December 6th, 2013

15 or 30-year mortgage? Five questions to help you choose

Posted by at 12:29 am

The housing market is finally in recovery, and home purchases are on the rise. Since the housing bust, regulators have focused on preventing borrowers from entering into potentially toxic loans. To help accomplish this, the U.S. government established the Consumer Financial Protection Bureau (CFPB) in 2010. As part of this effort, the CFPB has proposed new disclosure forms to help borrowers understand the real risks and costs associated with their mortgage. But many potential borrowers are still unsure about the type of mortgage that is right for them. Many borrowers may be attracted to 15-year mortgages, which have a shorter term and lower interest rates than 30-year mortgages. But such a mortgage may not be right for their needs. Borrowers must understand how payments, which consist of principal repayment and interest, will be structured under the different types of mortgages...
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December 2nd, 2013

Record year for VA Loans

Posted by at 10:29 pm

2013 has been a record year for putting active military members and veterans in a new home with VA loans. Bay Equity is proud to announce that more VA loans have been given out this year than ever before, assisting veterans in refinances and home purchasing. VA guaranteed 629,300 single-family loans in FY 2013, beating the old record of 600,000 loans made during the huge refinancing boom of FY 1994. Refinances averaged 49% of VA loan endorsements during FY 2013, which ended September 30. When refinances dipped in late summer, purchase mortgage transactions jumped 23% from third quarter to 98,600 in the fourth quarter.   To read the full article, visit
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