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A Guide to Quick Homeowner Loans
The search for quick homeowner loans can seem futile at first, especially if you don't know exactly what it is that you're looking for. Different lenders may take longer or shorter periods of time to make loan decisions, and the time that they use...
Bad credit car loans: getting behind the wheels with bumpy credit
A car with bad credit, just like any other car, will give you
the ride you want. Okay, they might not be served on a platter
but if you need a car.... but they are worth the ride. Customers
suffer from bad credit circumstances do not mean they...
Finding and Getting Bad Credit Loans
If you don't know where to turn for bad credit loans, you're not alone. Thousands of people struggle with their finances month after month, weighted down by a credit rating that they don't know how to fix. Bad credit loans can be found in several...
Home Loans and Mortgages – Watch Out for Dangerous Subprime Loans
With the growing interest in real estate purchasing and speculation, more and more lenders are offering “nontraditional” types of mortgages. These include adjustable rate mortgages (ARM) of every shape and size, the more popular interest-only...
Secured Loans Overview
One of the most popular ways of borrowing money is through a secured loan. What 'secured' means is that some property, such as a house, is used to guarantee the loan. If you fail to meet repayments, this security is taken by the lender. Although any...
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Super Jumbo Loans: Interest Only
What is a super jumbo loan? No, it's not a loan for the obese,
and it's not a loan for the elephants in the circus. A super
jumbo loan refers to a type of loan for an amount of money that
exceeds the normal mortgage product loan limits. Today, with the
introduction of the interest only loans, and the price of real
estate soaring through the roof, more and more of the market
falls under the classification of a super jumbo loan. Let's
look a little closer at the super jumbo loan, and who can use
it, who does it benefit, and is it tied to the interest only
loan option? The Super Jumbo mortgage product is for the
mortgage loan that exceeds $650,000. If your mortgage exceeds
that amount, then you must look to the super jumbo mortgage loan
products to receive financing. Or, you can look to the interest
only loan market, and there, some of the restrictions that apply
to the traditional super jumbo mortgage loan, are lifted and do
not apply. Let me explain a little more clearly. To receive a
standard Super Jumbo mortgage loan, you were often subject to an
interest rate pricing premium, in other words a higher rate, or
a higher pricing premium on the loan, or you could try to use a
combination of both first and second trust money, like a
first
and second mortgage, and would still have to pay a little higher
interest rate. Then BAM! Here comes the interest only loan,
and now the borrower that needs a loans over 1,000,000 can get a
smart choice loan, qualifying for only 1% interest in the first
month. Okay, as a consumer, I don't think this is a wise way to
go, for the average guy, anyway. But what about the real estate
investor or developer, that turns over real estate like we do
pancakes? These super jumbo loans with interest only loan
options seem like a god send. They're an excellent way to obtain
larger amounts in financing, and then turn around and sell the
property, before it becomes an issue about the financing. This
is the individual that should look to the super jumbo loan as an
ally. Not the average consumer. However, with real estate prices
rising faster than the water in the Titanic, many of today's
prospective homeowners, especially in resort areas, are turning
to these super jumbo loans in order to borrow enough to buy a
home. I think these Super Jumbo loans with the interest only
loan option are a mistake.
About the author:
John Williams writes about business loans from
his business loans blog.
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