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mortgages: get a great mortgage loan quote today

Many different types of mortgages are out there on the market - supposedly catered to just about every need you could have. While some make it easy to get a mortgage, that alone may not be a worthwhile goal - if it gets you the wrong kind of mortgage loan. Use our application form below to get a great quote today.

Type of Loan
Mortgage Refinance
Debt Consolidation
Home Equity Loan or Line
New Home Loan
State 

Property Type

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Remember you should shop and compare before finalizing a mortgage rate. To find the best mortgage rates, do your research and contact lenders, as well as brokers.

 

There are some types of mortgages you should try to avoid and we will endeavor to explain why they may not be the best thing for you.

 

Before any of these are mentioned, it needs to be said that for some of these, there may be situations where they could be good. Overall, though, people need to be careful in each case.

 

Balloon Mortgages
This type of mortgage loan gives you low payments up front for a specified number of years, and then the balance of the mortgage becomes due - in full. Often, this arrangement is used to be able to get a larger home with a lower payment until finances get better. It is good though, for investors, who only want to keep it for a little while and then turn around and sell it. Another good reason could be if you know that you are only going to live in it for a few years. Be careful, though, because it could force you into refinancing at a new rate that you may not be able to pay.

 

125% Mortgages
These mortgages offer you the possibility of being able to get a mortgage on a new house, and also be able to have extra money too.

The best applicant that is really suited for is someone who is sure they are on the fast track to success. Heading in that direction, however, may not be good enough. If there is a promise of a larger income, soon, and you know that you can pay down the mortgage balance to a below 100% level, then it may be for you. Otherwise, there is a danger of not having any equity in the house for a long time.

 

Interest Only Mortgages
Interest only mortgages imply that you will only pay the interest. In reality there is no such thing as an interest only mortgage, because eventually you will pay the principal, too. These home mortgages provide a lower fixed payment for a few years, then will switch to a payment that will fully amortize it. Because the payment is about 8% lower than one that would be fully amortized, it allows the buyer to get more house for a smaller amount, initially.

 

When it goes to the normal amortized payments, an interest only mortgage must go to a much higher monthly payment, which could be hundreds of dollars more, in order to make up for the lower payments that did not allow full amortization. For many, refinancing would become necessary, or moving.

 

The person that this type of mortgage is ideal for is one who knows about investing and can see a greater profit with the difference, than the amount of interest on the mortgage loans. Another individual, would be the one that is confident that a greater income is on the way.

mortgage loans recent related news.

Rebuild.org brings you the latest news headlines related to Mortgage Loans:

 

mortgage recent articles.

Recent articles related to Mortgages:

 

  • FHA loan limits restored to higher levels
    If you live in an area with high cost housing, a recent change to government-insured mortgages may offer you an opportunity to refinance with less equity or buy a home with less money needed for a down payment.
    [December 13th, 2011]
  • FHA loan limits restored to higher levels
    If you live in an area with high cost housing, a recent change to government-insured mortgages may offer you an opportunity to refinance with less equity or buy a home with less money needed for a down payment.
    [November 22nd, 2011]
  • New refinancing opportunity for underwater borrowers
    Millions of homeowners who are underwater on their mortgage have been left out of the refinancing rush and are stuck with a mortgage with rates above five or six percent because of declining home values. The federal government announced an expansion of the Home Affordable Refinance Program (HARP) which could help some of those homeowners.
    [November 9th, 2011]
  • Improving housing markets could boost refinance option
    Plenty of homeowners, particularly those who struggle with debt, have wanted to take advantage of today's mortgage rates and refinance their home loans. In addition to having trouble meeting tight credit standards, many of these homeowners have been unable to benefit from mortgage refinancing because they lack equity in their property.
    [October 26th, 2011]
  • Can low mortgage rates help me qualify?
    While no one wants the U.S. economy to continue to stumble, if you want to buy a home or refinance your home you can benefit from the low mortgage rates that seem to go hand-in-hand with bad economic news. The problem is, that same bad news can affect your ability to qualify for a home mortgage.
    [October 12th, 2011]