Is Griffin Capital Funding legitimate?
Griffin Capital Funding is a very professional and courteous company. They go the extra mile to make sure you get the best rates available and in a timely manner.
What is considered a jumbo loan?
About jumbo loans A loan is considered jumbo if the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac — currently $548,250 for a single-family home in all states (except Hawaii and Alaska and a few federally designated high-cost markets, where the limit is $822,375).
What does refinancing do?
Mortgage refinancing entails replacing your current mortgage with a new loan, ideally at a lower interest rate. Refinancing can allow you to lower your monthly payment, save money on interest over the life of your loan, pay your mortgage off sooner and draw from your home’s equity if you need cash for any purpose.
What is mortgage?
A mortgage is usually a loan sanctioned against an immovable asset like a house or a commercial property. The lender keeps the asset as collateral until the borrower repays the total loan amount.
What are bank statement loans?
A bank statement loan is an alternative to traditional mortgage products. These loans make it possible to gauge a buyer’s ability to repay a loan based on their bank statements and banking history in place of income that’s reported on W-2’s, pay stubs or tax returns.
What is the maximum debt to income ratio for a jumbo loan?
45%
Jumbo Mortgage On A Home Purchase The maximum debt-to-income ratio must be no higher than 45%.
Who owns the house in a mortgage?
In a home mortgage, the owner of the property (the borrower) transfers the title to the lender on the condition that the title will be transferred back to the owner once the final loan payment has been made and other terms of the mortgage have been met.
What is mortgage rate today?
What are today’s mortgage rates? For today, July 12th, 2021, the current average mortgage rate on the 30-year fixed-rate mortgage is 2.891%, the average rate for the 15-year fixed-rate mortgage is 2.29%, and the average rate on the 5/1 adjustable-rate mortgage (ARM) is 3.082%.
Can you use bank statement as proof of income?
Bank Statements Asking for an applicant’s two most recent monthly bank statements is a great way to obtain supporting documents for use with pay stubs to verify a tenant’s income. In most cases, a bank statement will be used as a secondary source of proof of income.
How hard is it to get a bank statement loan?
A credit score as low as 500 would be enough, depending on the lender. Others require as high as 620 to qualify for bank statement loans. As a borrower, it’s your responsibility to get a good credit score whether the financial institution requires a higher or lower credit score.
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