Below is a list of mortgage
programs.
-----Mortgage Programs To Consider------
FIXED RATE MORTGAGES
Fixed-rate mortgages are very popular
because the interest rate and monthly
payments are constant. Fixed loans
are generally amortized over ten,
fifteen, twenty or thirty years.
A fixed-rate mortgage is generally
preferred when the interest rate
is relatively low and one intends
to keep the property for more than
five to seven years. When rates
are relatively high, or if one intends
to sell the property in fewer than
five to seven years, adjustable
loans are generally preferred.
Recommended
Fixed Rate Mortgage Program
BI-WEEKLY MORTGAGE PAYMENTS
Making bi-weekly (ocurring once
every two weeks) payments can shorten
the life of your mortgage and reduce
your interest expense over the life
of the loan. Instead of making a
full payment every month, you make
a half payment every two weeks.
Since there are fifty-two weeks
in a year, you make twenty-six half
payments, or thirteen full payments.
As a result, you are making one
extra mortgage payment per year.
Making bi-weekly payments can reduce
the term on a thirty-year, fixed
loan to approximately twenty-two
years.
Recommended
Bi-Weekly Payments Program
REFINANCE HOME LOAN
Fundamentally, people refinance
because they either want to save
money or spend money. This article
discusses the most common circumstances
in which you might save money by
refinancing.
One way to save money is to obtain
a loan with a shorter life compared
to your current loan. For more information,
read Switching to a 15 year loan.
If you are attempting to save money
by reducing your interest rate,
read Should I pay points or closing
costs? and Switching to a 15 year
loan. If you are attempting to save
money by consolidating debt, read
Cash Out Refinance.
Recommended
Refinance Program
UNDERSTAND YOUR CREDIT
A good credit rating is very important.
Businesses inspect your credit history
when they evaluate your applications
for credit, insurance, employment
and leases. Based on your credit
payment history, businesses may
choose to grant or deny credit,
provided you receive fair and equal
treatment. Sometimes, things happen
that can cause credit problems:
a temporary loss of income, an illness,
even a computer error. Solving credit
problems may take time and patience,
but it doesn't have to be an ordeal.
The Federal Trade Commission (FTC)
enforces credit laws that protect
your right to obtain, use, and maintain
credit. These laws do not guarantee
that everyone will receive credit.
Instead, the credit laws protect
your rights by requiring businesses
to give all consumers a fair and
equal opportunity to receive credit
and to resolve disputes over credit
errors. This document explains your
rights under these laws and offers
practical tips to help you solve
credit problems.
Recommended Credit Report Program
DEBT CONSOLIDATION
Borrowers with a number of different
loans usually which are unsecured
may find that they can replace these
loans with a single loan secured
on the property. This can often
reduce the borrowers monthly outgoings
by paying only one loan which is
secured on the property sometimes
over a longer term. As the loan
is secured, the interest rate may
be considerably lower.
Recommended Debt Consolidation Program
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