 | Richard Ciemny is Vice-President, Director & Branch Manager of The First National Bank of Anthony, Wichita Branch. Richard has been in the banking profession for many years in the Wichita area. He has been an active member of the Kansas Bankers Association and the Community Bankers Association of Kansas. The First National Bank of Anthony, Wichita Branch, is located at 10111 W. 21st St. North. You may contact Richard at (316) 721-9000. |
Banking & Finance
2003-03-01 14:09:00
“Zero down & no points”
: How much mortgage do I qualify for?
ANSWER: Traditionally, the way to determine how much mortgage someone qualifies for was to review their income and debts and then apply a mathematical formula that will provides the answer. The rules, however are changing in this business daily and the traditional formulas may not exist in your situation. It is always best to visit with your prospective lender face to face to discuss your individual situation.Once the prospective lender knows the facts they can quickly do a calculation for you.QUESTION: Zero down and no closing costs... does it really exist?ANSWER: We've all seen those great teaser ads. As you have heard before, if it looks too good, it probably is. Keep in mind that the lender is going to get paid one way or another. Usually if they are advertising no closing costs they're simply rolling those costs into the loan via a higher rate. So now instead of paying those costs up front, you have financed them over the life of the loan. It now will cost you more than double the original costs. Now it doesn't sound like such a great deal after all.
