VA loan

Veterans who shop around will learn it's possible to get a fixed rate loan, negotiated with the lender of your choice. Another option? The adjustable rate loan, where interest may be adjusted one percent annually, up to five percent over the duration of the loan period. Which to choose? No matter which way you think is best, do your homework, shop around and get the best rate possible. Some make the mistake of taking the first offer that sounds fair, but don't be intimidated by the process. You may be eager to get the "hard part" over with and get into a home. Take some time to research the biggest purchase of your life! When in doubt, consult an expert, a legal advisor or a trusted friend in the real estate business. The more research you do, the better you'll feel at closing time. The VA is in the business of loan guaranty, but the choice of which loan to take is strictly up to you. It's also a good idea to look for businesses who make a habit of cultivating customers who are veterans--you may find their expertise in VA matters quite valuable to reduce unnecessary waiting times on paperwork.

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Mortgage calculator

* Required-income mortgage calculator
Determine how much you must earn to qualify for the mortgage you want.
* How much home can you afford?
Calculate how much you can borrow based on how much you make and how much you owe.
* Interest-only mortgage calculator
The initial monthly payments may be low, but see how they’ll rise when you have to start repaying the principal and interest rate resets.
* Balloon mortgage calculator
Determine what you’re monthly payments will be and how much you’ll owe when the loan is up and the balloon payment comes due.
* Fixed-rate mortgage or interest-only mortgage calculator
See how much less you'd pay with an interest-only mortgage -- at least for the first few years. But you won't be reducing your debt.
* Adjustable rate mortgage calculator
Figure out the payments for any adjustable-rate mortgage. Just enter the amount and terms.
* Rent or buy?
Know when to buy your first home by considering all of the costs and tax breaks.
* Refinance mortgage calculator
Work out how much you could save with a new loan at a lower interest rate.
* Does a cash-out refi make sense?
See what it would cost to consolidate auto and credit card debt into a new mortgage.
* Interest-only, fixed-rate mortgage calculator
Low initial payments give way to higher costs when you must begin repaying the principal.
* Interest-only, adjustable-rate mortgage calculator
Low initial payments give way to even higher costs when you must begin repaying the principal and the interest rate goes up.
* How long: 15 years or 30 years?
Your payments will be higher with a 15-year mortgage but you'll pay much less interest than with a 30-year loan.
* Points or down payment?
Determine whether you're better off buying down your interest rate or using that money for a larger down payment.
* Fixed-rate or adjustable-rate mortgage calculator?
Compare monthly payments to find the right type of home loan for you.
* APR mortgage calculator
The annual percentage rate allows you to compare loans by taking into account their total costs, not just their interest rates.

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RAMS Home Loan

If you are buying your first home, refinancing, self-employed or purchasing an investment property - there's a RAMS home loan to suit you.

RAMS offers flexible and innovative solutions to suit a wide range of home loan needs. How can we help you?
Search per Channel

* I'm buying my first home
* I'm self-employed
* I'm refinancing or looking for a better deal
* I'm investing in property

Search per Type of Product

* Pro Packs
* Low Doc
* No Deposit / Limited Deposit
* Investment
* Transactional / All-in-one
* Line of Credit
* Fixed Rates
* Honeymoon / Introductory rates
* Standard



RAMS Home Loans Range:

* RAMS Limited Deposit – No need to save a full deposit
* RAMS Fast Track – Buy your first home sooner and save on mortgage insurance
* RAMS Fixed Rate - Protect against rising interest rates
* RAMS Easy Start – Enjoy a 3 year home loan honeymoon
* RAMS Rate Relief - A low introductory rate for the first 2 years
* RAMS Basic – The no fuss, low rate home loan with no account keeping fee
* RAMS IO Maximiser – A low rate home loan designed for property investors
* RAMS Line of Credit – Easy access to home equity
* RAMS SmartWay – The “smarter” all-in-one home loan
* RAMS SmartWay Pro Pack – An all-in-one home loan with preferential rates
* RAMS Line of Credit Pro Pack – Access to home equity at preferential rates
* RAMS Fixed Rate Pro Pack - Repayment certainty for larger loans
* RAMS Standard Variable – A standard home loan with free redraw
* RAMS Fixed Rate Low Doc - Repayment certainty and simplified paperwork for the self-employed
* RAMS Low Doc 500 Plus – A preferential rate and low paperwork for the
self-employed
* RAMS SmartWay Low Doc – Low paperwork and smarter money management for the self-employed
* RAMS Line of Credit Low Doc – Convenient access to equity and low paperwork for the self-employed
* RAMS SE Pro Pack – Discounted rates and low paperwork for the self-employed with larger loans
* RAMS Line of Credit SE Pro Pack - Access to home equity at preferential rates, for the self-employed with larger loans
* RAMS Fixed Rate SE Pro Pack - Low paperwork and repayment certainty for the self-employed with larger loans
* RAMS SE Pro Pack 80 - A discounted rate home loan for self-employed clients with total RAMS borrowings of $100,000 or more who wish to borrow up to 80%

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Home Loan Calculators

*

Home Loan Calculator - How much can I borrow?
Find out your borrowing power based on your current salary and existing financial commitments.
*

Home Loan Repayments Calculator
Find out how much your loan will cost you and the monthly repayments.
*

Extra Repayments Calculator
Use this mortgage calculator to find out how much time and interest can you save by paying more than the minimum repayment.
*

Stamp Duty Calculator
Use this home loan calculator to find out stamp duty costs in your state or territory.
*

Basic Loan Repayments Calculator
By using this home loan calculator you can work out what your minimum weekly, fortnightly or monthly home loan repayments would be for the amount you are planning to borrow.
*

Split Loan Repayments Calculator
Splitting your home loan into fixed and variable rate portions can provide you with both security and flexibility. This mortgage calculator helps you work out different options for splitting your home loan.
*

'How Long to Repay' Calculator
Use this mortgage calculator to work out how long to repay your home loan based on your repayments and interest rates.
*

Lump Sum Payments Calculator
How much time and interest can you save by paying a lump sum off your home loan? Find out using this mortgage calculator.
*

Home Loan Comparison Calculator
Compare and contrast home loans from different lenders using this quick and easy home loan calculator.
*

Reverse Mortgage Calculator
Calculate how much of your home equity remains over the period of your mortgage, the mortgage debt accumulated and an estimated future value of your property.
*

Savings Calculator
Regular savings can help you achieve your financial objectives. Work out how much you can save using this mortgage calculator.

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Very Low to Moderate Income Housing Loans

The following is a summary of information about an assistance program or grant available to individuals or families through an agency of the U.S. Government.
To assist very low, low-income, and moderate-income households to obtain modest, decent, safe, and sanitary housing for use as a permanent residence in rural areas.

TYPES OF ASSISTANCE
Direct Loans; Guaranteed/Insured Loans.

USES AND USE RESTRICTIONS
Direct and guaranteed loans may be used to buy, build, or improve the applicant's permanent residence. New manufactured homes may be financed when they are on a permanent site, purchased from an approved dealer or contractor, and meet certain other requirements. Under very limited circumstances, homes may be re-financed with direct loans. Dwellings financed must be modest, decent, safe, and sanitary. The value of a home financed with a direct loan may not exceed the area limit. The property must be located in an eligible rural area. Assistance is available in the States, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, the Commonwealth of Northern Mariana's, and the Trust Territories of the Pacific Islands. Direct loans are made at the interest rate specified in RD Instruction 440.1, Exhibit B (available in any Rural Development local office), and are repaid over 33 years or 38 years for applicants whose adjusted annual income does not exceed 60 percent of the area median income, if necessary to show repayment ability. Payment assistance is granted on direct loans to reduce the installment to an "effective interest rate" as low as one percent, depending on adjusted family income. Payment assistance is subject to recapture by the government when the customer no longer resides in the dwelling. There is no funding provided for deferred mortgage authority or loans for deferred mortgage assumptions. Guaranteed loans may be made to refinance either existing RHS Guaranteed Housing loans or RHS Section 502 Direct Housing loans. Guaranteed loans are amortized over 30 years. The interest rate is negotiated with the lender.

ELIGIBILITY REQUIREMENTS
Applicants must have very low-, low- or moderate incomes. Very low-income is defined as below 50 percent of the area median income (AMI), low-income is between 50 and 80 percent of AMI; moderate income is below 115 percent of AMI. Families must be without adequate housing, but able to afford the housing payments, including principal, interest, taxes, and insurance (PITI). Qualifying repayment ratios are 29 percent for PITI to 41 percent for total debt. In addition, applicants must be unable to obtain credit elsewhere, yet have an acceptable credit history.

INFORMATION CONTACTS
Regional or Local Office Consult your local telephone directory under United States Department of Agriculture for Rural Development field office number. If no listing, contact appropriate Rural Development State Office listed in Appendix IV of the Catalog or on the internet at http://www.rurdev.usda.gov/recd_map.html.

Headquarters Office Director, Single Family Housing Direct Loan Division or Director Single Family Housing Guaranteed Loan Division, Rural Housing Service (RHS), Department of Agriculture, Washington, DC 20250. Telephone: (202) 720-1474 (direct loans), (202) 720-1452 (guaranteed loans).

Web Site Address http://www.rurdev.usda.gov.
Also See:

More Grant ProfilesGovernment Grants: No Free LunchAre You Eligible for Govt. Aid?
Elsewhere on the Web

Catalog of Federal Domestic Assistance
Related Articles

* Very Low Income Housing Repair Loans and Grants
* Low Documentation Loans - How Low Documentation Loans Work
* Student Loan Interest Tax Deduction
* Student Loan Interest Rates Drop
* U.S. Gov Info/Resources - Articles

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Types of Home Mortgage Loans

Basic Types of Mortgages

The articles below explain the most common types of mortgage loans you may encounter as a home buyer. I recommend reading a few articles from this section before you delve into the specific types of mortgages in the articles on down the page.

Types of Home Loans - A Home Buyer's Guide
If you only read one article on this page, make it this one. We cover the different types of home loans in detail, with links to additional resources for each type of loan. It's a "must read" to be sure!

Top 9 Mortgages Explained! Find the Right Mortgage for You
Mortgage terms have you confused? Read on to find the mortgage rate that is right for your financial situation.

Understanding the Different Types of Mortgages
Confused by all the different types of mortgage loans? Want to know which type of mortgage loan is right for you? Then this is the article for you.

Low-Income Home Buying Programs
This page will help you understand low-income home buying programs, and will also point you to helpful resources where you can learn more.

Home Mortgage Buyers: Study the Big 3 Loan Types
To find the best mortgage loan for you, you should study the pros and cons of the three major types of mortgage loans.

First-Time Mortgage Buyers
Buying a home may be the fulfillment of a long-cherished dream, but the entire process of buying can be confusing if you are not well informed.

Mortgages - Types Of Interest Rate
The type of interest you wish to pay will depend on your circumstances and how much you are willing to pay every month. You'll learn in this article that not all interest rates are the same.

Traditional Mortgages are Back in Style
If you purchased your home using a risky adjustable rate mortgage, you might want to consider refinancing.

House Bullet
Fixed-Rate Mortgages

These articles explain the different pros and cons of a fixed-rate mortgage, which (as the name implies) is a mortgage loan that has a fixed / unchanging interest rate over the entire life of the loan.

Choosing Between Fixed Rate and Variable Rate Mortgage Loans
An important decision to make when shopping for a home loan is whether or not you want to have your interest at a fixed rate or at a variable rate.

Fixed Rate Mortgage Loans - Pros And Cons
There are many benefits and drawbacks to consider when deciding if a fixed rate mortgage is right for you. It is important to understand them.

House Bullet
Adjustable-Rate Mortgages

Perhaps you have heard about the ARM loan but aren't really sure how it works. These articles will educate you on all aspects of the adjustable-rate mortgage, also known as an ARM.

Adjustable Rate Mortgage Loans - The Basics
Adjustable rate mortgages (or ARMs) can help you finance the purchase of a home with lower interest rates. But you need to know the whole story.

Understanding the ARM Loan
The adjustable rate mortgage often confuses home buyers. But once you understand the basics of an ARM, it will all make more sense.

Adjustable Rate Mortgages - A Guide to the ARM
Many home buyers choose the ARM loan in order to save money during the first few years of homeownership. But later, these same homeowners run into trouble when the interest rate adjusts.

House Bullet
Balloon Loans

The balloon mortgage is a truly unique approach to home financing. But it can be financially dangerous for the first-time home buyer who does not fully understand it. These articles will give you a thorough understanding of the balloon mortgage loan.

Balloon Home Loans - Be Careful
These days, lenders provide loans tailored to many situations. Balloon loans are one such loan, but carry a serious downside if you’re not careful.

Balloon Or Reset Mortgage Loans - Understanding The Basics
A balloon mortgage, also called a reset mortgage, offers lower interest rates with the option in 5 or 7 years to pay off the balance or resent the loan.

House Bullet
Government-Backed Loans

Mortgage loans that are insured by the U.S. government can help pave the way to home ownership for many home buyers. One of the primary advantages of such a loan is that it allows you to buy a home with a low down payment.

FHA Mortgage Loans - The Benefits of an FHA Mortgage
The Federal Housing Administration (FHA) insures mortgages to help low- to moderate-income families purchase their own home.

A Borrower's Guide to FHA Home Loans
The Federal Housing Administration (FHA) is a government program created in 1934 to make home financing available to more American families. Today, it's part of the Department of Housing and Urban Development (HUD). Basically, they insure home loans made by private lenders.

Why the FHA Loan is Good for First-Time Buyers
Every type of loan has certain advantages and disadvantages to it. After all, there is no such thing as a perfect financing tool. But with that being said, the FHA program is almost perfectly suited for first-time buyers. This article explains the reasons for this, and it also tells you how to apply for this program.

The VA Home Loan Program For Military Veterans
The federal government offers many benefits to men and women who serve their country. One of those benefits is the VA home loan program.

House Bullet
Interest-Only Loans

Interest-Only Home Loans
As the name implies, interest-only home loans are loans that include an option of only paying the interest every month. Read on to learn about them.

Interest-Only Mortgage Basics
Financing your home with an interest only mortgage can save you as much as 25% off your monthly mortgage payments. What is the downside of this type of mortgage and are the risks worth the savings?

Traditional Versus Interest-Only Home Loans
Now that homes sales have slowed and prices have leveled out, will the number of interest-only mortgages also decrease?

House Bullet
Other Types of Loans

Home Equity Loans
This is a popular financing tool for homeowners who want quick access to cash (often for educational costs, home improvement or debt consolidation. But there are some things you need to know before applying for an equity loan, and this article is a great place to start.

Consider a 15-year Mortgage
If you are dedicated to managing your money wisely, you should consider taking a 15-year mortgage. This article explains why.

Reverse Mortgage Loans for Senior Citizens
This type of loan is made against the value of your home, hence the "reverse" terminology. It's similar to a home equity loan but it has unique aspects. This lending tool has become increasingly popular among senior citizens in recent years.

Subprime Mortgage Loans - A Borrower's Guide
Subprime mortgage lending is a relatively new but fast-growing component of the mortgage industry. But buyer beware — subprime lending has been linked to the current rise in home foreclosures. Here's what you need to know.

Subprime Lending Crisis in the U.S.
This crisis of subprime lending has had far-reaching effects. It has also made it harder for poorly qualified home buyers to obtain mortgage loans. So let's take a closer look at the history, development and impact of the subprime mortgage crisis in the United States.

Are 40-Year Mortgages A Good Idea?
A recent analysis of the lending policy of the top 125 mortgage lenders found that approximately 30% were now offering mortgage terms of 40 years of more.

50-Year Mortgage Now Available
Mortgage lenders are offering a new product to assist home buyers in purchasing a home at an affordable monthly payment.

Understanding Jumbo Mortgages
If you are buying a home in a state with high prices, you know financing can be an issue. This brings up the issue of the jumbo loan.

Zero Down Mortgage Loans - First-Time Buyer Programs
A zero down mortgage is a great idea for a first time home buyer. Here is some information on obtaining a zero down mortgage loan.

First Time Home Buyer Loans
Due to the current state of the economy, the so-called first time home buyer loans are becoming a thing of the past. But don't be discouraged by this. While it may be hard to find a specific program that offers loans for first-time buyers, you can certainly qualify for a regular mortgage loan. Just don't expect special treatment from lenders in the current housing market.

Mortgage Modification Programs
There's a lot of talk about loan modification programs right now. There's also a lot of confusion and misinformation. So we created this page to help homeowners understand (A) what home loan modification is all about, (B) which lenders are offering these programs, and (C) where you can go to learn more about each program.

Getting a Home Loan in the 2009 Economy
Are there new rules for getting a mortgage loan in the 2009 economy? Yes and no. The guidelines that have applied to loan qualification in the past will apply in 2009 as well -- but they'll be more strictly enforced. Here's what you need to know about the so-called "new economy."

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Buying a Home

The homebuying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home!
Nine steps to buying a home

1. Figure out how much you can afford
2. Know your rights
3. Shop for a loan
4. Learn about homebuying programs
5. Shop for a home
6. Make an offer
7. Get a home inspection
8. Shop for homeowners insurance
9. Sign papers

Step 1: Figure out how much you can afford

What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate. The calculators below can help, but it is best to visit a lender to find out for sure.
- How much home can you afford?
- Buying vs. Renting
- Home Economics

Need help with your downpayment and/or closing costs?
- Homebuying programs in your state

A housing counselor can help you figure out how to manage and pay off your debt, and start saving for that downpayment!
- Find a housing counselor near you
Step 2: Know your rights
- Fair Housing: Equal Opportunity for All - brochure
- Real Estate Settlement Procedures Act (RESPA)
- Borrower's rights
- Predatory lending
Follow this link to go Back to Top
Step 3: Shop for a loan

Save money by doing your homework. Talk to several lenders, compare costs and interest rates, negotiate to get a better deal. Consider getting pre-approved for a loan.
- Looking for the best mortgage: shop, compare, negotiate - brochure
- Let FHA help you
- Why Ask for an FHA Loan?
- Learn about interest only loans
- Avoid Predatory Lenders
Step 4: Learn about homebuying programs
- Homebuying programs in your state

FHA loan programs offer lower downpayments and are a good option for first-time homebuyers.
- Let FHA help you
- HUD's special homebuying programs
- Good Neighbor Next Door (formerly known as Teacher/Officer/Firefighter Next Door)
- Hurricane Evacuees discounted sales
- Homeownership for public housing residents
- Indian Home Loan Guarantee Program (Section 184)
Step 5: Shop for a home
- Choose a real estate agent
- Wish list - what features do you want?
- Home-shopping checklist – take this list with you when comparing homes
- Homes for sale (including HUD homes)
- "Fixer-uppers" - home purchase and repair programs
- Manufactured (mobile) homes
- Build a home

If you choose a home in a neighborhood with a Home Owners Association (HOA), be sure to request a copy of the HOA packet, so you can review before closing.
Follow this link to go Back to Top
Step 6: Make an offer

Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.
- Making an offer
Step 7: Get a home inspection

Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.
- For Your Protection Get a Home Inspection
- 10 Questions to ask a home inspector
Step 8: Shop for homeowners insurance

Lenders require that you have homeowners insurance. Be sure to shop around.
- Homeowners insurance
- 12 ways to lower your homeowners insurance costs
Step 9: Sign papers

You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign!

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Home Loan Calculators

How much can I borrow?

Find out how much you can potentially borrow for your home loan or home loans.
How much will my home loan repayments be?

Check what your repayments on your home loan would be.
How much stamp duty will I pay?

Check stamp duty fees and charges depending on which state you are in.
Budget Planner

The budget planner will help you better understand your finances.
How will extra payments reduce my home loan?

See how extra repayments can reduce your interest payment and loan term.
How will a lump sum payment reduce my home loan?

Find out how a lump sum payment can reduce your interest and loan term.
Savings Calculator

This simple calculator lets you work out how to achieve your savings goal.
What will my repayments be using a split home loan?

This calculator will let you determine your repayments.
Home loan comparison calculators

Compare two different home loans to see which will save you more.

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SBI improves its home loan offer

With real estate prices dropping, action is hotting up in the home loan market. State Bank of India (SBI), the country’s largest lender, today said that it had improved upon its home loan scheme and would offer home loans starting at 8 per cent in the first year before rising 100-150 basis points in the second and third years. Earlier, SBI had only fixed interest rates during the first year of the tenure of the loan.

In addition, the bank has offered to levy interest on a reducing balance basis and has waived the processing fee for home loans taken up to September.

Within a few hours of SBI’s announcement, LIC Housing Finance, the country’s second-largest mortgage company, said it was reducing the interest rate on floating rate loans for existing customers by 50 basis points.

The largest mortgage player HDFC has not announced a counter-strategy yet, and said it would lower lending rates if the cost of funds went down. For the moment, the home finance company said its effective rate was lower than what SBI was offering.

SBI, which became the largest home loan originator in 2008-09, said it had floated two schemes — Easy Home Loan and Advantage Home Loan.

Under Easy Home Loan, for those borrowing under Rs 30 lakh, the rate has been fixed at 8 per cent during the first year and would be increased 100 basis points to 9 per cent and fixed at that level during the second and third years.

From the fourth year onwards, the customer could choose between the floating rate option, for which the rate is 200 basis points below the State Bank Advance Rate (SBAR), and fixed rate which is 100 basis points below SBAR, with a five-year reset. At present, SBAR is at 11.75 per cent.

For a 20-year loan, the Equated Monthly Installment (EMI) during the first year would be Rs 836 per lakh and would rise to Rs 898 per lakh over the next two years.

Under SBI Advantage, targeted at upper-end home buyers, during the first year, the rate has been fixed at 8 per cent. It would then be fixed at 9.5 per cent during the second and third years. From the fourth year onwards, the customer can choose between a floating rate at 100 basis points below the SBAR and a fixed rate of 50 basis points below SBAR, with a five-year reset.

For a 20-year mortgage, the indicative EMI for the first year would be Rs 836 per lakh in the first year and would rise to Rs 929 per lakh over the next two years.

SBI said that the reduction in SBAR, announced last week and effective from tomorrow, would lower the effective floating rates for existing borrowers 50 basis points.

According to HDFC’s calculations, for those borrowing up to Rs 30 lakh from SBI, the effective rate worked out to 9.35 per cent a year, while for the mortgage player, the rate was 9.25 per cent.

Similarly, for those borrowing over Rs 30 lakh, the effective rate for SBI worked out to 10.09 per cent a year, while it was 9.75 per cent for HDFC.

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Obama’s Stimulus for Mortgage Refinance and Loan Modification

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Obama’s government has appeared up with home refinance stimulus package and loan modification programs to help all the needy owners in avoiding foreclosure. This program is designed accurately for all the borrowers who are adverse financially hardships as they are not in an action to accord the loan. The home refinance stimulus package and loan modification would cover as much as 9 million mortgages same way the government would spend $75 billion for helping the homeowners.

Get Your Loan Modification Now

2key components of Obama’s Stimulus Package that are:

1. Home Mortgage Refinance

2. Loan Modification

Let us converse about these components:

1. Home Refinance Stimulus Package

Fannie Mae and Freddie Mac is the powerful government mortgage refinance lending agencies would refinance the home loans of all the owners who owe much more amount to the bank than the actual value of the house. The only condition for this package is that the mortgage has to be an affirmed by Fannie Mae and Freddie Mac, and again even if you are able to pay the additional amount, you can get advantage of the program.

Get Your Loan Modification Now

But this offer is only valid for the residential properties. And this is the major condition to join the stimulus package. Those who are not living in that property will not qualify for Obama’s home refinance stimulus package.

2. Loan Modification Stimulus Package

Obama’s government is providing special incentives to all the lenders for doing loan modification on the present home loans of the borrowers. The home owners can get free of foreclosure, lower interest rate by getting loan modification stimulus package. The key features of this program would be interest rate reduced and it can go down to 2% only, tenure of the loan would be increased to reduce monthly payment amount and borrowers will get waiver of late fees. With loan modification, Lender will also take care of borrower’s total monthly payments and it would not increase than more of the total monthly gross income.

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Mortgage Choice

The simple way to get the home loan that suits you

Mortgage Choice has helped over 250,000 people make their great Australian dream come true. We want to help you too.
What can we do for you?

For a start, we don’t sell our own home loans. We have a panel of top mortgage lenders who have almost 400 home loan products. Our job is to help you find a home loan that best suits you, and take care of all the running around.

Whether you’re a first home buyer, upgrading or downsizing to your next home, buying an investment property or looking to refinance, your local Mortgage Choice broker will compare home loan and lender options, help you choose a home loan that suits you, and get the paperwork done with the minimum of fuss for you. Want to work out how much you can borrow, or how quickly you can repay your loan? Our range of home loan calculators can give you instant answers.

And the service doesn’t stop with your home loan. We’ll be there with you through every step of the process, right up until you move into your property and beyond.

That’s why we’ve received a whole lot of awards, including the coveted Best in the Mortgage and Finance Industry from our industry association, the MFAA (Mortgage and Finance Association of Australia).

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Rams

Compare our home loans and find a RAMS home loan that's right for you. RAMS is Australia's specialist home loan lender.

• No deposit home loan

  Looking for a home loan where you can borrow the full purchase price? Ask RAMS.
  

• Looking for a low rate on your home loan?

  RAMS Rate Relief home loan offers a 1% p.a. discount off the RAMS Standard Variable Rate (SVR) for the first two years - plus the on-going rate is guaranteed to stay below the RAMS SVR for the life of your loan.
  

• Lower Standard Variable Rate than the big banks

  The RAMS Home Loans Standard Variable Rate is lower than the big banks. If you're on a standard variable rate with one of the big banks, see how much you could save on your home loan.

• Can't pay the rent and save money for a deposit?

  No worries! A RAMS Fast Track Home Loan could be the perfect solution!
  

• Why pay more just because you’re self-employed?

  Not only could RAMS Home Loans range of Low Doc home loans save you money, you’ll also save time with less paperwork and no need to supply full financials. Check out our RAMS SE Pro Pack Home Loan today!
  

• Do you want to get back in control of your home loan?

  Check out our range of home loan refinancing solutions: RAMS Easy Start, RAMS SmartWay Pro Pack and RAMS Basic home loans. Or request an appointment with a RAMS Home Loans specialist today!

RAMS Home Loans News and Articles

• 18/6/09 - First home buyers expect to pay home loan off sooner
  

  RAMS found that first owners expect to pay off their home loan in the next 15 years. Like to be free of your home loan?.
  

• 18/6/09 - RAMS are doing well in the home loan market

  Although the home loan market has been challenging, RAMS’ home loan settlements have reached the highest amount in its 14-year home loan lending history. Find out more about the home loans records achieved by RAMS, click here.
  

• 3/6/09 - RAMS Wins Money magazine’s Non-Bank
  Lender of the Year Award!

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Wells Fargo Home Mortgage

Three Great Reasons to Refinance
Refinancing provides great opportunities for homeowners. Through refinancing, it may be possible to lower your monthly mortgage payments, enjoy the security of a fixed-rate mortgage, as well as to consolidate other debt to a lower interest rate and a single payment.
Plus, there are three great reasons to refinance today!

1. Historically low rates
2. Government programs that may help you in certain situations
3. Streamlined online refinancing available for existing Wells Fargo Home Mortgage customers

Great news for existing Wells Fargo Home Mortgage customers! Our streamlined online refinance checks your eligibility for government programs, as well as for our current online promotions.
We’ll also evaluate your eligibility for any applicable government programs through an online refinance application. We offer:

* No application or appraisal fees
* No closing costs1
* Loan pricing that is locked once your completed application is submitted2
* Possible streamlined refinance with limited documentation requirements


Note: You’ll need to have your loan number and last four digits of your Social Security number handy to start the process.
> Check Eligiblity Now
Not an existing customer?
Explore other refinancing options. Wondering if refinancing makes sense in your situation?
Request a free break-even analysis to see if refinancing is right for you.
> Get a Free Analysis
Declining property values?
Learn about refinance help from government programs
If your outstanding loan balance is greater than the value of your home, the Home Affordable Refinance Program may be able to help you. This government program can help homeowners to refinance even when the outstanding balance is greater than the value of the home.
It’s designed for homeowners who:

* Have Fannie Mae or Freddie Mac held or guaranteed mortgage loans
* Are current on their mortgage payments
* Have been unable to refinance their mortgage loans because the home’s value has declined
* Have an adjustable-rate mortgage (ARM), interest-only or balloon mortgage

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Commonwealth Bank

Buying your first home can be an exciting, yet daunting experience. So let us help you understand the process to prepare for the purchase of your first home.

You’ll find all the support you need to get you into your dream home, with a Home Loan that best suits your needs.

Step by step guide

• Finding your first property
• Financing your home
• The buying process
• Home buying costs

Getting into the market

• 12 month pre-approval
• First Home Owners Grant
• First Home Stamp Duty

Home Loan basics

• Quick guide to understanding Home Loans
• Product comparison table

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Aussie Home Loans

	Aussie Classic Variable	Aussie Classic Plus Variable	Aussie Classic Line of Credit	Aussie Standard Variable	Aussie Express Low Doc
Rate	5.72%^	5.55%^	5.44%	5.55%	5.60%
Comparison rate	5.60%			5.60%**	5.65%**
Application fee	$500	$250	$500	$300	$300

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About the Loan Guaranty Service

The VA Loan Guaranty Service is the organization within the Veterans Benefits Administration charged with the responsibility of administering the home loan program. See an independent evaluation of the Loan Guaranty program here: Final Report | Final Report Appendices

Link To Online Videos for Veterans
Short videos provide information on the VA Home Loan process.

Pamphlets on the VA Home Loan Program
On-line copies of VA Home Loan Pamphlets.

Home Ownership Education for First Time Buyers
Valuable information for first time home buyers from the Ginnie Mae Home Ownership Center.

Frequently Asked Questions
Answers to questions most frequently asked about he VA Home Loan program.

Information on Specially Adapted Housing for Disabled Veterans
Information on the Specially Adapted Housing program for certain seriously disabled Veterans.

VA Regional Loan Centers
Addresses, telephone numbers and websites of our Regional Loan Centers.

Contact VA Loan Guaranty Service
E-mail, phone numbers and website addresses for the Loan Guaranty Service

Interest Rate Reduction Refinancing Loans
Have interest rates fallen since you obtained your VA loan? Do you have an Adjustable Rate VA loan that you want to convert to a fixed rate loan? The IRRRL program, also called the VA streamlined refinancing program, may be for you. No appraisal or underwriting is required and a certificate of eligibility is not necessary.

If You Have Trouble Making Your Payments
If you have a VA loan but are having trouble making your mortgage payments, it is very important that you take steps to avoid a foreclosure. VA may be able to help.

Information for Elderly Home Owners
Information for Elderly Home Owners covers Reverse Mortgages, Interest Rate Reduction Refinancing Loans, and Home Equity Fraud.

VA Direct Home Loans for Native American Veterans Living on Trust Lands
VA direct home loans are available to eligible Native American Veterans who wish to purchase or construct a home on trust lands.

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Home Loans

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Loan Products
Refinance
Bank of America has refinance mortgage solutions you could be able to use for debt consolidation or accessing available equity that may have built up in your home. Refinance loans can be used to help with many personal financial situations such as reducing monthly payments, home improvements, college tuition and more. Call today or learn more in our Refinance section.
Home Equity
Home Equity Loans and Home Equity Line of Credits (also known as HELOCs) are solutions for accessing available equity that may be available on your home. This equity could be used for any purpose such as making home improvements or consolidating debt. Call today for a free consultation from a home loan expert or visit our Home Equity section online to utilize mortgage calculators and home loan rate tools.
Purchase
Whether you are a first time home buyer or trading up to a larger home, our sales experts work to find the best home loan solution for you. With products for new home purchases as well as second, vacation, and investment homes, we can help. Learn more online or call now.
Reverse Mortgages
Education is critical and Bank of America is committed to helping seniors make informed decisions and understand their home loan choices.

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How Much Can you Borrow?

Depending on your creditworthiness (your income, credit rating, etc.) and the amount of your outstanding debt, home equity lenders may let you borrow up to 85%* of the appraised value of your home minus the amount you still owe on your first mortgage. Ask the lender about the length of the home equity loan, whether there is a minimum withdrawal requirement when you open your account, and whether there are minimum or maximum withdrawal requirements after your account is opened.

Inquire how you gain access to your credit line -- with checks, credit cards, or both.

Also, find out if your home equity plan sets a fixed time -- a draw period -- when you can make withdrawals from your account. Once the draw period expires, you may be able to renew your credit line. If you cannot, you will not be permitted to borrow additional funds.

Also, in some plans, you may have to pay your full outstanding balance. In others, you may be able to repay the balance over a fixed

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bad debt-consolidation moves

1) The Hard-Money Loan
"The biggest myth about debt-consolidation loans is that they're easy to get," says Scott Kays, president of Kays Financial Advisory Corp. and author of "Achieving Your Financial Potential." If you really need a loan, it's probably because you've already missed a few payments and your credit history has more dings in it than a '74 Ford Pinto.

And that's the problem. Kays says that if you are a credit risk, the consolidator may entice you with promises of an easy-does-it loan, and end up charging you higher interest rates than you're paying now -- as high as 21% or 22%. "Your monthly payment may be lower" with one of these loans, "but you'll end up paying more," says Kays.

2) Debt Consolidators Who Promise to Take Care of Everything
This is the fairy godmother fantasy. This Nice Big Debt Consolidation company comes along and swears they'll make your life soooo much easier. They'll negotiate lower interest rates, reduce your monthly payments -- and all you have to do is make "one EZ payment."

In reality, many debt consolidators build in a fee as part of the monthly payment you make to them. It's usually about 10% of the payment (i.e. about $40 on a $400 monthly payment). They pass along your payments to the creditor -- some debit directly from your checking account -- and get back a 10% to 15% slice that the relieved creditor is only too happy to rebate to the consolidator.

Is it worth paying someone else to do what you can do on your own, i.e. negotiate lower interest rates and stretch out your repayment schedule and pay off the highest-interest debts first?

To desperate ears, this might sound like an ideal solution, especially when you talk to these people and they scare the bejeezus out of you. I interviewed two, Cambridge Credit and Counseling Services and Integrated Credit Solutions. Each offered similar services, and I don't recommend either of them. The senior credit counselor I spoke to at Integrated told me, in grave tones, that it would take me 379 months -- or 32 years -- to pay off my debt. With their services, however, they would "save me 27 years," and I could pay off my debt in just 53 months, or about 4 1/2 years.

Thats funny, because when I plugged my debt into the MSN Money Debt Consolidator -- a less biased source, since they ain't getting no fee from me -- they said I could pay off my debt in 41 months, providing I make slightly higher minimum payments to each card: a total of just $60 extra per card.

Here's another risk with consolidators you should know about: they have been known, in some cases, to make late payments or even miss payments, thus worsening your plight (and your credit record).

After I got off the phone with Integrated, I had to ask myself: Is it worth paying someone else to do what you can do on your own? That is, negotiate lower interest rates and stretch out your repayment schedule and pay off the highest-interest debts first? I don't think so.

3) The Balance Transfer Trap
Low-interest balance-transfer cards are a dime a dozen these days, but remember that those rates only last a few months -- and then you have to switch cards again. The danger is that at some point all this activity begins to show up on your credit report, and you start to look like a bad risk. Then if you get turned down, "you could be left holding the high-interest card you were hoping to dump," says Kays.

If you think you can swing from the balance-transfer vines for a few months, just make sure you formally close all your accounts yourself, and then notify the credit-card company to mark the account "closed at customer's request." "Otherwise, on your credit report, it will look like the creditor closed your account," says David Mooney, PR director of Equifax, one of the biggest credit reporting agencies. Thus making you look like an even worse risk, even when you're doing your best not to be.

Your best debt-consolidation moves
If you own a home and have some equity in it, you have a couple of options that are relatively low in cost. These are pretty straightforward:

Take out a home equity loan. A home equity loan has the advantage of carrying a fairly low interest rate, currently in the high single digits, and what interest you do pay is tax-deductible, Kays points out. Most fixed-rate loans carry a 15-year term and require that borrowers pay an origination fee of $75 to several hundred dollars, plus the cost of an appraisal and title insurance.

Do a "cash-out" refinancing. Another option for those with home equity is refinancing your property for greater than the amount you owe and using the extra cash to pay off debt. You get very low interest rates this way, but you're stretching payments out over 15 or 30 years. The total interest cost over three decades can wind up being pretty huge, so think of this as a one-time-only (if ever) option.

Refinance your car. "Most people don't think of it, but it is a secured loan and you can borrow against it," Kays says. The danger there is that you may run out of car before you run out of debt. It's tough to buy a new car when you owe more than it's worth.

Get a personal loan. If you have reasonably undamaged credit, you may qualify for an unsecured loan. Credit unions (see link to the left) typically offer lower rates than banks, but even there you can expect a rate of 11% or more. Still, that may be a whole lot less than the 20%-plus you're now paying to the credit-card company.

Negotiate better terms. You can do this for yourself easily. Just call your credit-card company and ask them to do it (many customer service people are authorized to reduce rates right there on the phone).

Another alternative. Or you can get help from an organization like National Foundation for Credit Counseling (see link to left). NFCC has branches throughout the country; they are a non-profit, community organization that provides free and confidential debt management advice to anyone who needs it. You can even consult with them over the phone, like I did (see below).

Like other debt consolidators, NFCC gets paid by creditors, so it's in their best interest to work out a repayment plan rather than advise you to declare bankruptcy. Not that you want to be advised to declare bankruptcy, but in certain cases it may be your best option.

NFCC makes no outlandish promises beyond the prospect of a saner financial life, and the possibility of qualifying for their low-rate mortgage program. They also offer low-cost financial planning -- a resource I'm definitely going to look into for a future column. Once I have some finances again, I will need someone to tell me what to do with them!

So whatever happened to
Since writing about my struggles with debt, Ive become religious about paying as much money as I could every month. (Thing was: I still carried my credit cards in my wallet. So my new get-out-of-debt tip would be: Take the cards out of the wallet. Otherwise, you will use them.)

Then those big payments started to have an impact. But I was on a mission. I wanted my debt gone. I turned to debt calculators, talked with friends, and ultimately came up with a two-pronged plan of merciless debt destruction. Operation Enduring Freedom from Debt. First, I took on some extra freelance work that, eventually, would pay me a little bit more than my debt in four big chunks. While I was waiting and working, I decided to consolidate my debt and turned to NFCC as my resource.

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What is an FHA Loan?

You've heard the name before, but did you know that an FHA home loan through FHA loan financing is one of the most popular ways to become a homeowner or refinance an existing FHA or conventional mortgage? See for yourself.

Interest rates
We, at FhaToday.com, are dedicated to offering you the lowest rates in the marketplace. Please visit our rates page to see what everyone's talking about.

FHA vs. Conventional Financing
Although there are similarities between FHA mortgage financing and Conventional mortgage loans there are also some big differences.
While interest rates are similar, credit guidelines are different. FHA allows for borrowers with less than perfect credit to still receive a favorable interest rate.

The FHA Streamline Refinance
If you currently have an FHA Loan you are eligible for one of the simplest money saving refinances available today. The FHA "Streamline Refinance".
allows existing FHA home loan borrowers to reduce their interest rate without having to jump through hoops.

Disaster Area Victims - 203(h) Loan
Under this program, individuals or families whose residences were destroyed or damaged to such an extent that reconstruction or replacement is necessary are eligible for 100 percent financing.

FHASecure Refinance
President George W. Bush announced that HUD's Federal Housing Administration (FHA) will help an estimated 240,000 families avoid foreclosure by enhancing its refinancing program effective August 31, 2007.

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Conversion Mortgage Program

Summary:
The Home Equity Conversion Mortgage (HECM) program enables older homeowners to withdraw some of the equity in their home in the form of monthly payments for life or a fixed term, or in a lump sum, or through a line of credit.

In addition, the HECM mortgage can be used to purchase a primary home when the borrower is 62 years of age or older and is able to use cash in hand to pay the difference between the reverse mortgage and the sales price plus closing costs for the property.

Purpose:
To be eligible for a HECM mortgage, current homeowners must be 62 years of age or older, own their home outright or have a low mortgage balance that can be paid off at closing with proceeds from the reverse mortgage. The home must be their principal residence. In addition, the HECM can be used to purchase a primary home if the borrower is able to use cash in hand to pay the difference between the HECM and the sales price and closing costs for the property.

Because older persons can be vulnerable to fraudulent practices, the program requires that persons receive free reverse mortgage housing counseling from a HUD approved reverse mortgage counseling agency before applying for a reverse mortgage. FHA insures HECM loans to protect lenders against loss if amounts withdrawn exceed equity when the property is sold.

Type of Assistance:
HECM can be used by homeowners who are 62 years of age and older. The total income that an owner can receive through HECM is the maximum claim amount, which is calculated with a formula including the age of the owner(s), the interest rate, and the value of the home.

Borrowers may choose one of five payment options: (1) tenure, which gives the borrower a monthly payment from the lender for as long as the borrower lives and continues to occupy the home as a principal residence; (2) term, which gives the borrower monthly payments for a fixed period selected by the borrower; (3) line of credit, which allows the borrower to make withdrawals up to a maximum amount, at times and in amounts of the borrower's choosing; (4) modified tenure, which combines the tenure option with a line of credit; and (5) modified term, which combines the term option with a line of credit.

The borrower remains the owner of the home and may sell it and move at any time, keeping the sales proceeds that exceed the mortgage balance. A borrower cannot be forced to sell the home to pay off the mortgage, even if the mortgage balance grows to exceed the value of the property. A HECM loan need not be repaid until the borrower moves, sells, or dies. When the loan must be paid, if it exceeds the value of the property, the borrower (or the heirs) will owe no more than the value of the property, if they sell the property to repay the loan.

Two mortgage insurance premiums are collected to pay for HECM: an upfront premium (2 percent of the home's value), and a monthly premium (which equals 0.5 percent per year of the mortgage balance).

A lender can charge an origination fee up to $2,500 if the home's appraised value is less than $125,000. If the home is valued at more than $125,000, lenders can charge 2% of the first $200,000 of the home's value plus 1% of the amount over $200,000. HECM origination fees are capped at $6,000.

All HECM borrowers are required to complete reverse mortgage counseling through a HUD approved housing counseling agency.

Eligible Customers:
To be eligible for HECM, a homeowner must (1) be 62 years of age or older, (2) have a low outstanding mortgage balance or own their home free and clear, and (3) have received HUD approved reverse mortgage counseling to learn about the program.

An eligible property must be a principal residence, but it can be a single family residence, a one to four -unit building with one unit occupied by the borrower, a manufactured home, a unit in an FHA approved condominium, or a unit in a planned unit development. The property must meet FHA standards, but the owner can pay for repairs using the reverse mortgage.

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Adjustable Rate Mortgage (ARM)

An ARM is an Adjustable Rate Mortgage. Unlike fixed rate mortgages that have an interest rate that remains the same for the life of the loan, the interest rate on an ARM will change periodically. The initial interest rate of an ARM is lower than that of a fixed rate mortgage, consequently, an ARM may be a good option to consider if you plan to own your home for only a few years; you expect an increase in future earnings; or, the prevailing interest rate for a fixed rate mortgage is too high.

An ARM has four components: (1) an index, (2) a margin, (3) an interest rate cap structure, and (4) an initial interest rate period. When the initial interest rate period has expired, the new interest rate is calculated by adding a margin to the index. Your lender will disclose the margin at time of loan application (margins may vary from lender to lender, so it's is a good idea to shop around for a low margin). As the index figure moves up or down, your interest rate will be adjusted accordingly. Acceptable index options on FHA insured ARM loan transactions are 1) the Constant Maturity Treasury (CMT) index (weekly average yield of U.S. Treasury securities, adjusted to a constant maturity of one year); or 2) the 1-year London Interbank Offered Rate (LIBOR). Increases or decreases in the interest rate will be limited by the interest rate cap structure of your loan.

The interest rate cap structure provides some protection from large interest rate swings. There are two types of caps: (1) annual, and (2) life-of-the-loan. The annual cap restricts the amount your interest rate can change, up or down, in any given year, while the life-of-the-loan cap limits the maximum (and minimum) interest rate you can pay for as long as you have the mortgage. FHA offers a standard 1-year ARM and four "hybrid" ARM products. Hybrid ARMs offer an initial interest rate that is constant for the first 3-, 5-, 7-, or 10 years. After the initial period, the interest rate will adjust annually. Below are the different interest rate cap structures for the various ARM products:

• 1-year ARM and 3-year hybrid ARM have annual caps of one percentage point, and life-of-the-loan caps of five percentage points. (Example - if your initial interest rate were 5.00%, the highest possible interest rate would be 10.00%)
• 5-, 7-, and 10-year hybrid ARM have annual caps of two percentage points, and life-of-the-loan caps of six percentage points.

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Should I Consider an FHA Refinance Loan?

There are many reasons to consider your FHA refinance options. The most obvious is if you are at risk of going into default or foreclosure on your current home loan. If you in an “underwater” mortgage, or if you have an adjustable rate mortgage and are paying much more than anticipated per month, you should consider going into a fixed-rate FHA mortgage. An FHA home loan isn’t for everyone; to get an FHA refinance loan approved you need to meet certain income requirements, debt-to-income ratio regulations and other rules.

You should consider applying for an FHA refinance loan if:

• You face foreclosure or default on your current mortgage


• You have an adjustable rate mortgage that is raising your mortgage payments higher than you can afford to pay


• Your income is considered average or below average for the area where you live


• Your mortgage payments make up 31% or more of your total income


• You occupy the building you want to refinance

DOES MY CREDIT RATING AFFECT MY CHANCES?

FHA refinance loans, like any other line of credit, require a credit check before FHA refinancing is approved. However, don’t be discouraged if you have bad credit because of recent hard times. The FHA credit check compares your overall credit activity to any negative information in your credit report. To qualify for an FHA loan for refinancing purposes, your general pattern of credit activity will be considered, not just current or past problems. You may be surprised to learn FHA rules are much more flexible when it comes to reviewing your credit history for an FHA refinancing loan.

CAN I APPLY FOR FHA REFIANCE LOANS AFTER FILING FOR BANKRUPTCY?

If you’ve been discharged from Chapter 7 bankruptcy for two years or more, you are eligible to apply for FHA refinancing. If you filed Chapter 13 bankruptcy and have made all payments on time for at least one year, you are eligible to apply for an FHA refinancing loan.

HOW CAN I GET READY FOR AN FHA REFINANCING LOAN?

Even if you have good credit, it never hurts to prepare for your FHA refinancing credit check in the same way you’d prepare for any home loan. Make sure you’ve got a history of paying your bills on time, reduce your debt-to-income ratio as much as possible, and reduce the amount of potential debt you have in your name. Check your credit report to make sure you have current, accurate information and be sure to challenge any items on your credit report that are out of date or suspicious.

WHAT IF I ALREADY HAVE AN FHA HOME LOAN?

If you are already making payments on an FHA home loan and want to lower your interest rates, FHA Streamline Refinancing is an option to consider. FHA Streamline loans don’t require any income verification and no credit report is needed unless your particular lender requires it. You can add another person to the property title with no credit check, but if you want to remove someone from your title, you’re required to get a full credit check before you can be approved for an FHA Streamline refinancing loan. You may be able to get an FHA Streamline loan without a new appraisal. If you suspect your home is worth less than it was at the time of your last appraisal, it is best to see FHA refinancing without a new appraisal if possible.

If you aren’t sure whether you qualify for an FHA refinance loan, contact your lender for additional details. Income requirements vary depending on your state of residence and your zip code; you may also find additional flexibility depending on your credit report and the nature of the building you want to refinance.

WHAT SHOULD I KNOW ABOUT TERMS FOR FHA REFINANCING?

If you want to refinance your home mortgage using an FHA refinancing loan, there are several things to know before you begin. FHA refinancing is not the same as the FHA HOPE for Homeowners program, which is designed to protect people from going into default or foreclosure. FHA refinancing loans can be taken out to lower your monthly payments, avoid going into default or foreclosure, and even help you pay for home improvements.

There are different types of FHA refinance loans, each with specific terms and requirements. These include:

• Cash-out FHA refinancing up to 85% of the home’s appraised value


• Cash-out FHA refinancing for up to 95% of the appraised value


• No cash-out FHA refinancing


• Streamline FHA refinancing

In the case of both cash-out FHA refinance loan options, you’re required to own the home for at least a year before applying.

HOW MUCH WILL I GET WHEN I DO AN FHA REFINANCING LOAN?

Figuring out your lending limits for cash-out FHA refinancing loans is simple once you determine what 85% or 95% of your home’s appraised value is. For no cash-out refinancing loans, the calculations become a bit more complex.
For “non-streamlined” FHA refinancing, the loan amount may be determined by one or two calculations:

• A calculation made with the home’s maximum loan-to-value percentage multiplied by the home’s appraised value.


• A second calculation involves the total of the original lien, any second mortgages or “junior liens” over one year old, plus closing costs and other expenses. This calculation is fairly complex and you may need help from your loan officer to understand all the factors that go into it.

The maximum amount of your loan for non-streamlined FHA refinancing will be determined by the lesser of these two calculations.

FHA Streamline refinancing loans are only for those who have existing FHA loans. For Streamline FHA refinancing loans, there is no cash given to the buyer, but the calculations of the loan amounts are similar to non-streamlined FHA refinancing. There are two Streamline refinancing loans. One requires a new appraisal of the home so that closing costs can be built into the cost of the loan rather than having the buyer pay those costs out of pocket. If the home has enough equity to cover the additional expense, the buyer can include the closing costs into the loan amount.

The no-appraisal FHA Streamline loan is limited to the amount of the original FHA home loan only. The buyer must make other arrangements to cover the closing costs rather than building them into the terms of the new FHA refinancing loan.

OTHER TERMS AND CONDITIONS

For non-Streamline FHA refinancing, you may be required to pre-qualify in the same way you did for your original FHA home loan. Streamline FHA refinancing does not require a new credit check in most cases unless your bank has a policy requiring one.

In many cases you are required to be current on your mortgage payments. For 95% cash-out refinancing you are also required to have a record of on-time payments for the previous year.

One area that confuses some homeowners seeking FHA refinancing--the down payment issue. There is a minimum down payment requirement of 3.5% for all FHA mortgages issued after 1 January 2009. However, recent guidelines issued from the FHA states this requirement does not apply to FHA refinance mortgages --there is no down payment required to refinance, but you will have to pay closing costs.

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Reverse Mortgages

If you are a homeowner age 62 years or older and you need or want to do one or more of the following:

- Eliminate your existing mortgage and end your monthly mortgage payments.

- Pay hospital and medical bills.

- Get cash for daily expenses or to pay off rising debts.

- Perform home improvements or repairs.

- Enjoy travel and vacations.

- Buy cars, boats and motor homes.

- Pay College Tuition for children or grandchildren.

- Give to a charity, church or club.

Then the answer is ‘yes.’

The problems seniors face

You may be preparing to retire and need to pay off your existing mortgage to eliminate the burden of your monthly mortgage payments. You may need to pay medical bills, make home repairs or perform renovations to your home to accommodate physical handicaps. Your children or grandchildren may want help with their tuition. Or how about taking that long overdue vacation you haven’t been able to afford. Many senior homeowners desire to remain in their homes rather than sell and move once they reach retirement. You worked hard to purchase your home. Why sell it just because you need extra cash!

Solutions for seniors

I’ll show you how a Reverse Mortgage will use the equity in your home to give you cash to pay off your mortgage, eliminate bills and medical expenses, or to buy virtually any of life’s needs and wants. You will continue to own your home as you do today. You and your heirs will keep any future equity remaining in your home. A Reverse Mortgage requires no monthly mortgage payments. You pay nothing back to the bank until you sell or permanently leave your home, and you can never owe more than the value of your home.

The most popular Reverse Mortgage is the FHA Home Equity Conversion Mortgage (HECM) which is government insured. For older borrowers with high value homes I have proprietary loans (Jumbo Reverse Mortgages) that provide a larger benefit to you than the HECM. There are even Reverse Mortgages for Seniors that are interested in buying a home but don't want monthly mortgage payments.

Your Reverse Mortgage benefits may be taken as a lump sum payment, a line of credit, or monthly payments for as long as you (or your spouse) live in your home. You may even combine these options to maximize your benefits.

I show you all your options and help you select the best plan for your needs.

Mr. and Mrs. 'B'

Mr. and Mrs. B. were literally living in the cold without a working furnace and their home was going into foreclosure. Their fixed income wasn’t going to let them catch up on late mortgage payments or make necessary home repairs. Their family contacted me and we did a full assessment of their needs including an inspection of the work necessary to bring their home back to good repair. I helped them apply for and receive the needed cash benefits from a Reverse Mortgage to pay their current mortgage in full and to make their home a safe and comfortable place to enjoy their retirement years.

A Reverse Mortgage may be right for you too

A Reverse Mortgage converts the equity in your home into cash that you can use for any purpose. There must be enough equity in your home so the Reverse Mortgage will pay off your existing mortgage, meaning no more monthly mortgage payments for as long as you live in your home. Plus the excess equity can be used for daily living, health care, home improvement or for your enjoyment.

The benefits of working with me and a complimentary consultation

I will listen to you and understand your needs by meeting with you face to face. Most often this is in your home or place of your choosing. I will explain your options in detail and answer every question so you understand all the features and benefits of Reverse Mortgages before you make a decision. This is done with no cost or obligation to you. If you decide to wait, or feel that a Reverse Mortgage is not right for you, we’ll part ways with a smile and a handshake. The personalized Reverse Mortgage benefits information is yours to keep. I'm confident you'll refer your friends to me when they have questions about Reverse Mortgages.

My background

I have been in residential lending since 2003, with a specialty in Reverse Mortgages. I am a member of AARP and a licensed California Real Estate Broker. My motto ‘Helping senior homeowners get cash for life’ truly describes my belief that I can introduce you to a guaranteed source of money to gain a better quality of life while living securely in your own home.

Getting started is risk free

I take care of all the paperwork. I prepare the Reverse Mortgage application for your approval and submit it for underwriter review and processing. You receive free HUD/FHA approved HECM counseling from a third party agency. I make the arrangements for title and escrow, and order a full appraisal on your home.

It starts with a phone call from you. I’ll ask a few basic questions over the phone to determine where we should begin your Reverse Mortgage investigation for your financial freedom.

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FHA Home Equity Loans

FHA home equity loans are loans made by private lenders insured by the Federal Housing Administration. The borrower uses the equity built up on their home as collateral for the loan.

Reasons for Acquiring an FHA Home Equity Loan

An FHA Home Equity Loan is ideal for low-to-middle income families for a number of reasons:

• The rate of interest on equity loans is much lower than unsecured loans
• The rate of interest is often a fixed rate applied for a shorter term, as it is usually tied to a one time lump-sum loan.
• Mortgage brokers are far more likely to provide a loan with collateral, as it protects the lender from financial loss of a loan default.

Criteria for Qualifying for an FHA Home Equity Loan

Because the Federal Housing Administration itself does not offer loans, the potential borrower must seek out mortgage brokers who will assess the borrower's eligibility for obtaining the loan. The assessment includes the following criteria:

• A steady employment history of at least two years with the same employer.
• A strong credit report, including a history of past payments showing no more than two late payments for the last two years.
• The mortgage payment qualified for should be approximately 30% or less of your total monthly gross income.

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ANZ Everyday Accounts & Savings Accounts

ANZ Everyday Accounts & Savings Accounts ANZ offers a range of Everyday Banking and Savings Accounts featuring low fee accounts and high interest savings accounts. Everyday Banking Accounts ANZ has a banking account solution to suit every financial need and goal. Choose from unlimited transactions, low service fees, Visa Debit cards, cheque accounts, concession accounts, overdraft facilities and more. Savings Accounts and Investment Accounts ANZ Savings Accounts and Investment Accounts have a range of solutions no matter where you are at with your current savings. So if you are just starting to save, looking to build on what you already have or want to maximise your existing savings find out more about ANZ Savings and Investment Accounts.

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Investments And Advice

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Equity Manager

ANZ Equity Manager is a line of credit account secured by a first registered mortgage over your residential property. This account allows you to turn the equity in your property into a ready source of funds up to an agreed limit. You can use these funds for any personal purpose and, any principal repaid is available to be redrawn.

The table below outlines the main features of our Equity Manager. Click on the name of each loan for more information.

ANZ was awarded the prestigious Personal Investor magazine's Home Lender of the Year 1999-2002, 2004 and 2005. As well as Money magazine's Home Loan Lender of the Year 2005, 2006 and 2007.

Equity Manager at a glance

Interest Rate (% p.a.)	5.96
Access to funds	ATM, Cheque, ANZ Branch, ANZ Phone Banking, ANZ Internet Banking, Direct Debit, Periodical Payment, Direct Loan Payment, EFTPOS, BPAY®
Repayment frequency	No set schedule
No Early Repayment Cost
Loan Approval Fee (LAF)	$600
Loan Administration Charge	$150 per year Credit Facility Fee
Additional Withdrawal Fee	20 free withdrawals per month (max 5 staff assisted)
Minimum amount	$20,000
100% Mortgage Offset	Not available (same benefit is received by depositing and withdrawing from account)
Interest Only payments

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Home Buyer Centre

Find out what else you need to consider besides interest rates.
Buy and move into your home

Valuable information on auctions, bidding, contracts and legal advice.
Investing in property

A beginner’s guide to investing in residential property.
eChoice Home Loans Bulletin

Subscribe to Receive our Bulletin, or view past bulletin articles.
Apply for a home loan now

Use eChoice’s experience to find you a great home loan deal.

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Types of Home Loans

* Great Interest Rates
o Get eChoice to get you a great home loan
o Interest rates on home loans
o Interest rate news
* Home Loans For...
o First Home Buyers
o Buying another home
o Refinancing
o Investing in property
o Using equity in your home
o Self employed
o Credit impaired
o Returning eChoice customers
* Home Loan Types
o General Home Loans
o Specialised Home Loans
o Home Loan Features
o Lenders Mortgage Insurance
* Home Buyer Centre
o Understanding home loans
o Prepare for your home search
o Finding the right homes
o Find the right home loan
o Buy and move into your home
o Investing in property
o Apply for a home loan now
o eChoice Home Loans Bulletin
* Home Loan Calculators
o Get the real picture
o How much can I borrow?
o How much will my home loan repayments be?
o How much stamp duty will I pay?
o Budget Planner
o How will extra payments reduce my home loan?
o How will a lump sum payment reduce my home loan?
o Savings Calculator
o What will my repayments be using a split home loan?
o Home loan comparison calculators



Types of Home Loans
General Home Loans

Information on the different types of general home loans.
Specialised Home Loans

Range of home loans that are specialised for individual needs.
Home Loan Features

A look at some of the most popular home loan features.
Lenders Mortgage Insurance

If you have less than a 20% deposit, you may be required to pay LMI.

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Using Equity in Your Home

Buying your own home is probably the biggest investment you’ll ever make. Your home is also likely to be your biggest asset. Why not put this asset to work by taking out a home equity loan?
What is equity?

Equity is simply the difference between what your property is worth and what you owe. For example, if you have $200,000 to pay off on a home worth $500,000, you have $300,000 worth of equity. You may be able to borrow against this amount to renovate, invest in shares or managed funds, buy another property or refinance your mortgage.
How it works

An equity home loan gives you a line of credit on your mortgage up to an approved amount. The loan can be taken in full or in stages, making it particularly useful for renovating or investing.

How much you can borrow depends on your situation - your existing borrowings, income and assets are taken into account. And if the equity is for an investment property, your new and current property values will be assessed.
Benefits

Saving for renovations or a deposit can take time. Taking out an equity home loan means you can start your renovations or buy an investment property sooner.

However, it is important to remember that all debt needs to be carefully managed to maximise investment returns and minimise risks.

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Compare Credit Cards

Search, compare and apply. Three simple steps designed to cut out the stress of getting a credit card. Save time when choosing a credit card by going through our detailed list of informed options available to you. Find out how a credit card works, the types available to you, the advantages of getting one as well as checking to see if you qualify to get your own credit card right now. Even with a poor credit score, you too may still be eligible to get your own credit card. Simply choose the kind of card you need and you’re on your way.

American DreamCard™ MasterCard®

Apply Here!

More Info

• American DreamCard - The first and only "POOLED REWARDS™" Credit Card.
• You don't need to be a big spender to win big with this credit card.
• Large monthly cash jackpots!
• Earn entries from everyday shopping!
• Every $1 in net retail purchases = 1 entry to win (up to 1,000 entries per purchase)
• Get 1,000 entries just for applying!
• More entries mean more chances to win!
• Entries are good for future drawings (during a particular sweepstakes period) and there is no limit to how many times you can win*
• A New Winner Every Month!
• Refer your friends and automatically receive 50 entries for each referral and get a signing bonus of 1,000 entries for each referral who is approved for the American DreamCard™
• *See terms and conditions for important rate, fee and other cost information, and limitations

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