please proceed to our application page.

What is a Federal Housing Authority Loan?

The Federal Housing Authority (FHA) was created by the National Housing Act of 1934 to help revive and stabilize a housing market devastated by the Great Depression and the breakdown of the banking system. It did so by providing federally backed mortgage insurance, first for construction loans and then long term mortgages. By meeting credit history and down payment criteria established by FHA, a borrower can obtain a 20 year fully amortizing mortgage loan.

The Department of Housing and Urban Development (HUD) authorizes the Federal Housing Authority (FHA) to insure lenders against foreclosure loss for any residential mortgage that does not exceed Congressionally set loan amounts.

Eligibility

FHA financing may be used by any qualified person, whether or not a US citizen. However, the property must be the borrower's principle residence; the borrower must live in the home. The borrower must also have a social security number.

Advantages of a FHA Loan

Low down payment
An assumable mortgage subject to approval of assumer's credit
Right to prepay loan without penalty
Ability to finance closing costs

FHA Programs and Loan Amounts

FHA maximum loan amounts vary by state and county.
Programs available are a 30 Year Fixed, a 15 year Fixed, and a One Year ARM with a 1% annual cap and a 5% lifetime cap.
On a 30 year fixed/level payment, the monthly principal and interest payment remains the same for the life of the loan.
The monthly principal and interest payment on a One year ARM (adjustable rate mortgage) can fluctuate based on the index (1 year Treasury Bill), and it has a 1% annual cap and a 5% lifetime cap.
GPM (graduated payment mortgage) allows the borrower to qualify at a lower interest rate but requires a larger down-payment and has negative amortization.

Apply for this loan program.

More than 29 million veterans and service personnel are eligible for VA financing. Even though many veterans have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement.

Before arranging for a new mortgage to finance a home purchase, veterans should consider some of the advantages of VA Home Loans:

The most important consideration, no down payment is required in most cases.
Loan maximum up to 100 percent of the VA-established reasonable value of the property. Due to secondary market requirements, however, loans generally may not exceed $203,000.
Flexibility of negotiating interest rates with the lender.
No monthly mortgage insurance premium to pay.
Limitation on buyer's closing costs.
An appraisal which informs the buyer of property value
Thirty year loans with a choice of repayment plans:
- Traditional Fixed Payment-- constant principal and interest; increases or decreases may be expected in property taxes and homeowner's insurance coverage
- Graduated Payment Mortgage (GPM)-- low initial payments which gradually rise to a level payment starting in the sixth year and
- In some areas, Growing Equity Mortgages (GEMs)-- gradually increasing payments with all of the increase applied to principal, resulting in an early payoff of the loan.
For most loans for new houses, construction inspected at appropriate stages to ensure compliance with the approved plans, and a 1-year warranty is required from the builder that the house is built in conformity with the approved plans and specifications. In those cases where the builder provides an acceptable 10-year warranty plan, only a final inspection may be required.
An assumable mortgage, subject to VA approval of the assumer's credit.
Right to prepay loan without penalty.
VA performs personal loan servicing and offers financial counseling to help veterans avoid losing their homes during temporary financial difficulties.

NEED MORE INFORMATION?

Veterans seeking more detailed information concerning the VA home loan program may request VA Pamphlet 26-4 "VA-Guaranteed Home Loans for Veterans", or VA Pamphlet 26-6 "To the Home-Buying Veteran" from the nearest VA office. Loan Guaranty personnel at that office will also be pleased to answer specific questions and provide any other assistance they can.

Remember, VA-guaranteed financing is a benefit which Congress intended eligible veterans should have. If you are a veteran homebuyer or know of one, it makes sense to look into the VA loan program as a good way to finance a home purchase.

A list of VA offices may be found in Help & Information option. Your local VA regional office may be reached by dialing 1-800-827-1000.

Apply for this loan program.

The concept of a mortgage refinance implies taking out a fresh loan to fulfill commitments of a previous loan. Mortgage refinance or home mortgage refinance works on the same principle by taking an additional loan on the property which replaces any previous loan on the house property.

Low interest rates and increasing the term of the loan for lower monthly payments or money saving mortgage schemes are some of the main reasons why people consider refinance as an alternative to fulfill financial commitments. Other reasons may include:

Liquidating Equity into Cash: also known as cash out refinance
Cost Savings: Switching from an Adjustable Rate Method (ARM) to fixed rate can help save money with regard to monthly payments.

Cash out mortgage refinance provides sufficient funds in proportion to the value of the equity pledged:

Renovations or Improvisations to current house property
Large or Major Expenses
Payment of credit card debts
Debt Consolidation

Some important factors one must assess before considering refinancing are:

Loan Limits
Eligibility or Qualification for loan, if any
Loan Origination Fees
Loan Application Fees
Appraisal Fees
Rate of Interest
Term of Loan
Monthly Payments

To ensure you choose the best refinancing option it is advisable to consult a loan expert, compare online rates, search for quotes, or use an online mortgage calculators to get a rough estimate of your refinancing requirements.

Cashing out refers to the refinancing of a loan where the borrowers will borrow money on their own home. If a home is appraised at $100,000 and the borrower's outstanding mortgage loan is $60,000, it is possible to enter into an 80% cash-out refinance transaction for a loan of $80,000 (80% of $100,000). The new mortgage of $80,000 will pay off the $60,000 loan and leave $20,000 cash-out to the borrowers.

A Cash-out Mortgage Refinance is a refinance option which allows you to service the original mortgage and also provides a lump sum amount in cash. Cash-out Refinance operates on the basis of your equity (the monetary value of the percentage of the property you hold ownership) in your house property and the appraised value of your home.

Example: The value of your home is assessed at $350,000 and you have an outstanding mortgage liability worth $100,000. You can opt for a 40% cash-out refinance on your home which will allow you access to funds worth $140,000. This implies that you can service your mortgage liability worth $ 100,000 and have extra funds worth $40,000 for personal use.

The equity you own is the difference between the appraised value of your home property minus your outstanding original mortgage liability. For example, if your home is valued at $350,000 and you owe $100,000 as outstanding mortgage payments. Your equity on your property is $250,000 which is also the extent to which you can apply for a cash-out refinance.
The key benefits of cash-out mortgage refinance are:

Access to funds after servicing mortgage liability.
Cash-out mortgage refinance helps turn equity into cash.
The funds can be used for home improvement, debt consolidation or any other expenditure. There are no restrictions on the use of funds.
Cash-out refinance also provides a better interest rate and long term loans
Lower interest rates and long term loans imply lower monthly mortgage payments spread over a long term.
Lower interest rates also translate to savings on interest payments.
Funds used for home improvement can increase the equity of the home.
Cash out refinance is available up to 100% of the value of the home.
Switching from ARM rates to fixed rates provided by cash-out mortgage ensure cost savings.
Tax deductible interest payments provide taxation benefits.

PTF/My Mortgage Company™ can help you with an appropriate program customized to your financial needs. We offer cash-out refinance options for Owner-occupied homes and Non-owner occupied homes with no income verification at low, affordable rates.

What are the benefits?

By cashing out on your home, you can obtain cash on the value of your own home to pay off debts or upcoming expenses. The refinance transaction can also provide you with a better mortgage loan interest rate that will save on your monthly mortgage payments during the loan. And it's tax-deductible.

How can we help?

If you are looking for this type of refinancing, PTF/My Mortgage Company™ can find a program suited to your financial needs. We offer cash-out programs for Owner-occupied homes, Non-owner occupied homes, and No income verification with low, affordable rates.

Available in most states. Some restrictions may apply depending on loan size, please contact your Mortgage Advisor for details.

The No Closing Costs interest rates will be higher than those published on the rate sheet. Please, call for rate quotes.

Description

Many people start out with an adjustable rate mortgage because the payments are very low at first. However, if they keep them long enough they can end up paying too much. After an ARM is for 2 or 3 years old, it may be adjusting to as high as 9.0% in today's rate environment. You don't have to accept this rate increase.

Our "No-Cost" program will lower your rate at no cost to you. We pay all of the closing costs: title fees, appraisal fees, and credit report fees. There are no loan fees or prepayment penalties, and nothing is added to your loan balance.

This is a true "can't-lose" situation for you as a homeowner. You get the benefits of a lower interest rate of while incurring no costs to refinance. In many cases you can actually tap into the valuable equity that you have accrued on your home by taking "cash-out" in the refinance.

No Cost Mortgage Refinance is also known as “No Fee Refinancing", "Zero Closing Costs Mortgage” or “No Closing Costs Refinancing”. Mortgage refinance have appended costs such as:

Title Insurance
Escrow Fees
Appraisal Fees
Loan Origination Fee
Processing Charges
Lender Fees
Broker Fees
Credit Report Fees etc.

These fees are usually added to your loan amount to derive the total amount of loan. Incase of a “no cost mortgage refinance,” the loans are charged a relatively higher interest rate but do not include such costs in the total value of loan. The No Cost Mortgage is a type of loan wherein the value of your loan amount does not increase by fees and charges otherwise levied on other mortgage schemes.

No cost mortgage is a wise option for those who have an adjustable rate mortgage. As interest rates rise, one can adopt a no cost refinance mortgage which will help fix the rate of interest over the decided term at no additional costs. The value of the new mortgage does include loan fees, charges or prepayment penalties. This implies that you can take advantage of a lower rate of interest without incurring additional costs ordinarily bundled with a mortgage scheme.

No Cost Mortgage Refinance is suitable:

If homeowners plan to sell their house in a few years.
If the current mortgage rate of interest is higher than that available on a no cost refinance.

Please consider a No Cost Mortgage Refinance as one of your loan options provided by PTF/My Mortgage Company™. Apply for a No Cost Mortgage Refinance today!