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home buying - Wisconsin WI: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor.

The first, most widely available reverse mortgage in the United States was the federally-insured Home Equity Conversion Mortgage (HECM), which was authorized in 1987.

When will you know my new interest rate? If you have an FHA or VA ARM loan, we will mail you a letter showing your new interest rate approximately six weeks before your new payment amount is due. If you have a conventional ARM loan, we will mail you a letter showing your new interest rate approximately eight weeks before your new payment amount is due.

Two major agencies—the Federal National Mortgage Association (FNMA) or Fannie Mae and the Federal Home Loan Mortgage Corporation (FHLMC) or Freddie Mac—can purchase conforming loans. For lenders who sell their loans after they are closed, there is an extremely liquid market. But the availability of potential buyers is reduced greatly when the loan amount goes above the conforming limit. To attract enough buyers for these loans, a lender often increases the rate on non-conforming loans. The conforming loan limit is adjusted annually at year-end by FNMA and FHLMC. Some lenders also have their own guidelines for dollar differentiation between conforming and non-conforming loans.

Will you pay my taxes in time to obtain the discount? Yes. If your tax agency offers a discount for taxes paid by a certain date, we will make certain to take advantage of the full discount amount when paying your taxes.

Plus, in many cases, the interest on your home equity loan or line of credit is tax deductible (consult your tax advisor) -- a strong advantage of using home equity financing over other types of financing.

What do the words amortization, escrow, principal, foreclosure, PITI, and closing mean?

A disadvantage is that mortgage brokers sometimes attract the greediest loan officers, too. They may charge you more on your loan which would then nullify the ability of the mortgage broker being able to shop for the lowest rate.