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Legal Disclaimer

 

We hereby authorize you to view and print information on this website subject to it being used for informational and non-commercial purposes.

The information contained in this website is believed to be reliable, but we do not warrant its completeness, timeliness or accuracy.

The information on this website is not intended as an offer or solicitation for any mortgage product or any financial instrument.

The information and materials contained in this website – and the terms and conditions of the access to and use of such information and materials – are subject to change without notice. Products and services described may differ among geographic locations, offices and as a result of individual conditions.

Not all products and services are offered at all locations. In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

It is our intention that data provided on a subject is of a general nature. Our website does not represent an exhaustive treatment of subjects nor is the information intended to constitute accounting, tax, legal, consulting or other professional advice.

Prior to making any decision or taking any action we kindly request you to contact your tax or legal advisors.

Please use this document and information at your own risk. The content of this site is copyrighted and therefore any unauthorized use of any materials on this website may violate copyright, trademark, and other laws.

Materials on this website may not be modified, reproduced, or publicly displayed, distributed or performed for any public or commercial purposes prior to our approval.

EEO Policy

 

Ready Rate is an equal opportunity employer that is committed to diversity and inclusion in the workplace. We prohibit discrimination and harassment of any kind based on race, color, sex, religion, sexual orientation, national origin, disability, genetic information, pregnancy, or any other protected characteristic as outlined by federal, state, or local laws.

This policy applies to all employment practices within our organization, including hiring, recruiting, promotion, termination, layoff, recall, leave of absence, compensation, benefits, training, and apprenticeship. Ready makes hiring decisions based solely on qualifications, merit, and business needs at the time.

 

 Mortgage Disclosure

 

The information is presented for informational purposes. This is not a commitment to lend or extend credit. All loans are subject to credit approval. Other restrictions may apply.  Not available in all states. Conventional, FHA, USDA, VA . Not all applicants will qualify.  Payments do not include taxes and insurance. Your payment obligation will be higher. For real estate professionals only and not for distribution to consumers. See website for additional information and restrictions: www.readyrate.com

Rates

Information and/or dates are subject to change without notice. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Rates are subject to change without notice.

Refinance

As a result of refinancing, your total finance charges may be higher over the life of the loan

Affiliations

Ready Rate is not affiliated or endorsed by the government, the Dept. of Veterans Affairs, Fannie Mae, Freddie Mac, FHA, VA, RD, Ginnie Mae, HUD or any other government agency to offer the program. 

Sample Scenarios

Sample scenarios shown on all adversisements do not include taxes or insurance, actual payment obligations will be greater. If lower payments are shown, reduction in payments may reflect longer loan terms and higher interest charges over the life of the loan. If closing costs are included in the scenario, your total finance charges may be higher over the life of the loan

Downpayment Assistance Overview

  • Some DPA programs take the form of a second mortgage. The DPA is a second lien that’s subordinate to your primary mortgage. Even if deferred,  payments or interest begins at closing and can accumulate. It’s important to note that this may have a repayment requirement with this type of loan in addition to your mortgage payment. DPA loan programs offered and described below include Loans with repayment or forgivable loan options.

  • An alternative to traditional DPA involves getting credits from your lender toward your closing costs. In exchange for these lender credits, your lender charges a slightly higher rate. Thus, instead of paying for your closing costs upfront, you pay for them over the life of the loan.

  • For First-time home buyers
  • Must meet income limits and take a first-time home buyer class.
  • Per AUS
  • 30 YR Fixed
  • 580 MIN FICO
  • FHA and USDA
  • Repayable Second
  • Conforming Loan Amounts
  • DACA/FTHB Borrowers Allowed
  • Repayable 15YR 2nd – 2% Higher than 1st TD
  • Primary Only (1-4 Units & Manufactured Housing Allowed)
  • DPA May Be Used for Down Payment and/or Closing Costs
  • Manual UW Allowed Down to 580 FICO
  • Eligible in All States (Except Washington)
  • Non-Occ Co Borrowers Allowed

 

Overview – Forgivable Second Option

 

  • 600 MIN FICO
  • DTI Per AUS
  • 1 – 2 Units
  • 3.5% DPA
  • N/O Co-Borrowers Allowed
  • Manual UW or DU/LP Allowed
  • Forgivable 2nd – 30 Year Term Fixed @ 0%
  • Doublewide Manufactured Allowed
  • Forgiven After 36 Consecutive Payments
  • Qualifying Income Must Be ≤ 160% of Area Median Income

 

Overview- Repayable Second Option

 

 

  • 600 MIN FICO
  • DTI Per AUS
  • 1 – 2 Units
  • 3.5% or 5.0% DPA w/ 1.50% Towards CC
  • N/O Co-Borrowers Allowed
  • Manual UW or DU/LP Allowed
  • Repayable 2nd – Amortized 10 Year @ 2% Higher than the 1st
  • Doublewide Manufactured Allowed
  • No Income Limits

Bridge Loans

A Bridge Loan has a higher interest rate than a conventional loan or your first mortgage. Bridge loans have closing costs, and you may pay an origination fee on the amount you are borrowing. Terms for Bridge Loans are less than 1 year so consider the costs since you’ll likely be paying fees again on your new mortgage. Talk with your loan originator to fully understand the benefits and potential drawbacks of a Bridge Loan.

Alt Doc Loans / DSCR Loans

Alt doc loans, no income, bank statement, DSCR or Self employed loans, may have a higher interest rate, more points or more fees than other products requiring documentation.

HECM Explanation

This general information is NOT a substitution for the advice of an attorney, accountant, and/or financial planner. Before you decide to pursue a reverse mortgage, you should carefully consider your individual circumstances so you can make a wise decision about the most valuable asset you may own—your home. Factors to consider include whether the proposed reverse mortgage is a recourse or nonrecourse loan, whether the loan would have a fixed or adjustable interest rate, and/or the current and projected market value of your home.

The lender will charge an origination fee, a mortgage insurance premium, closing costs or servicing fees for the reverse mortgage, all or any of which the lender will add to the balance of the reverse mortgage loan.
The balance of the reverse mortgage loan grows over time and the lender charges interest on the outstanding loan balance.

At the conclusion of the term of the reverse mortgage loan contract, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to the person and the borrower may need to sell or transfer the property to repay the proceeds of the reverse mortgage from the proceeds of the sale or transfer or you must otherwise repay the reverse mortgage with interest from other personal assets. In order to retain the home when the reverse mortgage becomes due that (1) the consumer or the consumer’s heirs or estate must pay the entire loan balance and (2) the balance may be greater than the value of the consumer’s home.

The consumer retains title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts may cause the reverse mortgage loan to become due immediately and may subject the property to a tax lien or other encumbrance or to possible foreclosure.

Interest on a reverse mortgage is not deductible from the consumer’s income tax return until the consumer repays all or part of the reverse mortgage loan.

 

BEST WAY TO CONTACT US...

PHONE: (888) 707-1776  OR  EMAIL: info@readyrate.com

Ready Rate | FL MBR4479 | MI FL0024879 | CO NMLS 2154342

335 E Thatch Palm Circle, Ste 101

Jupiter, FL  33458

For information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. subject to credit approval.

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