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

Conventional loans do not require mortgage insurance with a LTV of 80% or less. And special programs like the FHA, VA, and others may not require any down payment.

Types of Mortgage Lenders

How Much House Can You Afford? Debt-to-Income Ratios To determine your maximum mortgage amount, lenders use guidelines called debt-to-income ratios. This is simply the percentage of your monthly gross income (before taxes) that is used to pay your monthly debts. Because there are two calculations, there is a front ratio and a back ratio and they are generally written in the following format: 33/38.

If you choose to convert to a fixed interest rate, the conversion rate may be higher than your adjustable rate, and slightly higher than the current market rate for new fixed rate loans. However, the cost to convert your ARM to a fixed rate loan is usually substantially lower than the cost of refinancing.

Correspondents Correspondent is usually a term that refers to a company which originates and closes home loans in their own name, then instead of selling those loans in pools, they sell them individually to a larger lender, called a sponsor. The sponsor acts as the mortgage banker, re-selling the loan to Ginnie Mae, Fannie Mae, or Freddie Mac as part of a pool.

Principal The original balance of money loaned, excluding interest; also, the remaining balance of a loan, excluding interest.

A home equity line of credit is a set amount of money you are approved to use whenever you like. You access your funds by writing checks. As you repay the balance, you can reuse it up to your approved credit limit. You are charged interest based on the unpaid balance. A line of credit gives you the flexibility to borrow funds when you need them. When the line of credit expires, you need to renew or pay your outstanding balance.

Financial Education, Available Products In some programs, senior homeowners must complete an approved financial education session -- sometimes called counseling -- before they can fill out an application for a reverse mortgage. Reverse mortgages are offered by banks, thrifts, mortgage banking firms, consumer finance firms, and financial services corporations.

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.

Why should I buy a home?