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May 7, 2014

Introducing So EZ Mortgage Phone Application

You can now keep us on your phone. Starting with our blogs, contact info and a way to share us with your friends and family. Soon we will implement a mortgage calculator and quote widget.

Just click here to get our free phone application.

May 1, 2014

The Big Home Purchase Niche -- USDA -- Prime Choice When It Comes To Mortgages

Most homeowners and wantabe homeowners are clueless when it comes to USDA home loans. It's a niche
purchase mortgage serving a fraction of the U.S. housing market, and most banks don't offer them. However, many suburban and rural home buyers can use it.
The full name is the USDA Rural Development Guaranteed Housing Loan program. But no need to be fancy, lets just call it, USDA.
USDA loans are insured by the U.S. Department of Agriculture and the biggest feature is its option for "no money down" financing. Via the USDA, you can finance 100% of a home's purchase price while getting access to the best mortgage rates.
USDA loans are similar to other common loan types. The repayment schedule is "standard", closing costs are typical, plus there are never prepayment penalties to pay.  What really makes USDA loans So EZ, is its downpayment requirements and its simpler loan approval standards.

This Does Come With A Cost Similar But Not As Bad As FHA

Since October 1, 2012, USDA mortgage insurance rates have been :
·         For purchases, 2.00% upfront fee paid at closing, based on the loan size
·         For refinances, 2.00% upfront fee paid at closing, based on the loan size
·         For all loans, 0.40% annual fee, based on the remaining principal balance
Great news, you don't have to bring in the money at closing, you can roll in the upfront portion into the loan.
USDA mortgage insurance rates are lower than those for a comparable FHA or conventional mortgages. FHA mortgage insurance premiums assess a 1.75% upfront mortgage insurance premium and charge as much as 1.55% in MIP annually. 

Call me today, I can provide you with a quote in minutes without pulling your credit or asking you for personal information. After I provide you with your EZ quote, you will get a copy emailed to you with my comparison tool allowing you to compare quotes and make sure the loan is right for you.