USDA Texas Mortgage – Rural Home Loan, 100% financing, First Time Home Buyers USDA Texas

USDA Texas Mortgage

Serving all your Texas USDA Loan Needs

Serving all your Texas USDA Loan Needs

If you are looking for information on the USDA Home Loan offered through USDA Rural Development you ve landed in the right place. This particular loan program seems to have many names. It is often called the USDA Rural Home Loan or Guaranteed Home Loan. No matter the name it all comes from the same place and has the same requirements. 100% financing is the cornerstone of USDA financing. Other than VA Mortgages which only Veterans can apply for, USDA home mortgage is the only other 100% option out there.

What is a USDA Mortgage, and what makes this program better than other programs that offer a low down payment? USDA loans are a FIXED-rate mortgages with 30-year fully amortizations, which provides for a stable payment over the life of the loan, thus giving the borrower security. USDA loans DO have a small monthly MI payment which is a rate is .35% compared to.85% for FHA, this is a huge advantage. The new and updated monthly mortgage insurance for the USDA mortgage is less than it once was and the USDA upfront fee of 1% is lower than the previous Upfront Fee of 1.75%. For Refinances, USDA will only allow a current USDA mortgage to be refinanced into a USDA mortgage.

What is the downside to a USDA mortgage? Nothing financially, but USDA loans are geographically and income restrictive. Typically towns on the outskirts of larger cities and less than 30,000 residents apply. You would be surprised were the areas are. Please click this link Property Elgibility and begin your search. Income limits are liberal and are based on the total projected income for all adults living in the household. This income limit varies between counties. An applicant may have an income up to 115% of the median income for the area. Please click on this link Income Elgibility to find the income limits for your particular area.

Nations Reliable Lending

3410 Far West Blvd #280

Austin, TX 78731

Nations Reliable Lending

3410 Far West Blvd #280

Austin, TX 78731

Why Contact Us??

We can get you a quick quote, answer any guideline questions and we will not add your email address to any kind of marketing or email drip campaign. We have access to as many programs as any bank in Texas and have a choice of a wide range of lenders. is not a government agency, and is not affiliated with FHA. We are a mortgage lender specializing in FHA loans. We are a mortgage bank that specializes in FHA Mortgages.

Usda mortgage

Usda mortgage

Mortgage Payment Calculator –, mortgage calculation.#Mortgage #calculation

Mortgage Payment Calculator

Use our mortgage loan calculator to determine the monthly payments for any fixed-rate loan. Just enter the amount and terms, and our mortgage calculator does the rest. Click on “Show Amortization” Table to see how much interest you’ll pay each month and over the lifetime of the loan. The mortgage loan calculator will also show how extra payments can accelerate your payoff and save thousands in interest charges.

Amortization Table

Mortgage calculation

Mortgage calculation

Mortgage calculation

Mortgage calculation

Whether you’re buying a new home or refinancing, our mortgage calculator can do the math for you. Simply enter the amount, term and interest rate to get your monthly payment amount. If you’re refinancing, enter the current balance on your mortgage into the loan amount section and input the new term and new rate that you’ll receive. Then click on the amortization table to see how much interest you’ll pay over the life of the loan. Add extra payments to find out how they can put your payoff schedule on the fast-track and save you thousands.

Keep in mind that this calculator only calculates the mortgage payment. It does not include taxes, insurance or other fees included in the purchase of your home.

Loan amount: The amount of money you’re borrowing. It’s the cost of your new home minus the down payment if you’re buying or the balance on your existing mortgage if refinancing.

Interest rate: The exact rate you will receive on your loan, not the APR.

Loan term: The length of time you have to pay off your loan (30- and 15-year fixed-rate loans are common terms).

Amortization table: Timetable detailing each monthly payment of a mortgage. Details include the payment, principal paid, interest paid, total interest paid and current balance for each payment period.

Monthly extra payment: Extra amount added to each monthly payment to reduce loan length and interest paid.

Yearly extra payment: Extra amount paid each year to reduce loan length and interest paid.

One-time extra payment: Extra amount added once to reduce loan length and interest paid.

Mortgage calculation

Usda mortgage, usda mortgage.#Usda #mortgage


Usda mortgage

Usda mortgage

Usda mortgage

Houston, TX 77056

Local, hometown support at every stage of home ownership

Whether you are purchasing a new home or refinancing your current mortgage, Hometown Lenders will walk with you through the process. With our corporate office in Huntsville, Alabama and multiple locations throughout the Southeast, we are able to provide you lending with a local, hometown advantage.

Our fully-integrated, streamlined process lets you start and finish the application process in any way that you choose, while giving you the comfort and convenience of knowing that an experienced loan consultant is right there with you throughout the entire process.

No need to worry about surprise additions on closing day. We provide guaranteed, fixed closing costs! We guarantee them in writing!

So, what are you waiting for? Let Hometown Lenders help you with your home lending needs. Contact us today!

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Rate Trend Index – Mortgage Rate Trends, mortgage rate trends.#Mortgage #rate #trends

Mortgage Rate Trend Index: Nov. 15, 2017

Mortgage rate trends

Each week, Bankrate surveys experts in the mortgage field to see where they believe mortgage interest rates are headed.

This week (Nov. 15-22), 10 percent of the panelists believe mortgage rates will rise over the next week or so; 40 percent think rates will fall; and 50 percent believe rates will remain relatively unchanged (plus or minus 2 basis points).

Calculate your monthly payment using Bankrate’s mortgage calculator.

Read the comments and rate predictions of mortgage experts and Bankrate analysts below.

10% say rates will go up

Mortgage rate trends

Dick Lepre

Senior loan officer, RPM Mortgage, San Francisco

Both the daily and weekly stochastic techs of the 30-year Treasury bond future are bearish (lower prices, higher yields) signaling slightly higher yields and rates in the coming week.

40% say rates will go down

Mortgage rate trends

Les Parker

Senior vice president of LoanLogics, Trevose, Pennsylvania

Let’s get fiscal, fiscal. Look for a relief rally in bonds and the dollar as Dodd-Frank reform and tax cuts move towards passage. Expect thankful bucks and equities to duck unless the bills become turkeys.

Mortgage rate trends

Greg McBride, CFA

If tax reform talks bog down, concerns about the low inflation numbers will resurface and pull yields a bit lower.

Mortgage rate trends

Joel Naroff

President and Chief Economist, Naroff Economics, Holland, Pennsylvania

Concern that the tax plan is getting out of control affecting stocks and bonds.

50% say rates will remain unchanged

Mortgage rate trends

Logan Mohtashami

Senior loan officer, AMC Lending Group, Irvine, California

We had a 9 basis point spread from 2.31 percent from 2.40 percent and Wednesday pricing is 2.34 percent so not much action. Key channel levels are 2.27 percent and 2.45 percent and a break of these levels will mean something, but until then we are stuck in this channel. Oil prices have held up well this year, and still no pull backs in the markets, but seeing some selling this week. Lumber prices are at 21-year highs so we see some commodity inflation but not enough to pull up core CPI and PCE.

Mortgage rate trends

Brett Sinnott

Vice president of capital markets, CMG Financial, San Ramon, California

It is still expected that the Fed will carry out its final rate move of 2017 by increasing 25 bps at their December meeting. This, combined with their balance sheet unwind, should have a greater effect on mortgage rates than the previous moves earlier in the year. Home prices continue to hinder prospective buyers as almost half of the nation’s top markets are now considered “overvalued” according to recent figures, and although seasonality may be a significant reason for low mortgage volume, at some point higher interest rates will be a dominant force in home values and mortgage volume.

Mortgage rate trends

Jim Sahnger

Mortgage planner, Schaffer Mortgage, Palm Beach Gardens, Florida

Look for rates to remain unchanged going into Thanksgiving. Trading could be light so should we get any news that surprises us, we could see some wide swings in bond prices. Happy Thanksgiving to all!

Mortgage Calculator with Current Rates – Calculate Mortgage Payments with Ease from, estimate mortgage payment.#Estimate

Mortgage Calculator

Calculate your monthly mortgage payment using the free calculator below. A house is the largest purchase most of us will ever make so it’s important to calculate what your mortgage payment will be and how much you can afford. Estimate your monthly payments and see the effect of adding extra payments.

Choose a lender below and lock in your estimated payment of $ or less

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Where will mortgage rates head next week?

Mortgage experts predict what will happen to rates over the next week — and why.

Estimate mortgage payment

How much house can I afford?

Use this calculator to determine how much mortgage you can afford to take out based on your income and expenses.

Estimate mortgage payment

Mortgage Basics

This step-by-step guide will help you understand the sometimes-difficult journey to homeownership.

Estimate mortgage payment

Top 10 mortgage tips for 2016

Thinking about buying a house? These tips will help you find the best mortgage for you.

Helpful Calculators & Tools

Loan Calculator

This loan calculator will help you determine the loan monthly payments on a loan. View Calculator

Amortization Calculator

How much of your monthly payment will go towards the principal and how much will go towards the interest. View Calculator

15 or 30 year mortgage?

Lets us help you decide which mortgage loan is right for you. View Calculator

Debt ratio Calculator

Your debt-to-income ratio can be a valuable number — some say as important as your credit score. View Calculator

About our Mortgage Rate Tables

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our “Advertisers”). Other lenders’ terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a “Next” button that can be used to click-through to the Advertiser’s own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Customers: Advertisers may have different loan terms on their own website from those advertised through To receive the rate, you must identify yourself to the Advertiser as a customer. This will typically be done by phone so you should look for the Advertiser’s phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $424,100 May Have Different Loan Terms: If you are seeking a loan for more than $424,100, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

Consumer Satisfaction: If you have used and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.

Mortgage Calculator Help

Using an online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a few pieces of information. It can also show you the total amount of interest you’ll pay over the life of your mortgage. To use this calculator, you’ll need the following information:

The dollar amount you expect to pay for a home.

The down payment is money you give to the home’s seller. At least 20% down typically lets you avoid mortgage insurance.

If you’re getting a mortgage to buy a new home, you can find this number by subtracting your down payment from the home’s price. If you’re refinancing, this number will be the outstanding balance on your mortgage.

Mortgage Term (Years)

This is the length of the mortgage you’re considering. For example, if you’re buying new, you may choose a mortgage loan that lasts 30 years. On the other hand, a homeowner who is refinancing may opt of a loan that lasts 15 years.

Estimate the interest rate on a new mortgage by checking Bankrate’s mortgage rate tables for your area. Once you have a projected rate (your real-life rate may be different depending on your overall credit picture) you can plug it into the calculator.

Mortgage Start Date

Select the month, day and year when your mortgage payments will start.

Mortgage Calculator: Alternative Use

Most people use a mortgage calculator to estimate the payment on a new mortgage, but it can be used for other purposes, too. Here are some other uses:

1. Planning to pay off your mortgage early.

Use the “Extra payments” functionality of Bankrate’s mortgage calculator to find out how you can shorten your term and net big savings by paying extra money toward your loan’s principal each month, every year or even just one time.

To calculate the savings, click “Show Amortization Schedule” and enter a hypothetical amount into one of the payment categories (monthly, yearly or one-time) and then click “Apply Extra Payments” to see how much interest you’ll end up paying and your new payoff date.

2. Decide if an ARM is worth the risk.

The lower initial interest rate of an adjustable-rate mortgage, or ARM, can be tempting. But while an ARM may be appropriate for some borrowers, others may find that the lower initial interest rate won’t cut their monthly payments as much as they think.

To get an idea of how much you’ll really save initially, try entering the ARM interest rate into the mortgage calculator, leaving the term as 30 years. Then, compare those payments to the payments you get when you enter the rate for a conventional 30-year fixed mortgage. Doing so may confirm your initial hopes about the benefits of an ARM — or give you a reality check about whether the potential plusses of an ARM really outweigh the risks.

3. Find out when to get rid of private mortgage insurance.

You can use the mortgage calculator to determine when you’ll have 20 percent equity in your home. This percentage is the magic number for requesting that a lender wave private mortgage insurance requirement.

Simply enter in the original amount of your mortgage and the date you closed, and click “Show Amortization Schedule.” Then, multiply your original mortgage amount by 0.8 and match the result to the closest number on the far-right column of the amortization table to find out when you’ll reach 20 percent equity.

Mortgage Calculator, home mortgage calculator with taxes.#Home #mortgage #calculator #with #taxes

Mortgage Calculator

Home mortgage calculator with taxes

$1,115.57 / Month


A mortgage is a loan secured by a property usually a real estate property. A real estate mortgage usually includes the following key components:

  • Loan Amount the amount borrowed from a lender or bank. The maximum loan amount one can borrow normally correlates with household income or affordability. To estimate an affordable amount, please use our House Affordability Calculator.
  • Down Payment the upfront payment of the purchase, usually in a percentage of the total price. In the US, if the down payment is less than 20% of the total property price, typically, private mortgage insurance (PMI) is required to be purchased until the principal arrives at less than 80% or 78% of the total property price. The PMI rate normally ranges from 0.3%-1.5% (generally around 1%) of the total loan amount, depending on various factors. A general rule-of-thumb is that the higher the down payment, the more favorable the interest rate.
  • Loan Term the agreed upon length of time the loan shall be repaid in full. The most popular lengths are 30 years and 15 years. Normally, the shorter the loan term, the lower the interest rate.
  • Interest Rate the rate of interest charged by a mortgage lender. It can be “fixed” (otherwise known as a fixed-rate mortgage, or FRM), or “adjustable” (otherwise known as an adjustable rate mortgage, or ARM). The calculator above is only usable for fixed rates. For ARMs, interest rates are generally fixed for a period of time, after which they will be periodically “adjusted” based on market indices. ARMs transfer part of the risk to borrowers. Therefore, the initial interest rates are normally 0.5% to 2% lower than FRM with the same loan term. Mortgage interest rates are normally expressed in Annual Percentage Rate (APR), which is sometimes called nominal APR or effective APR. It is the interest rate expressed as a periodic rate multiplied by the number of compounding periods in a year. For example, if a mortgage rate is 6% APR, it means the borrower will have to pay 6% divided by twelve, which comes out to 0.5% in interest every month.

The most common way to repay a mortgage loan is to make monthly, fixed payments to the lender. The payment contains both the principal and the interest. For a typical 30-year loan, the majority of the payments in the first few years cover the interest.

Costs Associated with Mortgages and Home Ownership

Commonly, monthly mortgage payments will consist of the bulk of the financial costs associated with owning a house, but there are other important costs to keep in mind. In some cases, these costs combined can be more than the mortgage payments. Be sure to keep these costs in mind when planning to purchase a home.

Because the recurring costs perpetuate throughout the lives of mortgages (exception being PMI), they are a significant financial factor. Property Taxes, Home Insurance, HOA Fee, and Other Costs increase with time as a byproduct of moderate inflation. There are optional inputs within the calculator for annual percentage increases. Using these wisely can result in more accurate calculations.

  • Property Taxes a tax that property owners pay to governing authorities. In the U.S., property tax is usually managed by municipal or county government. The annual real estate tax in the U.S. varies by location, normally ranging from 1% to 4% of the property value. In some extreme cases, the tax rate can be 10% or higher.
  • Home Insurance an insurance policy that protects the owner from accidents that may happen to the private residence or other real estate properties. Home insurance can also contain personal liability coverage, which protects against lawsuits involving injuries that occur on and off the property. The cost of home insurance varies according to factors such as location, condition of property, and coverage amount. Typically, the annual cost can range from 0.1% to 5% of the property value.
  • Private Mortgage Insurance (PMI) protects the mortgage lender if the borrower is unable to repay. In the U.S. specifically, if the down payment is less than 20% of the property value, the lender will normally require the borrower to purchase PMI until the loan-to-value ratio (LTV) reaches 80% or 78%. PMI price varies according to factors such as down payment, size of the loan, and credit of the borrower. The annual cost typically ranges from 0.3% to 1.5% of the loan amount.
  • HOA Fee a fee that is imposed on the property owner by an organization that maintains and improves property and environment of the neighborhoods that the specific organization covers. Common real estate that requires HOA fees include condominiums, townhomes, and some single-family communities. Annual HOA fees usually amount to less than one percent of the property value.
  • Other Costs includes utilities, home maintenance costs, and anything pertaining to the general upkeep of the property. Many miscellaneous costs can be deceptively high and it is important to consider them in the big picture. It is common to spend 1% or more of the property value on annual maintenance alone.

While these costs aren’t contained within calculations, they are still important to keep in mind.

  • Closing Costs the fees paid at the closing of a real estate transaction. It is not a recurring fee yet it can be expensive. In the U.S., even though not all are applicable, the closing cost on a mortgage can include attorney fee, title service cost, recording fee, survey fee, property transfer tax, brokerage commission, mortgage application fee, points, appraisal fee, inspection fee, home warranty, pre-paid home insurance, pro-rata property taxes, pro-rata homeowner association dues, pro-rata interest, and more. Sellers will share some of these costs. It is not unusual for a buyer to pay $10,000 in total closing costs on a $300,000 transaction.
  • Initial Renovations Some buyers invest money into renovations, features, or updates before moving in. Examples may be changing the flooring, repainting the walls, or even adding a patio.

Besides these, new furniture, new appliances, and moving costs are also common non-recurring costs of a home purchase.

Early Repayment and Extra Payments

For many situations, mortgage borrowers may want to pay off mortgages earlier rather than later, either in whole or in part, for reasons including but not limited to interest savings, home selling, or refinancing. Most mortgage lenders allow borrowers to pay off up to 20% of the loan balance each year but few may have prepayment penalties for one-time payoffs, mainly to prevent refinancing too soon (which will affect the lender’s profit). One-time payoff due to home selling is normally exempt from a prepayment penalty. The penalty amount typically decreases with time until it phases out within 5 years. Few lenders charge prepayment penalties regardless of home-selling or refinancing, but be sure to review the loan terms carefully anyway just in case.

Some borrowers may want to pay off their mortgage loan earlier to reduce interest. Typically, there are three ways to do so. The methods can be used in combination or individually.

  1. Refinance to a loan with a shorter term Normally, interest rates of shorter term mortgage loans are lower. Therefore, borrowers not only repay their loan balances faster, but receive lower and more favorable interest rates on their mortgages. Keep in mind that this imposes higher financial pressure on the borrower due to higher monthly mortgage payments. Also, there may be fees or penalties involved.
  2. Make extra payments the majority of the earliest mortgage payments will be for interest instead of principal on typical long-term mortgage loan. Any extra payments will decrease loan balances, therefore decreasing interest and pay off earlier in the long run. Some people form the habit of paying extra every month, while others pay extra whenever they can. There are optional inputs to include many extra payments, and it can be helpful to compare the results of supplementing mortgages with extra payments and without.
  3. Make biweekly (once every two weeks) payments of half month’s payment instead Since there are 52 weeks each year, this is the equivalent of making 13 months of mortgage repayments a year instead of 12. Utilizing this method, mortgages can be paid off earlier. Displayed in the calculated results are biweekly payments for comparison purposes.

The Calculator has the tools to help evaluate the options. Please be aware that the rates on mortgages tend to be very low compared with other types of loans. Also, mortgage interest is tax-deductible, and home equity accumulated may be counted against borrowers when applying for need-based college aid. Be sure to consider comprehensively before paying off mortgage loans earlier.

LoanTek – Mortgage Pricing Engine, Lead Management – CRM System, mortgage leads.#Mortgage #leads

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Our mortgage website partners helps you make your website consumer friendly while they look for mortgage prices.

Our partners help us keep our prices low for you!

Look at a complete list of where you can get your mortgage leads from and what the mortgage lead providers have to offer.

If you want your pricing engine solution to help originate new mortgage loans; if you want to have access to software that is vital to consumer direct mortgage origination, then we’re here to help.

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Latest From LoanTek Blog & News

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Five Takeaways from the NAR 2017 Profile of Home Buyers and Sellers

National Association of Realtors (NAR) recently released their 2017 Profile of Home Buyers and Sellers. The survey – an annual one since 1981 – collected data through 131 questions on demographics, housing characteristics, and the role of real estate professionals in their transactions. The NAR research staff distilled their research into two pages of highlights, [ ]

Mortgage leads

Use the Right Keywords to Attract the Right Mortgage Origination Business (Part Two)

As we discussed in our last blog, keywords are crucial to attracting the right kind of traffic to your website. If you are successful in using the right keywords, you can rise above the noise and be heard in the vast ocean of competitor websites. In this blog, we will provide you with more tips [ ]

Mortgage leads

Use the Right Keywords to Attract More Mortgage Origination Business

Use the Right Keywords to Attract More Mortgage Origination Business (Part One) In order to attract borrowers, you need to drive more traffic to your website. To achieve this, you need improved search engine optimization (SEO). And to achieve improved SEO, you need the right keywords to attract the right traffic to your website. It [ ]

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Canada – s Mortgage Rates Forecast To Hit Bubble-Bursting Territory, canada mortgage.#Canada #mortgage

Canada s Mortgage Rates Forecast To Hit Bubble-Bursting Territory

Mark the start of 2019 on your calendar. That could be when the housing juggernauts in Ontario and British Columbia finally come to a halt.

A new report predicts mortgage rates will rise as much as two percentage points by early 2019 — an increase that could put serious pressure on home affordability, and bring an end to soaring house prices in the Toronto and Vancouver areas.

“Borrowers should … make sure they can face an average increase of approximately 2 per cent in mortgage rates over the medium term,” economists at Desjardins noted in an analysis published Thursday.

Canada mortgage

Homeowners “shouldn’t be caught off-guard if, in five years, the mortgage rates of less than three per cent currently being obtained by some borrowers have been replaced with rates closer to five per cent.” They noted this is particularly important for borrowers who still have several renewals left on their mortgage.

In its baseline scenario, Desjardins sees fixed-rate mortgages rising one percentage point between now and early 2019. And if the economy outperforms expectations, rates could rise by two percentage points by that time.

While that may seem like a small increase, economists note that, with Canadian household debt at record highs, even a small increase in rates could put financial stress on many people.

In an analysis last month, National Bank of Canada estimated that a one-percentage point increase in mortgage rates would add $388 to the monthly mortgage payment on an average house in Vancouver, and $369 to the average payment in Toronto.

“With the housing affordability problem in these markets being already acute, we doubt current home prices could resist such an interest rate hike,” economists Mathieu Arsenault and Kyle Dahms wrote.

Coming Soon: The Home Stretch

Get the news and analysis you need on Canada’s housing market with our weekly newsletter (launching soon). Sign up below and don’t miss the first issue.

The federal government is aware of the problem. It tightened mortgage rules last fall, requiring a “stress test” to ensure borrowers can handle their mortgage at the Bank of Canada’s posted mortgage rate. It currently sits at 4.64 per cent, about 1.5 percentage points higher than the discount rates the banks are offering on five-year fixed-rate mortgages.

However, those rules apply only to insured mortgages, and as house prices rise and mortgage rules tighten, a greater number of mortgage issued in Canada are uninsured.

Canada mortgage

Bank of Canada Governor Stephen Poloz. Canada’s central bank is “acutely aware” of Canadians’ vulnerability to rising mortgage rates, says a new report from Desjardins. (Photo: The Canadian Press)

But Canadians can at least take comfort in the likelihood that interest rate increases will come slowly, the Desjardins report says.

“Fortunately, there are no signs pointing to a drastic interest rate hike,” the economists wrote.

They noted that the Bank of Canada “is well aware of the debt situation in Canada and will do everything in its power to prevent a sudden rise in rates.”

Current Interest Rates on Home Loans, Savings, Car loans – CD Rates, average mortgage rates.#Average

Today’s Interest Rates and Financial Advice:

Average mortgage rates

Financial Advice

Would you like to buy a home but worry that you’d never qualify for a mortgage? It’s time to stop guessing and evaluate your chances to land a loan based on everything from how much you make to your credit score. Believe it or not, the odds are in your favor.

November 14th 2017

The average cost of financing a new or used car or truck has stayed low over the past year, making auto loans a bargain by any historical measure. And buyers with reasonably good credit can always take advantage of the discount loans automakers are offering on many models.

November 13th 2017

Lending money to your child is risky business. But if you can avoid the personal pitfalls and convince the federal government that this is really a loan, and not a gift, the Bank of Mom and Dad can be a financial boon for everyone in the family.

November 13th 2017

Here’s how to make all of the right decisions so that you’ll save more, invest wisely and take full advantage of all the tax breaks to build your retirement nest egg.

November 10th 2017

It’s not enough to find a good location at an affordable price. Condo buyers must consider lots of extra costs, from association fees and special assessments to how well the building is maintained and how strictly it enforces rules on everything from noise to pets.

November 10th 2017

You’ve scouted out the best mortgage rate and fought hard to get the best price on your new home. But your bargaining shouldn’t stop there. Here’s how you can save on everything from settlement fees to title insurance.

November 8th 2017

Average mortgage rates

Interest ing Snapshot

Individual retirement accounts, or IRAs, are a great way to build financial security for you and your family. They’re easy to open and our simple strategy helps you make all the right decisions now, and in the years ahead.

Average mortgage rates

Average mortgage rates

Compare Mortgage Lenders, Find Reviews, Ratings – Contact Info, average mortgage rates.#Average #mortgage #rates

Compare Mortgage Lenders

Average mortgage rates

Whether you’re a first-time home buyer or an experienced one, finding the right mortgage company can be as hard as finding the right house to buy. Your choice will have a significant impact on the terms of your mortgage as well as on the fees and interest rates you will need to pay, so it is a critical decision to get right. However, there are numerous different options you must sift through before making a final decision, and the process can often be overwhelming or frustrating. But understanding some simple mortgage terms, knowing the right questions to ask, and comparing mortgage quotes from multiple companies can better enable you to find the best mortgage loan for your particular financial situation.

Mortgage Lenders

A mortgage lender is a lending institution that will actually loan you the money for your home. Many lenders, though not all, are associated with banks. You can either apply for a mortgage at the bank you use for your checking and savings accounts, or you can shop around to see which lenders offer the best interest rates and terms. It is beneficial to explore all your options and to meet with multiple mortgage lenders so you can determine where you would be best served.

Mortgage Loan Basics

Knowing the basics of the mortgage process is another excellent way to prepare for choosing the right mortgage company. Although the process of obtaining a mortgage loan is complex, the basics of the transaction can be understood by even the most inexperienced borrower. Here are the basic concepts of obtaining a mortgage loan that you should compare:

  • Loan Term: Your mortgage loan will have a term of repayment, which is the approximate amount of time that it will take you to pay off the loan. The mortgage loan term is one of the main determinants of your mortgage payments and the amount of interest you pay, so it is a very important element to take into consideration. Most people choose a mortgage with a 30-year term, which means the total loan amount must be paid in full within 30 years and is based on a 30-year amortization. Amortization is the way your mortgage payments are distributed on a monthly basis, detailing how much interest and principal will be paid off each month for the duration of the mortgage term. In other words, if a mortgage is amortizing, it means the balance of the mortgage is steadily declining. In addition to the 30-year loan term, there are 15-year, 20-year, and even 50-year loan programs. However, these mortgage terms are less common than their 30-year counterpart.
  • Interest Rate: The interest rate of your mortgage loan is the amount of money it will cost you to borrow the money, and is denoted as a percentage of the loan amount. You can opt for a fixed-rate or adjustable-rate mortgage loan. The interest rate associated with a fixed-rate loan stays the same throughout the lifetime of loan, while the interest rate for an adjustable-rate mortgage loan will start small and subsequently increase over the life of the loan.
  • Fees and Points: Your new mortgage loan will come with a variety of fees—including loan application fees, credit check fees, and points—that must be paid for the loan process to be completed. A point is an upfront fee that is charged by the lender in order to lower your overall interest rate and therefore your monthly mortgage payment. By convention, a point is equal to 1% of the loan amount. For example, one point on a $150,000 loan would be $1,500, while two points on a $300,000 loan would be $6,000. Essentially, the more points you pay, the lower your rate of interest and vice versa. This is where you can shop around and compare, because lending institutions differ in the fees and points that they charge. Just bear in mind that it is important to do an “apples-to-apples” comparison when comparing mortgage rates and fees. An easy way to do this is to compare the Annual Percentage Rate (APR). Many mortgage interest rates that appear low require the consumer to pay higher fees, but the APR is the total cost of credit and includes both the mortgage interest rate and the additional fees.

Important Factors to Consider

Now that you know the basics, you are better prepared to compare mortgage lenders and ultimately find the best one for your needs. Here are the most important criteria to consider as you weigh your options:

  • Loan Type: You should first determine the specific type of mortgage loan that you want. Not all lenders handle all loans, so you will need to narrow your options to only those companies that offer your preferred loan type. There are many types of mortgage loans, but the two basic and most common types of mortgage loans are the fixed-rate mortgage (FRM) and adjustable-rate mortgage (ARM). In a FRM, the interest rate—and therefore the monthly payment—remains the same for the life of the loan. The term is usually for 10, 15, 20, or 30 years. In an ARM, on the other hand, the interest rate and your monthly mortgage payment will change according to market fluctuations. Most ARMs are now “hybrids,” meaning that the interest rate is fixed for a certain period of time, after which it will periodically (either annually or monthly) increase or decrease depending on the performance of a particular market index. Adjustable rates transfer part of the interest-rate risk from the lender to the borrower, so lenders will usually make the initial interest rate of an ARM anywhere from 0.5% to 2% lower than the average 30-year fixed rate. In some cases, the savings from an ARM outweigh its risks, making them an attractive option for people who are planning to keep a mortgage for ten years or less. But if you prefer to play it safe, then a FRM will be the better option, since you won’t have to worry about the interest rate changing (or your monthly mortgage payment increasing) throughout the life of loan.
  • Mortgage Loan Programs: Banks are the most traditional lenders since they typically provide the largest loans and offer the best interest rates. But you’ll need a great credit score to secure a mortgage from a bank. If your credit has seen better days, then you may want to consider other options. Many federal, state, and local agencies administer programs to assist people who need help buying a home. Some of these are loan programs, while others provide assistance with down payments or with building a home. Most of these loan programs are restrictive and have certain requirements; however, they make it easier for people to qualify for a home loan and allow for better terms and lower payments.
  • Closing Costs: It is also important to ensure that you will be paying reasonable closing costs, which are various fees charged by those involved with the home sale (such as your lender for processing the loan, the title company for handling the paperwork, a land surveyor, local government offices for recording the deed, etc.). The average closing costs are usually about 2-3% of the loan amount (e.g. approximately $4,500 on a $180,000 home). You will want to compare these costs across all the lenders on your list, so request a written explanation of the estimated charges and fees that the lender would require of you at closing time. This statement is known as a “Good Faith Estimate,” and most reputable mortgage lenders will offer to furnish this for you. Then, the day before the closing, ask your lender for the actual “Settlement Statement” (also known as the HUD or the HUD-1), which is the final and complete form with all the numbers for the sale, including the actual closing costs.
  • Company Reputation: A mortgage lender’s reputation is a key element in choosing a mortgage loan. You want a company that has excellent personnel and that has been in the mortgage business for several years. You may also want to look beyond the mortgage itself and try to find a company that reflects or supports your own values. This may not be a significant factor for some people, but if it is important to you, then look further into company practices so you can ensure the mortgage lender is a good fit for you. It is also important to determine whether your prospective mortgage lenders have a high rating from the Better Business Bureau (BBB) or any awards from influential business leaders like J.D. Power and Associates. Multiple awards and good BBB ratings show that the mortgage lender you’re considering has high standards for its business practices. It is even beneficial to see the monetary settlement and complaint ratings awarded by the Consumer Financial Protection Bureau (CFPB).

Remember that finding the right mortgage loan is a process that will be much easier to go through when you have a great mortgage lender to help you. It is therefore imperative to consider a wide variety of potential mortgage companies so you can ultimately choose the best mortgage lender for your needs. Just remember to carefully compare the interest rates, fees, terms, and required down payment that each lender offers. If you don’t like the terms or service from one lending institution, you can easily move on to the next one for your borrowing needs.