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Find the right mortgage for you
Choosing the correct mortgage is important. It starts with the selection of an experienced, ethical, stable and reliable mortgage firm. In the current environment, fixed rate products are priced even better than adjustable rate loans. However, this can change as markets fluctuate. Selecting the right company and working with an experienced loan officer will ensure that you make the right decision. Send for more information:
Call 602-354-0530 or e-mail us at info@cfsmortgage.com
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6 questions to ask when applying for a mortgage
Applying for a mortgage may seem like a simple process, but knowing the right questions to ask can help to avoid a costly mistake. Here are some key questions you should ask:
- How much do I need for a down payment?
- Should I consider a shorter- or longer-term loan than the typical 30 year mortgage?
- Should I pay points?
- Will it be beneficial for the seller to pay closing costs?
- Do I need reserve funds after closing?
- How does my credit score affect my interest rate?
Get answers at: info@cfsmortgage.com or call 602-354-0530
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How does the debt-to-income ratio work?
Two debt-to-income ratios are calculated in qualifying for a mortgage. The first ratio is the new mortgage payment including taxes, insurance, mortgage insurance and any homeowner association fees divided into your gross monthly income. The second ratio is the total of the first-ratio debt plus the total of all other installment loan and credit card minimum payments divided into your gross monthly income. These ratios are also referred to as “top and bottom ratios” and “front and back” ratios. Most underwriting approvals are based on electronic acceptance of these ratios. Higher ratios are typically allowed for borrowers with high credit scores, larger reserve funds and greater down payments.
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5 mistakes to avoid when applying for a mortgage
- It is important to explore the differences between conventional and FHA mortgages. Many lenders are not FHA approved. Be sure to work with a lender that has access to all loan products.
- Obtain a good faith estimate early in the process, and make sure you understand the costs associated with obtaining a mortgage.
- Don’t base your entire decision on pricing. Getting a favorable rate is important, though in the current market obtaining a loan is not always easy. Choose a company that is well respected and be sure your loan officer has ample experience.
- Take the time to meet with your loan officer and visit the lender’s office. In today’s electronic age, though much of the process can be done without meeting in person, a visit to the lender’s office and an in-person meeting with your loan officer can have a major effect on the quality of service you will receive and the level of professionalism that you encounter.
- Carefully research the company that you choose. All mortgage companies are simply not alike. How long have they been in business? Are they a mortgage banker or merely a mortgage broker? Are there complaints registered with the Better Business Bureau or the Arizona Department of Financial Institutions? All of these matter and can make a material difference. Do the research initially and you’ll likely avoid unpleasant surprises.
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6 Reasons to refinance today
- Rates may never be lower.
- You have a high interest rate.
- Your ARM (adjustable-rate mortgage) is adjusting.
- You have accumulated debt - combine it into one lower monthly payment.
- Your home needs repairs - get cash to make home improvements.
- You need cash.
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Need Cash? Provide us with the following data:
- Current home value
- Amount of mortgage debt
Send the above data to: info@CFSmortgage.com
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How to dis-ARM your mortgage
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Refinance HOTLINE
- Call 602-354-0530 or e-mail us at info@cfsmortgage.com to get today’s rates and find the best loan program for you.
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Quick and easy pre-qualifier
- Gross monthly income
- Credit score (if known)
- Total current monthly installment/credit card payments
- Cash available
- Phone number
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