Posts Tagged ‘ reverse mortgage ’

Which Home Loan is Right For You

The steady uptick in temperature ushers in more than just pool-side cocktails and barbeques. It’s the start of real estate season, and people are hitting the MLS and local Realtors in search of For Sale signs to lead them to their perfect home.

But before you move from hunter to homeowner, the mortgage industry must be conquered, and you’ll have to get a home loan. The good news is that interest rates on mortgages are dropping, with CNN Money reporting 15-year mortgages with an average rate of 3.11%. The bad news is there are so many loan options available, you may have a hard time figuring out which one is right for your situation.

These short questions can help point you in the right direction instead of taking a stab in the dark. If you’d rather view visuals, New American Funding created an infographic quiz that can help you find the right home loan though a series of short questions.

How’s your credit score?

  • More than 640: Conventional Loans are your best bet because you can take advantage of the low interest rates and flexible payments
  • Less Than 640: FHA Loans provide easier qualifying guidelines if you’re credit score isn’t great or you can’t afford a large down payment.

How big is the home you’re buying/refinancing?

  • Less than 3 bedrooms: If your home is more than $417,000, double check your county’s maximum loan limits. For a lot of house, High Balance Loans or Jumbo Loans are your best option.
  • 3+ bedrooms: If your home is less than $417,000, you’ll fall into the amounts of FHA or Conventional Loan limits.

Would you consider yourself a risk taker?

  • Absolutely: Adjustable Rate Mortgages (ARMs) give you a lower interest rate for the first 3-10 years, but it will adjust based on the market so if you can stomach the fluctuations, go for it and then go skydiving.
  • No way: Nothing wrong with being conservative. Secure yourself with a Fixed Rate Mortgage so you know how much you’ll be paying each and every month.

Continue reading this post

Share

Posted by: Erin Everhart on May 1st, 2012 under Financing, Mortgage and Home Loans

7 Comments »

A Functioning Market Niche

The Home Equity Conversion Mortgage is  a  product created by Congress in 2008 to provide some liquidity to the struggling home market. The amount you can borrow depends on age, current interest rates, and the appraised value of your home or FHA’s mortgage limits,whichever is less. Generally, the more valuable your home is, the older you are and the lower the interest, the more you can borrow.

  1. No payments are necessary as long as the house is your principal residence.
  2. No need to repay the loan as long as you or one of the borrowers continues to live in the house
  3. You can never owe more than the value of your home at the time you or your heirs sell the home.
  4. When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest and fees.
  5. The rest is yours.

The Rules Just Changed

More seniors are turning to reverse mortgages to supplement their retirement savings, which have been decimated by market losses. Continue reading this post

Share

Posted by: Howard Sobel on June 19th, 2009 under Financing, Mortgage and Home Loans

3 Comments »

For Real Estate Agents

Online Marekting Solutions

For Home Buyers and Sellers

e.g., 1250 S Main St, Burbank, CA or 91506
     Search Foreclosures    Search New Homes    Search Rentals    

Blog Categories

Blog Archives

Real Estate Blogs

Top Articles

Recent Comments

Guaranteed LeadsReferral Lead ProgramListings PackageVisits to your WebsiteFind REALTOR®Homes For SaleHome Values