VA Home Loans
Since World War II, more than 14 million veterans have purchased a home with the aid of VA loans. The great majority of these veterans have bought soundly constructed homes and make regular payments on their mortgage loans. VA guarantees part of your loan which helps our veterans.
VA loans offer our veterans low interest rate mortgages with zero down. To obtain a VA loan, you must be an eligible veteran who has available entitlement. You must occupy or intend to occupy the home within a reasonable time after closing the loan. The veteran must have a satisfactory credit and must also show your income is stable and sufficient to meet the mortgage payments, cover the costs of owning a home and take care of other obligations and expenses on your credit report.
Now, more than ever, banks are requiring larger down payments. VA loans are perfect for first time home buyers because the borrower can get 100% financing. VA is one of the only loan programs to offer this benefit. Because the loan is backed by the government, banks do not require PMI (private mortgage insurance) which is an added monthly savings. Typically, VA loans come with .5% – 1% lower than a conventional loan. These two advantages add up to big monthly savings for our veterans. If you are interested in purchasing a home using your VA benefits or would like a mortgage refinance, please give us a call 505-881-0801.
VA Loans vs. Traditional Mortgages
|VA Loans||Conventional Loans|
|0% down||Up to 20% down|
|No PMI||PMI Required if 20% down is not met|
|Competitive Interest Rates||Increased Risk for Lenders|
|Easier to qualify||Standard qualification procedures|
Military home buyers have access to one of the most unique and powerful mortgage loan programs. VA home loans are among the last to offer zero down in the market today. Since VA loans are government backed, banks do not require you to buy private mortgage insurance (PMI). This saves you a considerable amount every month. The VA guarantee gives lenders a greater degree of safety and flexibility which typically means more competitive rates than a non VA loan. Generally, it is easier to qualify because the loan is backed by the government which means banks assume less risk and normally have less stringent guidelines that make them easier to obtain.
Many times veterans are funding fee exempt which could save a veteran thousands of dollars. The VA home loan program provides qualified homeowners with a simple way to take advantage of the low rates. VA home loans are also possible on a mortgage refinance to reduce your interest rate or even take cash out. The current economic climate makes now a great time for many military homeowners to refinance and take advantage of the numerous benefits found with a VA home loan whether you are purchasing a home or looking to refinance.
VA Home Loan Advantages
VA home loans are the most powerful home loan for veterans. VA loans do not require private mortgage insurance (PMI) which could save you hundreds of dollars every month compared to Conventional or FHA financing. VA home loans also offer competitive rates and allow a veteran to purchase a home loan with zero down.
Veterans who wish to refinance their current VA loan can also go to 100% of what the home is worth, many times without an appraisal or income documentation. This type of loan is called Interest Rate Reduction Refinance Loan (IRRRL). In some cases the veteran may want to take cash out for home improvements. If this is the case, the veteran can borrower up to 90% of the appraised value. For a cash out refinance, you will need to have an appraisal completed. VA home loans do not come with a pre-payment penalty which allows you to pay extra on your home loan to pay it off earlier and bring down the effective interest rate. For more information regarding a VA home purchase or refinance, give us a call 505-881-0801.
The Latest Update From The Federal Reserve
The Federal Reserve is still a bit nervous about unemployment and they want to keep inflation at 2% a year and not any lower. Things seem to be looking up with the housing market and still showing signs of recover. The Fed is currently cutting back on its monthly bond purchasing by $10 billion monthly. This will move rates higher in the near future. The economy has slowed the last few months, although, the Fed is blaming it on the weather.
Rates are still low for individuals wishing to purchase or refinance. The thought process of a mortgage refinance is to reduce your payment by $100 or more, or possibly reduce your term of your loan quicker. It is not too late to take advantage of the low interest rates that are available. If you have been thinking of a new purchase, now is still the time! Infiniti Mortgage, LLC continues to offer FHA, VA and Conventional financing with low interest rates. Please feel free to contact us with any questions 505-881-0801.
Mortgage Rates Stay Calm
Mortgage applications are up within the last few weeks due to interest rates staying low. Looking back at a month ago, interest rates were a bit higher. Our clients are taking advantage of the lower interest rates and lower payments that are still out there. Many borrower’s are now taking a step to reduce their monthly payment or even reducing their term.
VA & FHA loans are still some of the most competitive loans for borrowers. These loans range from zero down to 3.5% down. Most often VA & FHA loans will have a lower interest rate than a conventional loan. As spring and summer approach, borrower’s are adding items to their wish list of home improvements, cash out to pay off debts or even a family vacation. A mortgage refinance is perfect for these things. It is inevitable that interest rates will go up at some point and now is the time to take advantage of the low rates by calling Infiniti Mortgage, LLC.
Adjustable Rate Mortgage Loans
When looking back, there were a lot of factors that contributed to the financial crash. Adjustable rate loans were being offered to individuals with short fixed terms. This means they were fixed for 2-3 years and then would adjust, most often, to a much higher rate. Unfortunately, this pushed a lot of homeowners into foreclosure because their payment went up quickly due to the rate adjustment. In some cases, rates on adjustable rate loans did go down and borrower’s were able to take advantage of a lower payment.
ARMS are a bit different since the crash. They are now regulated by the Government and have a lifetime cap so your rate can only adjust a certain amount each year and have a lifetime cap. The most popular adjustable rates now come with a 5, 7 or 10 year fixed term and then they adjust after that term. The 5 year adjustable comes with a lower interest rate than the 7 or 10 year. Although, the 7 and 10 year will allow your rate to stay fixed longer. In some cases, adjustable rate loans are better for certain individuals but still more risky than your typical 30, 20 or 15 year loan. If you have any questions on adjustable rate loans, please give us a call 505-881-0801.
Helpful Advice to Selling Your Home Quicker
When you list your home on the market, it is more than just posting a sign outside. It’s a lot of work to get it prepped and keep it presentable every day. Each person who walks in your door is a potential buyer. When preparing, keep your eye out for items you can de-clutter or toss. Everything you pack has to be unpacked so it is the perfect time to donate items to charities around town.
It is also a good time to pre-pack your knickknacks yourself. When buyers walk through your home, show off your countertops and make sure you go from top to bottom in each room. Clean from all baseboards up to your ceiling fans and ensure it’s all dust free. Consider hiring a professional to clean your carpets. This could add to the fresh feel that buyers are looking for in a home. Last, but not least, maintain your home everyday. Keep toilets scrubbed, dishes free of your sink and surfaces wiped down. You’ll never know if the next person who walks in your door could be the one making an offer!
Refinancing Save You Money Over the Life of Your Loan
If you are thinking about a mortgage refinance, you’ll want to look at the benefits of a new mortgage loan. For example, how much does the monthly saving over the life of the loan save you? This could add up to thousands of dollars you keep in your pocket instead of your bank.
It is important to also look at the cost to refinance your home loan. Normally, you will skip a house payment as well as get your escrow money back from your current lender. This is the money they set aside to pay your property taxes and homeowners insurance. Also, interest rates will differ on loan types. A 30 year mortgage normally comes with a higher rate than a 15 year; although, a 30 year mortgage will have a lower payment. Many borrower’s like the 30 year payment to help budget their finances easier. Some clients want to pay their mortgage loan off quicker. In this case, a 15 year mortgage would work the best and will give you a bigger interest savings over the life of the loan. Other borrowers are looking to pay off credit cards or take cash out for many reasons. Interest rates are still low so give us a call 505-881-0801!
Infiniti Mortgage Puts Our Clients First
Whether you are buying a new home or refinancing your current home, Infiniti Mortgage puts you first! A lot of companies promise it but few actually deliver on their word. Our mission at Infiniti Mortgage is to serve as a trusted mortgage company and provide service that exceeds our customer’s expectations.
Our loan officers have an average of 15 years experience and are all licensed. This means we must pass background checks, yearly testing and complete continuing education each year. Not all loan officer are licensed. We work for our clients finding them the best loan for their situation as well as shop many banks to ensure the best rate.
Infiniti Mortgage continues to have an A+ rating with the BBB. We put the trust and confidence back into the lending process. Infiniti Mortgage specializes in VA, FHA and Conventional financing for New Mexico borrowers. We will educate you on the process of your home loan and keep you updated every step of the way. If you have any mortgage questions, please feel free to reach out to us at 505-881-0801.
Frequently Asked Questions About Property Taxes
Most homeowners pay property taxes with the exception of veterans. Some veterans are property tax exempt. Each home carries its own property taxes. It is very important to ask your realtor about property taxes for any home you are interest in purchasing. This will help you budget your monthly payment on your mortgage loan.
Property taxes normally rise yearly. Many individuals reach out to the Tax Assessors office to ask how to bring their property taxes down. One way to save money on your taxes is to claim head-of-household or if you are a veteran, ask if there are any benefits you could take advantage of. Some property taxes are due annually, semi-annual or tri-annually. Most often, property taxes are included with your monthly payment; although, some clients prefer to pay their property taxes separate. Your loan officer can go over these options with you. Please give us a call 505-881-0801.
What To Expect At Closing
When going to close, you want to have your loan officer go over everything that has already been discussed leading up to your final closing. These items will include:
- Interest Rate
- Loan Amount
- Life of Loan
- Monthly Payment
- Amount of money required for closing (if applicable)
- Amount of cash in hand (if cash out)
- Total Closing Costs
Before you set up your final closing, you should always recap your loan with your loan officer and then have your title officer (which is the individual who goes over all your paperwork at close) point out these important factors. You will need to take your driver’s license and cashiers check, (if applicable) for the amount of funds, to closing.
If getting cash in hand, take your bank account information to have your funds wired directly into your account by the title officer. Infiniti Mortgage usually closes loans within 30 days or less.
Improving Credit Scores
Most borrowers have three different credit scores through three credit agencies, TransUnion, Equifax and Experian. For mortgage loan we will use the middle score of all three agencies for your qualifying score. Paying your mortgage on time is one of the best ways to improve your credit and raise your score.
You can strengthen your credit score by also reducing debt. For example, let’s say you have a VISA card with a $5,000 limit and have only $500 charged with an available balance of $4500. This shows the underwriter you are a person with authority and that you manage your credit cards wisely. Conversely, if your credit cards have a minimal available balance, this will reflect a lower credit score. If your mortgage is paid on time and minimal credit card debt with no derogatory items on your report, you will likely have a higher score.
Hello, I just want to write a quick note and let everyone know that I had an excellent experience with Infiniti mortgage. I’ve been shopping around for mortgage refinance, I’ve inquired with 3 different mortgage company from Lending Tree. Not only that I was quoted with high rates, a lot of them seem like they do not know how to process a VA loan properly. Then I finally came across Infiniti Mortgage and spoke with Heather (the owner), not only that she was very friendly, she was very knowledgeable with VA loan, stays in touch to give me loan status updates and she was able to give me the lowest interest. My refinance closed in less than a month. Thank you Miss Heather. And I highly recommend Infiniti mortgage to all, A+++++!
“Every experience I’ve had with Heather Prather and Infiniti Mortgage has been positive, productive and professional. Whether the issue at hand was refinancing my house, getting the necessary paperwork done, dealing with the closing or getting advice on insurance, Heather and her team pointed me in the right direction. Her attentive behaviors inspire confidence and in the future any need I may have dealing with the buying, financing, insuring or selling of any property I will definitely seek her advice. She sincerely gives advice that is in one’s best interest. Because of this she inspires trust. I cannot recommend Heather Prather and Infiniti Mortgage too highly.”
Yolanda M. Troncoso
Heather, I cannot say enough about You, Agnes and our entire experience with Infiniti Mortgage! This is our second time using your professional services. We were so impressed with our first experience refinancing our existing home that there was no question who we would use for the purchase of our new home.
We had a bad experience trying to refinance our existing home about a year ago with a large banking company. That’s when I made a call to Infiniti. What a difference!
The fast personal service is second to none! This can be an overwhelming experience for a Family who is not used to this sort of thing. My wife and I have very busy and hectic schedules with myself being out of state most of the time. No problem for you and your team. You were always there to answer our questions and address our concerns whether it was day or night. Even meetings with us on weekends to work around our schedules. It is refreshing to work with someone who actively cares and has passion about taking care of their clients.
Thank you so much!
James and Marcia DeJaynes
“Heather. Just wanted to drop you a note and let you know exactly how much I enjoyed my home buying and financing this time around. Compared to my previous home financing experiences, this was pure heaven. Thanks for being so efficient and so friendly.”
“Hi Heather! Thank you so much for all your hard work and good counsel. I’ve never had a closing happen so quickly! It was a pleasure working with you!”
Stocks dropped sharply during January
The Dow Jones Industrial Average fell more than 5% ending in its worse January since 2009. Unemployment continues to improve but still higher than the Fed is comfortable with.
The good news is that rates have now dropped for the second straight week even with the talk of the Feds tapering off the buying of treasury bonds. We are seeing more clients inquiring about a refinance than in the weeks before. FHA & VA rates are a bit lower than a Conventional loan today. It is still a good time to re-evaluate your current mortgage rate and term or possibly taking cash out while rates are still low.
Three Reasons to Go Home Shopping in the Winter
A lot of home buyers go shopping for a new home during spring and summer. Although, if you follow the traditional pattern, you may be missing out on an opportunity to get a good deal.
Reason 1) Less competition – During the winter months, it is not as common to get into a bidding war. It’s not impossible this would happen, but definitely less likely.
Reason 2) Sellers are more motivated – Normally there are fewer buyers out in the winter. Since there are fewer buyers, it could mean that it is easier to negotiate a better deal on a home. When sellers know that there are fewer buyers, they are much more likely to respond to the buyers terms. This could help out with closing costs and the price of the home.
Reason 3) Weather related problems will be easier to see – The buyer may notice problems with a leaky roof or even a furnace that is not working property. Keep an eye out for these problems.
Please give Infiniti Mortgage a call at 505-881-0801 to pre-qualify.
Freddie Mac reported a slight increase in mortgage purchases during December. Some analysts predict that home prices will rise in 2014, which may make some buyers cautious about purchasing a home. The good news is that home prices are expected to rise slowly. If the economy continues to rebound, prices will rise more steeply after 2014. This year may be the perfect time to purchase a home. As home values rise, more homeowners will see their equity rising, giving them greater flexibility to sell their current homes or, perhaps, buy a new one. Like home value, interest rates are also expected to rise in 2014 which may give some homeowners a pause. On the other hand, interest rates are predicted to rise well into 2015 so it may make sense to buy this year before rates go up as well. For more information on the types of home loans you can qualify for, please give us a call 505-881-0801.
Refinancing your home will potentially allow you to get a better loan. This could mean a lower interest rate or a shorter term which allows you to pay your mortgage off in less time. Some individuals refinance to get the lowest monthly payment, which would be a 30 year mortgage. It’s easy to look at the general reasons why individuals refinance their home but perhaps it’s more important to see why you should take action. The interest rate you can secure is one of the greatest considerations when deciding whether you should refinance your home. Published rates are only a ball park and could come with several costs associated with this rate. Contact a licensed loan officer at Infiniti Mortgage to look at the pros and cons of refinancing your home 505-881-0801!
Mortgage Rates Drop Thanks to the Unemployment Report
Friday’s employment report was released and it took a lot of people by surprise. Just 74,000 jobs were added to the economy in December, reported by the Bureau of Labor Statistics. The last time we saw similar figures was in July. The result? Mortgage rates posted their first decline in weeks. As a result, we are seeing more applications with borrower’s who still want to capture low interest rates. Please call Infiniti Mortgage at 505-881-0801 with any questions you may have.
Mortgage Rates Closing in on Multi-Year Highs
The rise in mortgage rates that ensued after the October employment report was released in early November and has sustained into the new year. Mortgage rates have been ticking higher and probably will do so again. We expect, perhaps, another 5 or 6 basis points. There are many thing that factor into this such as employment report and the 10 year bond. If you have any questions about today’s rates,
please call Infiniti Mortgage at 505-881-0801.
In December, the Federal Housing Finance Agency (FHFA) Acting Chief announced that FHFA will increase the guarantee fee. This was announced on December 10th. Fannie Mae & Freddie Mac would raise the guarantee by .10 basis points. The purpose is to gain and shrink the mortgage market footprint. Thankfully, the fee increase has been delayed. This means new mortgage loans are less expensive compared to what may be to come. For more info on rates and programs, please call Infiniti Mortgage LLC at 505-881-0801.
Mortgage Rates Continue to Rise This Week
A more stable economy has led to higher mortgage rates over the past couple of weeks. FHA continues to assist home buyers who need affordable mortgage that permit a low down payment and flexible guidelines. FHA loans offer some of the lowest interest rates and are insured by the Federal Housing Administration. Infiniti Mortgage specializes in FHA purchases and refinances. Please call us at 505-881-0801 for more information.
2013 is coming to an end and we are starting to see home prices working their way back to normal. The Feds have stated that they will begin to slow the bond buying program when certain economic investors meet their target.
We are still seeing many borrowers take advantage of the historic low rates. We do anticipate in 2014 interest rates to continue to rise. It is still the opportune time to purchase a new home or to refinance your current mortgage for a lower monthly payment. For a free financial analysis, please call Infiniti Mortgage LLC at 505-881-0801.
FHA Purchase or Refinance
FHA loans make home buying or refinancing much easier than other loan programs. FHA offers home purchases with only 3.5% down and typically come with a lower interest rate than other types of home loans.
If you currently have an FHA loan that was financed on or before May 31, 2009, a streamline might be a great option for you. This normally allows you to refinance your home loan without an appraisal or income documentation. Rates are still at historic lows. Call Infiniti Mortgage, LLC at 505-881-0801 to check the possibilities of lowering your monthly payment.
Low Interest Rates
Interest rates are still at historic lows. Many individuals were able to refinance or purchase homes at record low rates over the last year. We anticipate rates to start going up in the near future with the tapering off of the bond market.
Infiniti Mortgage LLC is now seeing borrowers that have been thinking about refinancing or purchasing, taking the next step to move forward and ensure they can take advantage of the low interest rates. This allows you to have a more affordable monthly payment or possibly more buying power. Please call Infiniti Mortgage LLC today at 505-881-0801 for a no-obligation loan analysis.
Interest rates are still holding. With the tapering of the bonds, we definitely anticipate rates to start rising. We are now seeing more consumers wanting to refinance or purchase due to the announcement.
Albuquerque VA Rates
VA rates are down today compared to last week. On average VA loans have much lower rates compared to other types of loans. Historic low rates are still available for purchase loans with zero down. You can also refinance your existing mortgage to receive a lower interest rate. Most of the time with no income or appraisal. Infiniti Mortgage LLC specializes in a variety of different VA loans. For more information, please give us a call at 505-881-0801.