pre-approved loans, Alabama AL

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Quick and easy online mortgage applications for those with either good or bad credit histories. Helps you in finding the right lending program whether buying or refinancing.

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

What does the application consist of? The typical application is basically an outline of who you are, the property you want to buy or refinance, and your financial assets and liabilities.

Conventional Financing

Should I consider a Flex-Pay (Interest-Only) loan option? Flex-Pay (interest-only) loans are a good means of either increasing your home purchasing power or maximizing your flexibility to control cash flow. You can save significant amounts of cash for investment, savings, or other expenditures during the first ten years of your loan. This is also a solid strategy to maximize tax deductibility, with more funds available for paying down higher cost, nondeductible consumer debt. With these loans, the minimum payment required covers interest only-you decide how much or how little of the principal to repay each month. These loans should not be confused with negative amortization loans-with Flex-Pay the principal balance NEVER increases.

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.

Mortgage Programs If you only have enough available for a minimum down payment, your choices of loan program will be limited to only a few types of mortgages. If someone is giving you a gift for all or part of the down payment, your options are also limited. If you have enough for the down payment, but need the lender or seller to cover all or part of your closing costs, this further limits your options. If you borrow all or a portion of the down payment from your 401K or retirement plan, different loan programs have different rules on how you qualify. Of course, if you have enough for a large down payment, then you have lots of choices.

How is it figured? Typically, private mortgage is calculated based on your down payment. Take the percentage multiplied by your loan amount and divide by 12 to figure your monthly “PMI”. This is added to your principal, interest, taxes and homeowners’ insurance to make up your total monthly payment when figuring your “ratios”.

Check to see if your credit line has a pre-payment penalty clause Many NO FEE credit lines have a pre-payment penalty clause, which can be very expensive if you are planning to sell or refinance your home in the next three to five years.

Also it is important to note that if you are planning to move out of your home in a few years then the benefits of achieving a lower monthly payment may not cover the costs involved when refinancing.