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VA Home Loans
After these four steps you will be anticipating moving into your new home,
stress free because of the knowledge that your loan has comes with all of these
benefits:
- little or no down payment
- a low fixed rate
- limited closing costs
- no penalties for prepaying
- no monthly mortgage premiums
- financial counseling by the VA if you were to get into debt
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Bad Credit Refinance
You can also refinance a larger amount than you need to fund a major purchase at a low interest rate, such as a new car or college tuition. Fill out our free short form today to contact lenders about bad credit refinancing.
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Home Equity
Since home equity is something one already owns in a sense, home equity loans carry less risk than other loans. The benefit of this diminished risk is felt by the borrower through lower interest rates and lower monthly payments. Apply online to take advantage of the equity on your home.
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Land Loan
It is not uncommon for land loans to carry an interest rate that is a few points higher because of the added risk. For this reason it is sensible to make a sizable down payment on the land loan because it will be rolled into a single mortgage with your construction loan once the property is finished. Because land is often snatched up quickly once it becomes available it pays to talk to a lender before beginning your hunt to discuss your finance options so you can move quickly when land becomes available.
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Mortgage Calculation
Amortization is the repayment schedule for both the principal and interest of your mortgage which is usually made by equal payments on a monthly basis.. Mortgage calculation shows what this monthly payment will be, depending on certain loan terms, including, loan amount, interest rate, and term. If your loan term is 15 years, your interest rate is 7%, and your loan amount is $150,000, your monthly payment comes to $1,348. Mortgage calculation can also show you that your total interest paid of the life of this loan would be $92,683. Some people would look at these figures and decide that $1,348 is too high a monthly payment that will not fit into the budget. In this case, you could change around the terms, for example, switch to a 30 year term, which would drop the monthly payment by $351, making it $997 monthly, but would double the amount of interest paid over the life of the loan.
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Mortgages Online
Other basic but important terms to understand are:
- Principal is the amount borrowed (on which interest acts) which is repaid
monthly
- Amortization is the process of repaying the amount borrowed through monthly
payments of principal and interest.
- Negative amortization is when the monthly payment is not high to adequately
pay the loan off. In this case interest builds too quickly and the principal
grows instead of decreasing. This can occur because of lender scams or because
of monthly payment caps.
- Equity is the value of your house left over after subtracting the total
of your mortgage. If your house has a market value of $130,000 and a mortgage
of $100,000, the equity is $30,000.
- An index is used to determine the rate on an adjustable rate loan. For some
loans this rate may be the Prime Rate or the average rate of a one year Government
Treasury Security.
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Reverse Mortgage
Like FHA loans, there is a federally insured reverse mortgage. The Home Equity Conversion Mortgage, also known as HECM. To qualify for a federally insure reverse mortgage, a borrower must own a single-family unit, a 2-4 unit building or another federally approved unit.
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