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

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

Types of Mortgage Lenders

Are there any penalties to refinance my no-cost loan in the future? There are no prepayment penalties of any kind. This allows you to take advantage of any future rate declines by refinancing at no cost again.

The Advantages of Different Types of Mortgage Lenders, continued..

BANKS and SAVINGS & LOANS Their major strength is that you will recognize their name. Banks and Savings & Loans often operate as portfolio lenders, but as the lending world has changed, most also operate as mortgage bankers and sometimes brokers.

Conventional Financing

You should also make sure your agent sends us proof of the new coverage promptly after you change companies. If we do not receive this information by the time your old policy expires, we may think the property is uninsured, and request lender-placed insurance to cover your home.

Fixed Rate Mortgages

What happens after I apply? The lender initiates a credit check and arranges for an appraisal of the property you plan to buy (or the current property you want to refinance). The appraisal assures you and the lender that the property has fair market value. The lender is investing in you and, in the unlikely event of default on your loan, the property must be worth enough to settle the debt.

Some reverse mortgage products also involve the purchase of an annuity that can assure continued monthly income to the senior homeowner even after they sell the home.

Problems can pop up long before a borrower fills out any paperwork. Indeed, just finding out how much a mortgage costs can be confusing.

Also it is important to note that if you are planning to move out of your home in a few years then the benefits of achieving a lower monthly payment may not cover the costs involved when refinancing.

Is my interest rate guaranteed? It is important to ask the lender how long they guarantee the quoted interest rate. Some lenders guarantee the rate for 20, 30, 45, 60 or 90 days. Other lenders may only agree to set a rate when the loan is approved. On occasion, lenders will not set a rate for the loan until just before closing. A longer guarantee period allows you to protect the rate for a longer length of time, which could be beneficial to you in a volatile interest rate market. Also, be sure to inquire whether long guarantee periods are available and what additional costs may be involved.