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Mortgage Loans for Refinancing Your Home

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Quick Summary Information

fixed rate mortgages

Commonly referred as the 30-Yr and 15-Yr mortgage loans. The monthly mortgage payment and interest rate are fixed — these repayment amounts will never change.

adjustable rate mortgages (ARMS)

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 term. ARMs have lower interest rates than conventional fixed rate loans.

hybrids - combo loans

Hybrid loans are a combination of fixed rate and ARM loans. Hybrids start out at fixed rates loans, adjusting to ARM after a set period of years. These loans are referred as 5/1, 7/1, and 10/1 — meaning, fixed for "5" years and then converting to an adjustable period each "1" year.

interest only loans

You will make interest-only payments on your mortgage loan for the first five or seven years of your 30-yr amortized loan. After the set period, the rates will adjust and the loan will be amortized for the remaining 30-yr period. These loans are popular among homeowners looking to buy their first or higher-priced home.

minimum payment plans

Minimum payment plans have become popular in markets where housing cost are high. For an initial period, you will make minimum monthly payments with the difference in the true cost of the mortgage loan added to your mortgage loan -- generally referred to as negative amortization.

zero down - 100%+ mortgages

You can borrow more money than the appraised contractual purchase price and use the extra money to pay closing costs. Homeowners use these loans when they don't have enough money for the down payment and closing costs

balloons and special-type mortgages

balloon and special type mortgages offers finance programs that can be attractive to some homeowners. Some of these loans are from years ago and may not be offered by all lenders.

jumbo mortgage loans

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

there are two parts to home construction financing: 1) use the construction line to pay subcontractors and suppliers; 2) use the residential mortgage to pay off the construction line after the home construction is completed.

government sponsored loans

FHA, VA, and other specialized programs guarantee mortgage loans made to homebuyers that meet certain requirements. Generally these loans require less than 20% down payment and have lower rates.

A-Minus mortgage loans

loans that do not meet credit requirements are referred to as B, C and D paper loans. "Sub-prime" lenders underwrite B, C and D paper loans . Each lender has their own criteria on approving applicants.

reverse mortgages

loans that do not meet credit requirements are referred to as B, C and D paper loans. "Sub-prime" lenders underwrite B, C and D paper loans . Each lender has their own criteria on approving applicants.

Mortgage Loan Products:

Designing Your Mortgage Loan Package

Depending on your financial status, you may qualify for mortgage loan products that require little or no down payment:

Review mortgage product: zero-down mortgages
Review mortgage product: government loans

 

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