Consulting; About C.W. Russell and Augustine have been long time friends of Chuck Williams and now have a 2% interest rate with Afford Home Mortgage Programs and have had their. At Lifestyle-Mortgage.com. Specialty Programs FHA Loan » FHA Secured Loan. Single Parent Home Loans. The following divorce and mortgage questions can help you understand what your options are concerning the marital home. 2015 Government Mortgage Help targets FHA Programs. This group of individuals’ goal is to provide Wisconsin government mortgage help to eligible homeowners. This program can assist individuals through prevention.
I want to Refinance my Mortgage.
Types of Mortgage Loans and Home Loan Programs. There are an infinite number of loan types out there, and lenders are constantly coming up with creative ways to wrangle in new homeowners. The type of home loan you choose can make or break you as a borrower, so make sure you fully understand it before making any kind of commitment. These days you’ll probably come across ridiculous loan programs that seemingly allow anyone to qualify for a home loan. There are 1% start rate loans, often referred to as neg- ams or pick- a- payment programs, and 4. Most prospective homeowners these days seem to be interested in 1.
Unfortunately, the proliferation of these types of home loan programs have increased the number of high- risk borrowers in the United States at an alarming rate. That may explain the surge in mortgage defaults and foreclosures over the past several years. But if you take the time to educate yourself on the many home loan types out there, you’ll effectively decrease your chances of defaulting on your mortgage. That said, let’s talk about the many different loan types and programs available today. Before getting into specific loan programs, I want to highlight the types of loans available to potential homeowners. Conforming Loans and Non- Conforming Loans.
Mortgage Help for Divorced Women. Qualifying for a mortgage after divorce can be a challenge. Because you need adequate income to qualify for a home loan, meeting the income requirement could be. Mortgage Assistance Programs. Most mortgage programs allow for higher loan to values and no penalties for the equity that will leaving the home. This helps in easier qualification, lower interest rates. Mortgage Divorce Refinance: Documents Needed to. Learn about a variety of different home loan types and mortgage programs. Great Programs from a Respected Massachusetts Mortgage Company. There are several mortgage programs to choose from. Here’s Your Mortgage Timeline.
One way home loans are differentiated is by their GSE eligibility. If the loan doesn’s meet all the underwriting requirements set forth by the pair of GSEs, it is considered “non- conforming.”One of the main guidelines that determines whether a mortgage is conforming or not is loan amount. This type of mortgage is backed by the Federal Housing Administration (FHA). Another common government loan is the VA loan, backed by the Department of Veteran Affairs. The max loan amount for these types of loans varies by county.
There’s even a USDA home loan backed by the same folks that grade steaks! Now that you know a bit about different home loan types, we can focus on home loan programs.
As I mentioned earlier, there are a ton of different loan programs out there, and more seem to surface everyday. Let’s start with the most basic of loan programs, the 3. Loan Programs. The 3.
Most mortgages are based on a 3. The 3. 0- year fixed loan is just how it sounds, a loan with a 3.
What this is means is that the loan will take 3. There isn’t much else to it. Let’s say you secure a rate of 6. You’ll have monthly mortgage payments of $3. You will be required to pay the same amount each month until the loan is paid off. So the total amount you would pay on a $5.
Monthly Payment: $3,1. Total Interest Paid over Life of Loan: $6. Interest Paid in 2. Interest Paid in 2. Average Monthly Interest Paid over Life of Loan: $1,7.
You will also need to pay taxes and insurance on top of this mortgage payment, so keep that in mind when figuring out how much house you can afford. This sounds steep, but most people don’t stay in a 3. They either pay it down quicker by making higher monthly payments (biweekly mortgage payments), or they may sell or refinance the loan. Another common and simple to understand loan is the 1. This works exactly like the 3. Obviously the payment will be much higher, but you will pay less interest and gain more home equity in a shorter amount of time. People who have an ample amount of income usually prefer this type of loan to reduce the overall cost of financing a mortgage.
This is how it breaks down: Monthly Payment: $4,3. Total Interest Paid over Life of Loan: $2. Interest Paid in 2. Interest Paid in 2. Average Monthly Interest Paid over Life of Loan: $1,5.
The monthly payment is significantly higher, but the amount of total interest paid over the life of the loan is much less. Because you’re putting more money towards the equity of the home, you paying less interest each month, which you’ll see as the $1. That’s nearly $2.
Although the monthly payment is markedly higher than the 3. It may seem like the obvious choice, but it’s more complicated if you factor in tax deductions and the power of leverage. Not to mention if you can afford a monthly mortgage payment that high. Learn about other types of mortgage programs including: – 1. Adjustable- rate mortgages– Alt- A mortgages– Bridge loans– Hard money loans– Home equity lines of credit– Interest- only home loans– Islamic mortgages– No cost loans– No documentation loans– Option arm mortgages– Reverse mortgages– Second mortgages– Stated income mortgages.