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mortgage advice - Alabama AL: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor.

When does it make sense to pay points? Points are a one-time fee that a borrower pays to lower the interest rate. Points are defined as a percentage of your loan amount, with one point being equal to one percent of your loan. For example, if you borrow $200,000, one point would be equal to $2,000. Paying one point will generally reduce your interest rate by approximately .25%.

Pre-Approving Your Loan

Until I learned about a reverse mortgage through a friend who had gotten one, I was pinching pennies and borrowing from my daughter. I had lost my independence. Now that I have received my reverse mortgage, I have money in my pocket, peace of mind and I am happy again! Senior from Florida

Get a written good-faith estimate of closing costs Within 3 working days after receipt of your completed loan application, your mortgage company is required to provide you with a written good-faith estimate of closing costs.

What if I want to change insurance companies? You may choose to change insurance companies at any time, but the procedure you follow will depend on whether you make this change mid-term (before the current policy expires), or when your current policy is up for renewal: Changing Mid-term - If we collect funds through escrow for your insurance and have already paid the premium for your current policy, we do not have funds to pay the new policy. In this situation, you must pay the premium for the new policy yourself and send us a copy of the new policy along with a paid receipt so we may update our system. You should also cancel the old insurance policy, and request a refund of any unused premium. When changing insurance companies, the effective date of the new policy must be the same as the cancellation date of the old policy, so there is no lapse in coverage.

LOAN offers the following fixed-rate mortgages: Term Loan to value 30 Year Fixed (30 year) Up to 107% 15 Year Fixed (15 year) Up to 95%

Can I Pay Off My Loan Ahead Of Schedule?

What Happens If Interest Rates Decrease And I Have A Fixed Rate Loan?

The Final Step - Almost Now you have to go to a mortgage calculator (click here) and plug in some numbers. In the payment area, put the figure you just calculated. Plug in the current fixed interest rate. If you are putting less than twenty percent down, add a half percent to the rate to allow for charges you will pay for mortgage insurance. Hit the calculate button and you should have your maximum mortgage amount. Add your down payment and you know your maximum purchase price.