Mortgage Resources

Mortgage Bankers Association of America Consumer Information The Mortgage Bankers Association of America is the preeminent association representing the real estate finance industry. Their consumer information site contains several tools and guides to aid in purchasing or refinancing a home. Federal Reserve Board Consumer Information The Federal Reserve Board maintains a web page with consumer […]

Beautiful new house

What is LTV?

LTV stands for loan-to-value. It is simply your loan amount divided by the lower of the purchase price or appraised value. That last part is in bold for a reason — it’s important. Let’s say you’re buying a house, and the sales price is $300,000. You’re putting down 20%, so your loan amount is $240,000. […]


No Closing Cost Mortgage

The No Closing Cost Mortgage   Sounds too good to be true, doesn’t it?   But at Amerifund, it’s real. A no closing cost loan. No closing costs – zero – zip – nada.   How do you get one? Just ask any Amerifund loan officer. First, let’s be very clear – these loans are […]

No Closing Cost Mortgage

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What is a float down, and how can it save me money?

A “float down” is an option a lender might offer you, and it works like this: you apply, lock in your rate, but you still want to be able to get a lower rate if rates go down. There are a variety of float downs available. Some say that if you lock in your rate […]


5 Things You Must Know About Locking In Your Rate

What do you mean, my rate’s not locked in? You just got a call from your loan officer. Your loan is ready for closing. They’ve drawn the docs and prepared the HUD1. You say “and the rate’s 3.25%, right?” Silence. He says, “Um, no, it’s 3.75%.” You flip out. “I applied for 3.25%!” Loan officer: […]


What is a black out period, and why can’t I lock in my rate?

So you’ve applied for your mortgage, and you decided to float the rate initially because you think rates will come down. You call your loan officer every day to check on rates.  He tells you a rate you like. It’s Wednesday at 3:00 pm.  You tell him you’re going to think about it and get […]