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Mortgage

Finding a loan can be nerve-racking, but finding the right one can help you settle into you new home with confidence and security. One of the best ways to find the right loan for you is to understand what the different types entail and what certain mortgage terms mean.

Your first decision may be deciding whether you qualify for a fixed rate loan or an adjustable rate loan:

  • A fixed rate loan means that the interest rate will not change throughout the life of the loan. The monthly payment you have the first year of the loan should be the same as the monthly payment the last year of the loan. A fixed rate provides you with the stability of knowing exactly what your payments will be, but can leave some people dissatisfied if rates drop substantially over the years as they repay their loan. If this happens you have the option of going through the loan process again and refinancing your mortgage to take advantage of the lower rate.
  • An adjustable rate loan has an interest rate that fluctuates with certain indexes. An example of such an index would be the average rate of a one year Government Treasury Security. An adjustable rate loan does not offer the security of a fixed rate, but it generally has low introductory rates, and, if the rates drop, a homeowner with an adjustable rate can wind up payment less in interest than a homeowner with a fixed rate. Adjustable rate loans have predetermined periods between adjustments in the rate. These periods can be as low as one year or as high as five years.

Some mortgages are strictly fixed rate or adjustable rate, while others can go under either heading. If you are getting a fixed rate, your mortgage company should be able to show you in advance exactly what you repayment schedule will entail. Also, if you know that you are interested in a fixed rate, you can use a mortgage calculator to get a clearer picture of what your monthly payments will look like. An adjustable rate is more complex because the amount will change as the rates changed, but your lender should still be able to explain to you exactly how your monthly payment will be determined.

Refinancing for a larger amount than your original loan The time you Refinance may be a good time for you to take out some additional money for home improvements. In so doing, you can add to the vaue of you home. An important factor in this decision is the tax status of the interest you will pay on your new loan. This status depends on how the money is used. If your cash is used for home improvements, the money is considered acquisition indebtedness and you can make a tax deduction. If the money is used for other purposes, you may not qualify for a tax deduction. Refinancing is typically a great option if you intend to stay in your house for at least a few more years; however, make careful considerations of the tax issues involved with taking out a larger loan in the process. A quaified mortgage broker can help work out these figures with you. Often times, because rates are so low today, regardless of how the money acquired through the loan is spent, you stand to make great savings.

 


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Before taking on a mortgage you should consult an expert to determine how much home you can really afford. A mortgage broker can also help you determine the total interest you can expect to pay over the life of the mortgage… Home equity lines of credit are similar to home equity loans except your money can be taken out in increments over a long period of time at a variable interest rate. You can borrow up to 80% of the total equity you have in your home and it is easier to obtain than a traditional equity loan… A reverse mortgage is an option usually utilized by the elderly to turn their home equity into a source of income in their later years. By reversing their mortgage the equity in their home is paid out to them in cash on a monthly or lump sum basis…
VA Loans are funded by a conventional lender and insured by the Veterans Administration to allow for smaller down payments and lower interest rates. All that is necessary is a certificate of eligibility from federal government to qualify… If you are thinking of getting a home mortgage now is a great time. We offer fixed rate mortgages, adjustable rate mortgages, fha loans, va loans, contentional loans and home construction loans to individuals with the full range of credit history from terrible to perfect…

Bad credit mortgages are possible for many with a tarnished credit record if you are willing to accept an adjustable rate mortgage and or have solid employment. Expo Financial can connect you with a financial expert in your area…

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