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Tag Archives:yuma mortgage

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

Jan 5

What Causes 1-Year LIBOR to Change?

What Causes 1-Year LIBOR to Change?

The London Interbank Offered Rate (LIBOR) is the primary index used on adjustable rate mortgages in the United States.  It’s the interest rate that banks pay to borrow money in the London money markets.  LIBOR is published by the International Continental Exchange (ICE).  It’s calculated through a survey that the ICE Benchmark Association (IBA) sends to banks who trade and do business in the London money markets.  The US Dollar 1-month LIBOR is what a bank would pay to borrow US dollars for 1 month. The 6-month LIBOR

Dec 12

Yuma Mortgage Loan Limits for 2017

Yuma Mortgage Loan Limits for 2017

It’s the end of the year, and mortgage lenders are updating their guidelines and loan limits for the new year.  For 2017, Fannie Mae and FHA have both updated their maximum loan amount limits.  Click the image for a printable full-size information sheet about Yuma and other Arizona county 2017 loan limits. The new FHA loan limit for 2017 is $275,665 in Yuma county.  You can get more if you buy a multi-unit property (like a duplex, triplex or 4-plex).  $352,950 for a 2 unit, $426,625 for a

Sep 20

Yuma Real Estate Market Update September 2016

Yuma Real Estate Market Update September 2016

Across the nation, real estate headlines are all talking about lack of inventory.  In many markets around the US, there are simply not enough homes for sale to meet demand.  That creates a seller’s market, and leads to rising home prices.  How does that affect Yuma Arizona?  At first glance, the numbers look pretty promising for Yuma County.  In the first 8 months of the year, we sold 1,675 units.  That’s an average of 209 homes per month.  Based on the current inventory, there is a 6.45 month supply

Mar 21

Pathway 2 Purchase Down Payment Assistance Program

Pathway 2 Purchase Down Payment Assistance Program

*****UPDATE: EXPIRED!!  This program is out of funds and no longer available.***** The Pathway to Purchase “P2P” Down Payment Assistance (DPA) Program was just released on March 2nd, and it is available for homebuyers in Yuma, Arizona!   There is $48 Million available on a first come, first serve basis to fund this program through the Hardest-Hit Funds  (U.S. Department of the Treasury through the Trouble Asset Relief Program). Program Highlights The assistance amount is 10% of the sales price, up to $20,000! The assistance funds come as a five-year, 0% interest, no

Feb 22

Yuma Mortgage Lender

If you are looking for a mortgage lender in Yuma, Arizona, consider Daniel Jackson!  With consistently high rankings on zillow, trulia, yelp, google and facebook, The Jackson Team is ready to take care of all your mortgage needs.  Call 928-726-7266 Today! Daniel Jackson is a Certified Mortgage Planning Specialist with Nova Home Loans in Yuma, Arizona.  As a Yuma Loan Officer, Daniel truly has the heart of a teacher, and is enthusiastic about educating clients and referral partners.  In addition to helping clients get the lowest rate on mortgage loans

Feb 8

Buying a House in Yuma AZ With a VA Loan

Buying a House in Yuma AZ With a VA Loan

Between MCAS Yuma and Yuma Proving Grounds, Yuma is home to many active duty and retired military personnel. If you are eligible for it, a VA loan is an excellent option for purchasing a home. Some of the benefits of the VA home loan include: Zero down payment required No monthly mortgage insurance Low fixed rates Seller can pay all the closing costs Less than perfect credit okay What to expect as a VA buyer: Usually, you will need to pay $1,000 for earnest money at the time you write

Oct 18

USDA Loan Update!

USDA Loan Update!

USDA Loans are a big deal in Yuma county since they allow for $0 down financing in outlying areas like Wellton, Somerton and San Luis.  Earlier this year, the eligibility map was updated to show that Somerton and San Luis would no longer be eligible for USDA financing as of October 1.  With the government shutdown, it has been up in the air as to whether or not this change would be implemented or delayed. The “Continuing Appropriations Act, 2014” (H.R. 2775) was signed into law by the

Jul 22

Mortgage Calculator

Use our handy online calculator to get a rough idea of what your payment will be on a new mortgage! [mortgage attributes] [affordability attributes] [closingcosts attributes] For more mortgage calculators and tools, see our Loan Tools page!  To get a more accurate, customized quote, fill out the form and get in touch with us personally.

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