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While you are excited about buying a home for the first time or looking to refinance, the burden of payment and finding a lender who fits your financial needs can put you down! If this is you, we would like to show you the right websites to guide you through the mortgage process and to find the top lenders to provide the best rates for your properties. Get started!
A mortgage is a loan provided by a bank or a mortgage lender that is secured by an immovable property, where the lenders take advantage of the property owned by the borrower in exchange for the funds that are to be paid off completely over a time frame.
Whenever you approach a lender to get a mortgage loan, it is better to know about the available mortgage programs priorly.
The types of mortgage:
- Conventional fixed-rate mortgages – The interest rate remains the same throughout the life
- VA loan – It is guaranteed by the U.S. Department of Veteran Affairs to help veterans and active-duty military members
- FHA loans – it has lower mortgage insurance rates than conventional and a lot more benefits
- USDA loans – It is backed by the U.S. Department of Agriculture for rural home buyers with low to moderate-income
- Balloon Mortgages – It lasts for a much shorter term and acts like a fixed-mortgage loan
- Rental Property Loans and loans on vacation home – it requires a larger down payment and has a higher level of risk for lenders
Adjustable Rate Mortgages:
- 10/1 Hybrid ARMs – It has an initial interest rate fixed for 10 years
- 7/1 Hybrid ARMS – It has an initial interest rate fixed for 7 years
- 2- step Mortgages – It has the same interest rate for the part of the mortgage and a different rate for the rest of the mortgage
- 5/5 and 5/1 Hybrid ARMs – In this type of mortgage, the monthly payment and the interest rate does not change for five years
- 5/25 Mortgages – it is a ’30 due in 5’ mortgage where the monthly payment and interest rate do not change for 5 years
- 3/3 and 3/1 Hybrid ARMs- It has an initial interest rate fixed for 3 years
It is important to check the lender’s expectations before applying for the mortgage. The key factors that could be considered during the application process are credit report, credit accounts, credit standing, income, interest rates, down payment, price ranges, and the available funds.
If you’re overwhelmed about the terms or to get connected with top lenders and best mortgage advisors, we would recommend you to visit the following sites and get the advantage of their service for free!
LendingTree.com allows you to compare the rates available in the market for home loans including home purchase, refinance, equity, and reverse mortgage without any registration process. To get free rates from multiple lenders, select the purpose of the loan requirement, the type of property you are looking to avail of the loan, and the property zip code. The properties can be single-home, town home, multi-family home, condominium, or mobile home. Compare today’s mortgage rate!
If you are confused or helpless about the mortgage rates, Chooseyourmortgage.com provides you the list of top lenders who could offer competitive rates best suiting your financial need and the loan purpose. This site displays up-to-date national average mortgage rates and has a free monthly mortgage calculator which allows you to get an idea of the amount you could be paying to your bank each month. Click to compare loan providers!
Buying a home could be the most exciting decision you would ever make. To find the right mortgage loan, MortgageAdvisor.com will bridge you to a trusted advisor who could match you with the right mortgage financing options and the best interest rate available on the date. To understand your goals and loan purpose, you will be assessed through few questions before speaking with an advisor. Get your quotes from a mortgage advisor for free!
Want to buy a home or refinance? Get assistance from the above sites to connect with mortgage advisors and top lenders to know the best available mortgage rates. Get the best mortgage rates!