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Home mortgage loan types
from:Choosing the mortgage that is right for you is essential when one is involved in the process of home purchasing. Thus it is important that all options are understood.
Basically, the two things one should consider when considering a home loan is what type meets best your home purchasing needs as well as which loan offers the most ideal schedule for repayment.
The fixed mortgage rate loan types
Fixed rate home mortgage loans have an interest rate that basically remain the same for the whole life of the loan.
These payments have predictable monthly fees yet you are immune to any rising interest rates. Therefore, your interest and principal payments will not increase.
The adjustable home mortgage rate
Mortgages that are adjustable in rate have rates of interest that adjust in a periodic manner as based on the exiting conditions of the market.
The rate is initially fixed during the period of its introduction (anywhere between one year to a decade) and is usually lower compared to a mortgage that has its rate fixed.
After this period, the rate then adjusts every year or about semi-annually as based on the index of the market, however it cannot go beyond the pre-determined cap adjustment.
Jumbo home mortgage loans
The amount given out on this type of loan exceeds the amount established by corporations. Since jumbo home mortgage loans are sold and bought on a scale that is smaller, they have rates that are a little high compared to other type of home loans.
B/C home mortgage loans
These types of loans are given to those borrowers that have filed recently for foreclosure or bankruptcy or those who have late payments on their reports of credit.
The purpose of B/C home mortgage loans is the offer of temporarily financing to applicants until they could qualify for type A conforming financing.
Government home mortgage loan programs
One type of government loan programs is VA loans. These types of loans are definitely guaranteed by the US Department of Veterans Affairs.
This allows service persons or veterans to acquire home mortgage loans with terms that are favorable (usually in the absence of a down payment).
RHS home mortgage loan programs
RHS means Rural Housing Service if the USDA or the US Department of Agriculture. This type of loan guarantees residents in the rural area with very minimum costs for closing. Down payments are also unnecessary.
All in all, there are a lot of home mortgage loan programs available. It all depends on your needs, wants and means.
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Compare Refinance Mortgage Rates News
News roundup: Deal on housing package; mortgage rates increase - USA Today
 ABC News | News roundup: Deal on housing package; mortgage rates increase USA Today - The New York Times reports that problems at these so-called GSEs are resulting in higher rates for homeowners who want to refinance mortgages. ... Video: Paulson talks up mortgage plan Mortgage Rates Near a Year High Loan giants' woes push rates up |
Mortgage Application Demand Drops as Loan Rates Jump - FOXBusiness
 CNBC | Mortgage Application Demand Drops as Loan Rates Jump FOXBusiness - The highest 30-year mortgage rates in a year eroded demand for US home loan applications last week, according to an industry trade group on Wednesday. ... Mortgage applications decline 6.2 percent US Mortgage Applications Index Fell 6.2% Last Week (Update1) US mortgage applications dip as rates rise |
How the housing rescue bill can help you - CNNMoney.com
 The Consumerist | How the housing rescue bill can help you CNNMoney.com - Additionally the FHA loans carry reasonable interest rates which are fixed for the life of the loan, as opposed to a subprime adjustable rate mortgage that ... Housing bill finally getting passed? And at what cost? House Vote on Key Housing Legislation Imminent Inside Wall Street: That Ticking Sound You Hear Out in the ... |
HEARD ON THE STREET - Wall Street Journal
 BBC News | HEARD ON THE STREET Wall Street Journal - Few borrowers of adjustable-rate mortgages planned to pay the higher interest rates after their mortgages reset. Instead, they thought they could refinance ... Gerard Cassidy - RBC Capital Markets Wachovia reports huge loss, will cut 10750 jobs Wachovia Details 2nd Quarter Loss; Outlines Initiatives to ... |
Have a Personal Finance Question? - Chicago Sun-Times
Have a Personal Finance Question? Chicago Sun-Times, United States - I've heard reports that if anything happens to Freddie Mac or Fannie Mae that mortgage rates will spike. Should I be concerned? Should I refinance my ... |
*Bush drops veto threat, will sign housing bill - guardian.co.uk
*Bush drops veto threat, will sign housing bill guardian.co.uk, UK - It would permit the FHA to refinance up to $300 billion in mortgages facing foreclosure. The new regulator for Fannie Mae and Freddie Mac, the result of ... |
Boston Properties, Inc. Announces Second Quarter 2008 Results - FOXBusiness
Boston Properties, Inc. Announces Second Quarter 2008 Results FOXBusiness - The mortgage loan bore interest at a fixed rate of 6.72% per annum and was scheduled to mature on July 1, 2008. -- On April 1, 2008, ... Glimcher Reports Second Quarter 2008 Results |
My Mortgage PHD Offers Valuable Advice For Refinancing Arizona ... - WebWire (press release)
My Mortgage PHD Offers Valuable Advice For Refinancing Arizona ... WebWire (press release), GA - Interest rates have dropped, the AZ home real estate market is now a "buyer’s market", and home mortgage holders are scrambling to refinance their home ... |
Compromise set on housing bill - Marketplace
 China Daily | Compromise set on housing bill Marketplace, CA - Economist Peter Morici at the University of Maryland says higher mortgage rates may be here to stay. Peter Morici: It would appear that for the next couple ... Fannie Mae, Freddie Mac shares up on anticipated House vote |
Foreclosures set new mark - San Diego Union Tribune
 San Diego Union Tribune | Foreclosures set new mark San Diego Union Tribune, United States - That has made it difficult for distressed homeowners to refinance and fueled the rise in mortgage failures. “It would not surprise me if we peak in mortgage ... FEWER DEFAULT NOTICES IN COUNTY |