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Showing posts with label Types of Home Loans. Show all posts
Showing posts with label Types of Home Loans. Show all posts

Friday, February 11, 2011

Adjustable Rate Mortgages

9:12 AM  etech  No comments


  • Adjustable rate mortgages are more commonly known as ARMs. These home loans are also an offshoot of conventional financing and offer a home buyer a lower interest rate for a predetermined amount of time. Normally, the lower interest rate is only applicable during the first three to five years of the loan. After that point, the interest rate will continue to rise up to 3 to 5 percent over the original interest rate on the term of the loan. Adjustable rate mortgages can be refinanced to a lower, fixed rate mortgage if an individual is credit worthy at the time the ARM matures; however, a penalty is often assessed for refinancing.

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    Balloon Payment Loans

    9:12 AM  etech  No comments

    Balloon payment loans will have a lower payment for a higher priced home over a 15- or 30-year term. Upon maturity of the loan, a large payment is then due on the home, oftentimes 10 to 20 percent of the original value of the home. Balloon payment loans often require a down payment of 5 percent; the interest rate is determined on an individual's credit worthiness. The balloon payment can often be refinanced over a longer term once the loan has reached its maturity date.
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    80/20 Loans

    9:11 AM  etech  No comments


  • An 80/20 loan means that one lender will carry 80 percent of the balance of a home loan and a secondary lender will carry 20 percent of the balance. These loans have a minimum down payment requirement of 5 percent. This type of loan is an offshoot of a conventional loan and is most commonly seen on homes that require rehabilitation or remodeling. As with a conventional loan, the interest rate is dictated by your credit score. The higher your score, the lower your rate.

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    VA Loans

    9:10 AM  etech  No comments


  • VA loans are designed for veterans of military service. They require a certificate of eligibility that can only be obtained by active duty, honorably discharged or medically discharged personnel. This type of loan offers the service man or woman a capability of having a home loan with $0 down and will typically carry lower interest rates than what the market is currently offering.

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    Conventional Loans

    9:10 AM  etech  No comments


  • Down-payment requirements range from 5 to 20 percent or more. Conventional loan interest rates are determined by your credit history. The higher your credit score, the lower your interest rate can be. Conventional loans can be financed for a 15- or 30-year term.

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    FHA Loans

    9:09 AM  etech  No comments


  • FHA is a government-insured loan that has low minimum down-payment requirements of 3.5 percent for home owners. Down payments and closing costs can be gifted by relatives for a virtually $0 move-in for the home buyer. FHA does not have minimum credit score requirements and is one of the easier loans to qualify for as the interest rate is market driven, as opposed to driven by your FICO (or credit) score.

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    FHA Loans

    9:09 AM  etech  No comments


  • FHA is a government-insured loan that has low minimum down-payment requirements of 3.5 percent for home owners. Down payments and closing costs can be gifted by relatives for a virtually $0 move-in for the home buyer. FHA does not have minimum credit score requirements and is one of the easier loans to qualify for as the interest rate is market driven, as opposed to driven by your FICO (or credit) score.

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    Different Types of Home Loans

    9:08 AM  etech  No comments

    When financing a home, whether new or pre-owned, it's advisable to be educated on the different types of financing currently available. Due to differences in requirements and qualifying capability for each home, you can save thousands when selecting the right loan for your circumstances.
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