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

It doesn’t generally work like that anymore. Most of the money for home loans comes from three major institutions: Fannie Mae (FNMA - Federal National Mortgage Association) Freddie Mac (FHLMC – Federal Home Loan Mortgage Corporation) Ginnie Mae (GNMA – Government National Mortgage Association).

Adjustable Rate Mortgages (ARMS): Payments increase or decrease on a regular schedule with changes in interest rates; increases subject to limits Types: Balloon Mortgage: Offers very low rates for an initial period of time (usually 5, 7, or 10 years); when time has elapsed, the balance is due or refinanced (though not automatically) Two-Step Mortgage: Interest rate adjusts only once and remains the same for the life of the loan ARMS linked to a specific index or margin Advantages: Generally offer lower initial interest rates Monthly payments can be lower May allow borrower to qualify for a larger loan amount

The mortgage insurance on conventional loans is typically referred to as PMI, or Private Mortgage Insurance. This type of mortgage insurance coverage is provided by private companies.

The Annual Percentage Rate is a good tool in comparing different lenders and the total costs involved in financing your new home. The APR takes into consideration all the costs involved in getting a mortgage and give a clearer picture of what you are paying in interest. When you look just at the interest rate this sometimes can be deceiving since their are so many ways and programs available for mortgages. A lower interest rate is always realized with Adjustable Rate Mortgages at first and then the interest rate will increase over the years. Also a lower interest rate cannot always be seen as a better deal because the lender could be charging more fees that will offset the benefit of the lower interest rate.

The right kind of loan at a competitive rate is obviously important. So are prompt and thorough underwriting procedures that result in rapid progress through the approval process.

Can I cancel my mortgage insurance? If you have an FHA loan - FHA mortgage insurance protects the investor who owns the loan in the event of default. One reason investors may choose to purchase FHA loans is because of this protection. They know the mortgage agreement is written to allow this insurance to be maintained for the life of the loan, and expect this insurance protection until the loan is paid in full. Therefore, we must continue to collect and remit premiums to FHA as required to maintain this insurance. There may be some circumstances where premiums can be discontinued prior to the maturity of your loan.

What is lender-placed insurance? Lender-placed insurance is coverage we order to protect the property when we learn it is not insured. This can occur any time your insurance coverage expires or is canceled, and we do not receive proof of new coverage. If it is necessary for us to order lender-placed insurance on your property, the premiums for this coverage will be paid from your escrow account. Because these premiums are typically higher than the premiums for insurance coverage obtained from your agent, we encourage you to work with your agent to make sure your property is adequately insured at all times.

Balloon Programs A balloon mortgage loan is a type of mortgage loan that has a short term (typically 5 or 7 years), but the monthly payment is computed using a 30 year term. When a borrower uses a balloon loan, he/she will make the monthly payment for the scheduled loan term (5 or 7 years). When this loan term is over, the borrower is required to pay off the remaining balance in one lump-sum payment. If the borrower decides not to sell the property after the loan term is over, the borrower has the option to refinance the mortgage with a new one. A 7/23 balloon mortgage gives the borrower the option to convert to a fixed rate program (for a nominal fee) after the initial term (7 years) is over. If the conversion feature is used, the interest rate for the remaining term of the loan (23 years) will be adjusted once to reflect market conditions, then remain fixed for the remainder of the loan term.

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.