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FAQ - Home Financing with Daryl
Frequently Asked Questions - "FAQ"
Of course, if you are interested in refinancing your home, you can visit my page about the many different Frequently Asked Questions about Refinancing.
- How much can you spend on down payment and closing costs?
You can use all your sources of savings minus a cash reserve as down payment and closing costs. Typically the cash reserve equals 2 or 3 months of housing expense depending on the amount of down payment. Housing expense includes your monthly loan payment (principal + interest), property tax, hazard insurance, and mortgage insurance when applicable. Savings in IRA, Keogh, or 401-K plans are counted at one half of their value when being considered as cash reserves. All other savings are counted at full value.
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- How does gift money affect your purchase power?
If your down payment is less than 20% of the purchase price, there are some restrictions on gift money. If your loan is less than $417,000 at least 3% of the purchase price should be your own money. For larger loans, at least 5% of the purchase price must be your own money.
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- What is a Prepayment Penalty?
A Prepayment Penalty is a fee that may be charged to a borrower who pays off a loan before a certain period of time, generally three years. The general penalty is six months interest on 80% of the loan balance. If you believe you would not be paying off your loan within the first three years, you may want to consider loans with prepayment penalties because they offer lower interest rates and costs.
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Frequently Asked Questions - "FAQ"
Anyone looking to actually save money with their home financing can Contact Me Directly to get the process started.
On the other hand, if you are a Real Estate Professional and you would be interested in keeping more of the profits originating from all the home loans you initiate, you can Become an Associate of My Team by filling out the form on that page.
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In order to find out what your best loan options are, you can start the process by visiting my Loan Helper page and when you submit your contact information in the form on that page, that will let me know you are interested in finding out how I can help you.
Frequently Asked Questions - "FAQ"
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