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home finance - Minnesota MN: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor.

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.

Most lenders want to see 24 months of on-time mortgage payments in order to approve a best credit loan. So, if you get that 2/28 loan with a two-year prepayment penalty, you can pay the higher interest rate, rebuild your credit, and refinance for a better interest rate at the end of two years.

How do I request a payoff statement? To request a payoff statement for your loan be mailed or faxed to you, log into the Home Loan Service Center and select the Statement Center option, then select Payoff Statement, or call our office at 1.800.367.6448 and select Option 2 from the Automated Loan Information Line. The statement will provide you with the exact amount needed to pay off your loan by a specific date, and other important information regarding paying your loan in full. Ordering the statement does not obligate you to pay the loan in full.

The Advantages of Different Types of Mortgage Lenders, continued

In the olden days, when someone wanted a home loan they walked downtown to the neighborhood bank or savings & loan. If the bank had extra funds laying around and considered you a good credit risk, they would lend you the money from their own funds.

Understand the difference between an equity loan and a credit line Equity loans are closed: You get all your money up front, then make payments on that fixed loan amount until the loan is paid. Equity credit lines are open: You can get an initial advance against the line, then reuse the line as often as you want during the period the line is open.

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.

Fixed Rate Mortgages: Payments remain the same for the life of the loan Types: 15-year 30-year Advantages: Predictable Housing cost remains unaffected by interest rate changes and inflation

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

Get a rate lock in writing Get a written statement detailing the interest rate, the length of the rate lock, and other particulars about the program.

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.

For a 30 year purchase conventional loan*: 3.00% down = 1.04% of your loan amount 5.00% down = .78% of your loan amount 10.00% down = .52% of your loan amount 15.00% down = .32% of your loan amount 20.00% down = .00% of your loan amount * These rates are typical for all states except South Carolina (a little less). Fees can vary slightly for refinance transactions and a little more for investor properties. These rates will remain constant for 10 years and will drop to .20% beginning in year 11.