Home Loan Options
Next Entries »What about a 15-year v. 30 year loan?
Monday, January 14th, 2008The difference in payments and overall savings between a 15-year fixed-rate loan and a 30-year fixed-rate loan depends on the interest rate and the loan amount. Using a $100,000 loan and 7.25% interest rate as an example, monthly payments on the 15-year note would be $912.86. Monthly payments on a $100,000 loan at 7.25% fixed [...]
Are 40-year mortgages a good idea?
Monday, January 14th, 2008Smaller monthly payments are the primary advantage of adding 10 years to the traditional 30-year mortgage, but real estate experts say the shorter-term loan usually is more beneficial for the home buyer. The drawback becomes apparent simply by calculating the cost of additional interest payments, which can total thousands for a few dollars difference in [...]
Can someone who is unemployed get a loan?
Monday, January 14th, 2008Generally, lenders will not make loans to unemployed persons because someone without an income would seemingly have no way of making monthly mortgage payments.However, there are home loans for which lenders require very little loan documentation as long as the borrower puts down a sizable down payment, generally 25 percent or more. These “no-doc” loans [...]
What are no-doc loans?
Monday, January 14th, 2008“No-doc” loans are mortgages for which lenders require very little loan documentation as long as the borrower puts down a sizable down payment, generally 25 percent or more.These mortgages are common among self-employed people who say they earn a certain amount of money but whose tax returns show that their earnings are much lower.
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