Welcome to MortgageFit Community. Our members provide personalized guidance on the best mortgage programs for you and also help you get out of home mortgage loans problems. Around 3,686 lenders have so far helped 62,688 members. So, whether you're a first time buyer or looking for another home loan, feel free to discuss your options and ask for no-obligation free mortgage quote from our community ranked lenders.


43 Calculators

Calculate your monthly mortgage payments, home affordability, APR and many more.
3,686 Lenders

Get statewide list of lenders and the services they offer.
8,507 Answers

Ask mortgage questions and get answers to your queries from our experts.
208,574 Discussions

Share your mortgage experience in our forum platform and learn from others' experience.
Mortgage Manual

For quick mortgage information and to enhance knowledge on mortgages, stop over here.

Mortgagefit Community: 3,686 lenders have so far helped 62,688 members

Members
How community lenders can help you
What Others Say?







  • Provide free counseling on the best financing options.
  • Offer no-obligation free online mortgage quote.
  • Participate in forums and offer the right advice.
  • Respond to mails or pm with solutions to your problems.
What's more

I'm Glenn Jackson i recently had a very pleasant & rewarding conversation with Mr. George Ackerly George was not only very understanding & informative but gracious i was pleased with the results of our conversation consultation & when we were finished Mr. Ackerly said something in a beautiful tone of voice that made me feel wonderful he said ( God Bless you ) i love an try & walk within Jesus all day & when & how he finished with those words it felt like two Christians having an understanding.


Ways to get mortgage help in 5 different financial scenarios

Choosing right home loan program is very crucial. If you are currently on home shopping or willing to replace the existing loan with a new one, you have to fix your mind on a particular program. Whatever be your financial situation, you have to first analyze your individual case and select the best one from different types of home mortgages. Get proper advice to make the right choice and to own your dream home.

  1. If you are purchasing a home for the first time
  2. If you want to replace or modify your existing home loan
    • A. Replacing the existing loan: Take recourse to refinance

      If you are facing tough times in repaying your home loan and if you want to replace the existing loan with a new one, then one option available to you is refinance. It offers you a loan with more suitable terms.

      • Interest rate is lowered
      • Chances of saving are more
      • Repayment becomes faster
  3. If you have already taken a home loan and have built up equity in it
    • A. Home equity loan: Cash in on equity

      If you have accumulated substantial equity (represents an ownership interest) in your home, then you can utilize your equity to obtain a home equity loan (HEL). This kind of second mortgage loan is offered to you against your home equity. Generally, these are loans with fixed rate of interest for long time period. For qualification to HEL, factors considered by the lender include

      • Credit history
      • Debt to income ratio
      • Loan to value ratio
    • B. Home Equity Line of Credit: Another way to cash in on equity

      If you have adequate home equity, you can use that for taking out a home equity line of credit (HELOC) too. This kind of loan is usually short term in nature and has some similarities with credit cards. Its benefits are

      • No down payment required
      • Rate of interest is lower than unsecured loans
      • Helps you meet short term goals
  4. If you are a senior citizen and own a home as primary residence
    • Reverse mortgage: A good choice for the seniors

      If you are a senior citizen and possess substantial equity in your home, a good choice for you would be a reverse mortgage loan. In conventional loans, you have to make monthly payments whereas in this type of loan, you don't have any obligation to make payments to the lender. Its important characteristics are

      • Insured by the Federal Government
      • Helps retain full ownership of your home
      • Credit score does not matter much
  5. If you have been in foreclosure but willing to take out a home loan
    • Mortgage after foreclosure: Secrets to qualify

      If you've been in foreclosure, your credit score must have been very low. This is the time when you need to reorganize your finances and make yourself eligible for a new loan. Here are the secrets to qualify.

      • Prepare a budget
      • Improve your credit situation
      • Check your affordability

Related Community Discussions

0
Reply

Loan Modification Issue

I will try to make a long story as short as possible, but advice is needed. ...
0
Reply

We own our home free and clear and want to borrow against it

We need to finish our home construction that is actually 2nd kitchen and bathroo...
1
Reply

GIft tax

Wondering about a gift tax. The property is ALL paid off. My Father is not doi...
0
Reply

homeowner with very poor credit

Can I become a homeowner thru NACA with a very low credit score but I have a gre...
0
Reply

what does unrestricted property mean in oconee county sc

what does unrestricted property mean in oconee county sc?


Page loaded in 0.390 seconds.