VA Home Loan

 VA Home Loan

If you are a veteran, member of the military or military spouse, you may qualify for a VA loan.  VA Loans offer flexible options as either fixed-rate or ARM mortgages.  You may qualify for fast approval and a hassle-free loan even with less than perfect credit.  Refinance up to 100% of your home or buy a new home with no down payment and never pay monthly insurance (PMI)!va 123

VA Loan Highlights

  • 30-, 20- & 15-year fixed-rate and 5-year ARM loans available
  • Jumbo VA loans available
  • Refinance up to 100% of your primary home’s value
  • VA Streamline Refinance with a reduced funding fee and flexible documentation requirements – available for veterans currently in VA loans
  • Buy a home with no money down (primary home)
  • No monthly PMI (Private Mortgage Insurance)
  • VA loans are governed by the U.S. Department of Veterans Affairs

How VA Home Loans Work

  • Fixed rate monthly payments are based on interest rate, principal loan amount and amortized interest over 15, 20 or 30 years. Your payment will not change throughout the life of the loan
  • ARM interest rates are fixed for a period of 5 years. After the fixed rate period, your interest rate can adjust up or down depending on the market
  • Pay your mortgage at any time without pre-payment penalties

Want more information?  Click here for more details!

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30 Year Fixed Home Loan

30 Year Fixed Home Loan

 30-Year Fixed Rates are Lower than Ever!30 Year Fixed Mortgage Loan

If you plan to stay in your home for the long term, sleep tight knowing you will have the stability of a consistent payment that never changes.  Plan your budget with a consistent mortgage payment at a low rate that will stay the same through the life of your loan.

 

Payments/How it Works

  • Monthly payments based on interest rate, principal loan amount, and amortized interest over 30 years
  • Your payment will not change throughout the life of the loan
  • Your actual payment will vary based on your situation and the current interest rates when you apply
  • Pay your mortgage at any time without pre-payment penalties

Qualification Requirements

  • Refinance up to 95% of your primary home’s value
  • Buy a home with as little as 5% down (primary home)
  • Loan amounts from $25,000 to $2,000,000

Got questions?  Give us a call!  One of our mortgage specialists would be happy to answer all of your questions and get you started with a great low rate today!

Working with Nikitas Kouimanis and his team

  • We put YOU first.  We are committed to getting every client the best possible deal every single time
  • Nikitas Kouimanis and his team offers some of the most competitive rates in the Nation!
  • Fast and efficient, we close most of our loans in 30 days or less
  • We offer a variety of loans.
  • Nikitas Kouimanis will find you the loan that is right for you.  We work with both conventional and FHA loans to get you the loan that meets your unique needs
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15 Year Fixed Home Loan

15 Year Fixed Home Loan

Save Big with Low 15-Year Fixed Rates

The security of a consistent rate and payment and the ability pay off your mortgage as quickly as possible.  A 15-year fixed-rate mortgage allows you to pay less interest over the course of your loan.  Lower rates and a shorter term makes this loan a great choice for the financially savvy customer.

Payments/How it Works15 year fixed mortgage

  • Monthly payments based on interest rate, principal loan amount, and amortized interest over 15 years
  • Your payment will not change throughout the life of the loan
  • Pay your mortgage at any time without pre-payment penalties

Qualification Requirements

 

  • Refinance up to 95% of your primary home’s value
  • Buy a home with as little as 5% down (primary home)

Got questions?  Give us a call!  Nikitas Kouimanis will be happy to answer all of your questions and get you started with a great low rate today!

Working with Nikitas Kouimanis and his team

  • We put YOU first.  We are committed to getting every client the best possible deal every single time
  • Nikitas Kouimanis and his company offers some of the most competitive rates in the Nation!
  • Fast and efficient, we close most of our loans in 30 days or less
  • We offer a variety of loans.
  • Nikitas Kouimanis will find you the loan that is right for you.  We work with both conventional and FHA loans to get you the loan that meets your unique needs
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Conventional Home Loans

 Conventional Home Loans

In general, any loan which does not meet guidelines is a non-conforming loan. A loan which does not meet guidelines specifically because the loan amount exceeds the guideline limits is known as a jumbo loan.the basics of a conventional loan

In the United States, a conforming loan is a mortgage loan that conforms to GSE guidelines.

Starting in 1970, Fannie Mae was authorized by the United States Government to purchase residential mortgage loans. Fannie Mae worked with Freddie Mac to develop uniform mortgage documents and national standards for what would come to be known as a conforming loan.
Fannie Mae and Freddie Mac are continuously in the market for conforming loans; because of this, conforming loans benefit from greater liquidity than non-conforming loans.
The Office of Federal Housing Enterprise Oversight (OFHEO) set the criteria on what constitutes a conforming loan limit that Fannie Mae and Freddie Mac can buy. Criteria include debt-to-income ratio limits and documentation requirements. The maximum loan amount is set based on the October-to-October changes in median home price, above which a mortgage is considered a jumbo loan, and typically has higher rates associated with it. This is because both Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market, making the demand for a non-conforming loan much less. By virtue of the laws of supply and demand, then, it is harder for lenders to sell the loans, thus it would cost more to the consumers (typically 1/4 to 1/2 of a percent.)
A temporary increase in the Conforming Loan Limits for high-cost areas of living has been incorporated into the 2008 economic stimulus package. Congress has authorized an increase of the single family residences limits to the lesser of $729,750 or 125% of the median home value within the metropolitan statistical area (MSA). High-cost loans are only available through FHA loans.
The bill was signed into law by President Bush on February 13, 2008 but the new rates are still not being honored by any lenders (as of March 30, 2009).
The new jumbo-conforming program has been adopted by Fannie Mae and Freddie Mac effective April 1, 2008 until December 31, 2010.

 

Home buyers can take out an amortized conventional loan from a bank, a savings and loan, a credit union or even through a mortgage broker that funds its own loans or brokers them. Two important factors are the term of the loan and the loan-to-value ratio:

  • 95% LTV with a 30-year term
  • 90% LTV with a 30-year term
  • 85% LTV with a 30-year term
  • 80% LTV with a 30-year term

The LTV can be lower than 80%. It can be whatever is comfortable for a borrower. If the LTV is higher than 80%, lenders require that borrowers pay for private mortgage insurance. The term of the loan can be longer or shorter, depending on the borrower’s qualifications. For example, a borrower might qualify for a 40-year term, which would lower the payments. A 20-year term loan would raise the payments. Here are a few examples of how the payments can change depending on the term of the loan:

  • A $200,000 loan at 6% payable over 20 years would result in a payment of $1,432.86 per month.
  • A $200,000 loan at 6% payable over 30 years would result in a payment of $1,199.10 per month.
  • A $200,000 loan at 6% payable over 40 years would result in a payment of $1,100.43 per month.

A fully amortized conventional loan is a mortgage in which the same principal and interest payment is paid every month, from the beginning of the loan to the end of the loan. The last payment pays off the loan in full. There is no balloon payment.

Conforming loan limits are $417,000. A minimum fico score for a good interest rate is higher than those required for an FHA loan. Loan limits above $417,000 are considered jumbo loans and the interest rates are higher.

Adjustable Conventional Loans

An adjustable-rate conventional loan means the loan is adjustable, it can fluctuate. Some loans are fixed for a certain period of time, and then they turn into adjustable-rate loans. Here are three popular types of adjustable conventional loans:

  • 3 / 1 ARM. This loan is fixed for 3 years, and then it begins to adjust for the remaining 27 years.
  • 5 /1 ARM. This loan is fixed for 5 years, and then it begins to adjust for the remaining 25 years.
  • 7 / 1 ARM. This loan is fixed for 7 years, and then it begins to adjust for the remaining 23 years.

Features of an Adjustable Conventional Loan

Many borrowers shy away from an adjustable rate conventional loan and prefer to stick with a traditional amortized loan. For borrowers whose income may go up, an adjustable rate mortgage might be just the ticket to help with the early years of payments.

  • The initial interest rate is lower than the rate for a fixed-rate loan.
  • There is a maximum amount the loan can adjust over the life of the loan known as a cap rate.
  • The interest rate is determined by adding a margin rate to the index rate.
  • Adjustment periods can be monthly, every six months, or every year, among other choices.

 

I have your best interests in mind so please let me know a little bit about your situation by calling me direct at (516) 206-0000. Please do not hesitate.

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HUD Secretary Event to Feature Social Media Q&A on Housing

Department of Housing and Urban Development Secretary Julian Castro will address his agency’s housing initiatives and answer consumers’ questions submitted from a live audience and via social media on Jan. 21.

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Mortgage Rates Back to ‘Golden-Era’ Levels

Mortgage rates continued moving aggressively lower this week, largely because broader bond markets moved even more aggressively lower. In fact, in that sense, mortgages had a hard time keeping up, and that ultimately helped them hold their ground on Friday when broader markets finally underwent a correction. Friday aside, the net effect is what’s important here. Rates are back in the range that prevailed during the “golden era” from mid 2012 to mid 2013 when The most prevalently quoted conforming 30yr rates stayed between 3.125 and 3.625% for top-tier borrowers. Even after Friday’s weakness, 3.625% is still widely available , and several lenders were offering 3.5% on Thursday. 2015 continues to live up to its promise of volatility, and next week could be the wildest yet. Unfortunately , volatility

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Unraveling Complex Market Movement Mysteries; Rates Bounce Slightly Higher off Long-Term Lows; Housing Trouble Brewing?

Bond markets sold off today because they rallied so hard earlier this week. That is all*. I mean, we could sit here and attempt to assign significance to every little market-moving possibility as if it mattered, but as far as today is concerned, that’s more than the movement deserves. That seemingly oversimplified cop-out sentence at the top is what’s really going on. On big selling days like this, it’s always good perspective to step back and look at the long term trend. If we find ourselves in the midst of an aggressive rally, days like today mean so much less than they otherwise would–ESPECIALLY if they follow days like yesterday where a wholly unexpected tape bomb fuels a wholly unexpected extension of a flight-to-safety that looked like it had run its course by Wednesday morning. Incidentally

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Mortgage Rates Bounce Slightly Higher off Long-Term Lows

Mortgage rates pulled back to slightly higher levels today as broader markets underwent a correction from relatively frenzied movement over the past few days. Yesterday we discussed how mortgage rates have a hard time keeping pace with interest rate benchmarks (like Treasuries) when the latter are moving lower much more quickly than normal. The other side of that coin is that mortgages tend to hold their ground better when those benchmarks are moving quickly in the opposite direction. That’s what happened today. The net effect was a moderately weaker day that left 3.625% intact as the most prevalently-quoted conforming 30yr fixed rate for top-tier scenarios. As of yesterday, 3.5% had been gaining some ground, but lost just as much today. Also worth keeping in mind is the fact that volatility

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