We understand that the financial aspect to your home buying experience is personal, unique and for some, a cause for anxiety, confusion and apprehension. Havens Charleston Real Estate has helped to consolidate some information that will ease this process. One of the benefits we at Havens have to offer is our knowledge, insight and honesty to you, the consumer, about the ever-changing mortgage world.
You are entitled to full disclosure of all costs from your lender regarding what type of interest rates are being quoted. Wholesale rates are the lowest possible rate availableprior to the borrower having to pay "points" to obtain that rate. This means that a client with reasonably good, solid credit qualifies for the lowest possible rate available from the lender without the penalty of having to "pay" additional margin points to receive such. "Points" are a one-time charge payable at closing that help borrowers qualify for longer-term lower rates.
There is a broad scope of financial services you deserve as you begin the mortgage process. We can help get that ball rolling in facilitating a simple, quick pre-qualification process with your lender of choice. Personal one-on-one mortgage consultations, detailed mortgage scenarios customized to reflect all of your options, prompt Good Faith Estimates, frequent communication and interaction with approved parties of the transaction* are all services you as a client should not only expect but undoubtedly deserve, and finally, the promise for as smooth an execution of your approved loan as possible.
*All personal and financial information collected for the purpose of obtaining mortgage approval is kept strictly confidential and is not shared with any third parties who are not authorized to facilitate the completion of your specific loan application.
Daily Mortgage Rates
Conventional and FHA/VA mortgage rates fluctuate daily and are updated and available for you by accessing various websites such as www.bankrate.com . Remember, not all rates quoted will be wholesale or Par rates, meaning the lowest rates available to consumers* before any additional funds are required to obtain such rates. * Qualification for mortgage rates vary by consumer based on many factors including credit score.
Some Common Definitions
LTV - loan to value ratio....DTI - debt to income ratio....YSP - Yield Spread Premium....VA - Veterans Administration....FHA - Federal Housing Authority...HUD-1- Housing Urban Development (settlement or closing statement)....MI - Mortgage Insurance....PMI - Private Mortgage Insurance (for conventional loans)....MIP - Mortgage Insurance Premiums (for FHA loans)....APR - Annual Percentage Rage....ARM - Adjustable Rate Mortgage....CRV - Certificate of Reasonable Value (an appraisal)....PITI - Principal, Interest, Taxes, Insurance (your total monthly payment)....PI - Principal, Interest....RESPA - Real Estate Settlement Procedures Act.