FHA Loans
Federal Housing Administration Loans are loans that are insured by the Department of Housing and Urban Development (HUD), but are provided by independent lenders, giving borrowers the opportunity to obtain loans with low interest rates and significantly reduced down payments. Fill out our short form to contact up to four FHA loans lenders today.
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Bad Credit Refinance
You can also refinance a larger amount than you need to fund a major purchase at a low interest rate, such as a new car or college tuition. Fill out our free short form today to contact lenders about bad credit refinancing.
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Home Equity
Since home equity is something one already owns in a sense, home equity loans carry less risk than other loans. The benefit of this diminished risk is felt by the borrower through lower interest rates and lower monthly payments. Apply online to take advantage of the equity on your home.
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Rates
There are generally two types of loans. A fixed loan or an adjustable loan. A fixed rate loan gives you the security a constant rate throughout the life of the loan. Since your rate will not change, your monthly payments will often remain the same during your repayment period. An adjustable rate mortgage rises in falls along with the fluctuate of certain rate indexes. As your loan repayment period goes on, your monthly payment will change as you interest rate changes. Generally an adjustable rate will change every one to five years. Because it is susceptible to change, an adjustable rate loan caries more risk and is usually used by borrowers with less than perfect credit and those planning to move between five and seven years. However, adjustable rate loans come with low introductory rates and rate caps. Depending on the activity of current interest rates, a person with an adjustable rate could actually save money.
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Mortgage Calc
Primarily, a mortgage calc gives you your expected monthly payment, but it also shows you how a slight change can affect the repayment of your loan. A loan of $150,000 with a term of 30 years and an interest rate of 7% will have a monthly payment of $997. The calculator may also tell you that the total interest on such a loan would be $209,263. However, if you change the interest rate to 8%, the monthly payment increases to $1,100 and the interest increases to $246,232. This would mean that 1% made a difference of $103 every month for thirty years and a total of nearly $37,000 in payment of interest. Small changes in loan terms can add up, which is an especially important consideration for anyone looking in to refinancing.
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Mortgage Refiancing
It is also possible to refinance your home loan for a higher amount than the previous mortgage, leaving you with money left over. This is called cash-out refinancing. When cash-out refinancing the amount of money borrowed above what is owed in the first mortgage is borrowed against home equity. Home equity is the value of your house that remains after the current mortgage is subtracted from the current market value of the home. Lenders will often let homeowners borrow up 85% of this equity in addition to the amount of the original mortgage.
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Refinancing Your Home
Also, if you are refinancing to change terms or to take cash out to cover a major purchase and are not as concerned about your rate, money down can be exchanged for an increased interest rate. Generally this is when a homeowner pays, or does not pay, the points that can affect the loan’s interest rate. One point is the same as one percent of the loan. On $100,000 loan, one point would be $1,000. Usually, each point unpaid adds 1/8 to ¼ of one percent to the interest rate. Depending on the borrower’s priorities, points may be paid or a higher interest rate may be taken. Borrowers should be careful of lenders offering refinancing that includes no points. This often means that higher interest rates are built in.
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