Mortgage Information

The time to act and purchase is still now for first time homebuyers! Lower real estate prices translate into greater home values.

The first time homebuyer credit is scheduled to end with contracts which are fully executed after April 30, 2010.

Interest rates are still attractive and there is sentiment from the Fed to keep rates low in a continued effort to assist the housing market recover. Although there are fewer mortgages available to the consumer, qualified buyers still only have to contribute at most 3.5% as a down payment and that can be a gift from a family member.

Properties which are listed on the HOMEPATH.com website can be purchased with only 3% down and no mortgage insurance. The availability of this program is also limited and transactions must close by April 30.

The continual tightening of lending guidelines require that your buyer works closely with a mortgage professional to verify that they can qualify for the desired purchase price and payment and satisfy all final loan approval conditions. The true mortgage professional has to be an advocate for the buyer and the real estate professionals to insure a successful closing.

Contact me today with any questions, I welcome the opportunity to work with you!

 

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.