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Types of Mortgages

Types of mortgages:

  • Home equity loans are second mortgages based on the value of your house that you own which is calculated by subtracting the total of your mortgage from the total market value of your home. This type of loan can come either as a loan or a line of credit.
  • Reverse mortgages are second mortgages that allow you to turn the equity of your home into income. Through a reverse mortgage you can receive a monthly payments, a line of credit or total cash advance from your home equity. No monthly are made on this loan until the house is sold or the owner is deceased.
  • Refinancing allows you to take out a new loan to repay an older loan that has a higher interest rate, an adjustable rate or a term (length) that is undesirable.

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When you are searching for a mortgage, the process can seem very intimidating. The best way to pick the mortgage that is right for you is to become informed about all of your options. Fill out our free short form today to contact a mortgage expert.

Figuring out which mortgage is best for you will make the mortgage process far less painful. Fill out our free short form and find out which mortgage is best for you.

Types of mortgages:

  • A fixed rate mortgage is a loan with rate that does not change. This means that aside from changes in insurance and taxes, whatever monthly payment you pay the first month of your repayment will be the same as the last month of your repayment.
  • An adjustable rate mortgage fluctuates with current rates as decided by designated indexes but begins with a low introductory rate. These rates can change once every year, every five years or after whichever set period of time decided by the borrower and the lender. The time between rate changes are called adjustment periods. Adjustable rate mortgages are have more flexible qualifying standards and are often used by those with less than perfect credit or people who will not be staying at their home for more than seven years.

 


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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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  Home Lending Resources
Selecting a loan from the types of mortgages that exists is easy with the help of a qualified mortgage professional. For example, if you do not have the funds to come up with a down payment a popular option is a low money down FHA loan.. Loans are a great way to finance expensive purchases because of low interest rates. If you are a home owner you should consider using the equity in your home to help you get a lower rate by using your home as collatoral on your loan… Amortization calculators allow you to enter your loan amount, your down payment, and your rate of interest. The result is a payment schedule for the entire life of your loan showing you how much interest you are paying with each payment…
Home equty loan refinancing is a refinancing loan that gets you money back at the same time. This cash back can be taken out at low interest rates thanks to the equity in your home. Even if you have refinanced lately, refinancing again may be a good idea if your current interest rate is more than 5%… Mortgages calculator tools are provided free on our web site to anyone interested in borrowing. Our mortgage payment calculator comes complete with an amortization schedule output and our refinancing calculator does a break even analysis for you…

Amortization schedules are a quick and easy output from a mortgage calculator to show you how much interest you are paying each month and each year on your loan. You can factor in additional monthly payments to see how your loan term shortens in length…

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