Fannie Mae Is Ending the HomePath Program – ZING Blog by Quicken Loans #reverse #mortgage


#homepath mortgage rates

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Fannie Mae Is Ending the HomePath Program

I’ve got some good news and some bad news on the housing front. First, the good news: The market is ticking up and the inventory of foreclosed homes is dwindling. The bad news: For just that reason, Fannie Mae is ending its HomePath program.

Fannie Mae’s HomePath program helps buyers of foreclosed properties get cost-effective mortgages, including cash for repairs and remodeling on homes owned by Fannie Mae. The HomePath program currently offers a number of incentives for home buyers: You can put down as little as 5%, there’s no mortgage insurance requirement, and you don’t have to get an appraisal.

Also to end is Fannie’s HomePath Renovation Mortgage, which allows buyers to borrow extra cash – up to 35% of the purchase price, with a maximum of $35,000 – for light to moderate repairs and updates to a foreclosed property.

You can check out the HomePath program at HomePath.com. but be forewarned that it all comes to an end on October 6, 2014 – so you better act fast if you still want to get in on it!

But don’t be forlorn, as Fannie’s making up for these program withdrawals with a number of financing flexibilities. Fannie Mae will allow interested-party contributions (contributions from the seller, the lender or anyone who stands to benefit from the sale) of up to 6% of the selling price, up from 3%. And, it also now allows properties with Fannie Mae-imposed resale restrictions – restrictions which require a length of time before reselling the property – to qualify for Fannie Mae-backed mortgages.

Quicken Loans offers a wide array of excellent mortgage products designed to fit your needs. Since the HomePath program is coming to an end, we suggest you get in touch with a Quicken Loans Home Loan Expert to find out what option works best for you by visiting QuickenLoans.com or by calling 800-QUICKEN.

Related Posts

Historic Events and Their Effect on Mortgage Rates over a Century With mortgage rates at historic lows, purchasing or refinancing is more affordable than ever. We hig.

Delayed Financing: An Uncommon Refinance Option for Cash Buyers If you’re financially able to buy a house with cash, there may be some benefits for you. But with ra.

What Affects Mortgage Rates? Ever wonder what moves mortgage rates up or down? It doesn’t have to be shrouded in mystery. We have.

Buying a House Without Your Spouse: Community Property Edition Are you married and applying for a mortgage on your own in a community property state? Here’s what y.

Want to impress your friends and family with the knowledge we’ll drop on ya?
If so, subscribe now for tips on home, money, and life delivered straight to your inbox.


Vinson Mortgage sued again, this time by KTVI #best #home #mortgage #rates


#vinson mortgage

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Vinson Mortgage sued again, this time by KTVI

For Ray Vinson, March looked a bit like February as another company claimed his Vinson Mortgage Services owes it money.

On March 20, KTVI (Channel 2) filed suit in St. Louis County Circuit Court, stating the company owes $27,157 for advertising in March and April 2013.

In February, three other companies sued Vinson’s firm for a total of almost $285,000.

The KTVI suit states Vinson was kept informed of the debt through invoices and “agreed to the balance,” and includes a letter dated Aug. 23 from Ray Shawn Vinson III.

The letter states the mortgage company … “is repositioning itself in the midst of shifting market conditions within the mortgage industry. In the meantime, we appreciate your patience in the handling of our account.”

In an interview Thursday, Shawn Vinson said he does not agree that his company owes KTVI money. He countered that the station “did not perform.”

As for the letter asking for “patience in the handling of our account,” Vinson said, “It says what it says.”

Vinson Mortgage was sued by:

• Lender Transaction of Camdenton, Mo. for $164,665 for appraising and other real estate services.

• KMOV (Channel 4) for $68,175 for advertising Vinson Mortgage bought in the first half of 2013.

• Entercom Broadcasting, owner of three Kansas City radio stations, for $52,059 for advertising.

Vinson became a local celebrity with his nasally “99-99” sales spiel in commercials for American Equity Mortgage, which he owned with Deanna Daughhetee until they divorced in 2006.

Vinson then formed Vinson Mortgage Services Inc.

Corporate filings list Ray Vinson as chief executive officer and Shawn Vinson as president.

“Joe’s St. Louis” appears online Monday-Friday and in print on Saturday. Holleman’s “Life Sherpa” column appears in the Everyday section of the Sunday newspaper. On Fridays, he is a guest at 11:10 a.m. on KTRS-AM “The Big 550 .” You also can follow him on Facebook and Twitter.


Refi Mortgage Rates Hit By Huge Demand For Mortgage Loans #mortgage #rate #history


#refi mortgage rates

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Refinance Mortgage Rates Hit By Huge Demand For Mortgage Loans

Refinance Mortgage Rates: Victim Of Their Own Success?

There’s a mini refinance boom underway.

Since the New Year, mortgage rates have been on a slow, steady decline, falling to their lowest levels since last April.

30-year mortgage rates have shed close to 40 basis points (0.40%) since the New Year; and, rates for 15-year fixed-rate loans have made similar gains.

There are now estimated 7 million U.S. homeowners eligible to refinance to lower mortgage rates, including home buyers who have purchased within the last 12 months; and homeowners who are underwater on their homes.

Many are taking advantage.

Refinance volume is near its highest in three years. This year’s refinancing households will save an estimated $5 billion in mortgage interest in just the next 12 months.

However, today’s high refinance volume is coming at a cost. As demand for refinance loans climbs, lenders are finding themselves unable to close loans as quickly as they used to.

According to Ellie Mae, it now takes 44 days, on average, for a lender to move a refinance applicant from loan application to loan closing. This is eight days slower as compared to one year ago.

The slow-down is having a negative effect on mortgage rates.

What Is A Mortgage Refinance?

A mortgage refinance is a financial transaction in which an existing mortgage is fully “paid off” using funds from a new mortgage. The old refinance is “satisfied” and it’s replaced with a new one.

Refinances come in three varieties.

The first type of refinance is the cash-out refinance.

With a cash-out refinance, the homeowner’s new mortgage size is increased, and exceeds the former mortgage’s size by five percent or more.

Cash-out refinances are most often used to fund home improvement projects. to reduce credit card debt, and to payoff student loans.

The second type of refinance is a cash-in refinance.

With a cash-in refinance, the homeowner brings cash to its closing in order to “pay down” the existing loan. A loan is considered to be cash-in if the homeowner’s mortgage principal balance is reduced by five percent or more.

Cash-in refinances are most common among homeowners wanting to lower their mortgage’s loan-to-value (LTV) to get the bank’s “the best rates”; and by FHA homeowners who want to cancel FHA MIP .

The third type of refinance is the most common one. It’s called the rate-and-term refinance.

With a rate-and-term refinance, a homeowner lowers its mortgage rate, changes its loan’s term, or does both at the same time

Examples of rate-and-term refinances include:

  • Refinancing from a 5% mortgage rate to a 4% mortgage rate, with no “cash out”
  • Refinancing from a 30-year fixed rate mortgage to a 15-year fixed-rate mortgage
  • Refinancing to consolidate multiple mortgages on a home (in some cases)

There are even certain loan programs which are designed to be “rate-and-term” mortgages only. These include the FHA Streamline Refinance, the VA Streamline Refinance, and the USDA Streamline Refinance.

The HARP 2.0 mortgage is also a rate-and-term refinance.

“Days To Refinance” Hits 44 Days

It’s taking longer for lenders to close on a refinance.

According to mortgage software provider Ellie Mae, the typical refinance needed 44 days to close in February, a drop from the month prior but an 8-day leap from the year propr.

For households looking to refinance, this is bad news.

But, first, let’s look at why it’s taking longer for lenders to close on loans.

The first reason why it’s taking longer to close on a refinance is because of today’s mortgage rates. which are handily beating Wall Street expectations.

Low mortgage rates are enticing to homeowners who prefer to make as small of a mortgage payment as possible; and, low rates are attracting the interest of homeowners with 30-year mortgages who would prefer to pay off their homes in 15.

At today’s rates, homeowners using a 15-year fixed-rate mortgage spend close to 65% less to pay off their mortgage as compared to homeowners using 30-year loans.

Another reason why it’s taking banks longer to close on refinance loans is that lender pipelines are currently jammed with purchase loans.

In addition to low rates, rising rents have changed the Buy vs. Rent math for a large number of first-time home buyers nationwide.

Plus, with a multitude of low- and no-down payment mortgage loans available, it’s easier for buyers to get approved.

Lenders are ill-equipped for the volume.

Based on data from the Bureau of Labor Statistics, the mortgage industry pared 40% of its staff between 2006-2015.

Today’s mortgage lenders employ far fewer people. Yet, they process far more applications. And each of those applications are subject to compliance and monitoring processes — steps which weren’t required even ten years ago.

Today’s lenders are attempting to do more with less. When mortgage rates drop, the system can strain.

Refi Boom Has Raised Rates 12.5 Basis Points (0.125%)

Lenders now require 44 days, on average, to close a refinance.

For consumers, this is bad news and here’s why: mortgage rates are often quoted in 15-day “windows”, and with each additional 15-day window, the quoted rate increases.

Consider the weekly Freddie Mac mortgage rate survey, which lists average mortgage rates for the 30-year fixed, 15-year fixed, and 5-year ARM. Freddie Mac’s rates are based on a survey of more than 100 banks nationwide, each of which quotes rates for 30-day delivery.

30 days, however, is too few to close a refinance in today’s Refi Boom. Instead, lenders recommend 45-day or 60-day locks for their customers which, unfortunately for borrowers, results in higher loan costs.

Mortgage rates move approximately 12.5 basis points (0.125%) with each 15-day change :

  • 15-day rate lock. -0.125 percentage points from the 30-day rate lock
  • 30-day rate lock. The rate lock standard
  • 45-day rate lock. +0.125 percentage points from the 30-day rate lock
  • 60-day rate lock. +0.250 percentage points from the 30-day rate lock

With the average refinance now requiring 44 days, today’s refinancing homeowners aren’t getting the lowest available 30-day mortgage rate. Often, they’re not even getting the 45-day lock.

To lock a mortgage rate today, you may need to get a 60-day rate lock — and that’s going to raise your mortgage rate quote by 25 basis points (0.250%).

The Refinance Boom has banks too busy to close quickly. Therefore, when you’re comparing mortgage rates between lenders, make sure to ask how long it will take to close your refinance.

The faster you can close, the lower your rate can be.

What Are Today’s Mortgage Rates?

At today’s mortgage rates, there are refinance opportunities for millions of U.S. homeowners. The typical refinancing household saves more than 30% annually. You may save even more.

Get today’s live mortgage rates now. Your social security number is not required to get started, and all quotes come with access to your live mortgage credit scores.

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.


Differences Between Mortgage Brokers and Loan Officers – ZING Blog by Quicken Loans #cincinnati #mortgage


#mortgage loan officer

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Differences Between Mortgage Brokers and Loan Officers

Mortgage broker and loan officer are just two of the terms for individuals who work in the mortgage industry. The difference between them is basically how they’re paid. Mortgage brokers do most of the heavy lifting for you by finding a lender and loan option, and they get paid a percentage of your final loan value. Loan officers work for an institution like a bank, mortgage lender or credit union, and they’re paid to write loans for their company.

Let’s take a closer look at how these two professions work.

Mortgage brokers don’t work for a specific institution. Instead, they develop relationships with many institutions and then try to find the best loan for your needs. A broker doesn’t lend you money; they find someone who will. A broker will have you fill out an application to get an idea of your financial situation, and they’ll pull your credit as part of the application process .

The broker will take your credit score and financial information and look at different lenders and loan options to find the best one for you. Mortgage brokers can be better for people with low credit scores, because the broker can you help find a lender who’s willing to work with clients with lower scores. Brokers will usually work with you and the lender throughout the loan process, and the broker is usually paid a percentage of the mortgage amount by the lender.

A broker’s job is to find you the best mortgage rate. term and cost for your specific situation, and since you don’t usually have to pay them (at least directly), they can be a good option. Remember, though, your broker is going to find you the best option from the lenders he or she has a relationship with – a broker isn’t looking at options from every major lender. Although they’re doing a lot of the work for you and have a lot of knowledge and experience that you might not have, they could be limiting your options.

If you want to work with a broker, try to find someone a friend or family member has worked with so you have some kind of a reference. When you find a broker, ask about his or her experience level, relationships with lenders, and any licenses and training he or she might have. Trulia.com recommends only working with someone who has a least five years of experience.

A loan officer is someone who works for a bank or lender to write loans for that company. They’re also called mortgage bankers, home loan consultants, mortgage planners, mortgage consultants and mortgage loan originators, according to Zillow.com. Not to be more confusing, but the term loan originator can refer to an individual, or to the company the individual works for.

Like a mortgage broker, a loan officer is going to have you fill out an application and pull your credit report to get an understanding your financial situation. The loan officer will then recommend the best loan for you out of his or her company’s loan options.

Keep in mind, a mortgage broker has to specialize in lenders and individual loan programs, while a loan officer only has to specialize in the individual programs from the company they work for. By using a loan officer, you may get a better choice of loan option than when working with a mortgage broker.

While this wasn’t necessarily a pro/con article, you can see that there are differences between working with a mortgage broker and a loan officer. Your best bet is to always do some of your own research first, and come to the table as an educated consumer. Do you have any other questions about mortgage professionals, or the mortgage process in general? Ask away!


Tempted by a 10 year mortgage? #fha #mortgage #loans


#10 year fixed mortgage rates

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Tempted by a 10 year mortgage?

The 10 year mortgage, where your rates are fixed for a whole decade, is still a rare beast but has started to hit the headlines. On the face of it they may appeal to some people – but is such a mortgage really worth considering, and who might want one? Matt Harris of Dalbeath Financial Planning doubts the hype.

Taking out a mortgage is typically stressful – and you may find the greatest stress can be the level of uncertainty involved. Will interest rates rise, how soon might they rise, and by how much? Will I be able to afford the higher repayments? These are questions that no-one can answer with 100 per cent certainty. So the prospect of a mortgage with a rate fixed for 10 years may initially seem very attractive. The obvious benefits are as follows:

  • Complete certainty about how much your mortgage payments will be for the next 10 years.
  • Interest rates are at a historic low, so you may be locking in a great rate at the perfect time.
  • Remortgaging can involve fees, which you will avoid for 10 years.

However, there are downsides to consider too:

  • You will not be able to repay the mortgage in full within the first 10 years, without incurring potentially large penalty charges. You may still be able to move house, but only if you take the mortgage with you, which is only possible if the lender approves it.
  • Your monthly payments will be higher than under a shorter term fixed rate.
  • If mortgage rates continue to fall then you will miss out on the chance to lock in a lower rate in future.

Weighing up your options

Here’s an example of the kind of choice you might face. Esme is thinking about buying a £300,000 house with a £250,000 mortgage. If she considers the best deals on the market at the moment, she would have the following options open to her:

1) A 2 year fixed rate mortgage with Accord, at 2.54%, with upfront fees (after cashback) of £225 and an initial monthly payment of £1,126.

2) A 5 year fixed rate mortgage with Leeds Building Society, at 3.59%, with upfront fees of £35 and an initial monthly payment of £1,263.

3) A 10 year fixed rate mortgage with TSB, at 4.29%, with upfront fees of £450 and an initial monthly payment of £1,359.

Which of these should she go for?

Over the first two years of her mortgage, Esme would pay:

£27,249 under the 2 year deal

£30,347 under the 5 year deal

£33,066 under the 10 year deal

Let’s keep it simple and compare just the 2 and 10 year options.

If Esme opted for the 10 year fixed rate mortgage, she would pay £5,817 (or 21%) more in extra interest payments during the first 2 years alone than if she had chosen the 2 year fixed rate mortgage.

Over the whole 10 year term the extra cost gets even greater. If Esme manages to borrow at 2.54% for the whole 10 year period (which she may be able to do by taking out five short fixed rate deals in succession) then she would pay around £136,245 over the whole period. By contrast, if she chooses the 10 year fixed rate, then she would pay around £165,000 over the 10 years.

That adds up to a difference of more than £29,000. Is that a price worth paying merely for increased certainty over what her mortgage will cost each month? Many would say, no it isn’t.

Although remortgaging five times during that period could incur fees, these should be £400 at most each time, and with the right advice remortgaging could even be free of charge. That doesn’t come close to closing that £29,000 gap.

The only thing that would make the 10 year deal the best option, in this scenario, is if interest rates were to rise significantly over the 10 year period. How significantly? Well, 2 year fixed rates would have to increase to 4.5% or more for Esme to be better off choosing the 10 year option. This chart from the Bank of England shows when we last saw rates at that level, which was during the housing boom of 2005-2007:

On reflection, Esme decides that the 10 year deal doesn’t represent good value for her. So who might decide to go for it?

The only obvious circumstances in which you might consider a 10-year fixed rate are: if you are in (or about to buy) a home that you intend to stay in for at least 10 years, and you also believe that interest rates will rise sharply in future, and – furthermore – you are worried that this would cause you difficulties in making your monthly mortgage payments, then you might consider taking out a 10 year fixed rate. For everyone else, a series of shorter term fixed rate deals looks to be the better option by far. Remember that remortgaging is fast and easy, and with the right advice can also be fee-free.

You can also be certain that with a 2 year fixed rate mortgage your monthly payments will be significantly lower, in the short term at least. This represents more money in your bank account, giving you greater spending (and saving) power now. For most people, this will outweigh the theoretical, uncertain savings that may come from taking a long term fixed rate deal.

Matt Harris, director of Dalbeath Financial Planning. is a qualified independent financial and mortgage adviser. Matt advises clients on all areas of their finances, including mortgages and life insurance, but particularly specialises in pension and wealth management.

You might also like:


For Sale By Owner Real Estate and Property in Canada – Sell Your House #second


#mortgage minute guy

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We work for you.

Your situation is unique and you are not just a number to us. We work with over 30 lenders and banks. Banks are limited to their own financial products and bankers work for banks – not for you. Allow us to show you a whole new world of competitive and flexible mortgage solutions. But don’t just take our word for it, hear directly from our customers.

Get started and apply online. or speak to a PropertyGuys.com MortgagePro at 1 (888) 765-7333.

Why you should let us do your mortgage shopping.

It’s what we do everyday, and we’re darn good at it.
Most mortgage shoppers are too busy to land themselves the best deal. Getting the best mortgage terms and rate could save you 10’s of thousands of dollars.

Expert non-biased advice
By letting us do all the legwork you are virtually guaranteed a better rate than by simply using your bank. We work for you, not the bank. We’ll explain all of your mortgage options in easy to understand language so you can make a more informed decision.

It pays to compare
All mortgages aren’t created equally. We’ll present you with competing offers from Canada’s leading mortgage lenders so you can be sure you are leaving no stone unturned.

We’re quick, easy and free
Our service is absolutely without cost, commitment or obligation. After filling out our easy pre-approval application – you can expect us to get back to you within 24 hours.

Mortgage Calculator

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2. You understand that PropertyGuys.com Mortgage and Mortgage Architects maintains its own file containing your personal information.

3. Your file will be kept physically at the office of your independent mortgage planner PropertyGuys.com Mortgage until a loan/mortgage is funded, after which, it is scanned and sent to a Mortgage Architects corporate or licensed office for compliance review and then electronically stored on the secure Mortgage Architects computer systems. Your file will also be subject to the privacy policy of the lender that funds your mortgage review and storage, and electronically on Mortgage Architects computer systems. Your file will also be subject to the privacy policy of the lender that funds your mortgage.

4. While at PropertyGuys.com Mortage and Mortgage Architects the access to your file is restricted to personnel on a need to know basis. Our personnel is required to safeguard the confidentiality of your personal information and privacy. We have systems in place which safeguards your personal information and prevents unauthorized access.

5. Other than as provided under this privacy policy we do not share your personal information without your authorization or when permitted or required by law.

6. You will have access to your personal information upon request and you may challenge the accuracy and completeness of the information and such information will be amended as appropriate.

7. If you have any concerns about our privacy policy or require additional information, please contact our Privacy Compliance Officer at 1-888-765-7333

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Fannie Mae Is Ending the HomePath Program – ZING Blog by Quicken Loans #20 #year


#homepath mortgage rates

#

Fannie Mae Is Ending the HomePath Program

I’ve got some good news and some bad news on the housing front. First, the good news: The market is ticking up and the inventory of foreclosed homes is dwindling. The bad news: For just that reason, Fannie Mae is ending its HomePath program.

Fannie Mae’s HomePath program helps buyers of foreclosed properties get cost-effective mortgages, including cash for repairs and remodeling on homes owned by Fannie Mae. The HomePath program currently offers a number of incentives for home buyers: You can put down as little as 5%, there’s no mortgage insurance requirement, and you don’t have to get an appraisal.

Also to end is Fannie’s HomePath Renovation Mortgage, which allows buyers to borrow extra cash – up to 35% of the purchase price, with a maximum of $35,000 – for light to moderate repairs and updates to a foreclosed property.

You can check out the HomePath program at HomePath.com. but be forewarned that it all comes to an end on October 6, 2014 – so you better act fast if you still want to get in on it!

But don’t be forlorn, as Fannie’s making up for these program withdrawals with a number of financing flexibilities. Fannie Mae will allow interested-party contributions (contributions from the seller, the lender or anyone who stands to benefit from the sale) of up to 6% of the selling price, up from 3%. And, it also now allows properties with Fannie Mae-imposed resale restrictions – restrictions which require a length of time before reselling the property – to qualify for Fannie Mae-backed mortgages.

Quicken Loans offers a wide array of excellent mortgage products designed to fit your needs. Since the HomePath program is coming to an end, we suggest you get in touch with a Quicken Loans Home Loan Expert to find out what option works best for you by visiting QuickenLoans.com or by calling 800-QUICKEN.

Related Posts

Historic Events and Their Effect on Mortgage Rates over a Century With mortgage rates at historic lows, purchasing or refinancing is more affordable than ever. We hig.

Delayed Financing: An Uncommon Refinance Option for Cash Buyers If you’re financially able to buy a house with cash, there may be some benefits for you. But with ra.

What Affects Mortgage Rates? Ever wonder what moves mortgage rates up or down? It doesn’t have to be shrouded in mystery. We have.

Buying a House Without Your Spouse: Community Property Edition Are you married and applying for a mortgage on your own in a community property state? Here’s what y.

Want to impress your friends and family with the knowledge we’ll drop on ya?
If so, subscribe now for tips on home, money, and life delivered straight to your inbox.


Mortgage Website Templates by Vonk Digital #mortgage #payment #calculator #with #taxes


#mortgage website templates

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RESPONSIVE MORTGAGE WEBSITE DESIGNS

Mortgage Website Templates by Vonk Digital

Not only do we offer what we think are the best mortgage websites on the market but we are young, hungry, and aggressive.

Vonk Digital works closely with today’s industry leading originators of all sizes to constantly develop new features and improve old ones. That is real we actually consult with top loan officers and mortgage companies to improve our product.

Vonk Digital’s Mortgage Websites contain everything you need in a website. You can blog, capture leads, integrate with social media, create web and landing pages, monitor site traffic, securely obtain online 1003 applications, manage SEO and much much more! At Vonk Digital we aim to elevate the mediocrity the Mortgage industry has grown to accept when it comes to presentation and online web presence. We offer easy-to-use, cost effective, feature rich mortgage website templates that will literally be the backbone of all your new business development success. Our websites also visually blow your mind in the process.

Vonk Digital mortgage website templates do not require any technical or content set up from you. When we launch your website, you will be ready to go. Our websites offer unmatched customization when compared to our competition. We use a drag and drop content editing tool which allows for endless page layouts and customization. By no means is a technical understanding of websites needed in order to edit our websites.

We also offer semi-custom mortgage website templates. This solution gives the client the opportunity to make one of our existing mortgage website templates work perfectly for their company. Our designs are not set in stone, its amazing what we can do with our mortgage website templates on a semi-custom basis. Get in touch with us to learn more!

Have questions or want to see more?
Request a demo of our Mortgage Websites!

Plain and simple we specialize in creating awesome mortgage websites. We hear from our clients that our sites are the best on the market. We hope you agree and get started soon! View live demos of our Mortgage Websites

At Vonk Digital we aim to elevate the mediocrity the Mortgage industry has grown to accept when it comes to presentation and online web presence. We offer an easy-to-use, cost effective, feature rich Mortgage Website Platform that will literally be the backbone of all your new business development success…and visually blow your mind in the process.
Read More


Payment Center – Human Mortgage by First Community Mortgage #home #loans #today


#first franklin mortgage

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Payment Center

Servicing Division

Do you want to track your account online? Click below to login to your Online Account or to setup an Online Account.

Questions about your current mortgage with us? Contact our Servicing Specialists for help!

FAQ

Can I make a payment online?

You can make your payments online if your loan has being transferred to our Lake Zurich, IL Servicing Center. Any payments sent to First Community Mortgage Inc. will need to be via check or money order sent to:

First Community Mortgage
P.O. Box 291205
Nashville TN 37229

Please be sure to include your loan number.

If your loan has been transferred to our Lake Zurich, IL Servicing Center, you can make a payment by clicking here .

Can I make a payment with a credit card?

We do not allow payments to be made with credit cards.

I have an insurance claim check payable to First Community Mortgage Inc. and me. How do I handle this?

Please contact our Servicing Department at 800-909-4680. and we will review your account with you. Please be sure to have your Claim Adjuster’s report in hand.

When or which day are my monthly statements being mailed?

Statements for the next month are mailed the next business day after we receive your payment.

Who do I contact if I am having trouble paying my mortgage?

If your loan is being serviced by First Community Mortgage, please contact our Servicing Department at 800-909-4680 .

Can I make extra principal payments to my loan?

You may make extra principal payments on your loan at any time to reduce your outstanding principal balance, as long as you are up to date on your regular monthly payments. By making extra principal payments, you can pay off your loan sooner and reduce the total interest costs over the life of your loan.

How do I order a payoff statement on my loan?

Please call 855-201-6650 to order a payoff statement on your loan. Please note that certified funds are required to pay your loan in full.

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How do I request to remove private mortgage insurance from my loan?

Please call our Servicing Team at 800-909-4680 to determine the requirements for your type of mortgage.

What is the mortgagee clause for my insurance bills, payments, or to update my policy information?

Please send this to:

First Community Mortgage Inc. ISAOA
262 Robert Rose Dr, Suite 101
Murfreesboro, TN 37129

For loans serviced through our Lake Zurich, IL Service Center send to:

First Community Mortgage Inc. ISAOA
P.O. Box 961292
Fort Worth, TX 76161-0292

Where do I send my tax bills for payment?

Please send your tax bills to:

First Community Mortgage Inc.
Attn: Servicing Dept.
262 Robert Rose Dr, Suite 101
Murfreesboro, TN 37129

For loans serviced through our Lake Zurich, IL service center:

First Community Mortgage Inc. ISAOA
1 Corporate Dr. Suite 360
Lake Zurich, IL 60047-8945

Where should I send written inquiries or general correspondence?

Please send all correspondence to the below address with your loan number for reference.

First Community Mortgage Inc.
Attn: Servicing Dept.
262 Robert Rose Dr, Suite 101
Murfreesboro, TN 37129

Latest News

MURFREESBORO, TN—First Community Mortgage announced today that Steven Hage, Wes McGaffin, and Matthew Puffer have been promoted to Regional Sales Managers for both the TPO Eastern and Delegated Correspondent Divisions. Hage, McGaffin, and Puffer held previous positions as Account Executives at FCM. In their new role they will be continuing to work with their existing Read More

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Tempted by a 10 year mortgage? #mortgage #calculators #with #taxes #and #insurance


#10 year fixed mortgage rates

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Tempted by a 10 year mortgage?

The 10 year mortgage, where your rates are fixed for a whole decade, is still a rare beast but has started to hit the headlines. On the face of it they may appeal to some people – but is such a mortgage really worth considering, and who might want one? Matt Harris of Dalbeath Financial Planning doubts the hype.

Taking out a mortgage is typically stressful – and you may find the greatest stress can be the level of uncertainty involved. Will interest rates rise, how soon might they rise, and by how much? Will I be able to afford the higher repayments? These are questions that no-one can answer with 100 per cent certainty. So the prospect of a mortgage with a rate fixed for 10 years may initially seem very attractive. The obvious benefits are as follows:

  • Complete certainty about how much your mortgage payments will be for the next 10 years.
  • Interest rates are at a historic low, so you may be locking in a great rate at the perfect time.
  • Remortgaging can involve fees, which you will avoid for 10 years.

However, there are downsides to consider too:

  • You will not be able to repay the mortgage in full within the first 10 years, without incurring potentially large penalty charges. You may still be able to move house, but only if you take the mortgage with you, which is only possible if the lender approves it.
  • Your monthly payments will be higher than under a shorter term fixed rate.
  • If mortgage rates continue to fall then you will miss out on the chance to lock in a lower rate in future.

Weighing up your options

Here’s an example of the kind of choice you might face. Esme is thinking about buying a £300,000 house with a £250,000 mortgage. If she considers the best deals on the market at the moment, she would have the following options open to her:

1) A 2 year fixed rate mortgage with Accord, at 2.54%, with upfront fees (after cashback) of £225 and an initial monthly payment of £1,126.

2) A 5 year fixed rate mortgage with Leeds Building Society, at 3.59%, with upfront fees of £35 and an initial monthly payment of £1,263.

3) A 10 year fixed rate mortgage with TSB, at 4.29%, with upfront fees of £450 and an initial monthly payment of £1,359.

Which of these should she go for?

Over the first two years of her mortgage, Esme would pay:

£27,249 under the 2 year deal

£30,347 under the 5 year deal

£33,066 under the 10 year deal

Let’s keep it simple and compare just the 2 and 10 year options.

If Esme opted for the 10 year fixed rate mortgage, she would pay £5,817 (or 21%) more in extra interest payments during the first 2 years alone than if she had chosen the 2 year fixed rate mortgage.

Over the whole 10 year term the extra cost gets even greater. If Esme manages to borrow at 2.54% for the whole 10 year period (which she may be able to do by taking out five short fixed rate deals in succession) then she would pay around £136,245 over the whole period. By contrast, if she chooses the 10 year fixed rate, then she would pay around £165,000 over the 10 years.

That adds up to a difference of more than £29,000. Is that a price worth paying merely for increased certainty over what her mortgage will cost each month? Many would say, no it isn’t.

Although remortgaging five times during that period could incur fees, these should be £400 at most each time, and with the right advice remortgaging could even be free of charge. That doesn’t come close to closing that £29,000 gap.

The only thing that would make the 10 year deal the best option, in this scenario, is if interest rates were to rise significantly over the 10 year period. How significantly? Well, 2 year fixed rates would have to increase to 4.5% or more for Esme to be better off choosing the 10 year option. This chart from the Bank of England shows when we last saw rates at that level, which was during the housing boom of 2005-2007:

On reflection, Esme decides that the 10 year deal doesn’t represent good value for her. So who might decide to go for it?

The only obvious circumstances in which you might consider a 10-year fixed rate are: if you are in (or about to buy) a home that you intend to stay in for at least 10 years, and you also believe that interest rates will rise sharply in future, and – furthermore – you are worried that this would cause you difficulties in making your monthly mortgage payments, then you might consider taking out a 10 year fixed rate. For everyone else, a series of shorter term fixed rate deals looks to be the better option by far. Remember that remortgaging is fast and easy, and with the right advice can also be fee-free.

You can also be certain that with a 2 year fixed rate mortgage your monthly payments will be significantly lower, in the short term at least. This represents more money in your bank account, giving you greater spending (and saving) power now. For most people, this will outweigh the theoretical, uncertain savings that may come from taking a long term fixed rate deal.

Matt Harris, director of Dalbeath Financial Planning. is a qualified independent financial and mortgage adviser. Matt advises clients on all areas of their finances, including mortgages and life insurance, but particularly specialises in pension and wealth management.

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