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va mortgages - Vermont VT: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor.

What are closing costs? What is an Escrow Account? Closing costs and procedures vary from state to state and from county to county. In some jurisdictions, an attorney represents the lender. In others, the title company represents the lender. There may be state or county transfer taxes to be paid. There may also be fees for recording certain documents. There are also standard charges that are paid at all closings. Taxes, title insurance premiums, and interest on the loan pro-rated from the closing date to the end of the month.

How do I know which loan program will benefit me the most?

Can I convert my loan to a fixed interest rate? Some ARM loans give you the option of converting your loan from an ARM to a fixed rate loan. This opportunity is usually only available for a limited period of time. If the loan is not converted to a fixed rate during this time period, the interest rate will continue to adjust for the life of the loan. Please refer to your loan agreement to determine whether or not your loan contains a conversion option. If it does, the loan documents will specify when this option is available, and how the conversion rate is calculated.

Wholesale Lenders Most mortgage bankers and portfolio lenders also act as wholesale lenders, catering to mortgage brokers for loan origination. Some wholesale lenders do not even have their own retail branches, relying solely on mortgage brokers for their loans.

Almost all loan officers are paid on commission. The amount earned by the loan officer and the branch is subject to a split -- just like real estate agents. Part of it goes to the loan officer and part goes to the branch. Any fees that are not part of the points go to the branch (or company) and are not subject to the split.

Your debts The lender will look at the monthly debt such as loan payments, charge cards, child support, made monthly by the applicant. The percentage of debts to income is known as the debt-to-income ratio. A good goal is to spend about 38% of your income on all debts including the contemplated mortgage payment.

What is the minimum down payment? Different interest rates, loan terms, and private mortgage insurance are based on your down payment. Some programs require 20 percent down payment. There are special low down payment programs available if you qualify.

What is the APR? To protect the public, congress decided that a more precise measure of the true cost of a mortgage loan was needed. The concept of the annual percentage rate (APR) was developed to more accurately reflect this cost factor. The APR represents not only the rate of interest charged on the loan but certain other pre-paid finance charges. These costs are expressed in terms of percent and may include, among other costs, the following: origination fees, loan discount points, private mortgage insurance premiums, and the estimated interest pro-rated from the closing date to the end of the month.

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.