home loan types, West Virginia WV

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home loan types - West Virginia WV: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor.

Fixed Rate Loan

What is an ARM loan? ARM stands for Adjustable Rate Mortgage. With an ARM loan, the interest rate and the monthly principal and interest payment change (adjust) periodically. The timing, frequency, and methodology of the adjustments are outlined in the loan documents.

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 if I want to change insurance companies? You may choose to change insurance companies at any time, but the procedure you follow will depend on whether you make this change mid-term (before the current policy expires), or when your current policy is up for renewal: Changing Mid-term - If we collect funds through escrow for your insurance and have already paid the premium for your current policy, we do not have funds to pay the new policy. In this situation, you must pay the premium for the new policy yourself and send us a copy of the new policy along with a paid receipt so we may update our system. You should also cancel the old insurance policy, and request a refund of any unused premium. When changing insurance companies, the effective date of the new policy must be the same as the cancellation date of the old policy, so there is no lapse in coverage.

Financial Education, Available Products In some programs, senior homeowners must complete an approved financial education session -- sometimes called counseling -- before they can fill out an application for a reverse mortgage. Reverse mortgages are offered by banks, thrifts, mortgage banking firms, consumer finance firms, and financial services corporations.

Origination Fees Your lender will charge a fee to cover the administrative cost of processing your loan. This fee is usually a small percentage of the loan amount.

How is my interest rate calculated? The initial interest rate on your loan was determined by the competitive market of rates in the mortgage lending industry for your particular ARM product at the time your loan was originated.

In the olden days, when someone wanted a home loan they walked downtown to the neighborhood bank or savings & loan. If the bank had extra funds laying around and considered you a good credit risk, they would lend you the money from their own funds.

How do I apply for a loan?

When will my escrow account be analyzed? Usually, your escrow account will be analyzed once each year, and your new monthly payment will be effective on the anniversary of your first payment due date. You will receive your Annual Escrow Analysis and a new supply of payment coupons during the month before the effective date of your new payment.

Credit Unions - Credit Unions usually seem to operate as correspondents, although a large one could act as a portfolio lender or a mortgage banker.

Real Estate Taxes

When to Refinance

With a reverse mortgage, the payment stream is reversed. That is, payments are made by the lender to the borrower, rather than monthly repayments by the borrower to the lender, as occurs with a regular home purchase mortgage.