This program has no application, appraisal, or closing fees and works completely online. As with most ARM loans, the rate is set for a set period of time, then will reset annually with a new rate that can be either higher or lower depending on market conditions.Įxisting Wells Fargo customers can take advantage of the bank’s online streamline program. Shorter terms usually mean lower interest rates, but significantly higher monthly payments. As with all fixed rate loans, the benefit is knowing what your interest rate will be for the life of your loan.Īdjustable-rate mortgages are shorter than traditional mortgage terms. Wells Fargo has a broad range of fixed products including 30-year mortgage rates and 15-year fixed mortgage loans. Wells Fargo 30-year Fixed-rate mortgageīorrowers looking for a traditional “conforming” loan of $417,000 or less can take advantage of Wells Fargo’s low refinance rates.To check the most recent products and mortgage rates, look at Wells Fargo’s website, directly. Their financial pull has also allowed Wells Fargo mortgage rates to remain competitive in the marketplace Refinacing products offered by Wells FargoĪll lenders offer a variety of products. Through their acquisitions of Minneapolis-based Norwest Bank and Charlotte-based Wachovia, Wells Fargo became the empire they are today. Wells Fargo started as a single branch in San Francisco,and eventually expanded throughout California. ![]() From its early days as a stagecoach provider, to present Wells Fargo has been a part of the American financial landscape for well over 150 years. Vested owners own the property.Wells Fargo Mortgage is the largest US mortgage lender. Vesting – This clarifies ownership of the property. ![]() VA – A government mortgage backed by the Department of Veterans Affairs (VA). Title insurance – This insurance protects OCCU from financial loss sustained from defects in a title to a property you may hear this referred to as a prelim or preliminary title report. Refinancing – Paying off your current loan with the proceeds of a new loan. Prelim – A preliminary title report is prepared prior to issuing a policy of title insurance this report shows the ownership of the home along with liens and encumbrances on the property which will not be covered under a subsequent title insurance policy. PITI – All portions of a mortgage payment including Principal, Interest, Taxes and Insurance A first lien has priority over a second lien and therefore gets paid from sale proceeds before a second lien. ![]() Lien Position – When a collateral has more than one lien, priority determines the lienholders’ rights after a sale. Lien – A lender’s claim against a piece of collateral that may be legally sold should the borrower fail to repay the loan. Jumbo – A mortgage loan that allows buyers to finance more than the conforming loan limit. ![]() Home Equity Loan (HE Loan) – An installment loan with fixed payments and a fixed rate that uses a home as collateral and is sometimes referred to as a second mortgage. Home equity lines of credit (HELOC) – A revolving line of credit (similar to a credit card) that uses a home as collateral and is sometimes referred to as a second mortgage. The lender may require that borrower put money into the account depending on the Loan to Value (LTV), or it can be an option for those who rather have the property tax and insurance payments rolled into their monthly mortgage payment.įHA – A government mortgage backed by the Federal Housing Administration (FHA).įixed rate – A mortgage loan that includes fixed, non-changing interest through the life of the loan. Can act as the middleman between a seller and a buyer of a home.Įscrow Reserves/Account – An escrow account is a reserve account to hold funds for property taxes and homeowner’s insurance that will be due each year. Escrow services are generally provided by a title insurance company instead of an attorney. EMD – Earnest Money Deposit (copy of cancelled check or wire receipt for earnest money deposit on a purchase).Įscrow (Also referred to as Title Company) – An escrow is a process wherein the Buyer and Seller deposit written instructions, documents and funds with a neutral third party until certain conditions are fulfilled.
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