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Option ARM Mortgages – These adjustable-rate mortgage loans can be complex. However, their main feature is that of a fluctuating interest rate allowing borrowers to make choices from various payment options and index rates.
Combo / Piggyback Mortgage Loans – This variety of mortgage loan is comprised of a first and second mortgage.
Adjustable-Rate Mortgages — ARMs come with fluctuating interest rates which can actually remain fixed for a substantial period before adjusting.
Mortgage Buydowns – Mortgage buydowns allow borrowers to pay a lower initial rate of interest. Lenders, buyers or sellers can buy down the interest rate.
Specialty Mortgage Types
Streamlined-K Mortgage Loans – This FHA loan plan provides funding to borrowers for the purpose of renovating or making improvements to a home (and can be compared to the 203K loan program).
Bridge / Swing Loans – This variety of mortgage loan can be useful after a seller has put a house on the market which has not yet sold. To enable the seller to buy another home, the unsold home is used as security or collateral (or swing).
Equity Mortgages – These loans are second position and junior to the first loan. With an equity loan, the borrower can draw funding from a line of credit.
Reverse Mortgages – Anyone over 62 years of age can apply for a reverse mortgage. With this mortgage loan plan, for the duration of time the borrower lives in a home, the lender makes monthly payments to the borrower.
Obtaining a second mortgage can be quite helpful in handling unexpected, but unavoidable expenses, such as automobile repairs, home repairs and improvements, or extra college or business expenses. A second mortgage is simply a loan taken out against your property (your home) subsequent to your first, or primary loan. Your home serves as collateral for acquiring the second loan. Since the second mortgage loan takes second place priority to your first mortgage, if you should have the misfortune of defaulting on both loans, you must pay off your primary loan first. It can be advantageous to obtain a second mortgage loan in such circumstances as:
You need to pay off a sizable debt balance;
You need capital for a start-up business or an attractive investment opportunity;
You do not want to pay costs of private mortgage insurance (to avoid this expense, your second loan must cover 20% of the home’s purchase price).
You want to buy a new car, more property, or make extensive home improvements;
You want to build another home or commercial structure.
By means of a second home loan, you can borrow to the limit of your home’s equity, or up to the amount of the home value which you now own outright. Although some lenders will let you have a second mortgage equivalent to 125% of the appraised value of your home, the majority of lenders will allow you a second loan which brings the total loan-to-value ratio of both loans equal to 85% of your home’s value.
Your interest rate on the second loan acquired will be greater than that on the primary loan, especially since, should you default on your loans, you must pay off the primary one first.
Both fixed rate home equity loans and adjustable rate home equity lines of credit can be obtained, based on your credit score, total loan to value ratio, and relative to currently existing market trends.
By consulting a number of lenders and obtaining quotes, you can shop for the most appropriate second loan for your needs. After you fill out the necessary paper work to apply for the loan, an appraisal will be conducted to ascertain the present value of your home. At the closing for the second loan, you must pay closing costs, just as you did when obtaining your first loan.
After you acquire your second mortgage loan, you can then refinance the primary loan. At this time you should request that your lender make the second loan subordinate to the refinance loan. Unless you do so, the second loan will become the primary loan, while the refinance mortgage loan becomes secondary.
Since, if you default on the second mortgage, you could lose your property due to foreclosure, it is imperative that you undertake a complete budget analysis before acquiring the second loan.
Click the link to listen to an audio version of this guide by using the embedded player below
Chapter 5 – Benefits of Refinance Mortgages
If your monthly payments and other expenses are steadily increasing, or if you have mounting debt balances which you would like to clear as soon as possible, you should consider the benefits of refinancing your mortgage. The mortgage refinancing process actually replaces your present mortgage loan with a new loan having a better interest rate and more manageable terms and conditions. Your home will now serve as security for both loans. At the same time the second loan pays down the existing primary mortgage, the remaining funds can be used to best benefit you and the projects you choose to pursue.
The following are five legitimate reasons for choosing a mortgage refinance:
You wish to save more on a regular basis. With a mortgage refinance, your monthly payments will decrease, provided you are successful in getting a lower rate of interest.
Your desire is to pay down your mortgage swiftly. By reducing your loan term, you can shorten the duration of your mortgage. Although your monthly payments will subsequently increase, you will save money in interest payments. And, what’s more, you will eliminate your debt more quickly.
You are in need of cash flow to pay credit card balances. Having extensive equity in your home will enable you to refinance and borrow beyond the current loan balance. Then, with the extra cash resulting, you can eliminate high interest debts. Additionally, in some cases a refinance mortgage loan may be a tax deduction.
You see the advantage in consolidating two loans into a single loan. With sufficient equity (based on high appreciation), you can consolidate two loans into one. With any luck, monthly payments on the second mortgage may be lower than the combined payments on the two mortgage loans.
You favor converting an Adjustable Rate Mortgage (ARM) into a Fixed Rate Mortgage (FRM). With an FRM, the lender is unable to increase your monthly interest payments throughout the duration of the loan, so your payment amounts due each month will not vary.
Click the link to listen to an audio version of this guide by using the embedded player below
Chapter 6 – Useful Resources for Disabled Citizens
FHA: Both the FHA (Fair Housing Act) and the ADA (Americans with Disabilities Act) offer protection to the disabled in all areas of housing. While the ADA safeguards the rights of people living with handicaps, the FHA offers protection specifically relative to home ownership. Numerous additional laws and regulations structured to protect the interests of those U.S. citizens and residents with disabilities can be found on the official HUD Web site: gov.
When contacting realtors, remember that the Fair Housing Act prohibits discrimination against disabled persons purchasing or bidding on homes. Under FHA, multifamily residences built after March 13, 1991 must satisfy specific standards of accessibility, such as:
Accessible entrance from an accessible street or road;
Doorways sufficiently wide to accommodate wheelchairs;
Easily reachable light switches, outlets and thermostats;
Bathroom reconstruction, if needed, for the disabled;
Accessible kitchen space and appliances.
The SSI: The Social Security and Supplemental Security Income disability programs are also a good place to turn for financial benefits. In general, Social Security has a comprehensive financial assistance program which includes the nation’s most extensive variety of applicants. As a source of additional money, SSI may provide the funding to stabilize your income so you may qualify for government backed mortgage loans. One benefit of applying for funding from SSI is that, provided you file your application within 60 days of your first contact date, if you are approved, your initial funding start date will coincide with the date of your initial agency contact.
The Section 8, Housing Choice Vouchers: This is a HUD Program which grants financial aid to moderate and low-income families with disabilities for the purpose of renting or buying a home. It gives special attention to first-time home purchasers needing assistance in meeting monthly mortgage payments.
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