Posted on: 27th Oct, 2005 03:18 pm
There are lots of mortgages available in the market. How to go for the best one?
Hi Chris,
I do agree with you in the fact there are plenty of them to confuse you. Each type has a definite purpose to serve and is considered best under suitable situations. So, there is no other way than to gather a brief idea about each of them. Alternative option is to take the help of experienced mortgage professionals to help you.
The most common and popular is perhaps the 30 year fixed rate mortgage, where the interest rate remains fixed throughout the loan period. This makes you know what exactly you need to repay in a year.
If you plan to buy an expensive house, probably ARM is a good choice where the initial monthly payments are low. The rate varies with a financial index and may go up or down.
Then there are several government mortgages offered. So, it's better if you consult a broker regarding this matter who will analyze your current situation and some other finance related matters and may suggest the best one.
God bless you.
for MortaggeFit,
Samantha
I do agree with you in the fact there are plenty of them to confuse you. Each type has a definite purpose to serve and is considered best under suitable situations. So, there is no other way than to gather a brief idea about each of them. Alternative option is to take the help of experienced mortgage professionals to help you.
The most common and popular is perhaps the 30 year fixed rate mortgage, where the interest rate remains fixed throughout the loan period. This makes you know what exactly you need to repay in a year.
If you plan to buy an expensive house, probably ARM is a good choice where the initial monthly payments are low. The rate varies with a financial index and may go up or down.
Then there are several government mortgages offered. So, it's better if you consult a broker regarding this matter who will analyze your current situation and some other finance related matters and may suggest the best one.
God bless you.
for MortaggeFit,
Samantha
Who is a mortgage consulatnt?
Hi,
Mortgage consultants generally are those who can help you to take a justified decision in choosing the right mortgage for you. Very similar to broker he can introduce you to a lender and help you in getting the loan.
They are the people with whom you can clear up your queries and your mortgage related problems. They will make you know the market rates and after scrutinizing your requirement and financial status he may guide you to select the most appropriate loan.
Hope this information will help.
God bless you.
For MortgageFit,
Samantha
Mortgage consultants generally are those who can help you to take a justified decision in choosing the right mortgage for you. Very similar to broker he can introduce you to a lender and help you in getting the loan.
They are the people with whom you can clear up your queries and your mortgage related problems. They will make you know the market rates and after scrutinizing your requirement and financial status he may guide you to select the most appropriate loan.
Hope this information will help.
God bless you.
For MortgageFit,
Samantha
any mortgage companies who will lend to someone with an bankruptucy?
Hi lawana,
Have you been discharged from bankruptcy? Lenders do not give mortgage to a person who has filed bankruptcy. If you want FHA loans, you will have to wait for a year after the bankruptcy is discharged. If you want a conventional loan, then you will have to wait for 2 years after the bankruptcy is discharged.
Thanks
Have you been discharged from bankruptcy? Lenders do not give mortgage to a person who has filed bankruptcy. If you want FHA loans, you will have to wait for a year after the bankruptcy is discharged. If you want a conventional loan, then you will have to wait for 2 years after the bankruptcy is discharged.
Thanks
mortgage consultant = mortgage loan officer = mortgage originator = loan officer...
at my previous company, i was called a "relationship manager" - still the same job.
bankruptcy? as niicss notes, there's a 2 year period after discharge to wait; however, you will want to have re-established favorable credit ratings after the bankruptcy as well.
at my previous company, i was called a "relationship manager" - still the same job.
bankruptcy? as niicss notes, there's a 2 year period after discharge to wait; however, you will want to have re-established favorable credit ratings after the bankruptcy as well.
