Expert Explains Residential Lending
PITTSBURGH (NewsRadio 1020 KDKA) – Mike Henry, the Senior Vice President of Residential Lending at Dollar Bank, knows about residential lending.
Henry spoke of the “historic lows” with fixed rate mortgages at 2.57 for 15 year fixed, and 3.375 for 30 year fixed.
“APR number is used to compare the cost” and refinancing “depends on the balance of the loan” Henry said.
VA loans designed for veterans are also available and veterans can borrow up to 100 percent of the property.
“VA loans look at residual income, conventional loans look at debt to income ratio” Henry explained. Dollar Bank allows a slightly higher debt to income ratio for VA loans as a sign of gratification for veterans’ service.
Mike Henry wanted to leave listeners with this bit of advice, the “key to mortgages is interest rate,” getting a good interest rate will help you get the best deal on your mortgage.
Listen to the Dollar Bank Hour Wednesdays at 7 p.m. on NewsRadio 1020 KDKA.