|
FHA Loans
Federal Housing Administration Loans are loans that are insured by the Department of Housing and Urban Development (HUD), but are provided by independent lenders, giving borrowers the opportunity to obtain loans with low interest rates and significantly reduced down payments. Fill out our short form to contact up to four FHA loans lenders today.
1 2 3 4 5 6 7 8 9
Bad Credit Refinance
There are many reasons to look into refinancing, especially if you have bad
credit or if you are currently being harassed by creditors. If you:
- Are in need of debt consolidation
- Have a high interest loan
- Have an adjustable rate mortgage
- Would like to invest in home improvement or repair
- Need to pay for college tuition
- Have significantly repaired your credit report and would like to pay off
an old bad credit loan.
- Want to make a major purchase but do not have the funds
1 2 3 4 5 6 7 8 9
Home Equity
The reverse mortgage is also an adjustable rate mortgage, but is unique because the homeowner (who must be 62 years or older) is at no time obligated to make monthly payments on the loan. The amount of the equity on the home is made available to the owner in full, in monthly advances or as a line of credit, only to be repaid after the life of the owner through the sale of the home or by the family if they would like to keep the home.
1 2 3 4 5 6 7 8 9
Rates
There are several indexes on which interest rates are based:
- The Prime Rate is used by lenders for corporations and for their credit-worthy
applicants. It is very stable and tends not to differ from bank to bank. The
Prime Rate is used to predict the direction of rates, and the activity of
consumer loans often follows that of this index.
- U.S. Treasury Security Yields is an average of monthly rates during the
length of a one year U.S. Treasury security that is often used to set adjustable
rate mortgage and is published yearly by the Federal Reserve Board.
- The 11th District Cost of Funds is also used to set adjustable rate mortgages
and will often follow the same direction as the average of a one-year U.S.
Treasury security. Monthly, the 11th Federal Home Loan Bank District, which
includes California, Nevada and Arizona, publishes its weighted average interest
rate for the prior month.
- Federal Funds Rate is set by the Federal Open Market Committee and is the
interest rate on funds one bank lends to another overnight. This index affects
inflation and economic growth, and is decided on by the Federal Open Market
Committee.
1 2 3 4 5 6 7 8 9
Mortgage Calc
Using a mortgage calc can also help you ensure that your loan terms will not cause negative amortization. Amortization is the schedule of repayment of your mortgage through monthly payments of principal and interest . Negative amortization occurs when the monthly payments set by the lender are not high enough to cover interest and principal. This causes the outstanding balance of the mortgage to increase instead of decrease as the repayment period goes on. Negative amortization can cause a homeowner to default on the loan, and though uncommon, all borrowers should be certain that set monthly payments are high enough to cover both the interest and principal of the loan.
1 2 3 4 5 6 7 8 9
Mortgage Refiancing
If you have a mortgage and your monthly payments are too large or your interest rate is too high, you have probably been looking into finding a mortgage refinancing company. Mortgage refinancing is a great resource for homeowners unsatisfied with their loans. Apply online today to contact a mortgage refinancing company.
1 2 3 4 5 6 7 8 9
Refinancing Your Home
Refinancing is much the same process as obtaining a first home loan. Credit and income both come into play when designing your new loan, and if either has diminished since your original loan, it may not pay to refinance.
1 2 3 4 5 6
More Links...
|
