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Helocs And Second Mortgages: Which One Should I Choose?
Whether you need some extra cash to pay off some credit card debts, or to make some home improvements, home equity lines of credit or second mortgages can be great ways to get started. Many people looking to borrow money often opt for home equity line ...
Mortgage Refinancing Tips
As interest rates continue to creep upwards, many home owners are looking at refinancing options. Here are some mortgage refinancing tips. Mortgage Refinancing Tips Rates have been increasing steadily for the last six months. These increases are ...
Wells Fargo Home Equity Lines Of Credit Explained
Think you already know what this subject is all about? Chances are that you dont, but by the end of this article you will! Wells Fargo offers a revolving credit line for homeowners called Home Equity Lines of Credit, or HELOCs. This line of credit is an ...
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The combination of rising interest rates (although still historically low) and rising home prices has caused the robust mortgage market to slow from its record pace. This has motivated Indiana lenders to either introduce creative new loan products or to more aggressively market existing products. If you have not shopped for a in a while, you will find numerous new products from which to choose. Following is a brief review of some of the new and popular products available today.
Interest Only - With this loan program you are paying only the interest on your Indiana mortgage and are not paying any principal. This reduces your monthly payments and can allow you to afford a larger home or save more money on a mortgage refinancing or home purchase loan. If used carefully, you can also free up cash flow that can be used for investment purposes or to pay down high interest rate debt.
Negative Amortization - These are often marketed using the phrase "option arm" or "choice mortgage". With this loan type, your payment does not cover all of the monthly interest. Often, your mortgage balance is increasing and the underlying interest rate is usually a monthly variable rate. These loans are used to dramatically reduce your monthly payment and can be used for an Indiana mortgage refinancing or home purchase. This program should be reserved for the more sophisticated borrower and it is important that you understand the terms of the loan. Click here for more information about Indiana Mortgage Refinancing and Indiana Second Mortgage Solutions.
40 Year Amortization - Rather than paying off in 30 years, this loan pays off in 40 years. As with the Negative Amortization and Interest Only, this program is used to reduce your monthly payment.
Stated Income / Reduced Income Documentation Loans - There are a variety of these loan products available, but they are primarily used to for individuals with difficult to verify income. These can be used for Indiana Mortgage Refinancing, Indiana Second Mortgages and Home Purchase Loans. As lenders have become more comfortable with credit scoring, these products have become very popular. Essentially the lender is relying on the credit score for their loan decision. They realize that borrowers with higher credit scores will pay their mortgage and they do not need to fully verify their income.
ALT A Programs - The "ALT" is short for Alternative and the "A" refers to the borrower category. These are categories of mortgages that fall outside the more stringent guidelines of Fannie Mae and Freddie Mac. Generally these mortgage refinancing programs allow for more flexibility with regards to loan to values and income documentation requirements and can be used for home purchase, mortgage refinancing and second mortgages.
Hybrid Second Mortgages - Traditionally, your options for an Indiana second mortgage were either a fixed rate, fixed term loan or a variable rate, open ended line of credit. Now, you can have the benefit of both. You can start your second mortgage as a variable rate home equity line of credit and then lock in all or a portion of it to a fixed rate for a fixed number of years.
About the author:
Chris France is a professional mortgage planner with over 10 years lending and banking experience. For additional questions or comments about this article, please contact Chris France at American Mortgage Funding Corp or christopher.france@branch.cfic.com or 1-800-943-9472.
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My Refi's a HELOC. Anything Wrong With That?Fox BusinessHome equity lines of credit, or HELOCs, and home equity loans are secured by the property. To the extent allowed by the tax code, based on the size and use of the loan proceeds, the interest expense is tax deductible. Home equity lines and loans used ... |
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Dollars & Sense: What is HELOC?KHON2"A home equity line of credit - or HELOC - is basically a line of credit that's secured with a person's equity in their home," explains Lance Oribio of Central Pacific Bank. There are several different versions of a HELOC. |
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Scottsdale, Arizona Short Sale Realtor / SpecialistRealEstateRama (press release)It all depends on which bank is carrying your mortgage, if you have a second mortgage or a home equity line of credit (HELOC) and how long you have not been making your payments for. Unfortunately, a bank will not consider a short sale if you are ...and more » |
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Consumer Credit: New Frontiers for GrowthNovantas, LLCIt is positioned as an alternative to the home equity line of credit (HELOC) that can be used for common purposes such as home improvement and debt consolidation. Rates are higher than the HELOC but lower than the credit card. |
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