ARM, Mississippi MS

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ARM - Mississippi MS: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor.

Home equity line of credit (HELOC):

PITI Principal, Interest, Taxes, and Insurance are the components of a mortgage payment.

The first, most widely available reverse mortgage in the United States was the federally-insured Home Equity Conversion Mortgage (HECM), which was authorized in 1987.

Fixed-rate mortgage products (for 1st mortgage only): Monthly principal and interest payments do not change over the term of the loan, which means your mortgage expenses are easily anticipated. If you believe interest rates are going to increase, this may be the best option for you.

One private company has also designed and offers its own proprietary reverse mortgage product. Financial Freedom Senior Funding Corporation, based in Irvine, CA, offers directly and through correspondent lenders a product called the Financial Freedom Plan. A jumbo reverse mortgage, it is available in larger sizes than possible under the Fannie Mae or HUD programs. The Financial Freedom Plan is only available in a limited number of states. As of mid-1999, The Financial Freedom Plan was available in six states (Arizona, California, Colorado, Nevada, Oregon, Utah, and Washington), but is expected to be extended to other states.

Fannie Mae, a large private investor in home mortgages, has designed two of its own reverse mortgage products. These include the Home Keeper reverse mortgage, and Home Keeper for Home Purchase. The latter allows a senior to obtain a Home Keeper reverse mortgage in connection with the purchase of a new home in a single transaction. Fannie Mae purchases Home Keeper mortgages, as well as FHA HECMs, from private lenders that originate these loans. In fact, Fannie Mae is the largest investor in HECMs and in reverse mortgages overall.

WHOLESALE LENDERS Borrowers cannot get access to the wholesale divisions of mortgage bankers and portfolio lenders without going through a broker.

Amortization

Rental properties If you derive income from rental properties, you will need copies of current lease agreements for each rental property that you own.

If interest rates are trending up, it makes sense to lock in your rate. If interest rates are trending down, it makes sense to float your interest rate so that you can take advantage of a shorter lock-in period. When rates are fairly stable, it also makes sense to float your loan to take advantage of a lower price for a shorter lock-in.