Types of Mortgage Loans [mortgage-answer.blogspot.com]
For more info: www.c21shortsalexpert.com Marisa Lopez Raster is a real estate agent in north San Diego County and specializes in short sales, foreclosure investment, and mortgage advice. In this video Marisa goes in great detail to explain the features, benefits, and drawbacks, of the three major types of real estate mortgage loans the VA, the FHA, and the Conventional Loan. Marisa is an experienced realtor and can help you buy a home or sell your home in the north San Diego county area. This video goes into great detail and is very specific. Contact: 760-801-6714 marisac21mission@gmail.com To see other videos by Dr. Kelly, please visit his channel at: www.youtube.com
mortgage-answer.blogspot.com Different Types of Mortgage Loans
Mortgage is a type of loan taken in which a property is used as security or collateral for the repayment of the loan. Although the property was mortgage you still retain the rights and responsibilities of ownership as long as you keep your payments. But incase you are unable to keep your end of the agreement and default on your payments, then the lending company has the right to take over the property.
There are basically two types of mortgages, the adjustable rate mortgage and fixed rate mortgage. But recent developments in the loan market has spawned several types of mortgages, where there is greater flexibility applied. These are interest-only loans, and mortgage specialist. The fixed rate mortgage may be the oldest type of loans, but it is considered the best type of mortgage. . You father and great grandfather are probably familiar with this type of mortgage. The fixed rate mortgage has a fixed interest rate throughout the loan term a nd payments are also divided into monthly payments over a fixed interest rate. It neither increases nor decreases the life of the loan. This can be taken as 15 years, 20 to 30 years loan with a fixed interest rate. Since the interest rate is locked to a fixed rate, which means it can not increase, therefore, you protect yourself against the effects of mortgage rates rising. And if rates drop, you will always have the option of refinancing to take advantage of lower rates without fear of being caught in rising rates.Adjustable rate mortgage usually offers a rate lower interest original, in which your initial payments are lower.
But after the initial payment option is complete, the variable rate mortgage will be adjusted. Wherein, if the interest rate is higher are your payments. It is important to note that since the payments and interest rates may increase, you must have an income that can support the changement.Lesloans mortgage interest only refers to an opt ion that is available to owners to make a plan to pay interest only at a certain time period only. This option reduces the amount of your payment and may add flexibility to your payment options. But the problem is when the time fixed for the option runs out you might find yourself in a difficult situation and are struggling to catch up with your payments.
In the types of mortgages, there is a new type added to meet specific customer needs is the specialized types of mortgage: The mortgage simplified K, and reverse mortgages. The mortgage is a simplified K FHA program which provides funds to borrowers to repair a house by putting funds into one loan. The money borrowed may be limited, but it is easier to obtain and requires less paperwork. Reverse mortgages are open to anyone over 62 years and has enough equity. The process is the lender makes monthly payments to borrowers, rather than the borrower making monthly payments to the lender. This is done as long as the borrow er is a resident of the house. More Types of Mortgage Loans Articles
