pre-payment mortgage, Maine ME

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

Most often, your home purchase signals the beginning of a long relationship with a financial institution. You should not only look for a lender with competitive rates, but one you will be compatible with -- and who can take care of your needs over the years.

What is an ARM loan? ARM stands for Adjustable Rate Mortgage. With an ARM loan, the interest rate and the monthly principal and interest payment change (adjust) periodically. The timing, frequency, and methodology of the adjustments are outlined in the loan documents.

You see, what happens behind the scenes is that your loan got packaged into a pool with a lot of other loans and sold off to one of the three institutions listed above. The servicer of your loan gets a monthly fee from the investor for processing payments and taking care of your loan. This fee is usually only 3/8ths of a percent or so, but the amount adds up. There are companies that service over billions of dollars of home loans. Three-eighths of a percent on a billion dollars is a tidy income.

What happens after my loan is paid in full? A check for any remaining balance in your escrow account will be mailed to you or your closing agent usually within ten business days after the date your payoff funds are received. Your release papers will be mailed within 30 days after the date your payoff funds are received, or such shorter time as may be required in some states.

It is important that you review what the closing costs will be with your lender and attorney. This should take place far enough in advance of the closing to allow yourself time to obtain the necessary funds to pay the closing costs.

Are there different types of mortgages?

You and an attorney (if you choose to have an attorney represent you) should review the loan commitment carefully. Make sure the terms are acceptable to you. Assuming you and the lender come to terms, your agreement with the lender is now complete.

Last time rates were this low was May 1966, when the average FHA rate was 6 percent.

Attorney/Closing Agent The attorney or closing agent is responsible for ensuring that all documents have been completed properly including those related to the title search and title insurance. The closing agent will explain all closing documents to you and the seller, obtain your signatures, and record the documents with the appropriate local governments. He or she also will collect the transaction fees and give them to the appropriate parties.

Lender

What do I do after I have found the home I want to purchase? It is time to contact the seller who may be an individual or an representative of a real estate agency. Negotiations can begin for the sale of the property. Once the buyer and seller have agreed on a purchase price and developed sales agreement, it is time for the buyer to apply for a loan.

What is refinancing, and when should I apply for it? Refinancing involves obtaining a new mortgage loan on a property already owned - often to replace existing loans on the property. When the mortgage rates are low, it may be a good time to refinance. Refinancing can save you money on your monthly mortgage payments.

Mortgage Insurance This is an insurance policy that pays mortgage lenders for part of their financial losses if a borrower fails to fully repay a loan. Mortgage insurance makes it possible to buy a home with a low down payment. What types of insurance do I need to know about?

Should I choose a fixed rate or adjustable rate loan? Fixed rate loans have a stated interest rate that does not change over the life of the loan, whereas the rates on adjustable rate loans are linked to an index and change as the index rate changes. Many mortgages, such as a 5-Year Fixed (30 Year), start as a fixed rate loan and then convert to an adjustable rate. Adjustable rate loans have more risk due to the possibility that the interest rate could increase. However, because you are assuming some of the risk the lender will generally reward you with a lower interest rate. These loans are best for borrowers who do not plan on keeping the loan for the full term. Learn more about fixed and adjustable rate mortgages