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HECM Loans - New Lending Limits for Reverse Mortgages
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Home Loans - A Basic Introduction
The most popular method of financing a home purchase is with a
mortgage. This is a loan that is secured over the home. There
are a number of different mortgage suppliers and you will have
to shop around in order to get the best deal. Given that your
home is probably the single biggest purchase you will make in
your lifetime, you must make sure to take the care and attention
that the transaction merits. Mortgage rates can vary greatly
from lender to lender and the amount your rate is set at can
make a huge difference to the amount your repayments will amount
to. Even a small difference in rates could save you thousands of
dollars or allow you to have your home paid off years sooner.
So do your homework.
Fixed or Variable
When looking for the best loan, there are certain terms you will
need to be familiar with. For example, mortgages generally come
as either a fixed rate mortgage or a variable rate mortgage. The
fixed rate loan will keep the same interest rate and monthly
repayment for the whole lifetime or term of the loan. This will
generally be for a period of 10, 15, 20 or 30 years. If the rate
is fixed for a period, such as the first 2 or perhaps 5 years,
and then reverts to a variable rate it is known as an adjustable
rate mortgage or ARM.
When the ARM rate becomes adjustable, it will move up or down
periodically according to a specified market index. These can
include the Prime Rate, the LIBOR or the Treasury Index among
others.
With the adjustable rate, some of the risk of changing interest
rates that would otherwise fall on the bank is transferred to
the borrower. They are therefore cheaper
averaging somewhere
between 0.5% to 0.2% lower than a 30-year fixed rate mortgage.
If the rate is particularly volatile or difficult to predict
than a fixed rate mortgage may not even be possible.
In the majority of cases, the savings of an ARM outweigh the
risks of a rising interest rate. Especially where the mortgage
is for ten years or less.
Fees
Lenders may charge various fees when giving a home loan or
mortgage. These include entry fees; exit fees, administration
fees and lenders mortgage insurance. There are also settlement
fees (closing costs) the settlement company will charge. In
addition, if a third party handles the loan, it may charge other
fees as well.
Banks usually charge a valuation fee, which pays for a surveyor
to visit the property and ensure it is worth enough to cover the
mortgage amount. This is not a full survey so it may not
identify all the defects that a house buyer needs to know about.
Also, it does not usually form a contract between the surveyor
and the buyer, so the buyer has no right to sue if the survey
fails to detect a major problem. For an extra fee, the surveyor
can usually carry out a building survey or a (cheaper)
"homebuyers survey" at the same time.
About the author:
Joseph Kenny is the webmaster of the loan information sites http://www.selectloans.co.uk
/ and also http://www.ukpersona
lloanstore.co.uk. At the Personal Loan Store you can find
all the different loan
types explained.
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| Personal Any Purpose Loans : Loans.co.uk : Personal Loans UK |
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| FinAid | Student Loans |
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| Mortgages, Refinance, Home Loans, Home Equity Loans at Quicken Loans |
| Online lender offers simplified residential loans and competitive mortgage rates. Headquarters in Livonia, MI. |
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| Mortgage Loans - Compare Mortgage Rates - MSN Money |
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| The Student Loans Company Ltd. |
| Provides details of the Student Loans system which is part of the Government's financial support package for students. |
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| This page provides content and information related to the Loan Guaranty Home Loan Program. |
| www.homeloans.va.gov |
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| Fool.co.uk - Compare Loans - Personal Loans and Unsecured Loans |
| Compare over 200 UK loans including personal loans, secured loans, and unsecured loans. Search all loans and apply online. |
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| Service network of lenders that enables consumers to compare rates, apply for and get approval for competitive auto loans online. |
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| The US Department of Education's lending arm for students in participating schools and student loan consolidation. |
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| Personal, home equity loans for union members at Union Plus |
| Union Privilege offers Union Plus benefits -- including credit card, mortgage, loans, insurance, scholarships, health care savings and other discounts -- to ... |
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| Countrywide Home Loans is the nations largest independent mortgage lender offering home equity, HELOC, refinance, mortgages, debt consolidation and other ... |
| my.countrywide.com |
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| Secured Loans UK - Secured Personal Loans - accepted.co.uk |
| We search over 200 secured loan plans to find the best deal from our lenders - accepted.co.uk. |
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| UK Loans : Personal Loans, Secured Loans, Cheap Loan Quotes |
| The UK Personal Loan Store offers comparisons of the UK loans, personal and secured loans. Also offers tips, articles and latest loan news section. |
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