FAQ
- How do I know what type of mortgage is best for me?
- Isn't a debt consolidation loan just a loan where you get money to pay off
your bills?
- What are the reasons for refinancing?
- What is "APR" and why is it different from my interest
rate?
- What is an FHA Loan?
How do I know what type of mortgage is best for me?
The ultimate answer to this question will be obtained through one of our mortgage
bankers. We will help you arrive at the "best" answers. Here are
some items to consider in helping you address this question:
Your current financial picture.
How long you intend to keep your house? One of the most important aspects of
your decision making process! Our experts will help you understand why.
Do you expect your finances to change?
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Isn't a debt consolidation loan just a loan where you get money to pay off
your bills?
No. In a lot of cases a debt consolidation loan is structured as a second
mortgage on your primary residence.
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What are the reasons for refinancing?
There are many benefits to refinancing; it just depends on what your objectives
are. Some of the most popular reasons are:
To convert a portion of your equity into cash by obtaining a new loan for
a larger balance than your current loan.
To lower your monthly payments by refinancing at a lower interest rate.
To consolidate debt by refinancing a higher loan balance and using the cash
difference to pay off credit cards, auto loans or other debts.
To switch from an adjustable rate to the stability of a fixed rate.
To pay off the mortgage sooner by switching to a shorter term.
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What is "APR" and why is it
different from my interest rate?
The Annual Percentage Rate (APR) is the total yearly cost of a mortgage. It
is stated as a percentage of the loan amount which includes the base interest
rate, mortgage insurance, loan origination fees, points and certain other expenses
(if any). Your interest rate, commonly called the note or base rate, is the
rate used to calculate your monthly payments.
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What is an FHA Loan?
The Federal Housing Administration (FHA) is a federal agency within the U.S.
Department of Housing and Urban Development (HUD). FHA's primary objective
is to assist in providing housing opportunities for low to moderate income
families. FHA has both single family (1-4 unit homes) and multi-family (5 or
more units) mortgage lending programs. The agency does not generally provide
funds for the mortgages, but rather insures home mortgage loans made by private
industry lenders such as mortgage bankers, savings and loans and banks.
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