Refinance Loans - Second Mortgages - Negative Amortization Loans
Welcome to the Mortgage Loans Outlet - where mortgage lenders offer wholesale interest rates to homeowners. Consumers get the best mortgage loans with the Prime Lending Network, where they can find mortgage refinancing, second mortgages, negative amortization loans, home purchase, debt consolidation and home equity loans online.
Interest rates are still at historic lows, and there's no better
time than now to finally purchase that dream home
or refinance for savings with a mortgage loan from Mortgage Loan Outlet.
The FHA modernization legislation will increase loan limits, eliminate the statutory 3 percent minimum cash down payment, and give FHA increased flexibility and the ability to streamline certain programs, in addition to strengthening the loss mitigation program.
"FHA can once again be a leader in providing safe loan products and preventing foreclosures by authorizing lenders to help borrowers who are in default. That assistance will make a substantial difference for many families that may otherwise face foreclosure," Gaylord said.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries. Are you tired of paying a lot of money to a landlord each month, and not towards building your own equity? Buying your first home can be one of the most exciting and rewarding life experiences and you should make sure that yours is the best one possible! Let us help you find the right mortgage loan for your specific needs.
loan process doesn't have to be a daunting one if you are informed throughout
each step, and we are here to help each step along the way. We will make sure
that you find a good rate and that you feel comfortable with your loan program.
Buying a home is easier than ever!
How to Shop for a Mortgage
Unless you have a stash of cash, you'll need to get a mortgage
to buy a home. As of this writing, interest rates are at historic lows, putting
home ownership within the grasp of many more people. Engage a mortgage
broker to shop around for you, or dive in yourself.
1. Choose your mortgage
rates and payment schedule. A fixed program keeps the same interest throughout.
An adjustable rate mortgage typically starts out with a lower interest rate
but can change, which generally means that it could change up or down periodically
with lower rates for shorter periods, depending on the structure of the mortgage.
Another option is the balloon payment, where early monthly mortgage payments
are often lower, but then a large payment is required after a certain number
of years. (These are generally chosen by people who know they'll move within
2. Calculate how much you can afford to pay every month and choose your terms.
Terms may be for 15, 20, 25 or 30 years. Obviously, a 15-year program lets you
buy the house outright in half the time, but the monthly payment is higher.
Choosing a 15-year
mortgage will save you tens of thousands of dollars in interest in the long
run, but the increased monthly cost may be unaffordable. The traditional 30-year
fixed mortgage may be the most popular because of the lower monthly payment.
Adjustable interest-only loans are also available for certain terms with lower
3. "Buy down" the interest rate on a loan. For instance, paying a
point on a loan--expressed as a percentage of the loan amount--may drop the
rate by as much as one-quarter of a percent. Paying points makes financial sense
only if you plan to remain in the house several years at least, enough time
to offset the extra cost by paying lower interest. Finance the points to benefit
from lower rates without paying for it out of pocket by adding such fees to
the loan balance.
4. Get your credit report before you apply. This report is available from the
major credit reporting agency sites, Equifax.com, Experian.com or TransUnion.com
and will be used by your lender to review your mortgage application. Most charge
$12.95 for this service. Make sure any defaults, mistakes, or missing or outdated
information are corrected before you start shopping for a mortgage. Get changes
5. Contact the same credit reporting agencies to see your FICO score (Fair,
Isaac & Co., the developer of the dominant scoring software used in the
mortgage market), and to determine how much negotiating power you have with
banks. The closer the score is to 800, the better. You may only get a single
viewing of your magic number, which costs about $6.
6. Start by shopping where you bank. Your bank or savings and loan may offer
attractive terms for existing customers.
7. Contact a mortgage
broker who has access to several lenders and can quickly compare rates to find
you the best deal.
8. Shop online. Many online lenders offer low rates and quick turnaround. LendingTree.com
will send your request out to four lenders for free.
9. Pay particular attention to loan closing costs, which are quoted once you
are approved for a mortgage. These will differ from one lender to the next and
can add considerable expense to obtaining a loan. Expect to pay anywhere from
3 to 6 percent of the overall cost of the mortgage. Credit unions often give
their members great deals on closing costs.
10. Review your good faith estimate in detail before signing on for a loan.
Lenders are required to provide you with a detailed breakdown of all costs associated
with the mortgage.
Shop aggressively. Mortgage
lending currently is exceedingly competitive, so don't be shy about asking
for better terms, especially if your FICO credit score is 700 or above.
Go over mortgage costs carefully. Different lenders will often call the same
cost by different names.
Be aggressive. If one lender has a lower cost on a particular item, use that
as leverage to reduce another lender's charges.
Watch out for points, which are finance charges that are sometimes levied in
refinances. Each point is 1 percent of your mortgage balance. While points are
often rolled into your loan and have a minimal effect on monthly payment, they
do increase the overall cost of the loan.
Lock in a rate while you complete your mortgage
Benefits of Mortgage Loans
- Record Low Rates
- Lower Rates can Save You Money
- Interest Only Loans offer Lower Payments
- Tax Deductible
- Cash Out Loans
- 100% Financing Available
- 1st Time Homebuyers OK
- Poor Credit OK
- No Verification Income Loans
- Self Employed Borrowers OK
- Interest Only Loan Options
How to find the best Mortgage Loans
Free Mortgage Quote
No obligation & No cost
Are Negative Amortization Loans Risky Mortgage Options?
Some mortgage insiders consider negative amortization mortgages to be risky loans. With a deferred interest loan, the borrower gets to pick what type of payment they want each month. Homeowners can select one of three payment options.
- Fixed rate principal and interest payment
- Interest only payment
- Negative amortization with a lower start rate have one part
If the borrower selects the negative amortization payment then it only covers a portion of the interest earned. The balance of the interest earned is added to the mortgage balance, hence the term negative mortgage. The negative amortization is also called a “neg am” loan is a loan with an deferred interest loan that offers a low payment initially. A danger is the loan balance exceeding the market value of the property. If you aren't prepared for the deferred interest that could affect your home equity, then this loan is not for you. If you understand the risks, but need a low monthly payment to help you get in the right home, then this loan is for you.