5 Mortgages That Require No Down Payment Or A Small One, nfcu mortgage rates.#Nfcu #mortgage


5 mortgages that require little down payments

Nfcu mortgage rates

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Loans with low or no down payment

Homebuyers with little money for a down payment are finding more home loans available for a low down payment or even no down payment.

Following are a few options for borrowers seeking low-down-payment and zero-down-payment home mortgages.

Nfcu mortgage rates

No down payment: VA loan

The Department of Veterans Affairs, or VA, guarantees purchase mortgages with no required down payment for qualified veterans, active-duty service members and certain members of the National Guard and Reserves. Private lenders originate VA loans, which the VA guarantees. There is no mortgage insurance. The borrower pays a funding fee, which can be rolled into the loan amount.

For purchase and construction loans, the VA funding fee varies, depending on the size of the down payment, whether the borrower served or serves in the regular military or in the Reserves or National Guard, and whether it’s the veteran’s first VA loan or a subsequent loan. The funding fee can be as low as 1.25 percent or as high as 3.3 percent.

For first-time purchasers making no down payment, the funding fee is 2.15 percent for members or veterans of the regulator military, and 2.4 percent for those who qualify through service in the Reserves or National Guard.

Nfcu mortgage rates

No down payment: Navy Federal

Navy Federal Credit Union, the nation’s largest in assets and membership, offers 100 percent financing to qualified members who buy primary homes. Navy Federal eligibility is restricted to members of the military, some civilian employees of the military and U.S. Department of Defense, and family members.

The credit union’s zero-down program is similar to the VA’s. One difference is cost: Navy Federal’s funding fee of 1.75 percent is less than the VA’s funding fees.

Nfcu mortgage rates

No down payment: USDA

The (Department of Agriculture, or) USDA’s Rural Development mortgage guarantee program is so popular that it has been known to run out of money before the end of the fiscal year.

Some borrowers are surprised to find that Rural Development loans aren’t confined to farmland.

The USDA has maps on its website that highlight eligible areas. In addition to geographical limits, the USDA program has restrictions on household income, and it is intended for first-time buyers, although there are exceptions.

The USDA mortgage comes from a bank, and there is no mortgage insurance. Instead, the USDA levies a 1 percent upfront guarantee fee, which can be rolled into the loan amount, and an annual guarantee fee of 0.35 percent of the loan balance.

Nfcu mortgage rates

Low down payment: Mortgage insurance

Qualified borrowers can make down payments as low as 3 percent with private mortgage insurance, or PMI. For most borrowers, PMI costs less than Federal Housing Administration mortgage insurance. But PMI has stricter credit requirements.

PMI has another edge over FHA: Once your mortgage balance is under 80 percent of the home’s value, you can cancel PMI. You can’t get rid of FHA insurance unless you refinance into a non-FHA loan.


Loan Calculator and Payment Schedule, Not a Toy, nfcu mortgage rates.#Nfcu #mortgage #rates


Loan Calculator

Since you may have happened upon this loan calculator to calculate a monthly payment, I’ll cut to the chase. You’ll only need to enter three numbers, and you can leave the other dozen or so options untouched.

Here’s all you need to do.

  • Click clear and enter values for:
    • Loan Amount
    • Number of Payments
    • Annual Interest Rate
  • Leave Loan Payment Amount set to 0.
  • Click either Calc or Payment Schedule.

There you have it. Now you have what you need.

This calculator though offers users so much more. Spend a few minutes with it, and you’ll see. More below.

Will making small, extra payments save me money?
Will paying half the monthly payment every other week save interest charges?
Buying or selling real estate?

VERY IMPORTANT – You must enter a 0 if you want a value calculated. Some users have been frustrated by this. They want to know why the calculator does not just recalculate a payment if they have changed the loan amount, interest rate or term.

This is because we want the calculator to be able to create an amortization schedule using whatever parameters you want to use. This behavior is a feature! After all, there is no such thing as a correct loan payment. The payment amount is correct as long as both the lender and debtor agree to it!

ABOUT DATES – This calculator now allows irregular length first periods. That is, the calculator calculates the exact amount of interest due even when the initial period is shorter or longer than the other scheduled periods. This will result in payment amounts as well as interest charges that do not match other calculators. If you want to match other calculators then set the Loan Date and 1st Payment Date so that the time between them equals one full period as set in Payment Frequency . Example: If the Loan Date is May 15th and the Payment Frequency is Monthly, then the 1st Payment Date should be set to June 15th, that is IF you want a conventional interest calculation. See the end of the Help text for some more details.

Of course, you can always leave the dates set as they are when the calculator loads.

Much More Than a Payment Calculator

Since the calculator will solve for multiple unknowns, it can easily be used to answer the following questions:

  • How much can I borrow?
  • What would my payment be?
  • What is the lending rate?
  • How long will it take to pay off my loan?
  • What date is my loan paid off?
  • NEW – what is the impact of extra payments?

Nfcu mortgage rates

See the payment schedule for total interest saved.

Loan Calculator Help.

This calculator will solve for any one of four possible unknowns: Amount of Loan , Total Scheduled Periods (term), Annual Interest Rate or the Periodic Payment .

Enter a ‘0’ (zero) for one unknown value.

The term (duration) of the loan is a function of the Total Scheduled Periods and the Payment Frequency . If the loan is calling for monthly payments and the term is four years, then enter 48 for the Total Scheduled Periods . If the payments are made quarterly and the term is ten years, then enter 40 for the Total Scheduled Periods .

The Amortization Method should be set to Normal (level payments) unless you have a specific reason to set it to another method. Fixed Principal causes the amount allocated to principal to be the same each period which result in decreasing payments.

If the terms of the loan call for a 0% interest rate, then the Amortization Method must be set to No Interest, otherwise entering a zero for Annual Interest Rate? will cause the calculator to calculate an interest rate. Selecting No Interest, also lets the user set the payment amount to 0 to tell the calculator to calculate it.

When the first period, the period of time between the loan date and the first payment date is longer than one full period, there will be interest due for the extra days . This is known as odd day interest. Example: if the loan date is March 24 and the first payment date is May 1, then there are 8 odd days of interest – March 24th to April 1st. How the odd day interest is calculated and collected is controlled with the Long Period Options. By default, the odd days interest is shown being paid on the loan date.

Conversely, if the time between the loan date and first payment date is less than the payment period set, then the first period is said to be a short initial period and the first payment will be reduced due to less interest being owed. How the payment amount and interest is calculated for a short period is determined by the Short Period Options.

On a more general note, we have been discussing details about loans, some structured with unusual features, over several decades. At this point, we believe our software calculators can create a schedule for any structured settlement loan that exists. If you have a loan with special requirements, please ask.

Hopefully, you’ll find this loan calculator as well as all the financial calculators on this site to be useful tools. Why not take another sip of your favorite beverage and explore for a few minutes? Start by checking out The Reading Room. Here you’ll find a half dozen articles, written by professionals, about money.


Credit Inquiry letter of explanation – myFICO® Forums, nfcu mortgage rates.#Nfcu #mortgage #rates


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Credit Inquiry letter of explanation

My husband and I are in the process of getting a mortgage for our first home.

To the best of my knowledge, we are currently “conditionally approved.”

However. we are running into a bureaucratic nightmare. We have now written 7 letters for the purpose of “explaining recent credit inquiries.” Apparently, the wording we have used is unacceptable, but I can’t get a straight answer out of anyone for how to fix it. I called the lender and was told that it is illegal for me to have any contact with them without our mortgage broker on the phone. I asked the mortgage broker how we need to word the letter and he says it is illegal for him to tell me.

Essentially, we shopped around to compare interest rates and fees. We did not accept money as a result of any of the inquiries so far. The latest inquiries are all from the mortgage broker we selected.

Can anyone tell me how to word a letter that explains that in a way that will be acceptable to the lender?

03/01/2012 EQ:720 TU:797 EX:788 (lender pull)

02/29/2012 TU: 814 (myFICO quarterly report)

02/28/2012 EQ:720 (myFICO Score Watch alert)

02/27/2012 EQ:720 TU:746 EX:788 (lender pull)


Nfcu mortgage rates #bad #credit #mortgage


#nfcu mortgage rates

#

Current Rates

1 APY = Annual Percentage Yield. Must meet account qualifications to earn APY. Limited to one per member. Click here for account details.

2 APR = Annual Percentage Rate. Rates shown are the lowest rates offered for the advertised product. Applicants who are not approved at these rates may be offered a higher rate. The rate you receive will be determined by your credit history and past credit performance. Not all applicants may be approved. Subject to the VISA Advantage terms and conditions and VISA Signature Elite terms and conditions. Please refer to your VISA Signature Benefits Guide for full details on your benefit program. All loans are subject to credit approval.

3 APR = Annual Percentage Rate. 0.99% APR is fixed for the first 6 months. Rate floor is the Prime Rate, currently 3.25%. Rates are based on the Prime Rate published in the Wall Street Journal plus a margin of up to 2.5%. Any changes to the Prime Rate within the month as published in the WSJ will result in a change to a borrower’s rate effective the first of the following month. Rate will revert to as low as Prime once the 6 month introductory period has expired. Rates shown are the lowest rates offered for the advertised product. Not all applicants may qualify for a special introductory rate; applicants who have previously received an introductory rate on a NEFCU Home Equity Line of Credit do not qualify for this offer. Applicants who are not approved at these rates may be offered a higher rate. The maximum APR imposed under the plan will not exceed 18%.

4 APR = Annual Percentage Rate. Rates shown are the lowest rates offered for the advertised product. Applicants who are not approved at these rates may be offered a higher rate. The rate you receive will be determined by your credit history and past credit performance. Not all applicants may be approved.

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2016 NEFCU. All rights reserved. For information, call (516) 561-0030.


Nfcu mortgage rates #pay #off #mortgage #early


#nfcu mortgage rates

#

Current Rates

1 APY = Annual Percentage Yield. Must meet account qualifications to earn APY. Limited to one per member. Click here for account details.

2 APR = Annual Percentage Rate. Rates shown are the lowest rates offered for the advertised product. Applicants who are not approved at these rates may be offered a higher rate. The rate you receive will be determined by your credit history and past credit performance. Not all applicants may be approved. Subject to the VISA Advantage terms and conditions and VISA Signature Elite terms and conditions. Please refer to your VISA Signature Benefits Guide for full details on your benefit program. All loans are subject to credit approval.

3 APR = Annual Percentage Rate. 0.99% APR is fixed for the first 6 months. Rate floor is the Prime Rate, currently 3.25%. Rates are based on the Prime Rate published in the Wall Street Journal plus a margin of up to 2.5%. Any changes to the Prime Rate within the month as published in the WSJ will result in a change to a borrower’s rate effective the first of the following month. Rate will revert to as low as Prime once the 6 month introductory period has expired. Rates shown are the lowest rates offered for the advertised product. Not all applicants may qualify for a special introductory rate; applicants who have previously received an introductory rate on a NEFCU Home Equity Line of Credit do not qualify for this offer. Applicants who are not approved at these rates may be offered a higher rate. The maximum APR imposed under the plan will not exceed 18%.

4 APR = Annual Percentage Rate. Rates shown are the lowest rates offered for the advertised product. Applicants who are not approved at these rates may be offered a higher rate. The rate you receive will be determined by your credit history and past credit performance. Not all applicants may be approved.

  • Sitemap
  • Career Opportunities
  • Privacy Policy
  • Disclosures

2016 NEFCU. All rights reserved. For information, call (516) 561-0030.


Nfcu mortgage rates #mortgage #disability #insurance


#nfcu mortgage rates

#

Current Rates

1 APY = Annual Percentage Yield. Must meet account qualifications to earn APY. Limited to one per member. Click here for account details.

2 APR = Annual Percentage Rate. Rates shown are the lowest rates offered for the advertised product. Applicants who are not approved at these rates may be offered a higher rate. The rate you receive will be determined by your credit history and past credit performance. Not all applicants may be approved. Subject to the VISA Advantage terms and conditions and VISA Signature Elite terms and conditions. Please refer to your VISA Signature Benefits Guide for full details on your benefit program. All loans are subject to credit approval.

3 APR = Annual Percentage Rate. 0.99% APR is fixed for the first 6 months. Rate floor is the Prime Rate, currently 3.25%. Rates are based on the Prime Rate published in the Wall Street Journal plus a margin of up to 2.5%. Any changes to the Prime Rate within the month as published in the WSJ will result in a change to a borrower’s rate effective the first of the following month. Rate will revert to as low as Prime once the 6 month introductory period has expired. Rates shown are the lowest rates offered for the advertised product. Not all applicants may qualify for a special introductory rate; applicants who have previously received an introductory rate on a NEFCU Home Equity Line of Credit do not qualify for this offer. Applicants who are not approved at these rates may be offered a higher rate. The maximum APR imposed under the plan will not exceed 18%.

4 APR = Annual Percentage Rate. Rates shown are the lowest rates offered for the advertised product. Applicants who are not approved at these rates may be offered a higher rate. The rate you receive will be determined by your credit history and past credit performance. Not all applicants may be approved.

  • Sitemap
  • Career Opportunities
  • Privacy Policy
  • Disclosures

2016 NEFCU. All rights reserved. For information, call (516) 561-0030.