Skip to content Skip to sidebar Skip to footer

Adorable puppy that nobody want, hopeless as he is formally placed on death row

Whether you are using a mortgage as part of your financing of a new (for you) home, or in order to finance, it is wise, to fully understand your alternatives, and consider them carefully. Since for most people, a home is their single largest financial asset, doesn't it make sense to proceed wisely, carefully, and in an informed manner? While there are numerous types of mortgages, let's discuss those referred to as Jumbo Mortgages, and consider them in relationship to Conventional Mortgages. Because of the prices of houses today, a far larger proportion of houses sold or refinanced qualify for Jumbo - status, and there are pluses and minuses, you should understand and appreciate.

1. More people need one today than previously: Prices of homes have gone up, and many have significantly in the last couple of years. In many areas of the country, you can only borrow up to $417,000 to qualify for a conventional type of mortgage, although in some of the more expensive regions of the country (the determination is generally made, county - by - county), that limit is up to $625,500. (Note: These numbers may be changed, based on regulations, etc)

2. They may be harder to qualify for: Each lending institution determines its own guidelines, to some degree, and some have often created different qualifications for the Jumbo Mortgages. These may include items such as downpayment (or, at least flexibility), credit score, or cash - in - hand. For example, a lending institution may ask to see, at least a couple of months payments readily available in the bank, for a regular one, but may require as much as six months reserve or more, to qualify for the higher limits.

3. Always be aware of bank come - ons!: Although not as prevalent today as during the earlier part of the century, some lending institutions artificially relax requirements, in order to lure borrowers. Remember, a lower downpayment, translates to higher monthly carrying charges, as well as usually a larger total amount due. Consider your personal comfort zone, and not merely what a bank may tell you, that you qualify for!

4. Interest rate: Although earlier this year, Jumbo Mortgages actually carried a lower interest rate, it is far more usual, to witness a higher interest rate charged for the privilege of a larger loan. Generally, this is between 0.1% and 0.4%.

5. Refinancing considerations: Most experts recommend only borrowing up to the limits of the Conventional Mortgage, when one is refinancing. Most people refinance to lower their payments (because interest rates have gone down), but if you borrow a larger amount, your carrying charges, and the amount you owe, increase, and your equity is diminished/ reduced.

Think carefully, discuss with a financial adviser, and a mortgage professional, the pros and cons, of making your choice. Do what's comfortable and best for you, and do so, with your eyes - wide - open!

WTF IS SERIOUSLY WRONG WITH PEOPLE. A FRICKEN YEAR OLD AND LOOK AT HIM.

ID# 64363 - STRAY
Mixed Breed
Male puppy / Not Sterilized
Arrival Date 10/24/2018
Available for Adoption 10/30/2018
Available for Rescue 11/1/2018 EXTREMELY URGENT

Once URGENT an animal is placed on the euthanasia list and depending on space may be euthanized at any time. DO NOT DELAY!!! If interested in adopting or rescue, email mmartinez@cityofclovis.org IMMEDIATELY, to arrange for prompt pick up.

This animal is located at the:
City of Clovis Animal Shelter
2203 E. Brady Ave.
Clovis, New Mexico
Phone: +1-(575)-769-7893
Email: mmartinez@cityofclovis.org
Hours: M-F – 10 AM – 4:30 PM

STATUS : - read comment for update from crossposter
A home equity conversion mortgage, or HECM, is commonly known as a reverse mortgage. These products allow adults older than age 65 to supplement their income with the equity in their homes, or in some circumstances, to purchase a primary residence. While many lenders offer this type of product, it is the only type of reverse mortgage that is insured by the federal government. Those interested in a loan of this kind must apply through a Federal Housing Authority (FHA) approved lender.

What Are the Terms of an HECM?

With this type of loan, there are no monthly payments or fees; rather, you receive a monthly cash payment until you no longer use the mortgaged home as a primary residence. When the loan holder dies or sells the property, the cash, interest, and finance charges must be repaid, usually through the equity in the home itself. Any remaining proceeds after the debt is paid can either be retained or left to surviving family members. Your spouse or loved ones will not be responsible for this debt.

Who Is Eligible for an HECM?

To qualify for this type of financial product, you must be at least 62 years old, either own a property that is paid off or have substantial equity in the home, and live in the property as a principal residence. You must not be delinquent on any federal debt and must have the financial resources to pay costs associated with the property, including taxes, insurance, and association fees. As part of the application process, you are required to also attend an official information session. Qualifying properties include either a single family or multi-unit property in which you occupy one of the units, as well as certain manufactured homes and approved condominiums.

How Much Money Will I Receive?

The monthly payment amount depends on the amount of equity you have, your age, and the current interest rate. Your lender will verify your income, assets, expenses, and good credit, as well as ensure you are up to date on taxes and insurance premiums. If you opt for a fixed-rate loan, you'll receive a Single Disbursement Lump Sum payment plan, which means you'll receive the same amount of money each month. Those who opt for an adjustable rate can choose between fixed monthly payments, flexible monthly payments funded by a line of credit, or a combination of the two.

What Are the Associated Costs?

Costs for this loan include an insurance premium between.5 and 2.5 percent of the total loan amount; any third-party charges, such as appraisal, title search and insurance, and inspections; an origination fee of up to $6,000; and a monthly servicing fee of up to $35. You can choose to finance these costs as part of the mortgage, which will reduce the total amount of payments you'll receive, or pay the costs upfront.

You can learn more about whether a reverse mortgage is right for you by consulting with an FHA-approved lender.