Current West Virginia Mortgage Rates
Quick Mortgage Definitions / Terms / Facts
What is the 30 Year, 7/1 ARM?zionmortgages.com has attracted much attention by providing exclusive loan programs that provide the security of a fixed rate with the lower rate benefits of an ARM. This loan offers a low fixed rate that can only adjust after 7 years, at which point it will adjust yearly for the remaining 30 year term, according to the weekly average yield of the one-year LIBOR. Interest rate adjustments have a 2.25% margin, with an annual 2% adjustment cap, and 10% lifetime adjustment cap from the start rate. A lower rate means a lower payment, which allows you to qualify for a larger home.
What is the minimum down payment required in order to eliminate PMI?
Typically, on a primary residence, the minimum that you need to put down to eliminate PMI is 20%. If you are putting less than this down, but wish to avoid PMI, we may have alternative products and pricing options.
First Steps to Getting a Mortgage?
Get a Free Credit Report!The first step to getting a mortgage is to know your credit score. Understanding your credit report is a critical part to getting your mortgage. Raise your score while you shop for your home to get the lowest rate at closing, with a few easy steps you can easily raise your score in within a few months.
