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Written by Tamara Schmitt
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Wednesday, 02 November 2005 |
The traditional fixed rate mortgage is the most common type of loan programs, where monthly principal and interest payments never change during the life of the loan. Fixed rate mortgages are available in terms ranging from 10 to 30 years and can be paid off at any time without penalty.
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Last Updated ( Wednesday, 23 August 2006 )
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Adjustable Rate Mortgages ARMs |
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Written by Tamara Schmitt
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Wednesday, 02 November 2005 |
Adjustable Rate Mortgages (ARM)'s are loans whose interest rate can vary during the loan's term. These loans usually have a fixed interest rate for an initial period of time and then can adjust based on current market conditions.
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Last Updated ( Wednesday, 23 August 2006 )
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Jumbo Mortgage Loan Programs |
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Written by Tamara Schmitt
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Tuesday, 03 January 2006 |
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A jumbo mortgage is a mortgage loan which is larger than the limits set by Fannie Mae and Freddie Mac ($359,650 as of 1/5/2005). Since these two agencies will not purchase these types of loans, they usually carry a higher interest rate (to enhance their value and marketability to investors). |
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Last Updated ( Wednesday, 23 August 2006 )
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FHA Mortgage Loan Programs |
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Written by Tamara Schmitt
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Tuesday, 03 January 2006 |
An FHA mortgage loan is insured by the Federal Housing Administration(a division of the Department of Housing and Urban Development (HUD)). Although mortgage lenders provide the mortgage funds, the FHA sets underwriting standards for approving applicants.
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Last Updated ( Wednesday, 23 August 2006 )
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VA Mortgage Loan Programs |
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Written by Tamara Schmitt
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Tuesday, 03 January 2006 |
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A VA mortgage loan is a mortgage loan that is guaranteed by the Department of Veterans Affairs (DVA). One of the biggest advantages of using a VA loan is that the borrower can finance the purchase of a property with no-money down. However, VA loans are restricted to individuals qualified by military service. The DVA will guarantee the more popular 30 year fixed, 15 year fixed loan programs.
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Last Updated ( Wednesday, 23 August 2006 )
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Written by Tamara Schmitt
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Wednesday, 02 November 2005 |
A mortgage is called “Interest Only” when its monthly payment does not include the repayment of principal for a certain period of time. Interest Only loans are offered on fixed rate or adjustable rate mortgages as wells as on option ARMs.
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Last Updated ( Wednesday, 23 August 2006 )
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Written by Tamara Schmitt
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Wednesday, 02 November 2005 |
Reverse Mortgage is a type of home equity loan that allows you to convert some of the equity in your home into cash while you retain home ownership. Reverse Mortgage works much like traditional mortgages, only in reverse. Rather than making a payment to your lender each month, the lender pays you. Unlike conventional home equity loans, most Reverse Mortgages do not require any repayment of principal, interest, or servicing fees for as long as you live in your home.
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Last Updated ( Wednesday, 23 August 2006 )
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Written by Tamara Schmitt
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Wednesday, 02 November 2005 |
Balloon mortgages have a note rate that is fixed for an initial period of time, and then the remaining principal balance is due at the end of the term. When the final balloon payment is due at the end of the term, the borrower can either refinance into another mortgage or pay off the balance.
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Last Updated ( Wednesday, 23 August 2006 )
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