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cheap home loans - Maine ME: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor.

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

Loan Amortization

**Note: You will have to pay for credit report and appraisal at time of application but these funds will be refunded to you at settlement. (Certain restrictions may apply depending on loan size.) ***Note: We do not pay for your prepaid, escrows, and any prepaid penalties or lender fees that you may have to pay to get out of your current mortgage.

Advice If the figure is less than you expected (or need), lenders know programs that will help boost you higher in qualifying. Plus, they will do what you just did for free, they are much more experienced at the various nuances involved, and you will have no obligation to use them as your lender.

Usually, larger mortgage bankers are much better at promoting special first time buyer programs, cooperating with states and local governments. These programs will have slightly lower interest rates and costs than the current market rate. To qualify for these programs, your income must usually fall below a median average for the area and you must not have owned your residence for the last three years.

Deduct that amount from the total the lender wants you to spend on housing costs and consumer debt combined. Now you know the maximum the lender wants you to spend for housing costs, unless the figure is greater than 33% of your monthly income (there are exceptions, of course).

Mortgage Rates and Pricing Locking in Interest Rates The rate sheet on the previous page was incomplete. Time is a factor in pricing interest rates, too. Because interest rates change daily (and sometimes during the day) the longer a lender locks in a rate, the more risk that they have the market will move against them. Therefore, you pay more (in points) for a longer guarantee.

If your credit cards are maxed out, a lender might believe you could have future difficulties in managing debt and making payments If you have large lines of credit available, lenders might believe that you could run into unmanageable debt in the future Lenders also are wary if they believe that you are accumulating new credit accounts, which might indicate you have become a poor credit risk If you apply for new lines of credit, lenders might believe that you have been turned down by other lenders

What happens after I apply? The lender initiates a credit check and arranges for an appraisal of the property you plan to buy (or the current property you want to refinance). The appraisal assures you and the lender that the property has fair market value. The lender is investing in you and, in the unlikely event of default on your loan, the property must be worth enough to settle the debt.

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.

Property Taxes These are taxes paid to local governments, usually charged as a percentage of the property value. Your lender collects the taxes through your monthly payments. The amount of tax will vary depending on the location of the home.

What is the difference between a Home Equity Loan and a Home Equity Line of Credit?

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.

In some cases, loans may be forwarded to one of our lending partners. If this applies to the loan product you select, you will be notified before any personal information is collected. Ready to search for rates?Click here

One way you used to be able to distinguish a direct lender was from the fact that the loan documents were drawn up in their name, but this is no longer the case. Even the tiniest mortgage broker can make arrangements to fund loans in their own name.