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A Methodical Approach to Best Secured Loans
I was always very sure of my analytical and decision making
skills, and was sure of my capability to unearth the best
secured loans. But the significantly larger number of decisions
that one has to make on personal loans had my...
A quick guide to unsecured loans
Imagine, falling into an emergency situation with an empty bank account. Does it raise your blood pressure? Doesn't your happiness vanish? Indeed, it does. The matter aggravates when you have no one to bank upon, no property or asset to offer as...
How do Secured Loans Work?
A secured loan is just a generic term for a specific type of loan. It is "secured" because it gives the lender some sort of security that it will be repaid (other than the personal promise of the person who takes out the loan).
If you are issued a...
Low Interest Personal Loans - Unearthed from the Deeps of Impossibility
Personal loans have a very old history of use in the UK. Banks,
even in the yesteryears, would similarly lend money to people
for a certain term. The manner in which personal loans are
offered may have undergone a vast change because of...
Secrets and Benefits of Secured Loans
Borrowing money has become more and more popular in the UK over recent years, and this is partly due to the fact that it has become far easier to borrow money. The rising popularity of consumer finance has also been aided by the wide...
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Types of Mortgage Loans - The Basics
In the past, homebuyers more or less had limited mortgage loan
options. These days, there are more options than you can shake a
stick at, but here's a primer on the basics.
Mortgage Loans
With the real estate market explosion over the last 10 years, a
call has gone out for unique mortgage loan programs. Bankers
have been more than happy to answer the call. For many
borrowers, traditional mortgage loans still fit the bill. Here's
an introduction.
1. Conforming Loans - The loans comply with requirements set
down by Fannie Mae and Freddie Mac, two government sponsored
entities that buy and sell loans from mortgage lenders. These
entities put strict caps on the loans they will buy, with
single-family homes having a mortgage cap in the range of
$360,000. With the booming real estate market, many areas such
as San Diego do not come close to fitting into the conforming
loan market since homes average in the $600,000 range.
2. Non-Conforming Loans - Known as "Jumbo Loans", these
mortgages are written for loans that exceed the $360,000 cap
mentioned previously. They tend to have slightly higher interest
rates, but are readily available.
3. Bad Credit Loans - In the mortgage industry, mortgage brokers
often refer to a borrower's "paper." This paper refers to
people
with less than stellar credit. "B" paper refers to relatively
small problems, while "D" paper refers to bigger issues such as
bankruptcy filings. The worse your paper, the more you can
expect to pay in interest, points and down payment amounts. You
need to carefully determine whether paying these extra penalties
makes financial sense.
Interest Rates
With each of the above loans, you'll have an option of going
with a fixed interest rate or an adjustable rate. Fixed interest
rates simply set a definitive interest rate that will be charged
over the length of the loan. Adjustable rates typically start at
a figure lower than fixed rates, but can be moved up to reflect
changes in the cost of borrowing money. In many ways, you are
betting whether interest rates will increase in the future.
For a great majority of people, basic mortgage loan options
still suffice when it comes to borrowing money. Don't fret if
you have problems qualifying for these loans. There are many
other options on the market these days.
About the author:
Dan Lewis is a mortgage broker with http://www.gwhomeloans.com -
San Diego mortgage brokers providing home loans and refinances.
Visit http://www.gwhomeloans.com/services.html to learn more
about options for San Diego mortgages.
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