Comments on: Explaining The Different Types of Home Loans

By: Mark M

Mark M — Sat, 06 Feb 2010 15:51:59 +0000

I won’t bore you with all the details of all the mortgage products out there for you.

The vast majority of mortgage loans, however, need your property you are buying to be in good, livable condition. Most Foreclosures do not meet this requirement.

What you want is an FHA 203k loan. Go here then email me.
References :
http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm

By: derobake

derobake — Sat, 06 Feb 2010 15:49:59 +0000

I’m in the process of learning about mortgages myself. There are fixed rate, adjustable rate, baloon, interest-only, hybrid. If you only plan to hold onto it for a short period of time, an Adjustable Rate Mortgage (ARM) may be a better option since you get lower initial rates.

Be aware that mortgages have up-front costs (points and processing fees), so make sure that your potential profit from the house will be more than these costs. Also, be aware of all the other closing costs. Closing costs can be a shock to home-buyers.

I’ve been reading myfico.com and they are quite helpful. Try this:

http://www.myfico.com/LoanCenter/Mortgage/Step2/ChooseLoan.aspx

http://www.lendingtree.com/smartborrower/Guide-to-buying-a-home/Step-7-Choosing-the-right-mortgage.aspx
References :

By: sunshine_today

sunshine_today — Sat, 06 Feb 2010 15:47:59 +0000

They are called mortgage lenders. Make an appt with one today.
References :

By: Steele B

Steele B — Sat, 06 Feb 2010 10:45:57 +0000

Can someone explain the different loan options you have for buying a house?
I’m wanting to buy a house, does anyone have any knowledge on what the difference is between the different types of loans available? I’m looking at trying to buy a foreclosed or pre-foreclosed or a distressed home, for the intent of living in it until I make the repairs and face lift. Then of course sell it!