| In todays real estate and mortgage
environment, home loans have become a bit more
difficult to obtain than just a couple of years
ago. But don't count yourself out just yet; lenders
don't make money or stay in business unless they're
lending. Dennis and Marilee are in touch with local
lenders and can put you together with the Mortgage
Broker that's right for you.
There are a huge number of mortgage types
and variants available so here are a few to
aquaint yourselves with.
Fixed Rate Mortgages
commonly referred as the 30-Yr and 15-Yr mortgage
loan. The monthly mortgage payment and interest
rate are fixed — these amounts will never
change.
Interest Only Mortgage Loans
interest-only payments on your mortgage loan
for the first five or seven years of your 30-yr
amortized loan. You can then either refinance
or begin amortized repayments.
Minimum Monthly Payment Plans
usually advertised as: $200,000 for $so much/Month.
Adjustable Rate Mortgages
ARM's adjust their rates up or down during
a given period. This means that your monthly
payment may go up or down during your repayment
period. ARMs are available in 30-year and
15-year terms and are offered at lower rates.
Adjustable-Fixed Hybrids
hybrid loans are a combination of fixed rate
and ARM loans. These loans attach a delayed
adjustment period during which the initial
period is fixed. Hybrids start out at fixed
rates loans, adjusting to ARM after a period
of years.
Balloons and Other Type Mortgages
your monthly payments are based on any fixed
term up to 30 or 15 years amortization. At
the end of the balloon period, your remaining
mortgage loan amount will be due.
Jumbo Mortgages
the loan balance for jumbo loans are above
the maximum loan amounts established by Fannie
Mae and Freddie Mac — Jumbo loans are
used to buy large, expensive homes.
Home Construction Loans
starts with a construction line of credit to
pay subcontractors and suppliers; at the
end
of the construction
project, you will use a residential mortgage
to pay off the construction line.
| 
