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Types of Mortgages

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.

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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.

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.

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.

 


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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
Filing through the types of mortgages that exist to find a good fit for you is something that mortgage brokers pride themselves on being good at. Between convention, fixed rate, adjustable rate, VA, FHA, the options can become overwhelming… Refinancing your home starts with shopping around for the best rate you can get given your income, credit history, and desires for your loan. Expo Financial supplies as many as four free quotes with one simple form… Refinancing is simply the acquisition of a second mortgage that is used to repay the first mortgage. During this process, you can borrow against your home equity to increase the amount of the loan over and above that of your first mortgage. This is called a cash out refinance and gives you the funds to pay for home improvement, college tuition, a brand new car or any other major purchase. Depending on the use of the money left over after refinancing, the repayment may be tax deductible…
Land loans are taken out solely for the purpose of building a new home. Lenders often want to know that the construction on a home will begin within a month or two of when the lot is bought and also that the land is suitable for construction before processing the 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…

Amortization is the slow elimination of debt on your loan that occurs each month you make a payment. Every month a portion of your payment pays down the principal of your loan and another portion pays interest on your loan, these amounts change every month…

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