Search results for: Mortgage Loan Types

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How do I know which type of mortgage is best for me?

There are many types of mortgages, and the more you know about them before you start, the better. Most people use a fixed-rate mortgage. In a fixed-rate mortgage, your interest rate stays the same for the term of the mortgage, which normally is 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your...
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What is a 125% Home Equity?

A very popular line of products to come out over the past few years has been the ability to borrow more than that value of your property. In most cases you can borrow up to 125% of the value. It has become so popular because of the soaring home values, depending on the area in which you live you could have your property increase by the...
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Is Debt Consolidation right for you?

Are you a candidate for debt consolidation? Are your credit card balances increasing every month? Do you only pay the minimum payment? Do you think your installment loan payments are too high (car loans or personal loans)? If you answered yes to any or all of the above questions then its time for you to review your overall debt...
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Documentation Loans

What you need to know about Loan Documentation There are 3 basic types of loan documentation. Below is a list and a brief description of why borrowers use them Full Documentation - In this case you supply a current pay-stub and past 2 years W-2s. The lender will call to verify your employment for the past 2 years at a minimum. This...
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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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Which Type of Home Loan is Best for You?

There are many different types of home loans from which prospective borrowers can choose. There are fixed rate mortgages, adjustable rate mortgages and home equity loans, to name a few. As these are the main types of home loans, they will be discussed in further detail to determine which home loan is right for you. Fixed Rate...
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Basics of Home Purchase Mortgages

So, you are looking to purchase a new home... Do you need to get pre-qualified for a mortgage? Do you need to know if you can afford your Dream Home? Do you want to buy but you think you can't because you do not have a Down Payment? Home Purchase Loan Basics Purchase with No Down Payment: you can buy a home with no down...
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What factors make up your Credit Score?

The formulas used by the credit reporting bureaus are complex and take a great deal of imformation in to calculate your scores. The best way to understand what your individual scores mean is to learn which items on your report have a big effect. It also helps to know what types of accounts are better than others. ###Credit Reporting...
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Steps to refinance a mortgage with bad credit

Although you may have a few black marks on your credit report, it is still possible to refinance your mortgage. Many lenders are willing to work with borrowers who have bad credit, especially if they're already homeowners. Here are the steps you should take: Check your credit report. It's possible that some of your bad credit is...
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How to get prepared to purchase a home?

When you decide to purchase a home (or condo) for the first time there are a few aspects of your situation to which you should pay close attention. These are the areas that a lender will judge you on and ask for documentation. The more prepared you are to provide it the smoother the loan process will be. The four basic areas are credit,...
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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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what is a fixed rate mortgage?

Individuals who are searching for the perfect type of mortgage may be a bit overwhelmed by all of the mortgage options that are available to them these days. From fixed rate mortgages to adjustable rate mortgages and everything in between, there are many different types to choose from when looking to obtain a home loan. One of the more...
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With Poor Credit can You Get a second mortgage?

Many homeowners consider obtaining a second mortgage when their cash flow gets a bit tight. And it tends to be an inexpensive type of loan, because the interest rates are typically lower than other types of loans. Moreover, in many cases the interest you pay throughout the year is tax deductible, lowering the cost of the loan even more. But...
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refinancing a loan with bad credit: how to?

You probably know that you can refinance your mortgage, but did you know that you can also refinance your car loan? In fact, lots of different types of loan are available for refinancing--and you can even do-it-yourself by taking out a new loan to pay off an old one. And even if you have bad credit, it's possible to refinance any loan if you...
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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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how to use a home equity loan

With so many lenders advertising home equity loans on television and radio, it's impossible to ignore their prevalence in the banking industry. However, sometimes it's also impossible to decipher exactly what home equity loans are used for. After all, if mortgages are used to purchase homes, then what exactly are home equity loans? For...
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Benefits of Adjustable Rate Mortgages

Adjustable rate mortgages offer a great way for those with tight budgets to buy more houses for the money. With so many types of mortgages available on the market today, understanding what adjustable rate mortgages are—and their benefits—will ensure that prospective homeowners make the right financial decision. What are...
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can you refinance a HELOC with poor credit?

Just because you have poor credit it does not mean you can not refinance your home mortgage loan. By refinancing your home or adding a second mortgage it can actually help your credit score and with on-time payments your credit score will also improve. Even with poor credit you the homeowner have several options through the subprime mortgage...
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how to use your home's equity to consolidate debt

You can use your home's equity to consolidate debt starting with a home equity loan. A home equity loan is basically a second mortgage on your home taken out with using your home as collateral. Because the loan is a secured one you will receive a better interest rate. The lower interest rates will make it so your monthly payments are lowered....
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tips for getting a low interest rate when applying online

When you apply for a mortgage online, you have the opportunity to receive a lower interest rate than if you had applied in a more traditional manner, say at your local bank or credit union. One of the reasons for this is easily explained by the overhead that is incurred by brick and mortar financial institutions. Financial institutions that...
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Subprime Mortgage Loan basics

Are you continually throwing good money away each month on rent? Would you like to change those rent payments into mortgage payments and have them go to something besides your landlord's children's college fund? Are you afraid that you cannot qualify? Have you considered a sub prime mortgage? What is a sub prime mortgage? Sub prime mortgages...
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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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Shoud you refinance or get a second mortgage?

Do you need to refinance? There are times in the life of a homeowner that they feel they need some extra money and wish to use their home as collateral for securing such funds. There are a few different ways in which the homeowner can achieve the obtaining of these funds such as second mortgages and refinances. The following paragraphs...
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things you should know about sub-prime mortgages

There are many different types of mortgages available to individuals who wish to finance the purchase of a home. Although some individuals can obtain a mortgage quite easily there are other individuals whose current credit status does not allow them to be as fortunate. For these types of individuals, there is a type of mortgage called the...
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understand the various types of mortgage lenders

When looking for a mortgage on a home it is important to know about the different types of mortgage lenders available on the real estate market today. Each type of mortgage lender has their own purpose and by reviewing the different types, prospective borrowers may find it that much easier to select the mortgage lender whom they really wish...
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refinance home mortgage loan with poor credit

If you are attempting to refinance your home in order to save yourself money every month and potentially increase the value of your home if you decide to sell it, one of the main concerns you probably have is making sure that your credit is able to get you the refinancing options you need. However, if your credit history is not exactly...
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Home equity line of credit: what you should know before you apply

What is a home equity? Home equity is a second mortgage. The loan is calculated against the value of your home minus the balance you still have to pay. Getting a loan is always a risk but, if you do it wisely it can work to serve your purpose. Here is what you should know before you apply. Types of home equity loans: The most common...
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find a low fixed rate home equity loan

The markets are flooded with offers of all kinds of loans and more loans. With so many offers sometimes, we make the wrong choices and get cheated on the fine print ending up with high rate or even worse variable rates that change from month to month to our disadvantage. Before you know you have a ridiculous high rate that forces you into yet...
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How to Find Subprime Second Mortgage Lenders?

Subprime second mortgage lenders are financial institutions who lend money to those homeowners who already have a current mortgage on their home and have a lower credit rating than some other individuals may possess. Mortgage lenders of this type are not as readily available as regular mortgage providers may be but there are certainly a good...
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