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Mortgages

These days mortgages are as diverse as the people seeking them. There are loans for people with good credit or bad credit, and loans specifically geared for those trying to consolidate debt, for families wanting to build their new homes, for Veterans, even for explicitly for police officers and teachers. Finding the right mortgage has never been easier. Fill out our free short form to contact a mortgage expert.

The first terms you will come across in determining the conditions you want for your mortgage are fixed and adjustable.

  • Fixed rates are constant through out the repayment of your loan and give you the stability of knowing your monthly payment will be the same at the end of your loan as they were at the start.
  • Adjustable rates are less predictable because they adjust with current rate indexes and can rise or fall as your repayment period progresses. The lessened stability of this loan is balanced out by lenient qualifying, low introductory rates, and the knowledge that an adjustable rate loan has a cap, or ceiling to keep the rate from rising too high.

Points equal up to 1% of your loan and are paid at the beginning of your loan. The more points paid, generally the lower the interest rate. Find out more about the mortgage that would be perfect for you and your home. Apply online to contact up to four lenders.

Other basic but important terms to understand are:

  • Principal is the amount borrowed (on which interest acts) which is repaid monthly
  • Amortization is the process of repaying the amount borrowed through monthly payments of principal and interest.
  • Negative amortization is when the monthly payment is not high to adequately pay the loan off. In this case interest builds too quickly and the principal grows instead of decreasing. This can occur because of lender scams or because of monthly payment caps.
  • Equity is the value of your house left over after subtracting the total of your mortgage. If your house has a market value of $130,000 and a mortgage of $100,000, the equity is $30,000.
  • An index is used to determine the rate on an adjustable rate loan. For some loans this rate may be the Prime Rate or the average rate of a one year Government Treasury Security.

 


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  Need Cash? Considering a Home Equity Loan? Why not get cash out from your equity and refinance in one process. Select ‘Refinance’ on the application and specify your ‘Cash-Out’.
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Mortgages : Mortgage Loans : Home Loans

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Mobile Home / Manufactured Home Refinancing – must apply here instead
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  Home Lending Resources
Mortgages are based upon borrowing money at an interest rate determined by your percieved ability to repay and repay ontime. Your credit history will determine not only your interest rate but how easy it is for you to get a loan period… Mortgage lending services involve the borrower, real estate agent, mortgage broker, buyer and the underwriter. Communication flows between all of these parties directly or indirectly throughout the loan process… Did you know manufactured homes have made vast improvements over the years, some even have vaulted ceilings and wide open spaces. Getting a home loan for a manufactured home is certaintly no longer a shame…
Buy a home now and get locked in at a great rate. Our application will set you up with as many as four loan quotes with one short form… FHA loan advantages are great if you would like to qualify for a low interest rate and little to no money down on your new mortgage. FHA loans do not have limites set by the amount of income the borrower has…

Various loan refinance finance options exist. You can choose to turn your refinance into a home equity loan and take cash out to pay for home improvements. You can also put a cap on an adjustable rate mortgage loan..

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