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function rate_cur_show(){document.getElementById('rate_present').style.display="block";document.getElementById('rate_do').style.display="none";}function rate_show(){document.getElementById('rate_do').style.display="block";document.getElementById('rate_present').style.display="none";}function selstar(val){for(var x=1;x 0){ $('.tabs').css( "Display", "none" ); }*/ // screenwidth = 1024; var url = window.location.href; if(screenwidth The mortgage industry offers a variety of loan programs suitable for a wide range of borrowers. There are loans that require high payments but there are also programs specially developed to provide homeownership opportunities to low-income families. These mortgages have special features and one really needs to get a brief idea of their pros and cons before he applies for it.
This section provides you with an explanation of mortgage types and their features. Apart from highlighting the types of mortgage loans, this section also mentions who all are suitable for the different types of mortgages. The purpose is to help you explore the features of various types of mortgage loans so that you can compare and choose the one that's best for you.
Fixed rate mortgage
(40, 30, 15, 10 years) Fixed rate of interest and hence fixed Monthly payments throughout the loan term. Borrowers who are planning to occupy the property for at least 10 years. Those who don't prefer higher payments.
Interest rate and the monthly payment remain the same for 10 years. From the 11th year, the rate is adjusted every year. This will change the payments each year for the rest of the loan term.Intend to occupy the property for more than 10 years. Like to make stable payments initially but can afford higher payments later on. Plan to leave the property within 10 years. Want to continue with the loan even if there are changes in the plan.
Interest rate and monthly payments remain fixed for the first 7 years. From the 8th year, interest rates are adjusted every year. The payments are thus changed every year till the loan period is over. Plan to stay in the property for more than 7 years. Prefer stable payments initially but can keep up with higher payments later on. Plan to vacate the house after 7 years. Want to carry out with the loan in case the plan changes.
Fixed rate and monthly payments for first 7 years. On the 8th year, the interest rate is adjusted according to prevailing market rates. The resulting payments will remain constant for the remaining loan period.Plan to occupy the property for more than 7 years. Those who can afford just 1 payment adjustment. Those who plan to move out within 7 years. Those who want to continue with the loan in case there is any change in the plan.
Interest rate and monthly payment remain the same for the first 5 years of the loan period. The rate is adjusted on the 6th year to reflect the prevailing rate. The resulting payment remains constant throughout the rest of the loan term.Borrowers intending to stay in the property for more than 5 years. Those who can bear with one payment adjustment Borrowers who plan to move within 5 years. Those who want the loan to remain in force in case of any change in the plans.
For the first 5 years, the interest rate and monthly payment remain constant. But from the 6th year, the rates adjust after every 5 years and 1 year respectively.Those who can put up at the property for more than 5 years. Borrowers who like stability in monthly payments initially although there may be increase in payments later on. Those who may leave the house within 5 years. Borrowers who want to continue with the loan in case plans change.
The interest rate and monthly payments remain fixed for the first 3 years. From the 4th year, the rates are adjusted in every 3 years and 1 year respectively.Borrowers who plan to stay in the property for than 3 years. Those who can accept initial payment stability and any changes later on. Borrowers willing to abandon the property in less than 3 years. Those who want the loan to remain in force in case of any change in the plan.
The interest rate is adjusted every year as a result of which the monthly payments also vary each year for the entire loan term.Borrowers who want to take advantage of low rates. Those who can bear additional costs due to yearly payment changes. Borrowers who cannot qualify for high rate loan programs.
Interest rate and monthly payments remain unchanged for the first 5 years. After 5 years, the borrower must refinance the loan (which is largely due) at the prevailing rates.Borrowers who plan to occupy the residence for more than 5 years. Those who can refinance their previous loans at the prevailing market rates.
Those who intend to vacate the property within 5 years. Those who like stability in payments.
Interest rate and monthly payments remain fixed for 7 years. At the end of 7 years, the borrower should refinance into a new loan at the prevailing market rates.Borrowers who want to live in the property for a time period exceeding 7 years. Those who can refinance at the available market rates. Those who are planning to move out of the property within 7 years. Borrowers who prefer payment stability.
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Post subject: rewant to remortgage the property in both mine and partners name and then sign the property over to partner Post subject: RE:Hi frank, It seems that you want to take a loan in order to remortgage your property. But you haven't provided us with all the details regarding your loan request, your credit score, and the state where you reside.
Our Community comprises of a group of lenders offering different types of mortgage loans for borrowers having various income and credit profiles. So if you can give us some more details, then I can send your query to our loan department. They shall consult the lenders and then contact you as soon as possible. So please sign up with us with the details, so that we can proceed further.
Regards,
Jessica.
Post subject: Mobile home purchaseMy wife and I want to purchase a Mobile Home in CA. We don't have the greatest credit (each of us is around 590) but we have a good combined income around $95,000 annually. Could we still qualify for any of the types of mortgage loans? Post subject: types of mortgage loans for mobile homeHi Guest, Welcome to the forum.
Your credit score is not too good but your combined annual income is very good. so I think you can go for FHA loans as these are not a score driven program.
Check out the article at http://www.mortgagefit.com/mobile-homeloan.html and get an idea about the various types of mortgage loans available for purchasing mobile home.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Post subject: bk affects your chances to get any of the types of mortgagesHave a recent foreclosure and bankruptcy and want to know how this affects the ability to purchase a home with the help of different types of mortgages. Post subject: foreclosure affects getting various types of mortgage loansHi lilcash, Welcome to the forum.
How would you face the foreclosure and bankruptcy together? Can you please explain your situation a bit more?
BTW it will have a huge negative effect on your credit report. It will drop your credit score by 250 to 300 points and will remain on your credit report for 10 years. So you may not get approved for any program out of the different types of mortgages in coming 3 or 4 years. From now on pay all the bills and payments on time and try to improve your credit score.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Post subject: improve credit & qualify for any types of mortgagesmy husband and I both have bad credit, we are renting a home and have to purchase it by 2009, everything on our credit is collections and charge offs, what is the best way to achieve this. we have a combined income of 110,000. advise on how to settle and clear our credit and get our scores up so that we're able to choose the best out of the types of mortgage loans. Post subject: no down payment - what types of mortgage loans are suitable?what types of mortgage loans are suitable if you have land but no down payment-land is estimated at $30,000 + want to put man. home at approx cost of $90,000. on land Post subject: good explanation mortgage typesGood deal Jessica! It's in plain english and very informative. Thanks for investing some of your time to make things a little easier for the rest of us!_________________
Scott McKay
FreeOnlineCreditGuide.com
Post subject: closing datemy husband has this guy that is refinancing on our home and we are getting some cash put in our pocket. We can't figure out what is taking so long, to find a processor and lender. We have been waiting since Sept. 2008. We had been told for 4 weeks now, that we will close next week (repeat). We are getting very frustrated. Any suggestions about this situation. Post subject: CRT, One of two things is happening, either you have a mortgage person who doesn't know what they are doing, or your loan pkg is a challenging one.
If your scores are below 580, you have open collections, or recent judgments, have an unstable work history, or late pymts on credit over the past 2 years...then it is probably a credit issue. If this is not the case, then it is the mortgage person.
Kim
_________________
(770) 886-3140
Post subject: using bank account as collateralHello: Is it possible to use a bank account or bonds as collateral in a loan? Could you send the reply to me email? "profjdyme@gmail.com"
Thank you,
Prof. J Dyme
[Link deactivated as per forum rules. Thanks]
