Every day, thousands of people are either borrowing money from a financial institution to refinance, or buy a new home or investment. If you have yet to confront your day to the lending world, there are three main components of a mortgage loan or bail bondsman loan to understand before moving any further:
o Down Payment
o Interest Rate
o Term
These three things include how much money you put down, the effect of interest rates on your monthly payment, and how long it takes for you to pay your debt. If you want sms lån , they will require to have your bank account and other personal information such as your address and email to enable them to determine whether or not you would be eligible for the loan, the process is normally very straightforward. Your mobile phone number will be added to your application as part of the process and you will normally be given a pin number which you can then use to apply for your loan or loans by SMS text message. You will receive a reply back and if your loan has been approved, the money will be deposited into your bank account. Before obtaining a mortgage loan, make sure to understand these components, click here for info about payday loans.
The company tax rate for businesses with less than $10 million turnover is 27.5%.
If you use a Home Loan Program, one strategy is to allocate profits to a “Bucket Company” and cap your tax at 27.5% for the 2018 year. Note that this company must have business operations to qualify for the reduced company tax rate.
Down payment
You have several different options for a down payment.
- You can put as little as 3% down with Massachusetts housing loans.
- You can put 3 1/2% down with FHA loans. (backed by the government)
- You can must put minimum 5% down with conforming loans.
- A conforming loan is a loan amount up to 417000.
- Conforming loans are Fannie and Freddie backed.
- You must put minimum 10% down for jumbo loan.
- If the loan size is above 417000 you should prepare to put down 10% or greater, because you will now be in the jumbo loan category. (The reason you have to put more down is because after $417000 you are categorized different, changing your regulations- therefore the amount you have to put down becomes a little bit more “hefty.”
- You must put minimum 20% down for $1,000,000 +
- On any loan amounts greater than $1,000,000 you have to put at least 20% down.
- This is because it is a riskier loan and they want to see you have more skin n the game with that loan size.
Interest Rates
If you haven’t lived in a cave for the last four years than you are most likely familiar with the words “interest rates are at their all time lows.” Well they really meant it when they screamed it a few days ago because another low was hit again. The 30 year fix was at as low as 3.5 percent last week for consumers with very good credit. This again is a very new all time low. As of Thursday July 5, 2012, the 15 year fixed went under 3 percent. This is the first time in history it has ever been that low.
Adjustable Rate Mortgage(ARM) interest rates are also at all time lows. The five-year ARM is at 2.5 %, the 7 year ARM is at 2.75% and the 10 year ARM is at 3% assuming you have 740 credit or better.
To find out what rate you would qualify for or to learn more about different mortgage products, contact Ravi Pahuja, our preferred mortgage specialist.
Term:
Term simply means how long you want to amortize your loan for. Amortize basically means “how many years do you want to make payments, before your note has been paid off.” There are options for you to get a loan amortized anywhere from ten years to 40 years. (And actually any term in between in today’s market.)
The traditional terms are 15 years and 30 years however you can amortize your loan through Ravi’s special loan packages.
Example: You can have a 23 year amortized loan. (Meaning you make payments for 23 years.)
