home loan types, Alabama AL
Missouri (MO)
Montana (MT)
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home loan types, Alabama AL |
Mississippi (MS) Missouri (MO) Montana (MT) |
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Alabama
(AL) |
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(NE) Nevada (NV) New Hampshire (NH) New Jersey (NJ) New Mexico (NM) New York (NY) North Carolina (NC) North Dakota (ND) Ohio (OH) Oklahoma (OK) Oregon (OR) Pennsylvania (PA) Rhode Island (RI) South Carolina (SC) South Dakota (SD) Tennessee (TN) Texas (TX) Utah (UT) Vermont (VT) Virginia (VA) Washington (WA) West Virginia (WV) Wisconsin (WI) Wyoming (WY) |
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home loan types - Alabama AL: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor. MORTGAGE BROKERS Basically, wholesale lenders use mortgage brokers as their loan officers. They offer a lower rate to the broker, the broker adds on his compensation, and the rate is usually about the same as you would get using a mortgage banker. Sometimes the rate is lower, sometimes higher, depending on how much compensation the broker adds on.Modification - This is an actual changing of one or more of your loan terms; for example, the term of the loan or the interest rate. Detailed financial information and proof of hardship caused by circumstances beyond your control will be required for this option to be considered and may not be available on all mortgage types. One of the latest trends in the mortgage industry involves pre-approving borrower loans. Prospective buyers will know what they can afford before shopping for a home. When you pre-approve, home sellers and real estate agents will know you are a serious buyer. Being approved for a loan makes the home-shopping process much more efficient and productive. Our Pre-Approval program gives you more leverage when you are negotiating a contract and results in expediting the loan process when you have found your property.If you are buying a condominium (or an area with HOA fees), subtract out an approximate figure to cover homeowners association fees. What you are left with is your maximum principal and interest payment. What is involved in the closing? This is the day you’ve been waiting for, the final step before you own your new home or complete the refinancing of your current home. At the closing you, the seller, the lender and the attorneys for all involved validate, review and sign all documents relating to the purchase or refinance. The lender provides the check for the loan amount. You receive the title to your property and the keys to your new home. Wholesale Lenders Most mortgage bankers and portfolio lenders also act as wholesale lenders, catering to mortgage brokers for loan origination. Some wholesale lenders do not even have their own retail branches, relying solely on mortgage brokers for their loans. It is important that you review what the closing costs will be with your lender and attorney. This should take place far enough in advance of the closing to allow yourself time to obtain the necessary funds to pay the closing costs. We offer an exceptional Menu of Loan Programs to borrowers with good credit histories who wish not to document their incomes. The income is stated but not verified, and this program is ideal for self-employed borrowers with complicated tax returns and financial statements. Salaried and retired borrowers are also eligible.Mortgage brokers also learn the hot points of various wholesale lenders and can handpick the lender for a borrower which may be unique in some way. He will be able to submit your loan to either a portfolio lender or a mortgage banker. Another advantage is that, if a loan gets declined for some reason, they can simply repackage the loan and submit it to another wholesale lender. Are there any penalties to refinance my no-cost loan in the future? There are no prepayment penalties of any kind. This allows you to take advantage of any future rate declines by refinancing at no cost again. What kind of lender is best? If you talk to a loan officer, he (or she) will probably say the lender they work for is the best and give you a list of reasons why. If you meet the same loan officer years later and he works for a different kind of lender, he will give you a list of reasons why that type of lender is better.Is a Closing Cash Saver loan for me? Closing Cash Saver loan is designed to provide you with a rebate to cover your non-recurring closing costs. While these loans are most commonly associated with refinances, they can also apply to purchases. Closing Cash Saver loans will generally have a higher interest rate than loans in which you pay closing costs out of pocket. Consequently they are a good option for borrowers that plan to keep their mortgage for less than five years. Banks, savings and loans, and mortgage companies lend money to home buyers. Your lender will ask you to fill out a loan application form that includes information about your income, employment, and debts. State or Local Housing Finance Agency Some government agencies provide valuable housing assistance to low- and moderate-income home buyers and renters. To find out more about these programs, ask your real estate agent or your mortgage broker.What is Prepaid Interest? This is interim interest that accrues on the mortgage loan from the date of the settlement to the beginning of the period covered by the first monthly payment. Since interest is paid in arrears, a mortgage payment made in June actually pays for interest accrued in the month of May. Because of this, if your closing date is scheduled for June 15, the first mortgage payment is due August 1. The lender will calculate an interest amount per day that is collected at the time of closing. This amount covers the interest accrued from June 15 to July 1. Fixed Rate Mortgages: Payments remain the same for the life of the loan Types: 15-year 30-year Advantages: Predictable Housing cost remains unaffected by interest rate changes and inflation |
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