|
|
|
|
|
|
|
Home Loans: What You Should Know!
Finding home loans can be a daunting task, whether you're a first time home buyer or an existing homeowner. The good news is that there are more options than ever to help you find the loan that's right for you.
Check Your Credit Report
An important first step is to check your credit report, preferably several months before you intend to apply for a loan. You are entitled to one free copy of your report every 12 months so it's easy to check it out. When you receive your report there are a few things that should garner your attention. First, check to see that the information it contains is accurate. Does it incorrectly show late or missing payments? Does it show credit cards or other credit accounts that are incorrect? If you see anything that is not right then consult with the credit reporting agency regarding their procedures for making corrections.
If My Credit Is Bad Can I Qualify For A Mortgage?
Usually the answer is yes, but the loan process will likely be more involved and the interest rate you'll pay will be higher than if you have good credit. Look for lenders that specialize in loans for people with poor credit and learn more about the programs they offer. Even though a mortgage will cost you more if you have bad credit, in the long run it can help you repair your credit history if you make your payments faithfully.
What Kind Of Loans Are Available?
Three basic types of loans are available to help you buy a home ? fixed rate, adjustable rate and interest-only. A fixed rate loan comes with an interest rate that stays the same throughout the loan term, but an adjustable rate mortgage (ARM) comes with an interest rate that may move up and down at various intervals. Your payments will usually be lower with an ARM (at least at the start of the loan) but over the life of the loan you run the risk of your payments going up if interest rates rise.
A newer type of loan is the interest-only mortgage. It features some of the lowest monthly payments you'll find, but this comes at a cost. The payments are low for the first few years because you are not paying anything toward the loan principal, just the loan interest. This means you are not developing equity in your house, and when the payments switch to a combination of interest and principal you will see your payment go up.
Summary
Obtaining home loans can be intimidating at first, but with a little information and research you can better prepare yourself for the loan process. Start by knowing what's in your credit report and correct any mistakes that appear. Think about the type of mortgage that will work best for you and check out several lenders who offer that type. If you're not sure what kind of loan is your best option then ask potential lenders to make a suggestion. Take advantage of information resources at your local library, on the internet and in financial publications such as magazines and newspapers. With some time and effort you will be in a position to make an informed decision regarding a loan. This article may be freely distributed providing no alterations are made to the text and the links remains intact.
This article may be freely distributed providing no alterations are made to the text and the links remains intact.
Copyright � www.1st-mortgage-home-loans.com - All rights reserved.
For home loans & finance please visit us at http://www.1st-mortgage-home-loans.com
Washington Times
IndiaPost.com, CA - 1 hour ago
For mortgage refinancing, that means knowing the terms of your existing mortgage and the latest mortgage rates, as well as reviewing your credit report and ...
Lenders Backlogged By Refinancing Rush Washington Post
The Truth About Mortgage Refinancing Revealed By Connecticut ... SBWire (press release)
Refinancing suddenly booms Honolulu Advertiser
MSNBC - Forbesall 26 news articles
Money High Street
New York Times, United States - 11 hours ago
Of course, buying a home is a more lengthy process than simply calling up a mortgage broker to refinance, and activity typically slows during the holiday ...
Long-Term Mortgage Rate Falls Again Wall Street Journal
Banks' mortgage rates fall below 5% Boston Globe
Homeowners with good credit scores are poised to capitalize on ... Baltimore Sun
Scripps News - AHNall 100 news articles
WJBF-TV
Bloomberg - 21 hours ago
The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan dropped to 1143.8 for the week ending Jan. ...
Mortgage rates fall to record low again Forbes
Freddie Mac: Benchmark mortgage rate continues to new low MarketWatch
Bold government action can solve housing crisis North Texas e-News
American Banker - Connecticut Postall 606 news articles
Stockton Record, CA - 5 hours ago
Under the Cardoza plan, the payment on that mortgage refinanced to 4 percent fixed rate would drop to $1194 a month. Contact reporter Bruce Spence at (209) ...
Reuters - Jan 7, 2009
The jump in applications during December may have been driven by homeowners already "on the fence" and prepared to refinance on a drop in mortgage rates, ...
Mortgage applications down in latest survey Forbes
Week-to-week mortgage applications down 8.2% MarketWatch
Fewer apply for home loans; credit line delinquencies increase Los Angeles Times
KVOA.com - Kansas City Starall 63 news articles
Boston Globe
Bloomberg - 7 hours ago
... to purchase or refinance homes,” Rosengren said. The average rate on a 30-year fixed-rate mortgage dropped for a 10th week to 5.01 percent yesterday, ...
Rosengren sees path to recovery Boston Globe
Fed's Rosengren says recession more severe than thought Reuters
all 54 news articles
eFluxMedia
Wall Street Journal - 11 hours ago
"Despite efforts by Congress to address this issue, not enough lenders have come to the table to help borrowers with bad mortgages refinance into new, ...
Citigroup reaches agreement with key senators on mortgage ... Minneapolis Star Tribune
Citigroup agrees to allow judges to help modify some mortgages IdahoStatesman.com
all 570 news articles
TopNews
Boston Herald, United States - Jan 1, 2009
If I refinance the mortgage on my current house, will I hurt my chances for getting a loan for a new place later on? A: No. Refinancing a loan shouldn’t ...
MORTGAGES: 30-year Mortgage Rate Falls For Ninth Straight Week To ... CNNMoney.com
Mortgage Rates Hit 37-Year Low Poynter.org
Mortgage Rates Down Again After Rising Above 5.00 Percent Last Week PR-CANADA.net (press release)
Wall Street Journal - Ventura County Starall 457 news articles
Cincinnati.com, OH - Jan 3, 2009
... 2009 With US mortgage rates the lowest in 30 years, local lenders say they've seen a strong surge in loan applications as homeowners seek to refinance ...
Waco banks seeing a boom in mortgage refinance applications Waco Tribune Herald
Borrowers seeking to refinance may face challenges WTOP
As mortgage rates slide, refinancing applications take off Dallas Morning News
all 15 news articles
Plano Star Courier, TX - 17 hours ago
“Quite a few people have remortgaged,” said Craig Jarrell, loan officer with Pulaski Mortgage. “Most people who refinance are new homeowners as recent as ...
Composite Credit Report Score Simplifies Mortgage Issues
Do you want a mortgage loan for your new home? Trying to qualify for a new mortgage can be very tough, especially if you aren't aware of... Read More
Using a Mortgage Refinance Company Online
Online mortgage companies make refinancing convenient and competitive. By researching mortgage rates and lenders online, you can be assured that you have the best refinancing rates.Before You... Read More
Home Loans and Mortgages ? Beware of New ?Mortgage Elimination? Scam
The booming real estate market has allowed many Americans to become "equity rich." They may not have a lot of cash on hand, but they might have... Read More
Tips On New York Mortgage Refinance Loan
Many homeowners want to know if it worth taking a New York mortgage refinance. How do you know if New York mortgage refinancing makes sense in your... Read More
Decision Time: Home Equity Loan or Home Equity Line of Credit?
Home equity loans and home equity lines of credit continue to grow in popularity. According to the Consumer Bankers Association, during 2003 combined home equity line and... Read More
Escrow Accounts, Do You Absolutely Need One?
With escrow accounts the money for your home insurance and property tax is added to your monthly mortgage payment and is paid out each year. With that... Read More
First Time Buyer Home Loans - Things To Consider When Applying Online
As a first time home buyer, there are several things you should consider when applying for a loan online. First, do you know what type of loan... Read More
Preventing Foreclosure Proceedings and Understanding Your Options
Every year over 8 million homeowners are seeking help preventing foreclosure proceedings. This is a stunning 30 year high. Experts project that by 2006, 12 million homeowners... Read More
Home Construction Loans
You can maximize your savings by shopping for a lender that can provide you with a combination loan. The combination loan starts as a construction loan. During... Read More
Home Mortgage Refinancing ? What?s in Your Contract?
Are you one of the millions of Americans who will be refinancing their home mortgage loan this year? When you sign your contract and the other papers... Read More
Bad Credit Refinance Loans - Finding a Good Lender
Finding a good lender to help you with refinancing your home loan can be tricky if you have bad credit. There are plenty of predatory lenders out... Read More
Are You Ready for a 40-year Mortgage?
Real estate prices have been increasing steadily over the last five years, particularly on the East and West coasts. In parts of California, homes are selling for... Read More
Consolidate Debt With A Home Equity Loan
If you are a home owner who is having to borrow from Peter to pay Paul due to a mounting debt load, a debt consolidation home equity... Read More
Why Choose a Remortgage?
A remortgage can be used for the purpose of gaining lower interest rates on your mortgage or raising finance through releasing equity.The term "Remortgage" is used to... Read More
Secured Loans For Home Improvement ? When You Can?t Buy A Luxury Home
A house is just perfect with chipped walls and broken taps. Is it? If you don't think so, then home improvement loans is what you should be... Read More
Getting a Home Improvement Loan: What Your Bank Needs
The popularity of stores like Home Depot and Lowe's show how many homeowners are jumping on the home improvement bandwagon. Maybe you're thinking of redoing part of... Read More
Home Equity Loans - 5 Useful Application Tips
Obtaining a home equity loan does not have to be a major ordeal. Unlike your first mortgage, you are already in the home, and usually time is... Read More
Refinancing Your Home Mortgage - Get Up To 125% Cash From Your Homes Value
With the low interest rates being offered by lenders today, now can be the perfect time to refinance your existing mortgage. Remember that you do not have... Read More
Tips for Finding the Best Agri Mortgage and the Best Agri Loan
The Research Rates of Agri MortgageFirst thing, when finding an agri mortgage is to check the interest rates and the rate movements, too. The agri mortgage rates... Read More
To Refinance or not to Refinance -- Here is the Answer
I have written many articles on refinancing a fixed rate mortgage to an adjustable rate mortgage. I have helped people cut as much as $800 off their... Read More
Before You Buy
Before you start looking for a home, figure out what you can realistically afford to pay per month. Check out the market in the area you want... Read More
Some Mortgage Loans are Available with Absolutely no Money Needed From You
Today, FHA will loan up to 97 percent of the purchase price of a home, meaning a borrower only needs 3 percent. The three percent down payment... Read More
Guide to Remortgages
Here is a useful guide to remortgages. What is a remortgage? A remortgage is when the terms of the original mortgage are renegotiated, and usually means that... Read More
Why Choose a Home Equity Loan?
There are many reasons for choosing a home equity loan. A home equity loan allows homeowners to obtain a loan in addition to their original loan using... Read More
Refinancing After Bankruptcy
Refinancing after a bankruptcy can seem like an especially difficult challenge, but it doesn't have to be. Six months after your bankruptcy has been finalized, you can... Read More
Poor Credit? Get a Sub-Prime Mortgage Now, and Refinance to a Conventional Mortgage Later
There are great mortgage loans for people with poor credit, and yes, you can still save thousands of dollars. In order to receive preferential treatment for mortgage... Read More
What Are Mortgage Brokers And Why To Use One
"Mortgage" is formed from two words: the French word "mort" meaning "dead" and the word "gage" from Old English meaning "pledge". Sir Edward Coke (who lived from... Read More
Home Mortgages: Does It Ever Make Sense to Pay Points?
Interest rates on home mortgages are often quoted with and without points. A point equals one percent of the amount you are financing. This means that on... Read More
A Guide to Direct Homeowner Loans
Are you considering applying for direct homeowner loans? Perhaps you're simply wanting more information on direct homeowner loans so that you'll be able to make an informed... Read More
Refinance Your Mortgage to Rebuild Credit
Refinancing your mortgage is one way to rebuild your credit, particularly if you have recently declared bankruptcy. With a poor credit history, you can find refinancing through... Read More
Remortgage Serves To Rewind The Reimbursements Of Mortgage
It takes a mighty big effort to secure a home and even mightier to convert it into an earning member. Can a home be converted into an... Read More
How to Find the Best Mortgage
The purchase of a new home is one of the most important decisions you will ever make, and finding the best type of financing for you is... Read More
Best Buy to Let Mortgages
Are you looking for the best buy to let mortgages with the lowest rates payable? Need to calculate repayments on-line? Not sure how much you can borrow?... Read More
How To Save Hundreds A Month On Your Mortgage
When it comes to American spending habits, the sad truth is that most people don't put their financial assets to the best use. One of the greatest... Read More
Repayment Remortgages is The Cure For Outdated Endowment Policy
If bulls and the bears of the stock market have no effect on your mortgage plan then you must apply for endowment to repayment remortgage. An endowment... Read More
Guide to Interest Only Mortgages
Here is a useful guide to interest only mortgages. An interest only mortgage is one where your regular payments only go to pay off the interest on... Read More
Mortgage Loans For People With Adverse Credit - How Much Should You Borrow
"How much should you borrow?" is a question people with adverse credit wrestle with. The answer is simply as much as you can afford. This is probably... Read More
Bankruptcy and Buying a Home
Filing bankruptcy is a stressful time in a person's life. Along with discharging your debts and gaining a fresh start, you may wonder if you will be... Read More
Buying a Home After a Foreclosure
Buying a home after a foreclosure is not an impossible task. With some careful planning and some savvy shopping, you can secure a mortgage loan even with... Read More
Residential Mortgages ? a Step Ahead on the Property Ladder
Doesn't Residential mortgage give the impression that they are a different breed of mortgages? They are often thought at the first instance to be a complex term,... Read More
A Guide to Selecting a Mortgage Broker in Australia
Once you have made the decision to buy a home you will need to obtain mortgage financing for your purchase. Until about fifteen years ago buyers had... Read More
Guide to Home Equity Loans
Here is a useful guide to home equity loans. A home equity loan is quite simply a loan against your house. Another term for a home equity... Read More
Refinance Mortgage Loan ? Tips on Refinancing Your Home Mortgage
Refinancing your home mortgage can come with some great perks. If you do it with no money out of pocket, you can skip one to three mortgage... Read More
Choosing a Real Estate Agent
Before you go looking at houses, you'll need to find a real estate agent. Hiring a real estate agent takes a little bit of time to do.... Read More
Bad Credit Home Loans - Pre-Approval is Still Possible With Adverse Credit History
If you are among the millions with less than perfect credit, there are many sources available to you in obtaining a mortgage. Lenders that specialize in mortgages... Read More
Home Construction Loans
You can maximize your savings by shopping for a lender that can provide you with a combination loan. The combination loan starts as a construction loan. During... Read More
Securing the Best International Mortgage for Your Home in Spain
Are you one of a growing number of people planning on buying a holiday home in Spain?Or have you decided to expatriate, buy a Spanish home and... Read More
How To Get a Mortgage If Youre Self-Employed
If you are self-employed, work on a contract basis, or have an income that is irregular or comes from multiple sources, it will generally be harder for... Read More
What to Really Expect for Closing Costs
Closing on a property is a very challenging time for a would-be homeowner. Being informed, either through your mortgage broker, your real estate agent, or through self... Read More
Real Estate Tip: Escrow Accounts -- Do You Really Need Them?
If you have a mortgage on your property, whether it's for your personal residence or a real estate investment, chances are you have an escrow account. But... Read More
Seniors Can Use a Reverse Mortgage to Fund Annuities, Investments, and Insurance Policies
For many seniors in or entering retirement, the prospect of purchasing long-term care, investments or annuities can be cut short by a lack of retirement income. Statistics... Read More
Homebuyers Loan Guide
If you are a homebuyer, there are a few points on a homebuyer's loan that you should keep in mind. These pointers simply ensure that you don't... Read More