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Home Loans

Home loans are loans that can help you buy your dream house. Some types of home loan products are:

There is a home loan or mortgage product for just about every kind of requirement. From reverse mortgages, to first-time home buyer offers, to lines of credit on home equity, the lenders provide a variety of products that can be used by borrowers for the following purposes:

  • Construct a house
  • Purchase property with nil or a low down payment
  • Refinance the home loan to a better rate of interest
  • Buy rental housing
  • Take home equity and exchange it for cash
  • Renovation of homes
  • Supplement your monthly income

Types of home loan or mortgage programs

It is important for customers to check out all the options and discuss them with home loan or mortgage lenders so as to find the program that best suits their requirements. Home mortgages or home loans can be classified in the below mentioned ways:

  • Adjustable rate or Fixed rate
  • Conventional/Traditional or Government
  • Jumbo loan or Conforming amount adjustable rate
  • First or Second home loan or mortgage
  • Refinance or Purchase
  • Reverse or Traditional
  • Sub-prime or Prime
  • Permanent or Construction

What should consumers do before applying for a home loan or a mortgage loan?

After a customer has chosen a home loan program, he/she is advised to compare different mortgage terms and rates. Such comparison can be easily done at different websites. At the time of comparing different home loan programs, borrowers have to take care to get the same data from each mortgage lender. This has to include the loan term (30 years, 15 years, etc.), the interest rate, fees and charges of the lender, the duration or period for which the interest rate is applicable (Whether it is adjustable? By how much does it adjust? When does it adjust?), APR, funding fees or mortgage insurance, third party charges, and features such as prepayment charges or penalties, interest-only payments, etc.

When searching for a home loan, it is vital for all consumers to get all mortgage loan quotes at about the same time. The interest rates for mortgage changes on a continued basis due to the fact that they are impacted by the prices of different bonds as well as MBS (mortgage-backed securities), which are instruments that are sold and purchased like stocks. Treasury auctions, global economic environment and news, and decisions and resolutions announced by the Federal Reserve may cause sudden increases or decreases in mortgage rates. Just as is the case with the prices of stocks, which fluctuate throughout the day, the home loan rates can change constantly as well. This indicates that a home loan quote from one lender received on Tuesday cannot be reliably compared with the home loan rate of another lender received on Thursday.

There are several websites that permit burrowers to make easy comparisons between real time home loan quotes from different mortgage loan lenders, thereby assisting them in making better choices and saving money.