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Apr 17

Shopping for the lowest rate on a mortgage

Shopping for the lowest rate on a mortgage

Mortgage rates change every day, sometimes multiple times throughout the day. So when you get prequalified and start looking at houses, it is important to keep in mind that your rate could be higher or lower depending on the market when you are ready to pull the trigger. (Hopefully lower!)  Depending on the day, it may or may not pay off to look at options for getting a lower interest rate by “paying points.” Due to the nature of rates changing so frequently, there is no one bank that

Jan 11

Why Do I Have to Pay for a Rate Lock Extension?

Why Do I Have to Pay for a Rate Lock Extension?

Here’s the scoop: mortgage rates are determined by mortgage bond prices.  Mortgage bonds trade in what’s known as a “To Be Announced” (TBA) market.  When you commit to a rate lock, the lender is agreeing to deliver your mortgage to the bond investor within 30 days, 45 days, etc.  That’s where rate lock timeframes come from.  So in essence, bond investors are trading empty buckets of mortgages that are scheduled to be filled within certain timeframes.  (For a current look at the mortgage bond market, see our Live Market

Aug 12

Yuma Down Payment Assistance Update

Yuma Down Payment Assistance Update

Exciting news!  The income and purchase price limits were recently raised for the Home Plus and Pathway 2 Purchase programs! You can now make up to $92,984 annual household income and still qualify for down payment assistance in Yuma! The purchase price limit was also raised, all the way up to $371,936.  With the average house in Yuma currently selling for under $165,000 (for more info, see our recent market update), the real estate market is wide open for these programs! If you are in the market for

Apr 5

Nova Home Loans Yuma AZ

Nova Home Loans Yuma AZ

NOVA® Home Loans  has been serving Yuma families since 1995.  As a private mortgage banker,  NOVA®  is committed to offering great products and low rates, all while delivering world class customer service. Daniel Jackson and The Jackson Team at NOVA® Home Loans are here to make your home purchase or refinance experience and easy and stress-free as possible. Get in touch with us! Contact us today at 928-726-7266 or email jacksonteam@novahomeloans.com.  Let us help you get the best deal on your mortgage financing in Yuma! Map to NOVA® Home Loans Yuma NOVA® Home Loans Yuma

Mar 4

Mortgage Rates Today in Yuma

Mortgage Rates Today in Yuma

Wondering what mortgage rates today are in Yuma, Arizona? The first thing to understand is that in today’s world, every mortgage rate quote is a custom quote.  Not to over-complicate things, but it is important for you to know the truth of how these things work.  There are many things that can affect your interest rate.  In order to get an accurate rate your lender will actually be able to deliver, you should expect to answer a few questions: Are you buying a house or refinancing? If you are refinancing, are

Feb 22

6 Reasons to Consider Refinancing Your Mortgage in Yuma AZ

6 Reasons to Consider Refinancing Your Mortgage in Yuma AZ

If you have a mortgage, you should periodically consider refinancing.  While a 30 year fixed rate is the most common mortgage type, you may be surprised to find that the average life of a mortgage loan is less than 5 years.  Most people don’t stay in a home for 30 years anymore, and even if they do, their lives and financial needs can change drastically over time.  If you have had your mortgage for more than 3 or 4 years, you may want to consider a mortgage checkup.

Feb 19

Easy Mortgage Approval In 8 Minutes or Less

Getting approved for a mortgage can be an easy process! Here are the basic first steps for getting pre-qualified to buy a house. The first step is to go through a Loan Application.  This can be done over the phone or online, and generally takes less than 10 minutes. Once you have completed your application, your lender will pull your credit and compare loan options for you. The next step will be providing your lender with documents to support your application. Before you start looking at houses, take some time to consider your

Jul 30

Should I Make a Low-Ball Offer?

Should I Make a Low-Ball Offer?

If you’re anything like me, you don’t like to buy anything without feeling like you got a good deal.  When shopping for a house, sometimes that drive for the best deal can get you into trouble.  If you are considering making a lowball offer, there are a few things you should think about first. #1 – Homes in this market tend to sell for close to asking price.  Look at the chart below.  On average last year, homes sold for about 97% of asking price.  What that tells you is that sellers in

Feb 25

The secret to getting the best deal on your mortgage

The secret to getting the best deal on your mortgage

The best piece of advice I can give you in relation to shopping for a mortgage is to get prequalified as early as possible.  Before you find a house, before you start talking to realtors, get prequalified first.  That is the secret to success. I have done the math, and the difference between a 680 and 740 credit score is 3/8ths of a percent.  Well, at our current average sales price in Yuma, that translates to $13,752….Just in payments over 30 years……$13,752 MORE that you’ll make in payments because you

Jun 21

How to choose a mortgage company or loan officer

How to choose a mortgage company or loan officer

Most loan officers I come across try to sell themselves with the same three tired old “value propositions.” Low Rates Great Service # of Years in the business Look around.  Over and over, that’s what you’re going to see. Low rates.  Like we’ve talked about before, the lowest rate is a moving target.  So what’s important in terms of rate is that you’re working with a company that has access to the lowest rates.  Don’t make your decision based on who is quoting the lowest rate. Great service?