FHA Loans
These federally insured loans are convenient for first time buyers, those with moderate incomes, and senior citizens. New limits set by the FHA on January 1, 2003 aid senior citizens who qualify for reverse mortgages, which allow eligible homeowners over the age of 62 to borrow against their homes without giving up ownership. This reverse mortgage is not paid by the owner, but is settled when the house is sold or the owner is deceased.
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Bad Credit Refinance
An adjustable rate loan is often taken on by people with bad credit. If your situation has improved since you closed your first loan and you believe you can qualify for a fixed rate loan, or if you desperately want a lower adjustable rate cap, refinancing can help you. Refinancing to a fixed loan will give you the security of know exactly what your monthly payments will be for the life of your loan, and a low rate cap will give you the knowledge that your adjustable rate will not climb too high. Refinancing may get you a loan with the security that you did not obtain the first time around.
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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.
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Rates
Your interest rate is perhaps the most important factor of your loan and can often decide whether or not you will be happy with your loan in the long run. Current interest rates are widely considered to be remarkably low and locking in a low interest rate can save you money.
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Mortgage Calc
The numbers determined by a mortgage calc should be considered estimates and should be used as a tool in preparation for obtaining a loan, not as a primary resource for the repayment of your loan. Lenders will provide information on the amortization of your loan. Small discrepancies between the information given by a mortgage calc and that given by a lender can often be attributed to the differences in how fractions of a penny are processed by both parties. Research and planning can help you find the mortgage that really suits you. Apply online to contact lenders about your mortgage or use our mortgage calc to find out more about your mortgage terms.
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Mortgage Refiancing
However, interest rates are not the only reason to refinance your mortgage. Many homeowners find themselves unhappy with the terms of their loans. A loan with a thirty year term may offer low payments, but those very low payments that seemed attractive can slow the process of building equity. Changing to a 15 year term will allow you to build equity far more quickly, and often the increase in monthly payments is far less than most people expect.
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Refinancing Your Home
Now may be a better time than ever to refinance your home. With low interest rates available, most homeowners can’t help but be tempted by the prospected of refinancing. Fill out our free short form to learn more about refinancing your home loan.
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