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What is a Piggyback Mortgage?

In order to achieve the dream of homeownership, many buyers look for creative financing to aid them in their quest. One such option is a piggyback mortgage, which actually involves taking out two separate loans to make homeownership more affordable. These loans can be very helpful, but borrowers must know the risks in order to be succesful. Piggyback Definition Here’s how a piggyback mortgage works. You take out a traditional home loan for 80% of the home purchase price. You put down 10% of your own cash as a downpayment. Then in order to cover the remaining 10%, you take out a sec...

September 12th, 2018 | First-time Homebuyers, Conventional Loans, Preapproval, Purchasing a Home, What is a Piggyback Mortgage?

Are Fixed Rate Mortgages or Adjustable Rate Mortgages better for me?

When you are in the market for a mortgage, one of the many decisions you’ll have to make is whether to apply for a fixed-rate loan or an adjustable rate mortgage (ARM). Both can be beneficial, depending on your situation. Learning the difference between them can ensure you get the right product for your financial goals. Fixed-Rate Mortgages Fixed-rate mortgages (FRMs) are just as their name suggests - loan with a fixed interest rate, a rate that never changes over the course of the mortgage. The obvious benefit of this type of loan is that your monthly payment, as well as your inte...

August 15th, 2018 | Purchasing a Home, Fixed Rate Mortgages, Adjustable Rate Mortgages, Refinancing a Home, Are Fixed Rate Mortgages or Adjustable Rate Mortgages better for me?

Should I Pay Mortgage Points?

If you are buying a home or refinancing, you have probably heard about “mortgage points.” This form of pre-paid interest can save you thousands of dollars over the course of your loan but in many circumstances is not worth the upfront cost. How do you know whether to pay points or not? Here’s a quick guide to help you figure it out. What are Mortgage Points? Mortgage points – also known as discount points - are essentially a way to pay some of the interest upfront on your home loan. One point is equal to 1% of your mortgage amount. For example, one point on a $100...

July 18th, 2018 | Purchasing a Home, Interest Rates, Should I Pay Mortgage Points?

4 Things Every Borrower Needs to Know About Mortgage Brokers

Buying a home in Arizona, whether for the first time or the last, is an exciting event. Yet before you even take a look at a single home for sale, it is a smart idea to have your mortgage financing lined up. While it is possible to get a home loan directly with your local credit union or bank, the most common mortgage-makers are mortgage brokers. If you are ready to apply for a home loan, here are 4 things you need to know about mortgage brokers before starting the process. A broker is a middleman Mortgage brokers act as go-betweens for you and many different potential lenders. Instead o...

June 20th, 2018 | mortgage brokers, 4 Things Every Borrower Needs to Know About Mortgage Brokers

FOREIGN NATIONAL LOANS

Buy a Home in the US, with the Help of Arizona Wholesale Mortgage Inc.Arizona Wholesale Mortgage Inc. has the loan product, investors and the experience to help provide you with your Home Mortgage as a Foreign National (Non-Resident Aliens). Arizona Wholsale Mortgage Inc. professionals can offer Foreign Nationals: Adjustable and Fixed Rate MortgagesJumbo LoansSkilled guidance, experienced professionalsHow much can I borrow?You can borrow any amount for the purchase or refinancing of a primary or second home. The qualifying “housing expense to income ratio” is 30% and the ...

August 23rd, 2017 FOREIGN NATIONAL LOANS

INVESTOR NO INCOME QUALIFYING LOANS

INVESTOR NO INCOME QUALIFYING LOANS Investors now you can purchase that investment home and no pesky taxes required, or income required to qualify.  You will need the down payment typically 25% to 30% down, own at least one other home and have 60 day seasoned funds in the bank for the down payment this would required 25% down!  If the down payment is not seasoned then 30% down.  1-2 week closing, 5 year armsInvestors or owner occupied with 12 to 24 months of bank statements can qualify using these as income.  We average the deposits.  The loans are priced well are...

August 5th, 2017 INVESTOR NO INCOME QUALIFYING LOANS

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