Home Loan Lenders - Finding the Best Home Mortgage LenderWritten by Carrie Reeder
The process of obtaining a mortgage or home loan can be very stressful and quite time consuming. Finding best lender for your situation requires research and comparisons between lenders and loan packages. You may be searching for a first time home loan or to refinance your existing mortgage. Compare lenders carefully and find best possible terms available to you. If you have poor credit, you will pay a higher rate of interest than those with good credit. The amount of your down payment will also affect interest rate you receive. The larger down payment, lower interest rate. A small down payment will mean you pay more interest and your payments will be higher. You can get either a variable interest rate that changes over length of your mortgage, or a fixed rate that never changes. Do not hesitate to ask questions of your lender and make certain you clearly understand terms offered to you. The amount of interest you will pay on your home loan not only depends on your credit score, but your debt-to-income ratio as well. This is amount of money you make each month as compared to amount of your monthly debt. Car payments, student loans, and credit card balances are all considered in determining your debt-to-income ratio. If your monthly income barely pays your monthly expenses, you will pay a higher interest rate than someone who's income surpasses their monthly obligations. Mortgage lending is a highly competitive industry and lenders are offering a variety of loan packages to fit almost any income level and credit rating.
| | Bad Credit? With Poor Credit You Can Still Refinance Or Get A Home Equity Line Of CreditWritten by Carrie Reeder
Have you decided to refinance your home or apply for a home equity line of credit but worry about your credit rating? Even with poor credit it is possible to refinance your existing mortgage or obtain a home equity line of credit. New practices in lending industry have made it easier than ever for you to refinance your mortgage or get a home equity line of credit. If you have adverse credit, specialized lenders can help you find loan package your need with an interest rate you can afford. Refinancing your home loan can allow you to make improvements to your home or consolidate debts. Some lenders offer loans up to 125% of your home's value even if you have less than perfect credit. Your current mortgage terms and interest rate, length of time you intend to stay in your home, and level of debt your currently have are all factors to be considered in making decision to refinance your mortgage. If you have equity in your home, you will often receive a lower interest rate than those with little or no equity. Home equity lines of credit are revolving accounts with your home serving as security for loan. When you get a home equity line of credit you are approved for a certain amount of credit. The maximum amount you can borrow at a given time will depend on your credit limit. Typically, a home equity line of credit will have a variable rate of interest although some lenders may offer a fixed rate as well. You will have an amount you can borrow at any given time and you may not borrow more until a certain amount is repaid. Often you will have specific times as to when you may borrow money from your available credit limit.
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