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
Whether or not to refinance is a question that borrowers ponder almost throughout the life of their loan. If you have bad credit, you may be wondering if going through the process is worthwhile. You may even be thinking of refinancing as a way to consolidate debt and wondering if that would be an effective way to help your credit. Refinancing can be an excellent way to find a loan with better terms or to consolidate debt. Apply online today to contact up to four lenders about bad credit refinancing.
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Home Equity
Home equity is the amount of the value of your home that you own, meaning what you have already paid for. This amount can be calculated by subtracting your mortgage from the total market value of your home. For example a house worth $180,000 with a $100,000 mortgage has an equity of $80,000. Generally, lenders will allow a homeowner to borrow 80-85% of their home equity. Fill out our short form to contact lenders about your home equity loan. Alternatively, a secured home equity loans application can be found here.
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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
It is also possible to refinance your home loan for a higher amount than the previous mortgage, leaving you with money left over. This is called cash-out refinancing. When cash-out refinancing the amount of money borrowed above what is owed in the first mortgage is borrowed against home equity. Home equity is the value of your house that remains after the current mortgage is subtracted from the current market value of the home. Lenders will often let homeowners borrow up 85% of this equity in addition to the amount of the original mortgage.
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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.
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