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

Different Than a Home Equity Loan A reverse mortgage is different from a home equity loan or line of credit, which many banks and thrifts offer. With a home equity loan or line of credit, an applicant must meet certain income and credit requirements, begin monthly repayments immediately, and the home can have an existing first mortgage on it. In addition, there is no restriction on the age of borrowers.

What do the words amortization, escrow, principal, foreclosure, PITI, and closing mean?

What type of insurance coverage do I need? We recommend you discuss this matter with your insurance agent to be sure you have the type and amount of coverage which best meets your needs. We require your home be insured for at least dwelling coverage; however, contents coverage is at your option. If your property is located in an area which the government has designated as a special flood hazard area, you may also be required to obtain flood insurance for your property.

How is my interest rate calculated? The initial interest rate on your loan was determined by the competitive market of rates in the mortgage lending industry for your particular ARM product at the time your loan was originated.

The Advantages of Different Types of Mortgage Lenders, continued..

Most lenders want to see 24 months of on-time mortgage payments in order to approve a best credit loan. So, if you get that 2/28 loan with a two-year prepayment penalty, you can pay the higher interest rate, rebuild your credit, and refinance for a better interest rate at the end of two years.

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.

Child support or alimony payments If you pay or receive child support or alimony payments, you will need to show a copy of a divorce decree. If you rely on the child support received to qualify for the requested loan, you also will need records from the state child support office showing payments received for the prior 12 months.

In the case of new construction, the lender will want the appraiser to inspect the home just prior to closing. This is to ensure that it is in accordance with the plans and specifications furnished by the builder or contractor.

Can I convert my loan to a fixed interest rate? Some ARM loans give you the option of converting your loan from an ARM to a fixed rate loan. This opportunity is usually only available for a limited period of time. If the loan is not converted to a fixed rate during this time period, the interest rate will continue to adjust for the life of the loan. Please refer to your loan agreement to determine whether or not your loan contains a conversion option. If it does, the loan documents will specify when this option is available, and how the conversion rate is calculated.

Finally, your down payment also affects your ability to qualify for a loan. When you make a small down payment, lenders are fairly strict about having you conform to their underwriting guidelines. For larger down payments, they will tend to make allowances or exceptions to the rules.

A reverse mortgage is a sophisticated financial planning tool that enables seniors to stay in their home -- or age in place -- and maintain or improve their standard of living without taking on a monthly mortgage payment. The process of obtaining a reverse mortgage involves a number of different steps.

Loan Payoff Is my principal balance the amount needed to pay my loan in full? No. The amount needed to pay your loan in full could also include interest, escrow advances, unpaid late charges, or other fees due on the loan. You must request a payoff statement to determine the exact amount needed to pay your loan in full.

Another way to find out how much you can spend on a home -- and to actually have your loan approved before you find a house to purchase -- is to take advantage of a mortgage pre-approval service, which is offered by many lenders.

Almost all loan officers are paid on commission. The amount earned by the loan officer and the branch is subject to a split -- just like real estate agents. Part of it goes to the loan officer and part goes to the branch. Any fees that are not part of the points go to the branch (or company) and are not subject to the split.