General Questions

Assuming you can qualify for higher monthly mortgage payments and have an excellent credit history, you should be able to find a low (3% or more) down payment loan. However, you may have to pay a higher interest rate and loan fees (points) than someone making a larger down payment.

Under the 1997 Taxpayer Relief Act, first-time home buyers can withdraw up to $10,000 penalty-free from an individual retirement account (IRA) for a down payment to purchase a principal residence. This $10,000 is a lifetime limit. The law defines a first-time homeowner as someone who hasn’t owned a house for the past two years. If a couple is buying a home, both must be first-time homeowners. Ask your tax accountant for more information, or check IRS rules at http://www.irs.gov. Another source of down payment money is a loan against your 401(k) plan. Ask your employer or plan administrator if your plan allows for loans. If it does, the maximum loan amount under the law is the one-half of your interest in the plan or $50,000, whichever is less. Other conditions, including the maximum term, the minimum loan amount, the interest rate and applicable loan fees, are set by your employer. Any loan must be repaid in a “reasonable amount of time,” although the Tax Code doesn’t define reasonable. Be sure to find out what happens if you leave your job before fully repaying a loan from your 401(k) plan. If a loan becomes due immediately upon your departure, income tax penalties may apply to the outstanding balance.

With a fixed rate mortgage, the interest rate and the amount you pay each month remain the same over the entire mortgage term, traditionally 15, 20 or 30 years. A number of variations are available, including five- and seven-year fixed rate loans with balloon payments at the end. With an adjustable rate mortgage (ARM), the interest rate fluctuates according to the indexes. Initial interest rates of ARMs are typically offered at a discounted (“teaser”) interest rate lower than fixed rate mortgage. Over time, when initial discounts are filtered out, ARM rates will fluctuate as general interest rates go up and down. Different ARMs are tied to different financial indexes, some of which fluctuate up or down more quickly than others. To avoid constant and drastic changes, ARMs typically regulate (cap) how much and how often the interest rate and/or payments can change in a year and over the life of the loan. A number of variations are available for adjustable rate mortgages, including hybrids that change from a fixed to an adjustable rate after a period of years.

It depends. Because interest rates and mortgage options change often, your choice of a fixed or adjustable rate mortgage should depend on: the interest rates and mortgage options available when you’re buying a house your view of the future (generally, high inflation will mean ARM rates will go up and lower inflation that they will fall), and how willing you are to take a risk. When mortgage rates are low, a fixed rate mortgage is the best bet for most buyers. Over the next five, ten or thirty years, interest rates are more apt to go up than further down. Even if rates could go a little lower in the short run, an ARM’s teaser rate will adjust up soon and you won’t gain much. In the long run, ARMs are likely to go up, meaning most buyers will be best off to lock in a favorable fixed rate now and not take the risk of much higher rates later. Keep in mind that lenders not only lend money to purchase homes; they also lend money to refinance homes. If you take out a loan now, and several years from now interest rates have dropped, refinancing will probably make sense.

Private mortgage insurance (PMI) policies are designed to reimburse a mortgage lender up to a certain amount if you default on your loan. Most lenders require PMI on loans where the borrower makes a down payment of less than 20%. Premiums are usually paid monthly or can be financed. With the exception of some government and older loans, you may be able to drop the mortgage insurance once your equity in the house reaches 22% and you’ve made timely mortgage payments. The Servicing Lender will have the requirements for canceling the mortgage insurance.

About Planatek Financial

Yes we offer all sorts of custom loan programs to suit your specific needs and requirements.  We have over 50 different lenders we work with all with different rates and programs, we will review your situation and pick the one that suits your requirements best.

Residential home mortgage services, purchases, rate and term, cash out refinances, & hard money loans.

Planatek is a “boutique” mortgage broker, we take pride in guiding, educating and informing our clients. The process of refinancing and or purchasing can be a daunting task with all the new regulations.. we like to take that part off the clients and make it as easy and seamless as possible for them…

Before You Apply

If you are in the market to purchase a home, it’s imperative that you get pre-qualified.  This is a simple process and it’s at no cost or oblation.

It’s also beneficial to do a mortgage check up periodically to ensure that you have the best available mortgage.

We keep a detailed and ongoing data list of clients both past and present.  We constantly monitor the market, watch rates and trends for our clients.

While all potential borrowers are unique, you might be part of the group making a decision between the low down-payment offered by FHA or the lower monthly payment that conventional financing options usually present when compared to FHA financing.

While all potential borrowers are unique, you might be part of the group making a decision between the low down-payment offered by FHA or the lower monthly payment that conventional financing options usually present when compared to FHA financing.

After You Apply

Most escrows are for 30 days, although they vary.

Nunc id orci eget dolor gravida vulputate. Vivamus a lectus lorem. Cras et risus nec ligula ultricies fringilla. Vestibulum in velit laoreet, pharetra orci vel, aelerisque tincidunt pharetra.

Nunc id orci eget dolor gravida vulputate. Vivamus a lectus lorem. Cras et risus nec ligula ultricies fringilla. Vestibulum in velit laoreet, pharetra orci vel, aelerisque tincidunt pharetra.

Nunc id orci eget dolor gravida vulputate. Vivamus a lectus lorem. Cras et risus nec ligula ultricies fringilla. Vestibulum in velit laoreet, pharetra orci vel, aelerisque tincidunt pharetra.