Mortgage Loans – student senior approval

Quicken Loans Raises Conventional Loan Limit to $ 360,000 Effective Immediately

Livonia, MI (PRWEB) November 18, 2004 -

Quicken Loans, the nation’s leading online lender, is immediately raising its conforming (conventional) loan limit to $ 360,000, enabling home buyers to get more for their money without paying a premium for “jumbo” rate mortgages.

Conforming mortgages carry interest rates that are as much as a ½ percent lower than non-conforming “jumbo” mortgage rates. This $ 26,299 increase in the single-family loan amount will allow more homebuyers to qualify for lower-rate conventional mortgages.

Because conforming loans are guaranteed by the housing agencies Fannie Mae and Freddie Mac they carry lower mortgage rates. Each year the agencies adjust the conforming loan limits, based on average annual increase in home price the previous year. This announcement is usually made in late November, with the change effective in January. Quicken Loans’ is raising its conforming limit ahead of this announcement, with the new limit effective immediately.

Quicken Loans offers homebuyers and homeowners the following tips to help consumers take advantage of the new conforming limits:

Homebuyers:

Homebuyers looking at mortgage loans ranging between $ 333,701 and $ 360,000 will be able to obtain lower conventional interest rates instead of a “jumbo” rate on their mortgage. This means they can afford to buy more home for the same payment.

Example. A prospective buyer who determines they can afford a monthly payment of $ 2109 previously could qualify for a jumbo loan up to $ 333,700 (6.5% interest). That same buyer now can obtain a larger conventional loan in the amount of $ 351,798 (6% interest) for the same mortgage payment of $ 2109.

Homeowners:

Homeowners currently in non-conforming (jumbo) loans between $ 333,701 and $ 360,000 may be able to refinance their loans to take advantage of a lower rate.

Example. With the conventional loan limit increased to $ 360,000, the monthly payment for a homeowner with a 30 year fixed rate mortgage would drop $ 117 a month (from $ 2,275 to $ 2,158). This equates to a savings of $ 1,404 a year, or $ 42,000 over the 30 year life of the loan.

Consumers who wish to determine their potential savings, or the amount of home they can afford to purchase, can use the mortgage calculators at the Quicken Loans Web site http://www.quickenloans.com. Or, they can talk with a mortgage banker directly by calling 1-800-251-9080.

About Quicken Loans Inc.

Quicken Loans Inc. is the largest online mortgage lender and the 17th largest retail mortgage lender in the country, according to National Mortgage News. Based in Livonia, Michigan, the company employs more than 2,200 mortgage professionals and closed more than $ 12 billion in mortgage loans during calendar year 2003. The QuickenLoans.com Web site has been named a “Best of the Web” mortgage site by Forbes, Money and PC Magazines and Quicken Loans ranked #13 on FORTUNE Magazine’s 2003 list of the “100 Best Companies to Work For” in America. For more information, or to apply for a mortgage or home equity line of credit visit http://www.quickenloans.com.

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, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

Related Mortgage Loans Press Releases

Proposed Changes to the FHA Loan Program According to the House Financial Services Committee are Posted on MortgageLoanPlace.com

Missouri (PRWEB) April 20, 2007

The House Financial Services Committee met Thursday to discuss proposed reforms to the Federal Housing Administration’s mortgage loan process. MortgageLoanPlace.com has been dedicated to posting updates in order to keep the public informed on all updates regarding new legislation and changes to the FHA loan program.

These hearings are due to the fact that the subprime mortgage market is deteriorating. Lenders who specialize in subprime loans have had a rough year – there has been a huge increase in the number of borrowers who have been unable to make their monthly mortgage payments and then eventually default on their loans.

Congress is expected to pass the Expanding Homeownership Act of 2007. This bill will reform the Federal Housing Administration in numerous ways that are designed to make FHA loans even more accessible to low and moderate income families. The major changes include:

1) An increase in FHA loan limits, especially for expensive housing areas in states like New York and California.
2) Borrowers tin expect to see a removal of several fee hikes and an increase in the number and type of homebuyer protections, as well as a risk-based system that matches the premium amount with the credit profile of the borrower.
3) The FHA may remove the 3% down payment requirement making a FHA loan an option for many more Americans.

MortgageLoanPlace.com has been dedicated to keeping the public informed on changes to the new FHA Loan program, also referred to as FHA Modernization. Some borrowers have tried in the past to get a FHA loan only to see that they do not qualify or cannot afford the 3% down payment. However, these improvements to the program are so broad and powerful that any previously rejected borrowers should consider applying again. Homeownership is now feasible even in high-cost areas, and MortgageLoanPlace.com is ready and willing to answer any and all questions related to the FHA and its proposed changes.

About MortgageLoanPlace.com
MortgageLoanPlace.com is a comprehensive mortgage and loan resource for borrowers, lenders, and journalist. The locating including a variety of articles discussing lending options and educates the public on news related to the mortgage industry via the blog at http://www.mortgageloanplace.com/blog/.

Contact:
Bryan Rahn, Director of Public Relations
573-823-0299

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©Copyright 1997-

, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

Question by grkitalsizzlah01: Is it possible to roll K in student loans into a new mortgage loan?
I plan on buying a house or a condo in the next couple of weeks. Can I roll my student loans of $ 27,000 into a new mortgage loan to consolidate?

Best answer:

Answer by golferwhoworks
no you cannot. the lent will be based on the purchase price only. Now if buying way below market value then you can refinance the loan in 1 year and then include the student loan but they should have the same about rate any way if they don’t get the student loans consolidated into 1 fixed note now as rates are good

What do you think? Answer below!