mortgages, Maine ME

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

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.

Last-minute maneuvers Closer to closing, borrowers also have to watch out for counteroffers from their current mortgage servicers or lenders. When borrowers refinance their loans, their new lenders request payoff letters from their old lenders. These letters spell out exactly how much the old lenders are entitled to at closing and are often the only indication that a borrower is refinancing.

With a reverse mortgage, the payment stream is reversed. That is, payments are made by the lender to the borrower, rather than monthly repayments by the borrower to the lender, as occurs with a regular home purchase mortgage.

What is a rate lock-in? A lock-in, or rate lock option, ensures the borrower a commitment to a specified mortgage rate, including not only the interest rate but also its discount/origination points. The borrower must agree with an authorized representative of East West Mortgage Company for a specific interest rate in order to choose this option. It is also possible to choose not to lock-in a specific rate, but instead to float for a certain number of days. Floating means simply a borrower electing to have interest rates move up and down according to market conditions until a specific rate is elected to be locked-in. All borrowers electing this option must lock-in a rate and its discount points at least five (5) business days prior to a scheduled settlement, or else your settlement will be delayed.

Not so popular nowadays, though, is the endowment policy. This is an equity-based investment with a contract that usually lasts the same length of time as the mortgage term, and which, on maturity, should amount to enough to pay off the capital of your loan. All too frequently though, in recent times, endowment policies have been failing policyholders and leaving them with massive shortfalls.

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.

Seniors do not have to meet income or credit requirements to qualify for a reverse mortgage.

Which mortgage is best for me?

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

LOAN offers the following adjustable rate mortgages: Term Loan to value 10 Year Fixed (30 year) Up to 95% 7 Year Fixed (30 year) Up to 95% 5 Year Fixed (30 year) Up to 95% 3 Year Fixed (30 year) Up to 95% 1 Year Fixed (30 year) Up to 95% 6 Month Fixed (30 year) Up to 95%

Examples of two of the largest mortgage bankers are Countrywide Home Loans and Wells Fargo Mortgage. One is associated with a bank and the other is not, but both are most correctly classified as mortgage bankers. A lot of companies call themselves mortgage bankers and some deserve the title. For others, it is mostly marketing.

Here are two calculators you can use to determine the maximum monthly mortgage payment you can afford -- the total debt to income ratio calculator and the housing to income ratio calculator.

Ready to find a mortgage? Check rates in your area.