mortgage loan pre-approval, New York NY

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Quick and easy online mortgage applications for those with either good or bad credit histories. Helps you in finding the right lending program whether buying or refinancing.

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mortgage loan pre-approval - New York NY: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor.

Reverse Mortgages

Sometimes the home owner would like to lower the total amount they pay in interest, but cannot afford the upfront costs of getting a new mortgage. However, modern mortgage packages make it possible to minimize or totally eliminate out-of-pocket expenses.

Home equity line of credit (HELOC):

Pre-Approving Your Loan

Private Mortgage Insurance (PMI) A lender will require you to purchase mortgage insurance if you make a down payment of less than 20% of the market value of the home. There are different types of insurance available which often affect the type of mortgage loans you obtain. 1. Conventional Mortgages 2. FHA Mortgages 3. VA Mortgages

Balloon Programs A balloon mortgage loan is a type of mortgage loan that has a short term (typically 5 or 7 years), but the monthly payment is computed using a 30 year term. When a borrower uses a balloon loan, he/she will make the monthly payment for the scheduled loan term (5 or 7 years). When this loan term is over, the borrower is required to pay off the remaining balance in one lump-sum payment. If the borrower decides not to sell the property after the loan term is over, the borrower has the option to refinance the mortgage with a new one. A 7/23 balloon mortgage gives the borrower the option to convert to a fixed rate program (for a nominal fee) after the initial term (7 years) is over. If the conversion feature is used, the interest rate for the remaining term of the loan (23 years) will be adjusted once to reflect market conditions, then remain fixed for the remainder of the loan term.

What are closing costs? Once a loan has been approved by the lender, the buyer is asked to go to settlement to sign papers, and the loan process is complete! There are certain costs involved in closing a loan which usually amount to about 2%-6% of your mortgage loan. For example, if your mortgage loan is $85,000, your closing costs might range from $1700 to $5100. These closing costs will be in addition to your down payment on the house.

Simple Assumptions - Loans which allow a simple assumption are also referred to as freely assumable, and this type of loan can be assumed with minimal work and cost. The buyer is allowed to take ownership of the property and begin making the loan payments without providing any information on their credit history or income. Since we do not require any information from the buyer to confirm they have the means to repay the loan, the seller of the property remains liable to us for the repayment of the loan. This means if the buyer who assumed the loan fails to make mortgage payments in accordance with the Note and Mortgage, the seller as well as the buyer may be foreclosed upon, because the seller is still liable for the loan.

Know the score After customers apply and have their credit scores pulled by their lenders, they should ask for those too. Companies have no obligation to share them, but those scores often dictate whether borrowers get loans and how much they have to pay for them. Customers who obtain their scores can get rate quotes tailored to them, rather than receive quotes that may apply only to borrowers with better or worse credit.

The Final Step - Almost Now you have to go to a mortgage calculator (click here) and plug in some numbers. In the payment area, put the figure you just calculated. Plug in the current fixed interest rate. If you are putting less than twenty percent down, add a half percent to the rate to allow for charges you will pay for mortgage insurance. Hit the calculate button and you should have your maximum mortgage amount. Add your down payment and you know your maximum purchase price.

Due on Sale - Some loans do not allow assumption by another party, and are referred to as due on sale. If your loan contains a due on sale provision, the loan must be paid in full if your property is transferred in violation of the loan documents.

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