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Buying a home is one of the most expensive purchases that a person will make in his or her lifetime. In order to guarantee that a prospective homeowners will be satisfied with such a large purchase, it is essential that they choose a home loan that has a good fit. Apply online free to contact a home loan expert today.

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Depending on the cost of the home and the borrower’s income, there are a variety of loans to choose from. Generally, there are two types of loans: fixed rate loans and adjustable rate loans.

Fixed rate loans have are standard and have a set rate and term that is determined at the start of the loan. This means that the monthly payment of the principal balance and the interest will not change through out the duration of the repayment period. The loans repayment periods usually last 15 to 30 years. Borrowers should be careful to note whether or not their loans include an early payment penalty. An early payment penalty is an out of pocket cost that a homeowner will have to pay if the loan is paid off before the 15 or 30 year mark. If such a clause will be included in the loan, the borrower can adjust the loan period by agreeing up front to make one extra payment a year, which can cut up to 10 years off of the loan repayment period.

Adjustable rate loans, or ARMs, are exactly what their name implies. Adjustable rate loans rise and fall with current market rates as determined by certain indexes, an example index would be the Prime Rate, by which reverse mortgages rates are determined. Loans with adjustable rates are often set up as lines of credit from which a borrower can draw money as if the loan were a credit card. A line of credit would not be appropriate for a first mortgage or another single large purchase, but are much more suited to a series of expenditures. Unlike fixed rate loans repayment, the monthly payments on an adjustable rate loan may vary as market rates change. However, adjustable rate loans have more lenient qualification requirements. This type of home loan has lower initial interest rates and lower initial monthly payments, making it ideal for a prospective homeowner who is uncertain if he or she will remain in the home longer that 5-7 years. Also, if the interest rates fall, a fixed rate loan will reap no benefit, while the adjustable rate loan will drop.

 


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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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Get a home loan interest rate quote from as many as four competing mortgage brokers. Choose between fixed and adjustable rate mortgages for 15 to 30 year terms at great low interest rates. Purchase the home of your dreams with a low paper work loan… 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… Loan calculators will let you do a multitude of things before ever taking out a loan. You can determine your estimated montly payments as well as toy around with the interest rate input to see how it affects the interest you pay over the life of your loan…
PMI is paid by borrowers on mortgages that have less than 20 percent equity. If you signed your loan following 1999, federal law requires that your PMI is lifted once you have reached 20 percent equity in your home… Private lenders as a whole fill a niche in the lending world for what are often called “hard money loans.” These loans require financing quickly and are provided to individuals with prior bankruptcies that can prove financial stability…

Refinance your mortgage today and get locked in at a low fixed rate interest. If you are planning on staying in your home for more than a few years you should be able to easily recoup your refinancing expenses…

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