Posts Tagged “closing costs”

Austin Mortgage | 100% Financing vs. 80/20 home loans

Posted by: admin in Financial planning begins with the right mortgage

100% financing is still available up to 417,000.  But is it a good idea?   

Phone is 512-577-2958 | jon@mylendingplace.com

When I started Mylendingplace over 3 years ago, I decided I wanted to do “good loans”.  Or Home loans that really helped people move forward toward their overall financial goals.   Remember, a mortgage is either a 15-30 year debt instrument or a financial tool.  It can be a 30 year debt loan or a tool to bigger, better things like getting out of  debt, saving for college, retirement. 

Any licensed mortgage person can do a home loan, it’s how the mortgage is constructed or designed that’s important.    In this post, let’s explore the question “how much is the right amount to put down on a home.”

Let’s compare the following:   80/20 loans (100% financing) or 10% down home loans.           Read the rest of this entry »

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Texas Home Equity Loan Rules, Fees, 3%, closing costs

Posted by: admin in Texas Home Equity Loans

Texas Home Equity Loan Rules, Procedures, Fees, 3% 

Texas Home Equity Loans have a State-mandated cap on fees of 3%.  You also are limited to 80% of your home’s appraised value.   You can borrow more if you’re doing an investment home equity, cash-out  loan.

As a mortgage broker, I have many banks with different guidelines .  Some banks like people with perfect credit, others don’t care as much.  Countrywide, Wells Fargo, WaMu are just a few (hey, I’m rhyming!) of my most popular banks.  When working with a  mortgage broker like Mylendingplace you simply have more options than a retail bank down the street.   You also save TIME since talking with me is like talking with 20 banks at once.

Also,  mortgage brokers must disclose all our fees.   Banks are not required to do so.  

 Speaking of mortgage fees on Home equity loans, did you know you don’t always have to pay your fees when you want to do an Home Equity loan?  Some banks will pay most of your closing costs.  Call my office at 996-8194 or my cell 577-2958

http://www.mylendingplace.com

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