Posted on: 30th Jun, 2005 04:11 am
i am looking for a mortgage. Which will be the most suitable one?
Hi Guest,
Welcome to forum.
To choose the mortgage that suits you the best, you should first plan for how long you want to keep the mortgage. In case you wish to avail a short term loan, you should go for an adjustable rate mortgage. If you want the loan for a medium period then you can select a step mortgage and for a long term you should go for a fixed rate loan.
With adjustable rate mortgage, you can adjust the interest rate during the loan term. You can pay low initial rate of interest and monthly payments. A step mortgage allows the interest rate to increase according to a specified schedule after which the rate and payments remain constant for the remainder of the loan.
But in case of a fixed rate loan, you already get to know how much is to be paid monthly and can thus save accordingly.
For further reference, visit
http://www.mortgagefit.com/step-mortgage.html
http://www.mortgagefit.com/frm.html
http://www.mortgagefit.com/arm.html
Regards,
Sam
Welcome to forum.
To choose the mortgage that suits you the best, you should first plan for how long you want to keep the mortgage. In case you wish to avail a short term loan, you should go for an adjustable rate mortgage. If you want the loan for a medium period then you can select a step mortgage and for a long term you should go for a fixed rate loan.
With adjustable rate mortgage, you can adjust the interest rate during the loan term. You can pay low initial rate of interest and monthly payments. A step mortgage allows the interest rate to increase according to a specified schedule after which the rate and payments remain constant for the remainder of the loan.
But in case of a fixed rate loan, you already get to know how much is to be paid monthly and can thus save accordingly.
For further reference, visit
http://www.mortgagefit.com/step-mortgage.html
http://www.mortgagefit.com/frm.html
http://www.mortgagefit.com/arm.html
Regards,
Sam
want a mortgage.Will a banker be better than a mortgage broker?
Hi Simon
Welcome to MortgageFit forum.
It is better if you approach a mortgage banker instead of a broker. A banker charges a loan fees and interest for providing a mortgage loan. There is no middleman to offer you some kind of service and get paid for it. With the bank there are no chances of charging extra fees. Also there is no origination fee unlike the one charged by a mortgage broker.
If you have a good credit score, stable income and a long-time residence, you are sure to get approved by a banker for the mortgage deal. Banks generally check whether you have low debts so that you can pay off their loan within the stipulated time. You may get qualified by a banker even if you are self-employed but you need to prove your income.
On the other hand, if your credit score is not impressive enough to qualify for a bank loan, then you may approach a broker. Even here you need to qualify as the loan officer verifies your loan application to find out whether you are worth it.
The brokers act as negotiators and can help you in getting a suitable mortgage deal with affordable rates and terms. But you pay a higher interest and a comparatively greater closing cost when you find a non-conforming mortgage loan through a broker.
However there are brokers with whom you can avail competitive fees and rates as compared to the banker. So you can keep this option open even if you get qualified by a banker. It is better if you shop around for the rates and terms that suit you the best, whether from a banker or from a broker.
Hope you will be benefited from this information.
Please write back to us if you have any other query.
Regards,
Jessica.
Welcome to MortgageFit forum.
It is better if you approach a mortgage banker instead of a broker. A banker charges a loan fees and interest for providing a mortgage loan. There is no middleman to offer you some kind of service and get paid for it. With the bank there are no chances of charging extra fees. Also there is no origination fee unlike the one charged by a mortgage broker.
If you have a good credit score, stable income and a long-time residence, you are sure to get approved by a banker for the mortgage deal. Banks generally check whether you have low debts so that you can pay off their loan within the stipulated time. You may get qualified by a banker even if you are self-employed but you need to prove your income.
On the other hand, if your credit score is not impressive enough to qualify for a bank loan, then you may approach a broker. Even here you need to qualify as the loan officer verifies your loan application to find out whether you are worth it.
The brokers act as negotiators and can help you in getting a suitable mortgage deal with affordable rates and terms. But you pay a higher interest and a comparatively greater closing cost when you find a non-conforming mortgage loan through a broker.
However there are brokers with whom you can avail competitive fees and rates as compared to the banker. So you can keep this option open even if you get qualified by a banker. It is better if you shop around for the rates and terms that suit you the best, whether from a banker or from a broker.
Hope you will be benefited from this information.
Please write back to us if you have any other query.
Regards,
Jessica.
i filed for bankruptcy 5 years ago. can i get mortgage now?
Hi Guest
Welcome to the forums.
You can definitely avail a mortgage even though you had filed a bankruptcy 5 years ago. There are lenders who will offer mortgages to those who had bankruptcy in the past.
In order to acquire a mortgage loan you should first get prequalified and pre-approved. For this purpose you need to provide the lender with information regarding your income and debts.
The lender will provide you with a rough estimate of the various loan programs and the costs associated with it. After you get prequalified, the lender will review your loan application and verify your income and credit report.
Due to bankruptcy your credit report may not be as satisfactory as the lender wants it to be, but you should try to negotiate with him. If you get preapproved by one lender you can shop around to find the lender who offers you the rates and terms that suit you the best. This will help you in getting the right mortgage.
Hope this information will be of your help.
Please feel free to send further queries.
Regards,
Jessica.
Welcome to the forums.
You can definitely avail a mortgage even though you had filed a bankruptcy 5 years ago. There are lenders who will offer mortgages to those who had bankruptcy in the past.
In order to acquire a mortgage loan you should first get prequalified and pre-approved. For this purpose you need to provide the lender with information regarding your income and debts.
The lender will provide you with a rough estimate of the various loan programs and the costs associated with it. After you get prequalified, the lender will review your loan application and verify your income and credit report.
Due to bankruptcy your credit report may not be as satisfactory as the lender wants it to be, but you should try to negotiate with him. If you get preapproved by one lender you can shop around to find the lender who offers you the rates and terms that suit you the best. This will help you in getting the right mortgage.
Hope this information will be of your help.
Please feel free to send further queries.
Regards,
Jessica.