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Resources

Resources

The Sistar Mortgage Advantage

Sistar Mortgage has been in business since 2002 and appreciates the community for its support. Lots of people can do mortgages but the right advice always comes from professionals who can understand your financial situation with a global perspective. Sistar Mortgage will always try to help out in any situation even after the mortgage is closed. Here are some of the Sistar Mortgage Advantages:

  • Closing Cost: This is an approximate number consisting of:
    • Title Fees – By law, no mortgage company has control over this.
    • Lender Fees – As a Mortgage Lending Company we have some control over this. Since we are a direct lender, we have control over this cost but for a purchase transaction, the Title Company is chosen by the seller, and hence any ability to negotiate those fees is not there.
  • Rate Lock: If you decide to go with Sistar Mortgage Company, this is the most significant advantage. We have the ability to float down locks one time for no cost for your purchase or refinance. As a direct lender if the market improves significantly we can do this for you.
  • Lender Credits: If we provide a lender credit, it is listed on pages 3 and 4 of the 1003 (Roman numeral VII) under details of transaction. We do not list lender credits on the GFE.
  • Flexibility: One of the biggest advantages we hold as a direct lender is that in case your house needs repairs, we can allow you to do this in a given timeframe after closing.
  • Appraisals: Appraisals must be paid up front. If it is a zero-closing-cost deal, then we will refund it after closing once we sell the loan, which may take 2-3 weeks.
  • Experience: We provide the right choice of programs and have a significant amount of staff and knowledgebase. We work directly with FANNIE/FREDDIE, and have the ability to fight appraisals. We have over 22 people on staff with experience equivalent of over 100 years.
  • Knowledge: Our Principals are engineers, graduates of prestigious IIT in India. They possess significant knowledge of the mortgage process and finance in general.
  • Licensing: We are licensed in 24 states as a direct lender. Please visit our state-by-state licensing page for further details.
  • Outreach: We believe in giving back to the community. We do this by our contribution to most of the community organizations. Some of these are: Gujarati Samaj, Telugu Association, Maharastra Mandal, and many more places including all temples.

Jumbo Loans : Know Your Options

Jumbo Loans are loans that exceed the maximum limit that government-backed agencies like Fannie Mae and Freddie Mac allow. Currently, this limit is between $417,000 and $625,500, depending on your area, for a loan to be considered "Conventional." FHA allows up to $729,750 to qualify for its set of programs. Exceeding these limits requires a "Jumbo Loan", otherwise known as a "Non-Conforming Loan".

Features of Jumbo Loans

  • Jumbo Loans are available in both fixed-rate and adjustable-rate options.
  • Jumbo Loans allow you to obtain financing for higher-cost homes without a substantial down payment to bring the loan amount within conforming limits.
  • Jumbo Loans generally have a higher interest rate. In a Jumbo Loan the lender is taking a higher risk, meaning your monthly payment is going to be higher than a Conventional Loan.
  • The loan limits and interest rates vary for each state.

Requirements

  • Expect to make at least a 20 percent down payment for purchase. You can also expect that your monthly payment should not exceed 38% of your gross income.
  • Expect to provide full documentation of your income, assets, and liabilities.
  • Expect to get an adjustable-rate loan, as fixed rate Jumbo Loans are rare.
  • Expect to need a higher credit score than Conventional. At a minimum, keep your score above 720.
So are you ready for a Jumbo Loan? Contact a mortgage specialist at Sistar Mortgage for a free consultation to find out how you can minimize your costs while maximizing your investment!

Tips For Managing Your Credit Score

In today’s tough credit market, your credit score is like GOLD that comes handy in difficult times. It can be your knight in shining armor when you need money. So we've added some additional tips on how to rescue your credit score: Good Credit, For Life

  1. Do not cancel your credit cards with longer history, because they weigh more on your credit score.
  2. If you are starting to build your credit, get secured credit cards, use them, and pay them off in time.
  3. If you travel frequently, make sure all your payments are set to auto pay so you never get a late fee on your credit report. A single late fee, whether for a $1 or for $10,000 will reduce your score by at least 75-100 points.
  4. If you dispute a trade line or something on your credit report, make sure you resolve it with 3 bureaus and get a resolution. Leaving open credit disputes creates problems during the mortgage process.
  5. Watch your report periodically by taking a subscription with one of 3 bureaus or using the free Government Site Annual Credit Report: www.annualcreditreport.com
  6. Do not use more than 50% of your maximum credit limit on a credit card. This will keep your credit score good condition for the most part. Do not be lured by zero percent credit card offers and draw the full amount, which will drop your credit score exponentially.
  7. Do not have your credit pulled multiple times in a month. More inquiries drop your credit score.
  8. Always make sure payments go out on time on your obligations.
Want to know more about how your credit score works and ways to maintain it? Register for a Free Consultation Now!

What Are The Benefits Of Refinancing Your Mortgage?

Should you refinance? That’s a tough question. You probably should have a clear understanding of what some of the benefits are to refinancing your mortgage before you get sucked in by promises of lower payments.

Refinancing Is A Thoughtful Decision Ultimately, the decision is yours, but here are some things to consider whether refinancing your mortgage is right for you: Lower Monthly Payments Refinancing can help you lower your monthly payments in a number of ways. The most common of which is refinancing into a mortgage with a lower interest rate. Generally, if you can lower your current interest rate by 1%, then refinancing is something you should consider. Change Your Term Refinancing allows you to change the term of your mortgage. If you make the term shorter, you can pay your loan off faster. If you extend the term, then you can lower your payment by spreading it out over a greater period of time. A shorter term also helps you pay your loan off faster, giving you access to equity much earlier. A longer term may help you get out of a budget crunch if things don’t work out right. Transferring Your Debt If you have equity in your home, then performing what’s called a Cash-Out Refinance can give you access to this capital early so that you can use it toward other investments or an unexpected expense. This is frequently called “Leveraging Your Debt.” There are many other reasons why a refinancing your mortgage may be right for you. Contact a trusted Nationwide Mortgage Lender such as Sistar Mortgage for a free consultation to find out how you can minimize your costs while maximizing your investment!

Things to Consider Before Applying for a Mortgage

So, you've found your dream house. Now, before you can move in, you will likely need a mortgage. Before applying for a mortgage there are several things you should keep in mind. Welcome To Your Dream House A Pre-Approval Is Just A First Step One of the first steps you will take is to show to a potential seller that you are ready to undergo the mortgage process. A Pre-Approval letter means that you have had your finances reviewed, but it does not mean you can complete the whole process! Some unscrupulous lenders may even give you a pre-approval letter without doing any verification at all. Many lenders are now adopting tougher approval rules, but it is up to you to maintain your credit score. Don't Be Afraid To Negotiate! There is nothing wrong with asking for something. You can ask for the rates from your loan officer and then compare with the rates provided by other lenders. You have the power to let multiple lenders compete with each other to make sure that you get the best rate available. Examine the cost of your mortgage When you complete your loan application, your lender is required by law to give you a Good Faith Estimate of all the costs you can expect to incur over the course of the loan process. This should provide a good guide to the various costs you can expect to incur (title, appraisal, flood cert, etc. are all common and perfectly normal) so that you can compare at closing time. Get The Right Mortgage Loan For You Make sure you get a loan that's appropriate for your needs. Consider everything like how much time you are thinking of living in your new home. Don't just get lured in by low interest rates, analyze your current situation and how much are you can afford to pay for it. Then you can make the right choice. The right lender will help you get the best loan for your situation. Contact a trusted Nationwide Mortgage Lender such as Sistar Mortgage for a free consultation to find out how you can minimize your costs while maximizing your investment!

Advantages Of A Mortgage

Purchasing A House Is A Happy EventA mortgage is a promise to repay a loan that is secured by a valuable asset such as a house, building, or any other type of real estate. Here are some reasons why purchasing a home with a mortgage is a benefit over renting:

  • A mortgage allows you to purchase a home without having to pay the full price in cash.
  • There are a number of mortgage loans available in the market today that provide flexibility in financing and payment terms.
  • Over time, a property such as a house will generally increase in value. This increase is referred to as “equity”. A loan such as a Home Equity Loan allows you to access these funds when you need money.
  • A history of on-time mortgage payments improves your credit and looks good to potential creditors when you are trying to find credit in the future.
  • Income tax deductions are available if you have a mortgage, and they reduce your tax liability.
  • Mortgage loans also provide flexible payment methods so that you can repay your loan in a number of ways.
  • Typically, on a 30 year mortgage, your monthly payment will consist entirely of interest for just over the first 10 years. During this period, your entire monthly payment is tax deductible.
There are many other reasons why a mortgage may be right for you. Contact a trusted Nationwide Mortgage Lender such as Sistar Mortgage for a free consultation to find out how you can minimize your costs while maximizing your investment!

Keep Your Credit Health In Check This Year

Here are a few tips:

Keep Your Credit Health In Check
  • All loan payments must be made before the due date.
  • Keep your credit card spending 50% below the maximum limit.
  • Never be lured by zero percent rate offers from credit card companies. The moment the credit card is charged to its maximum capacity, your credit score will drop.
  • If you are disputing a credit card bill, pay it by writing “paid in dispute” on the check, and then fight. Don’t ignore the bill, otherwise the account will be reported as delinquent. This will drop your credit score instantly by 100 points. You have to understand, creditor systems are automated and they only understand paid or not paid. It’s very black and white in that respect.
  • Limit inquiries on your account from prospective creditors. If you have too many people pull your credit report, your credit score drops.
  • Never cancel your oldest trade lines. (EX: credit cards)
  • When you move into a new home, make sure to update your residential address with all creditors, so payments are not made late.
  • Your credit score can be improved within days if you make you provide proof that you recently made payments on your credit cards.
  • Your credit score can also be improved if a creditor incorrectly reported your credit.
  Want to know more about how your credit report works and ways to improve it? Register for a Free Consultation Now!