| First Mortgage, New Home
Purchase, Home Financing, and Loan Purchases |
Homeownership has its privileges. The diverse menus of mortgage
products make home financing a reality for just about anyone.
The loan approval process varies between 4-8 weeks. Home financing
comes in the following loan varieties:
- 30-year Fixed Mortgage
- 20-year Fixed Mortgage
- 15-year Fixed Mortgage
- 5/1 ARM
- 30-year Jumbo
- 5/1-year Jumbo ARM
- Balloon ARM
- FHA Loan
- VA Loan
- Sub-prime Loan
- Bridge Mortgage
- Creative Financing
- No Documentation
- No money down mortgage
| Mortgage Refinancing and Getting Cash-out |
Usually, qualifying for refinancing is easier than the first mortgage.
The standard time period for refinancing loan approval is anywhere
between 2-weeks to 1-month. There are six issues to consider prior
to refinancing a property loan:
- Do you plan to get cash-out refinancing?
- How long do you plan to own the property?
- What will the new interest rate be on the new loan?
- How long will it take you to recoup the closing costs for the
new loan with the lowered interest rate?
- What is the equity position in the home?
- How much will you be able to save with lower monthly payments?
Homeowners can borrow money with a home equity loan or a "term"
loan. A home equity loan offers simple interest and a fixed rate
for a second mortgage. It can save up to three times more than
paying credit card bills with interest compounded, daily. Additionally,
home equity loans provide tax benefits. Moreover, with a home
equity loan, there is not a requirement to use the entire loan
for debt consolidation because it can be used for anything. After
the money of a home equity is borrowed, additional money cannot
be borrowed from the loan.
On the contrary, a home equity line of credit (HELOC)
works similar to a credit card. A specified amount of money may
be borrowed for the life of the loan. The span of time and financial
limit is determined and approved by the lender.
