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Mortgage Financing
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The term Mortgage Financing can mean anything from obtaining a mortgage to buy a new home, perhaps the home of your dreams, to refinancing your existing home, to obtaining a second mortgage or a Home Equity Line of Credit, also commonly referred to as a HELOC (pronounced (he-lock). If you are in the market for mortgage financing, give us a call or drop us an email so we can provide you with a no-cost, no-hassle interest rate quote while matching you with the "perfect" mortgage loan program that is right for you.During mortgage financing, a mortgagee (lender) lends money to a mortgagor (borrower) with the home or asset as collateral. The mortgagor assumes a payment to the mortgagee.
Your mortgage loan professional will have access to dozens of different mortgage programs, one of which is certain to be right for you. Your local bank, on the other hand, uses a very strict set of guidelines in qualifying their applicants for a mortgage loan. If you have been turned down by the bank, don't worry! Give us a call at so we can assess your situation and find the best loan program available for you.
For instance The Federal Housing Administration (FHA) provides a loan guarantee program instead of the standard private mortgage insurance (PMI) so qualified borrowers can get a mortgage loan with a down payment as low as 3%. The FHA doesn’t make the loan but rather they guarantee the loan minimizing the lender’s financial risk. FHA loans usually offer fairly liberal qualifying criteria compared to Fannie Mae and Freddie Mac and involve small down payments. The offer both fixed and adjustable loans.
Mortgage financing is also commonly referred to as mortgage refinancing. Refinancing your mortgage can generally provide many benefits for consumers. One of the biggest reasons as to why people refinance their mortgage is because they have an adjustable rate mortgage that is getting ready to adjust or has just adjusted up and they want to refinance their current mortgage into a fixed rate mortgage. By refinancing from an ARM loan to a fixed rate mortgage you will have the security of knowing that your payment and interest rate will always remain the same and will never increase.
When obtaining mortgage financing be sure and ask your mortgage broker about any special programs you may fit into. There are often programs availible for teachers, police officers, firefighters, etc. There are also programs for first time home buyers and borrowers with certain income levels. Many of these programs may help you save money as a mortgage borrower.
Obtaining optimal mortgage financing in today's market may seem more challenging than ever, however there are several key factors beyond your credit score which can help you get the best deal when you refinance.
One of the most important factors considered when you are applying for mortgage financing or mortgage refinancing is your Loan To Value ratio, which can be determined simply by dividing your current mortgage balance by the current market value of your property. Generally, the lower your loan to value ratio, the better your mortgage, in almost every way.