Applying for a Home Mortgage Loan Online - The Pros and ConsWritten by Carrie Reeder
If you have considered applying for a home loan mortgage online, there are a few pros and cons to think about with getting a home mortgage loan online:Pros: 1. The process of applying for an online home mortgage loan is very simple, unlike some lenders who operate in ‘real’ world and ask for heaps of information. 2. The fees, when applying for a home mortgage loan online, can be considerably cheaper than mortgages in ‘real’ world. 3. Online home loan mortgages tend to offer a great variety of mortgage loan programs, including more flexible repayment terms and lower rates of interest. 4. Online mortgages are usually easier for borrowers who have bad credit history to obtain. Also, online mortgage loan websites do tend to offer more alternatives to those with a bad credit history. 5. Normally you find out faster if your home loan mortgage application has been pre–approved if you apply online. This means you can move on and apply with other lenders faster, if you don’t get approved first time. Cons: 1. Not all online home loan mortgage lenders have representation in all 50 states – so if you do apply for a mortgage loan online, make sure they’re represented in your home state.
| | Low Income Home Loans - FHA and VA Mortgage Loans Can Help You Get ApprovedWritten by Carrie Reeder
If you have low income and are looking to get approved for a home mortgage loan. There are many programs available to help you get approved. Whether you are looking to purchase a new home or to refinance your existing home, with following low income home loan mortgage programs, almost anyone can fulfill their dream of becoming a home owner.The Federal Housing Administration (FHA) home mortgage loan - FHA is federal agency within US Department of Housing and Urban Development (HUD) whose primary objective is to provide an opportunity to become home owners to those with low income. To facilitate this, FHA program offers potential borrowers two options: - “single family package”: which provides mortgage lending programs to those looking to buy property comprising of between one and four units. - “multi-family package”: which provides home loans to those looking to buy property comprising of between five or more units. Keep-in-mind, however, that FHA program does require that potential applicants be able to make a down-payment. In most cases this amounts to 3% of purchase price. Countering this, however, is that FHA mortgage loan program normally offers interest rates below market rate, which over a prolonged period of time could end up saving you lots of money.
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