Tired of waiting for an approval, closing or funding? Purchase contracts falling through?
If you’ve been watching the news the Federal Reserve did another emergency rate cut down to zero and promised unlimited purchasing of bonds and Mortgage Backed Securities.
Partly because they were horrified with the bond market and mortgage rate reaction.
As a nimble direct mortgage lender, MBANC provides concierge service across specialized products for today's market. As most people are facing long lines at other lenders and becoming just a number in a line, were closing funding scenarios.
It’s your mortgage. Protect yourself.
TAKE CASH OUT
Leverage your investment and use the equity your house has gained over the years.
Great for: Emergency funds, Renovating your home, Paying down high-interest debt
LOWER YOUR PAYMENT
As an established homeowner, you can improve your financial security by refinancing to a lower payment.
Great for: Freeing up your cash flow, Building up your savings and retirement portfolios
Conventional Mortgage Requirements
It’s possible for first-time home buyers to get a conventional mortgage with a down payment as low as 3%; however, the down payment requirement can vary based on your personal situation and the type of loan or property you’re getting:
- ► If you’re not a first-time home buyer, the down payment requirement is 5%.
- ► If the home you’re buying is not a single-family home (i.e., it has more than one unit), you may need to put down 15%.
- ► If you’re buying a second home, you’ll need to put at least 10% down.
- ► If you’re getting an adjustable rate mortgage, the down payment requirement is 5%.
- ► If you’re getting a jumbo loan, the down payment requirement ranges from 10% to 40%.
If you’re refinancing, you’ll need more than 3% equity to refinance. In all cases, you’ll need at least 5% equity. If you’re doing a cash-out refinance, you’ll need to leave at least 20% equity in the home.