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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:
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.
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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:
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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:
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.
Habitat for Humanity (HFH): This is a globally recognized organization having constructed homes worldwide for needy families and single people, as well as the disabled. As a Christian non-profit group, HFH builds and grants accessible homes with mortgages sponsored by means of donations, and through private, federal and state sources. Home owners who receive aid from HFH, in turn help build their own Habitat homes, as well as future Habitat houses for other applicants. HFH feels this involvement gives all participants a strong sense of self-worth, independence and community support.
The National Opportunities for Affordable Housing Foundation (N.O.A.H.): is a non-profit agency which helps make both buyers and sellers knowledgeable concerning good real estate practices and decisions. It is a reliable source to consult on affordable housing and aid for down payments and closing costs. With special concerns for minorities and people with disabilities, the N.O.A.H. Foundation helps first and second-time home buyers to locate mortgage assistance programs at both the state and local government levels, such as: Down Payment and Closing Cost Assistance Programs; Grant Funds Programs; and Below Market Interest Rate Programs.
Homes for Our Troops: This is a non-profit organization providing individually adapted homes for severely injured and disabled U.S. veterans of military forces service, at no cost. It is funded by donations from a wide range of corporate, building industry and community organizational donors.
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When Should You Refinance Your Mortgage?