Finding A Home Loan

ADJUSTABLE RATE MORTGAGES (ARMS) ARE ATTRACTIVE TO MANY HOMEBUYERS FOR ONE REASON: LOWER PAYMENTS IN THE FIRST YEARS OF THE LOAN. TYPICALLY, AN ARM.

IN RECENT YEARS, LENDERS HAVE DEVELOPED A GREATER VARIETY OF LOAN PROGRAMS, MAINLY BECAUSE THEY HAVE FOUND THAT HOMEBUYERS HAVE A VARIETY OF DIFFERENT...

YOUR LENDER CAN HELP YOU USE YOUR ANSWERS TO QUESTIONS SUCH AS THESE TO DECIDE WHICH LOAN BEST FITS YOUR NEEDS. THE REMAINDER OF THIS ARTICLE WILL OUTLINE..

THIRTY-YEAR FIXED-RATE LOANS ARE WHAT MOST PEOPLE THINK OF WHEN THEY HEAR THE WORD "MORTGAGE." FIXED-RATE LOANS ARE ALSO REFERRED TO AS...

BEING PREPARED WITH THE NECESSARY DOCUMENTATION WILL EXPEDITE THE MORTGAGE LOAN PROCESS. HERE’S A CHECKLIST, SO YOU DON’T FORGET...

ONCE YOU HAVE SELECTED THE TYPE OF LOAN YOU PREFER AND QUALIFY FOR, THE LENDER WILL ASK YOU TO COMPLETE A LOAN APPLICATION, WHICH WILL REQUIRE...

WHEN YOUR LOAN IS SUBMITTED FOR UNDERWRITING, IT GOES DIRECTLY INTO THE HANDS OF AN UNDERWRITER WHOSE JOB IS TO DETERMINE YOUR "CREDIT-WORTHINESS"...

SAVINGS AND LOAN ASSOCIATIONS 

(S & LS)
HISTORICALLY, SAVINGS AND LOAN ORGANIZATIONS HAVE CONCENTRATED ON HOME LOANS ..

UNLESS YOU’RE PLANNING TO MAKE AN ALL-CASH PURCHASE (IN WHICH CASE YOU’LL BE A VERY POPULAR BUYER!), YOU’RE GOING TO HAVE TO SECURE A MORTGAGE...

YOUR MONTHLY MORTGAGE PAYMENT IS MADE UP OF SEVERAL COMPONENTS. THIS HOUSING EXPENSE IS COMMONLY REFERRED TO AS "PITI" OR PRINCIPAL, INTEREST, TAXES AND INSURANCE. PMI (SEE BELOW) AND HOMEOWNER’S ASSOCIATION DUES MAY ALSO ...

IN ADDITION TO THE RIGHT TO VIEW YOUR CREDIT REPORT AND KNOW YOUR FICO SCORE, YOU ALSO ARE PROTECTED BY RESPA, THE REAL ESTATE SETTLEMENT PROCEDURES ACT PASSED BY CONGRESS. RESPA REQUIRES YOUR LENDER TO PROVIDE YOU WITH .