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Fixed Rate Mortgages Fixed rate mortgages are the most traditional of home loans. Down Payment Assistance Local and state governments often offer down payment assistance to low-income mortgage borrowers FHA Property Improvement Loan Insurance Homeowners can get low-cost home improvement loans with the help of FHA mortgage insurance. Depending on the type of property, Reverse Mortgages Reverse mortgages are often used as a form of retirement funds for seniors with substantial equity in their homes. They are loans that give homeowners a lump sum or monthly payments to use for any purpose | Mortgage Loans & Home Equity LoansThe most common type of mortgage program where your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable. FREE mortgage calculator and other loan calculators tools to help consumers compare mortgages and home loans.Guide to Avoiding Foreclosure HUD Whether you're in foreclosure now or worried about it in the future..... Keep Your Home Are you at risk of foreclosure? Tips for avoiding foreclosure Consumer Tips for Avoiding Mortgage Scams FTC Consumer Information Flyer with tips to homeowners on how to avoid scammers targeting people having trouble paying their mortgage Mortgages for Home Buyers and Homeowners Federal mortgage programs may help you buy a home.
Looking for the Best Mortgage Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage--whether it’s a home purchase, a refinancing, or a home equity loan--is a product, just like a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.Skip to content RefinanceFind refinance mortgage solutions you could be able to use for debt consolidation or accessing available equity that may have built up in your home. Refinance loans can be used to help with many personal financial situations such as reducing monthly payments, home improvements, college tuition and more.Home EquityHome Equity Loans and Home Equity Line of Credits (also known as HELOCs) are solutions for accessing available equity that may be available on your home. This equity could be used for any purpose such as making home improvements or consolidating debt. Call today for a free consultation from a home loan expert or visit our Home Equity section online to utilize mortgage calculators and home loan rate tools.PurchaseWhether you are a first time home buyer or trading up to a larger home, our sales experts work to find the best home loan solution for you. With products for new home purchases as well as second, vacation, and investment homes, we can help.Reverse MortgagesEducation is critical and most of the banks are committed to helping seniors make informed decisions and understand their home loan choices.The biggest challenge for most first-time home buyers is saving up enough money for a down payment especially in hot markets Questionable Credit Worried you don't have perfect credit? Thanks to Fannie Mae's "expanded approval" program, consumers with slightly blemished credit can also qualify for mortgages at competitive rates that are as much as two percentage points lower than alternative financing. "These are people who might not qualify for fair-market value rates from traditional lenders," says Liz Bayless, director of single family product development at Fannie Mae. If your credit's still not good enough for one of Fannie Mae's loans, you may yet qualify for a loan insured by the Federal Housing Authority, or FHA. These government-insured loans are issued with even more lenient credit criteria. You can also put down as little as 3% for an FHA loan, and can wrap your closing costs and fees into the mortgage. Interest rates are typically less than a quarter of a point higher than those in the conventional market. To get a government-insured loan, make sure you find a HUD-approved lender or a mortgage broker who works with one. Down-Payment Assistance Programs Still having trouble coming up with that down payment? Each year HUD gives states and municipalities money to distribute to low- and moderate-income families for housing. Much of it is put toward down-payment assistance programs. Many young prospective home buyers may qualify for a $3,000 to $5,000 grant (or in some cases a loan that's forgiven if a home buyer stays in the home for at least three years) to put toward their down payment or closing costs. Prime Borrowers Turning To Foreclosure in Greater Numbers For the first time since the boom of subprime mortgages in the middle of this decade, prime borrowers, or those with good credit, are making up the bulk of new defaults and foreclosures The nationwide economic troubles have meant that plenty of good credit homeowners have been laid off from their jobs and are simply left without the funds to keep current on their mortgages. And even with government programs to help modify mortgages with lower payment and interest rates, it will be hard to qualify without a secure income. Mortgage Modifications Falling Short Lowering monthly mortgage payments for struggling homeowners, without reducing the principal balance, will not significantly reduce the number of defaults The government has been vigorously encouraging mortgage lenders both verbally and monetarily to modify loan payments and interest rates for their customers on the brink of default and foreclosure.
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Fixed rate mortgages are the most traditional of home loans. They have consistent monthly payments for the life of the loan with more of the interest begin paid at the front end of the loan
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