Archive for October, 2016

VA Home Loans help those who have served our country…

October 28th, 2016


A VA loan is a home mortgage loan insured by the US Department of Veterans Affairs, available to most US veterans and other classes of eligible military personnel. It allows up to 100% financing, never requires mortgage insurance (VA uses a financeable Funding Fee instead), and carries flexible underwriting guidelines. VA mortgage rates are often the lowest of all available loan types.

Most members of the military, veterans, reservists, and National Guard members are eligible to apply for a VA loan. Spouses of military members who died while on active duty, or as a result of a service-connected disability, may also apply. You may also be eligible for a VA Loan if you meet one or more of the following conditions:

  • You have served 90 consecutive days of service during wartime
  • You have served 181 days of services during peacetime
  • You have more than 6 years of service in the National Guard or Reserves

Residences that qualify for a VA loan come in all shapes and sizes. The mortgage limit in our market area for the Zero-Down VA loan is $417,000, but a qualified Veteran can purchase a home over that limit.  This High Balance VA product does require a contribution from the Veteran, but allows VA Financing for higher priced homes.

Applicants that meet the basic requirements for a VA loan also need to acquire a VA Certificate of Eligibility (COE). A COE is used to verify your eligibility for home loan benefits; however, the COE form is not needed to begin the application process, this is something that I can help you obtain.

If you are an eligible veteran or military member, or know of one, please contact me to review the benefits of this valuable home loan program to buy or refinance a home. I would be happy to set up an appointment to go over the program and answer any questions. We are honored to help those who have served our country. – Randy Cullen NMLS #326128


Understanding Your Interest Rate

October 14th, 2016


Buying a new home is one of the most important purchases you can make, and I am here to answer all of your questions. The lender you choose to work with makes a difference in the interest rate you receive. On any given day, mortgage lenders’ interest rates will vary by up to 0.25%.

We are often asked:

  • How do I get the best interest rate on my mortgage?
  • How come different lenders have different interest rates?
  • Why do interest rates change?

Lenders have different rates because of the way they operate. Last year, Fairway Independent Mortgage closed about $11 billion worth of mortgage loans across the country. The higher loan volume allows Fairway to get access to low rates. We focus on great customer service and word-of-mouth marketing instead of big budget advertising. This system allows Fairway to always offer great mortgage interest rates to all homebuyers.

Current mortgage interest rates make now one of the best times to consider your home buying, selling, or refinancing options. Whether you are purchasing a new home or looking to refinance your current home, you can trust Fairway Independent Mortgage to make your home loan as stress free as possible. I will work hard to obtain the best rate for you and lend my expertise on when to lock in the best rate.

There are many advantages of looking on the internet for information – shopping for an interest rate is NOT one of them. Be sure you read all of the disclaimers listed with those advertised online teaser rates. Don’t be fooled. Trust the experts and call me or a member of my team for the real-time, TRUE, interest rate that reflects the individual circumstances of your personal mortgage loan.  – Randy Cullen NMLS #326128


Great credit scores make for the best rates when taking out a mortgage…

October 7th, 2016


Credit scores are calculated using several pieces of data in your credit report. It takes time and effort to build a great credit score; however, the higher your score is, the more likely you are to receive good rates and lending options.

When reviewing your credit score, it is important to also be conscious of ways that you can improve it. Building good credit takes effort and discipline, but will significantly affect your overall financial life. I would love to review your credit report with you and discuss some changes you can make in order to be in the best position for your home loan.

There are five key components that make up your credit score and each accounts for a certain percentage of the overall score: Read the rest of this entry »