Saturday, January 21, 2012

Home Loan Types Broken Down by Mortgage Expert Bill Rayman

Fixed Rate Home Mortgage Loans

If you would like the security of never having your monthly payment change, this is the mortgage that you will prefer.  Your mortgage rate and payment are fixed for the life of your home loan, whether the loan is 10, 15, 30 or 40 years.  With current low rates on fixed rate home mortgages, this is an ideal solution for most borrowers.  When rates are high, it sometimes makes sense to use an adjustable rate in hopes of lowering future interest costs.

FHA Home Mortgage Loans

FHA home mortages are loans insured by the Federal Housing Administration.  Sometimes FHA mortgage rates may be higher than conventional mortgage loans, FHA home mortgage loans offer benefits such as down payments as low as 3.5%, easier qualification guidelines, and easier access to lenders, especially in tough mortgage markets as we are seeing in 2009-10.

Cash Out Home Mortgage Loans

If you are faced with needing or wanting to make a substantial purchase or investment, using your home's equity can be the least expensive option.  Whether for college costs, unexpected medical expenses, the vacation of a lifetime, or a room addition, you can obtain a refinance home mortgage loan to get cash for these purposes.  You may find it more cost effective to use a Home Equity Line of Credit (HELOC), a traditional second trust deed, or refinance the first trust deed.  We can help you with that decision.

Debt Consolidation Home Mortgage Loans

You may be paying very high interest on auto, personal lines, second trust deeds, credit cards or other financing.  Any interest rate you are paying above 7 or 8% is substantially higher than what you would be paying using a mortgage.  Refinancing your home mortgage loan to consolidate other debt under one low mortgage rate can save you money and lower your monthly payments.

Adjustable Rate Home Mortgage Loans

In some markets it may make sense to lower your monthly mortgage loan payment during the early years of your mortgage.  Mortgage rates for ARMs are usually lower in the early years than traditional fixed rate prorams. This can be especially true if you plan on selling or refinancing your home in less than 10 years.  However, most adjustable rate home mortgage loans do not amortize fully or may even include reverse amortization.  This means that you are not increasing the equity in your home as fast as you will in a conventional loan.  Unless you lock in rates for several years, you are also risking interest rates increasing, which will result in your cost of interest and your monthly payment going up.

Interest Only Home Mortgage Loans

Interest only home mortgage loans allow you to lower your initial mortgage rate and monthly payment, which may allow you to qualify for a larger loan amount than loans that include payments on the principle.  This eliminates the potential for generating equity on your home through paying down the principle.

VA Home Mortgage Loans

VA home mortgages are loans guaranteed by the US Department of Veteran Affairs. These mortgages are offered only to eligible veterans  They can be used for home purchases, cash-out mortgage refinances or rate & term mortgage refinances. If you are a veteran, these guaranteed loans are typically an excellent vehicle for you to use.

Divorce Buyout Home Mortgage Loans

Divorce Buyout Mortgage are designed to provide a vehicle for one spouse to keep the house, get cash out if needed for any purpose, including paying off the other spouse, and remove the other spouse’s name from the current home loan.

Call me today at (310) 453-4016 or email me at


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