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Blog Image: Should I Refinance into a 15-year Mortgage Now?

Should I Refinance into a 15-year Mortgage Now?

Mortgage interest rates are at all-time lows right now. It’s obviously a great time to refinance for lower rates and payments. Perhaps you are interested in paying off your mortgage loan faster though. Is refinancing into a shorter loan a good idea right now too? Interest Savings A 15-year fixed rate home loan is a popular option for borrowers looking to be mortgage-free sooner. These shorter loans come with even lower interest rates than 30-year mortgages, allowing homeowners to save thousands in interest. For example, for a borrower with a home valued at $300,000 with a 20% down ...

August 26th, 2020 | Refinancing a Home, Should I Refinance into a 15-year Mortgage Now?

Blog Image: How Bad Is It to Miss a Mortgage Payment?

How Bad Is It to Miss a Mortgage Payment?

No one signs a mortgage contract thinking they won’t be able to keep up with the payments. And yet life sometimes throws us curveballs. The recent coronavirus crisis, for example, has sent millions into unemployment and a state of financial uncertainty. If an emergency hits and you are short on cash, how bad is it to miss a mortgage payment? What Does ‘Late’ Mean? For most home loans, the payment is typically due on the first of the month. Most mortgage servicing companies will give borrowers a grace period, with the final pay date of the 16th before penalties...

August 20th, 2020 | Mortgage Advice, How Bad Is It to Miss a Mortgage Payment?

Blog Image: Do You Have Enough Money to Buy a House?

Do You Have Enough Money to Buy a House?

When potential buyers are ready to begin their dreams of homeownership, they often start by looking at real estate listings. The asking prices are the starting point for determining how much home a buyer can afford, but there are plenty of other costs and fees not spelled out in that one number. By looking at all the associated expenses, you can decide if you have enough money to buy a home. Down Payment Most mortgage loans require at least some down payment (VA loans for military are one big exception). A conventional loan an require as much as 20% down. For a $250,000 home, a 20% dow...

August 12th, 2020 | Purchasing a Home, Do You Have Enough Money to Buy a House?

Blog Image: How are Mortgage Interests Rate Determined?

How are Mortgage Interests Rate Determined?

Getting the very lowest interest rate is usually top priority for most home loan seekers but mortgage rates can vary widely from day to day and year to year. They are influenced by international and domestic market changes as well as an individual borrower’s financial details and loan packages. In order to get the best rate, it is essential to understand all the factors that determine mortgage interest rates. The Federal Reserve and 10-year Treasury Bond Yield The general range for mortgage rates at any particular time is heavily influenced by the world and U.S. financial markets...

August 5th, 2020 | Interest Rates, How are Mortgage Interests Rate Determined?

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Disclaimer:
Prime 1 Bancorp, Ltd is not affiliated with any government organization or bank nor do we act on behalf of the FHA or VA. This material is not from HUD or FHA and has not been approved by HUD or a government agency. We are not a Federally chartered or State Chartered Bank. We are an we are an Illinois Residential Mortgage Licensee by the Office of Banks and Real Estate Lic #MB.6761138, a California CFL Licensed Mortgage Brokerage by Department of Business Oversights Lic #60DB055973, a Colorado Registered Mortgage Brokerage by Division of Real Estate, a Florida Residential Mortgage Brokerage Licensed by the Office of Financial Regulation Lic #MBR1930 dba Prime 1 Mortgage Inc, a Kentucky Mortgage Loan Broker Licensed by the Office of Financial Institutions Lic #MB729362, a Tennessee Licensed Mortgage Broker by the Department of Financial Institutions Lic #218020, a Texas SML Licensed Mortgage Brokerage by the Texas Department of Savings and Mortgage Lending, and a Wisconsin Licensed Mortgage broker by the Department of Financial Institutions Lic #1434638BR Prime 1 Bancorp, LTD Corporate Office is located at 2720 S. River Rd Suite 50, Des Plaines, IL 60018 our Toll Free Number is 888-205-3737. NMLS: 1434638

Loan product availability is subject to qualification of the borrower and loan approval after full review of the file. Not every applicant qualifies or is eligible for every loan program. Some loan products may not be available in all states. Loan approval, note rate and annual percentage rate are dependent on factors including, but not limited to, credit, collateral, income, assets and overall financial history. Not all applicants will be approved for a loan. All loan programs, terms and annual interest rates are subject to change without notice. NMLS: 1434638

Figure: 7 TAC §80.200(b)

"CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.