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

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.

Your First Step Toward Buying a Home When preparing to buy a home, the first thing many homebuyers do is look at homes for sale ads in newspapers, magazines and listings on the internet. Some potential buyers read how-to articles like this one. The next thing you should do – before you call on an ad, before you talk to a Realtor, before you shop for interest rates – is look at your savings. Why? Because determining how much money you have available for down payment and closing costs affects almost every aspect of buying a home – including how you write your purchase offer, the loan programs you qualify for, and shopping for interest rates.

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Why is the Annual Percentage Rate (APR) on the Truth in Lending Disclosure higher than the rate shown on my mortgage note? The APR rate reflects the cost of your mortgage loan as a yearly rate. This rate is generally higher than the rate stated on your mortgage note because the APR includes other costs, such as origination fee, loan discount points, and pre-paid interest. The APR allows you to compare, in addition to the interest rate, the total cost of financing your loan, among various lenders.

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.

What is Prepaid Interest? This is interim interest that accrues on the mortgage loan from the date of the settlement to the beginning of the period covered by the first monthly payment. Since interest is paid in arrears, a mortgage payment made in June actually pays for interest accrued in the month of May. Because of this, if your closing date is scheduled for June 15, the first mortgage payment is due August 1. The lender will calculate an interest amount per day that is collected at the time of closing. This amount covers the interest accrued from June 15 to July 1.