Life In Wake Forest NC.....

Why Pay Private Mortgage Insurance (PMI)? Private Mortgage Insurance (PMI) is required by most lenders when a borrower puts less than 20% down on a purchase loan. Paid for by the borrower, PMI not only protects the lender from foreclosure, it also enables many buyers to qualify for loans and purchase real estate when they couldn't have otherwise. On January 1st, 2007, legislation went into effect making PMI tax deductible for new borrowers whose personal adjusted gross income is $100,000 or less. This has created additional opportunities for many buyers to finance a more expensive home or, in some cases, to obtain a lower monthly payment, while reducing annual income taxes. In most cases PMI can be cancelled once the accumulated equity has reached 20% of the home's value, except with FHA loans which require a 22% equity position. Traditionally many buyers would opt for a second home loan known as a piggyback loan to avoid PMI. Factor in the new PMI tax benefit, and a borrower's monthly payment may actually be lower with PMI versus a piggyback loan scenario. Choosing PMI is not a one-size-fits-all decision. It is my job to weigh my borrowers' long-term goals and to provide comprehensive solutions that clearly explain all of the pros and cons of each mortgage option available. It's a job I take very seriously.

Mortgage Interest Rates*

Rates as of Thursday, 27th August, 2009:   Conforming                   Rate             APR     Payment per $1000

Conforming APR Payment per $1,000 Jumbo APR Payment per $1,000 30-Yr. fixed 4.875% 5.020% $5.29                     Call 0.000% $0.00 15-Yr. fixed 4.375% 4.623% $7.59 for 0.000% $0.00 7-Yr. fixed ARM 4.25% 4.264% $4.92 jumbo 0.000% $0.00 5-Yr. fixed ARM 3.875% 4.264% $4.70 rates 0.000% $0.00 10 Yr. fixed ARM 4.75% 4.768% $5.22 % 0.000% $0.00 5-Yr. Interest Only 4.125% 4.390% $3.44 % 0.000% $0.00

*Rates are subject to change due to market fluctuations and borrower's eligibility.

Rates subject to change. Certain credit requirements and other conditions apply. This is not a guarantee to lend. Rates based on a 12 day lock period and a minimum loan amount of 185,000. Credit determination must be made prior to approving rate. Equal opportunity lender. FPF CA DRE Lic#00654852 Nevin's NC Lic#I139451 First Priority Financial NC Lic# B-146523-101

 

 

Searching for a home?                                                Complimentary MLS listings!         Cary               Apex                 Raleigh                    Wake Forest             Charlotte Our services include personal budgeting, financial planning, retirement planning strategies and real estate contract review. You can find information relating to mortgages including calculators, current rates, buying a home, refinancing, VA, FHA, USDA, Conventional and Jumbo loans  by clicking here Licensed to broker loans with over 300 lenders including Bank of America, Wells Fargo, Citimortgage, Met Life, Fifth Third Bank, Flagstar, ING,Luther Burbank, Provident, Suntrust, US Bank and many more.  Find a home with our network of professional real estate agents interviewed and selected for their extensive knowledge and expertise!  Send us an e-mail with the city and state.  nevin@nevinloans.com You may also call us (888) 206-5781 My extension is 1017 "First Priority Financial, Inc. is licensed by the CA DRE, license #00654852."