|
FHA Loans
The insurance on FHA loans is provided by the government, but not the loans themselves. Though little or no down payment is necessary, fair credit and sufficient income to repay the loan are requirements. While there is no maximum to the amount of income one may have in order to qualify for a FHA loan, it is important that your monthly housing payments (insurance, principal, interest, etc.) not exceed 29% of your monthly income and also that the loan not exceed the maximum allowed for your particular county. For example, in Hertford, North Carolina, the maximum for a one-family home unit is $160,176.00. However, for New York, New York the maximum is $290,319.00 for a one-family home unit.
1 2 3 4 5 6 7 8 9
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.
1 2 3 4 5 6 7 8 9
Home Equity
There are a variety of loans based on the equity of a home that are available. Home equity loans, home equity lines of credit, and reverse mortgages are a few. A home equity loan, or second mortgage, is a secured fixed rate loan that uses property as collateral. This type of loan is given in a lump sum to be repaid monthly by the owner and is perfect for home owners wanting to fund home improvement or purchase a new car.
1 2 3 4 5 6 7 8 9
Rates
There are several indexes on which interest rates are based:
- The Prime Rate is used by lenders for corporations and for their credit-worthy
applicants. It is very stable and tends not to differ from bank to bank. The
Prime Rate is used to predict the direction of rates, and the activity of
consumer loans often follows that of this index.
- U.S. Treasury Security Yields is an average of monthly rates during the
length of a one year U.S. Treasury security that is often used to set adjustable
rate mortgage and is published yearly by the Federal Reserve Board.
- The 11th District Cost of Funds is also used to set adjustable rate mortgages
and will often follow the same direction as the average of a one-year U.S.
Treasury security. Monthly, the 11th Federal Home Loan Bank District, which
includes California, Nevada and Arizona, publishes its weighted average interest
rate for the prior month.
- Federal Funds Rate is set by the Federal Open Market Committee and is the
interest rate on funds one bank lends to another overnight. This index affects
inflation and economic growth, and is decided on by the Federal Open Market
Committee.
1 2 3 4 5 6 7 8 9
Mortgage Calc
Primarily, a mortgage calc gives you your expected monthly payment, but it also shows you how a slight change can affect the repayment of your loan. A loan of $150,000 with a term of 30 years and an interest rate of 7% will have a monthly payment of $997. The calculator may also tell you that the total interest on such a loan would be $209,263. However, if you change the interest rate to 8%, the monthly payment increases to $1,100 and the interest increases to $246,232. This would mean that 1% made a difference of $103 every month for thirty years and a total of nearly $37,000 in payment of interest. Small changes in loan terms can add up, which is an especially important consideration for anyone looking in to refinancing.
1 2 3 4 5 6 7 8 9
Mortgage Refiancing
"Cashing-out" allows you to:
- Invest in home improvement
- Pay for college tuition
- Buy a new car
- Fix credit by consolidating debt
Whether you want to find a loan interest rate or afford a brand new car, a mortgage refinancing company can help you reach your goals. Fill out our free short form to contact up to four lenders about refinancing your mortgage.
1 2 3 4 5 6 7 8 9
Refinancing Your Home
Some homeowners are discouraged by the thought of paying new closing costs as a result of refinancing, but these costs can often be rolled over into the total amount of the loan, resulting in little or no out of pocket costs for the borrower.
1 2 3 4 5 6
More Links...
|
