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FIRST TIME BUYERS
Many home loan programs have been specifically created for first time home buyers. These loans feature low down payments and approval guidelines that make it easier to qualify. Some of the more popular first time homebuyer programs are listed hereafter: # What is a First Time Buyer Loan? # FHA and VA Loans for First Time Buyers # Who is Eligible for a 1st Time Buyer Loan? # Community Home Buyer Programs # What is Escrow? # Mortgage Credit Certificates Getting your first home is easy.
 FINANCIAL CALCULATORS
Provided below is a list of calculators to assist you with your financial matters: # Loan Calculator Quickly calculate the monthly payment, total amount of interest paid, total paid and cost of points for a fixed rate mortgage loan. # Refinancing Calculator Helps you determine if you will benefit by refinancing. # APR Calculator Find out how much your mortgage loan is really costing you. # Closing Costs Calculator Simultaneously compare four different loans and compute the closing costs required at closing for each of the mortgage loans. # Rent versus Buy Calculator Allows you to compare the costs of renting a residence versus buying a home. # Seller's Proceeds Calculator Calculate your new gain after your current mortgage(s) have been repayed and taxes, sales commissions and other closing costs. # Loan Spread Calculator Find out everything about your loan with this calculator. # Cashflows Calculator Determine the present value of an investment property's cash flows and sale proceeds for periods of up to 20 years. # Future Values of Savings Annuity calculator which determines future values. # Pay off or Invest Calculate the expected annual return on an investment to see if it is better to pay off or invest. # Loan Comparison Compare multiple loans quickly seeing the impact on interest rates and points on their monthly payments and total paid.  |
DEBT CONSOLIDATION
Our debt consolidation home loan programs can be tailored to your specific needs. Below is some information to help get you started.
LOWERING YOUR MONTHLY PAYMENTS
Debts that go unpaid can damage your credit and make it difficult to obtain a home loan. In some cases it is recommended that before obtaining a home loan the borrower consolidate or pay of his debt. Debt consolidation will lower your monthly payments while simultaneously increasing your credit rating. Paying off debt, without the assistance of consolidation, prior to applying for a home loan is another good way to improve your chances of being approved for a home loan. Refinancing your first mortgage or obtaining a new home equity loan may also be a financially practical way to relieve the burden of high monthly payments.
TAX SAVINGS
Often times the interest portion of a debt consolidation loan or second mortgage may be tax deductible. The total deductions depend on your individual tax bracket and state tax laws. Check with your tax advisor for more details. The tax savings can be substantial when compared to your non-deductible monthly bills.
SIMPLE INTEREST SAVINGS
The differences in the type of interest you pay on your home loan will impact the price of your monthly payments. With simple interest, interest is calculated once and is fixed. This can create savings for the home owner because with compound interest, the interest amount is added to the principle continually and then begins to incur additional interest charges. Credit cards work by charging compound interest and this is why the balances can easily get out of control and be difficult to pay off.
DEBT CONSOLIDATION LOAN TERMS
Many mortgage lenders give borrowers the option of using all or part of your new home loan for debt consolidation. If you prefer, you can choose to use some of the money to build an addition onto your home or make other home improvements. This money can also be received as cash for personal use. Most programs that are offered have terms anywhere from 5 to 30 years. The minimum loan amount that is offered in most circumstances is $15,000.
NO EQUITY HOME LOAN
When considering a debt consolidation loan or a second mortgage, homeowners should know that in many cases no equity is required. Many mortgage lenders offer no equity home loans to help you, the homeowner, consolidate your bills and lower your monthly payments. The funds generated through this type of no equity mortgage can be used for any purpose. These loans are available to qualified borrowers at up to 125% of a home's current price.
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