Search results for: Mortgage Loan Application

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Home Equity - Glossary of Terms

Find the meaning of home equity related terms HELOC - abbreviation for Home Equity Line of Credit Interest only - pay only interest, calculated by taking the Loan Amount * the rate and divided by 12. Principal is not paid down. Full Principal & Interest Payments - the payments per month in order to pay off the loan in the...
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What fees make up the closing costs?

Figuring out closing costs The total amount of closing costs and/or settlement charges can finalize a borrowers decision. The costs or fees charged by one broker could greatly differ from a competitor. It helps to know what fees are involved in a real estate transaction. Closing costs are simply the costs associated with the closing of...
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Home Equity Line of Credit

Home equity lines are ideal for many people with unique and different financial situations. Some of the most common circumstances to request a home equity line of credit are: unexpected expenses (medical expenses, college tuitions), home improvement projects (bathroom or kitchen remodeling, installing a new roof, new home addition, etc...) or...
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Traditional Fixed Rate Mortgages

The most basic home loan is a fixed rate mortgage. It is what it advertises; a fixed rate and payment for the life of the loan. So whether it is 2 years or 10 years into the loan the mortgage payment and rate will still be the same. They are available in 10, 15, 20, 25 and 30 year periods. The most popular are 30 and 15 year loans. ...
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Guide for first time home buyers

What can you afford? One of the biggest mistakes prospective buyers make is not understanding or realizing how to budget for a new home. Not only the closing costs associated with the purchase but also understanding the monthly payments involved. If you are looking for purchase your first home with a no down payment/100% financing...
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Buy your First home with no Down Payment

The 20% down old myth The days of putting 20% down when purchasing a home are long gone. There was a time that realtors and sellers wouldn't even discuss selling if you didn't have 20% or even 10% for a down payment. Well times have changed and the lending industry has adapted. With the dramatic increase in home values it is becoming...
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How can homeowners qualify for HELOCs?

If you are already a homeowner, chances are you would want to know how you can save money each month in order to keep your household running smoothly. You may have considered a second mortgage, which is usually a sound option for most homeowners, but you can also request a home equity line of credit (HELOC). Basics of a home equity line of...
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Steps to Apply for a Mortgage

For most people, a mortgage loan is necessary to buy a house. Nowadays, one can apply for a mortgage loan either through the internet or by directly approaching the mortgage loan company. However, some steps have to be taken when applying for a mortgage loan. Mortgage Loan Companies The first thing that has to be done is to find out...
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How to get approved for a mortgage loan online

These days, just about anything can be done online, from grocery shopping to buying a new pair of shoes. And, you can even purchase a home online—filling out a mortgage loan and finding out the status of your approval is easy and convenient. However, there are a few things you may want to know that will help you to get approved for a...
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How does a home equity loan work?

If you're a homeowner, you've probably heard about Home Equity Loans. But do you really know how they work? Here's the basic information: You're tapping into your home's equity. The amount of equity in your home is equal to the current market value of your home, minus any amount you still owe (on things like the mortgage and other home...
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What does it mean to get pre-qualified?

When you looking to buy either your first home or 2nd home every Realtor or home owner will ask you the same first question, have you been pre-qualified? So what does that mean and how do you become pre-qualified. The pre-qualify mortgage application Basically in order to be pre-qualified you have to complete an application with a...
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FHA home loans: how do they work?

So you've started the arduous task of applying for a home loan only to find that an FHA loan is the best, or only choice for you. Don't let the official title frighten you. While an FHA loan may seem daunting, it really is much easier to understand than its name implies. However, there are some major features of FHA loans that do separate...
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Conventional vs. Sub-prime lending, where do you fall?

Every consumer that is in the market for a home loan whether for a refinance or purchase has been directed to two types of lenders classified as 'conventional' or 'sub-prime.' They are also known as conforming and non-conforming lenders. However the majority of consumers do not know exactly what the differences between the two are. Well...
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poor credit? apply online for instant approval

Qualifying for a home loan can be difficult when you have credit problems. Obviously, it will not be as easy for you as it would for someone with a solid credit history. However, that does not mean it is hopeless. There are many sub prime lenders online that offer instant loan approvals. Yes, instant. It is faster and easier than applying...
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why are Online Mortgage Companies Convenient?

If the idea of undergoing a lengthy mortgage process leaves you less-than-thrilled, you aren't alone. Everyday, more and more potential homebuyers discover the many benefits of obtaining a mortgage online. But why—and how—are online companies convenient? Accessibility For those who work long hours, squeezing in time to...
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things to consider when looking for refi online lenders

If your credit score is less than appealing you still be qualified to refinance online. There are many online lenders who specialize in subprime loans for individuals that have poor or bad credit. As with a regular mortgage lender subprime loans will have higher interest rates than loans for those individuals who have a good credit score....
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how long does a fha loan take?

There are a wide variety of home loans which individuals can obtain in order to finance the purchase of their home. There is a special type of loan known as an FHA loan. This is a loan that is provided by a third-party lender like any other type of loan but the federal government, the FHA in particular, will insure the loan so that the...
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how to qualify for a fixed rate mortgage

Once you make the decision to purchase a home, and have taken a look at your finances to see what you can afford, you'll want to start looking into mortgage programs that you can qualify for. One of the most popular choices is a fixed rate mortgage, since there is no change in your interest and principal payments. If you want to get a...
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Poor Credit Mortgage Loan Basics

A poor credit mortgage loan may seem more difficult to qualify for, but for those who have been through a divorce, bankruptcy, or temporary unemployment, it is not impossible. A lender will often ask questions about a person's background to determine if they are honest people who will make the monthly payments on time. Having a steady job and...
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poor credit mortgage basics

If you are searching for a home to buy but are concerned about qualifying for a mortgage due to poor credit, do not despair; there are numerous financial lending institutions that cater to individuals with problem credit. The essentials of poor credit mortgage basics are easy to understand. When you apply for a mortgage, the lender will...
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how payday or cash advance loans work?

The payday or cash advance loan is basically a short-term loan where your paycheck works as the security for the loan. You are provided an immediate cash advance loan which will have to be repaid on payday. This means that you have to pay back the lender the principal borrowed, with interest when you receive your pay check. if you make a...
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What is a Pay Option ARM loan?

The Option ARM or Pay Option ARM became extremely popular a few years ago when rates were at an all time low. At the time there were only a few lenders that offered these programs. Eventually every lender began offering there own version of the Pay Option ARM. Most likely you have been offered this product and probably know someone that...
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