Posted on: 08th Dec, 2005 08:23 pm
The mortgage industry offers a variety of loan programs suitable for a wide range of borrowers. There are loans that require high payments but there are also programs specially developed to provide homeownership opportunities to low-income families. These mortgages have special features and one really needs to get a brief idea of their pros and cons before he applies for it.
This section provides you with an explanation of mortgage types and their features. Apart from highlighting the types of mortgage loans, this section also mentions who all are suitable for the different types of mortgages. The purpose is to help you explore the features of various types of mortgage loans so that you can compare and choose the one that's best for you.
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This section provides you with an explanation of mortgage types and their features. Apart from highlighting the types of mortgage loans, this section also mentions who all are suitable for the different types of mortgages. The purpose is to help you explore the features of various types of mortgage loans so that you can compare and choose the one that's best for you.
| Types of mortgages | Features | Eligible Borrowers |
Fixed rate mortgage (40, 30, 15, 10 years) | Fixed rate of interest and hence fixed Monthly payments throughout the loan term. |
|
10/1 year ARM | Interest rate and the monthly payment remain the same for 10 years. From the 11th year, the rate is adjusted every year. This will change the payments each year for the rest of the loan term. |
|
7/1 year ARM | Interest rate and monthly payments remain fixed for the first 7 years. From the 8th year, interest rates are adjusted every year. The payments are thus changed every year till the loan period is over. |
|
7/23 (2-Step) | Fixed rate and monthly payments for first 7 years. On the 8th year, the interest rate is adjusted according to prevailing market rates. The resulting payments will remain constant for the remaining loan period. |
|
5/25 (2-Step) | Interest rate and monthly payment remain the same for the first 5 years of the loan period. The rate is adjusted on the 6th year to reflect the prevailing rate. The resulting payment remains constant throughout the rest of the loan term. |
|
5/5 and 5/1 year ARM | For the first 5 years, the interest rate and monthly payment remain constant. But from the 6th year, the rates adjust after every 5 years and 1 year respectively. |
|
3/3 and 3/1 year ARM | The interest rate and monthly payments remain fixed for the first 3 years. From the 4th year, the rates are adjusted in every 3 years and 1 year respectively. |
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1 year ARM | The interest rate is adjusted every year as a result of which the monthly payments also vary each year for the entire loan term. |
|
5 year Balloon Mortgage | Interest rate and monthly payments remain unchanged for the first 5 years. After 5 years, the borrower must refinance the loan (which is largely due) at the prevailing rates. |
|
7 year Balloon Mortgage | Interest rate and monthly payments remain fixed for 7 years. At the end of 7 years, the borrower should refinance into a new loan at the prevailing market rates. |
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17,000 CREDIT CARD, 1STMORTAGE 6PECENT 241,000, HOME EQUITY 7PERCENT 94,000. CREDIT SCORE 640. IS THERE ANY HOPE ANYWHERE
WHERE DO I START
You can start by telling us what the value of your home is. Also, what state are you in?
Where can I find a loan for 10 acres with older mobile home and new shop?
Where can I get a lone?
Hi
You need to provide more information so I can offer you some suggestions. How old is the mobile home? Do you want to finance both the land and the mobile home. How good is your credit? How much down payment are you ready to make?
You need to provide more information so I can offer you some suggestions. How old is the mobile home? Do you want to finance both the land and the mobile home. How good is your credit? How much down payment are you ready to make?
I have a 2007 doublewide permanenly set on 1 1/2 acre lot in Tennessee. I have excellent credt with a score of 817. I am a retired Army Vet. I am at 7% currently and want to know if there are conventional loans available in eastern tennessee? I dont want to have to pay for other mistakes in the way of PMI/MPI that FHA requires.
hi
you've got an excellent credit score. it is very rare to see such excellent credit scores now a days. at a time when most of the borrowers are facing credit problems due to late payments and foreclosures, a credit score of 817 will no doubt help you qualify for any type of loan.
i believe you're looking to refinance your current mortgage. if it's a refinance, you can get loans without having to pay pmi. there are definitely a number of lenders who offer conventional loans in eastern tennessee. but since you are a retired army veteran, you can also go for a va loan to refinance your existing mortgage and avail yourself of the low low interest rates it offers.
there are lenders in this community who offer loans in tennessee. you may seek a no obligation free mortgage quote from them and see what kind of rates and terms you can expect on your new loan. they will assess your credit, income and various other factors and if you qualify, they will offer you free mortgage quotes. they'd also be able to suggest you which type of loan (whether a conventional or a va loan or a streamline fha loan) will suit your needs.
you've got an excellent credit score. it is very rare to see such excellent credit scores now a days. at a time when most of the borrowers are facing credit problems due to late payments and foreclosures, a credit score of 817 will no doubt help you qualify for any type of loan.
i believe you're looking to refinance your current mortgage. if it's a refinance, you can get loans without having to pay pmi. there are definitely a number of lenders who offer conventional loans in eastern tennessee. but since you are a retired army veteran, you can also go for a va loan to refinance your existing mortgage and avail yourself of the low low interest rates it offers.
there are lenders in this community who offer loans in tennessee. you may seek a no obligation free mortgage quote from them and see what kind of rates and terms you can expect on your new loan. they will assess your credit, income and various other factors and if you qualify, they will offer you free mortgage quotes. they'd also be able to suggest you which type of loan (whether a conventional or a va loan or a streamline fha loan) will suit your needs.
what would it cost for a reverse mortgage on a home that is appraised at $95,000 with a line of credit of $76,800 (total cost to close)? Is the closing cost out of pocket? Homeowner is 91 y/o.
I wish to purchase a mobil home which is already set up in a park. The home is older but in very good condition and the price is very cheap; however I do not have the credit to borrow from a regular source. Where can I go to find a lender to give me the required amount I need which is only $5000.00 so I can purchase this mobil home. I am currently paying $750.00 a month rent and know that the payments on a $5000.00 loan cannot be that high per month. Thank you, sammyjotimber
Hi Jazzy,
The cost would depend on your lender. Different lenders require you to pay different fees. But I don't think it costs high to get a reverse mortgage. What I suggest you is, you should contact your local lenders and get reverse mortgage quotes from them. There are lenders in this forum as well. You may seek a no obligation free mortgage quote from the community lenders and check out if you need to incur any upfront costs to get the reverse mortgage. If the homeowner qualifies for the reverse mortgage, the community lenders will contact him/her and offer free mortgage quotes. You can then compare the various offers and opt for the one that you think meets your requirements.
Hi Sammy,
I think you should look for a personal loan to finance the purchase of the home. The regular home mortgage providers will not offer such small loans of $5000.00. A personal loan, on the other hand, would be comparatively easy to get. However, lenders will check your credit and income before giving you the loan. But since the loan amount isn't too high, the eligibility requirements aren't supposed to be too strict for you.
Thanks,
Jerry
The cost would depend on your lender. Different lenders require you to pay different fees. But I don't think it costs high to get a reverse mortgage. What I suggest you is, you should contact your local lenders and get reverse mortgage quotes from them. There are lenders in this forum as well. You may seek a no obligation free mortgage quote from the community lenders and check out if you need to incur any upfront costs to get the reverse mortgage. If the homeowner qualifies for the reverse mortgage, the community lenders will contact him/her and offer free mortgage quotes. You can then compare the various offers and opt for the one that you think meets your requirements.
Hi Sammy,
I think you should look for a personal loan to finance the purchase of the home. The regular home mortgage providers will not offer such small loans of $5000.00. A personal loan, on the other hand, would be comparatively easy to get. However, lenders will check your credit and income before giving you the loan. But since the loan amount isn't too high, the eligibility requirements aren't supposed to be too strict for you.
Thanks,
Jerry
Thank you for the above response; however my credit is not good at all I have no idea where to go for a personal loan of this amount that I can get approved and time is of the essence here I really want this home. Do you have any suggestions on who might be willing to lend me this as a personal loan? Thank you.
My wif own a mobile home in Florida in a 55 & up community and we are interested in if we can get a loan on our mobile home to up date, or etc
Hank
Hank
Hi Sammy,
If your credit is not good at all, the lenders would not want to give you a personal loan. Personal loans are secured loans, which is why the lenders will check your credit thoroughly before approving the loan. Is it possible for your seller to carry a loan of the amount of $5000 on your behalf? You can then draw up an agreement with the seller and pay him off over a certain period of time in installments.
Hi Hank,
You can get a loan to carry out the work to upgrade your mobile home. But lenders will check your credit score, your financial situation etc. before offering you a loan. What is your credit scores? Do you have an existing mortgage on the home? How old is your home? How much do you want to borrow?
If your credit is not good at all, the lenders would not want to give you a personal loan. Personal loans are secured loans, which is why the lenders will check your credit thoroughly before approving the loan. Is it possible for your seller to carry a loan of the amount of $5000 on your behalf? You can then draw up an agreement with the seller and pay him off over a certain period of time in installments.
Hi Hank,
You can get a loan to carry out the work to upgrade your mobile home. But lenders will check your credit score, your financial situation etc. before offering you a loan. What is your credit scores? Do you have an existing mortgage on the home? How old is your home? How much do you want to borrow?
We purchased our home 10 years ago & would like to refinance to: lower payments, home improvements (include foundation upgrade) & consolidate bills. My credit is not so good, my husband's is good.