 |
Types
of Loans Available
Dimond Mortgage has a variety of standard and unique types
of mortgages available to fit your specific needs. In today's
mortgage market you no longer have to have perfect credit
and steady income to qualify for a loan. You now have options.
There are all types of programs available to you and although
one of our qualified mortgage brokers on staff would be better
suited to evaluate your current situation and loan needs and
make a recommendation based on experience, we have put together
the following information to assist you in your decision making
process.
» Fixed Rate Mortgages
» Adjustable Rate Mortgages
» Balloon Mortgages
» Home Equity Line of Credit
» Home Equity Fixed Loan
» Home Improvement Loans
» Construction Loans
Fixed
Rate Mortgages - If your planning to stay in the home for
15, 20, 30 years or more, this may be the best program for you.
Your monthly payments are fixed over the life of the loan, which
means your interest rate and payment will stay the same, even
if the rates go up. You can also refinance your home anytime
you wish, if the rates drop below your current fixed rate.
Adjustable
Rate Mortgages - If you are planning on living in the home
10 years or less, this may be the best program for you. Adjustable
Rate Mortgages (ARMs) offer a floating interest rate equal
to or less than the current market rates. Your mortgage may
start at 7.5% and float to 6.250% if the market rates drop.
However, rates may increase which will make your monthly payment
go up. No one can predict when rates will go up or down, but
over the life of the loan, you can save money in interest and
payments and also by not having to pay closing costs each time
you lower your interest rate.
Balloon
Mortgages - Balloon Mortgages offer a fixed lower monthly
payment for 5 or 7 years initially because the payment is amoritized
over thirty years. At the end of the balloon period, you must
refinance at the current interest rate or pay the loan in full,
which is also known as a final balloon payment. This loan may
be best for you if you are planning to live in the home 7 years
or less.
Home
Equity Line of Credit - Lines of credit are much like a
credit card. If fact, some lenders issue credit cards as a way
to draw off of the line of credit. Initially, you are issued
availability to a certain amount of funds based on the equity
available in your home. Your payments are based only on how
much you borrow (take out) and what the current interest rates
are. Interest rates for equity lines of credit are typically
higher than mortgage rates, but lower than credit card rates.
Home
Equity Fixed Loan - These types of loans are better know
as a 2nd mortgage and typically have higher interest rates than
a 1st mortgage. You can borrow a lump sum of money based on
the available equity in your home. You will receive the money
all at once and have a fixed payment over the life of the loan.
Home
Improvement Loans - This type of loan provides you with
cash to repair your home. You will have to provide an estimate
of repairs from a certified contractor in order to qualify
for this type of loan. When the work is completed, it will be
inspected by the lender. Your appraisal will be based on the
proposed repairs when qualifying for the loan.
Construction
Loans - This type of loan provides funds to contractors
directly that are building your home. The contractors initially
get a lump sum and then submit invoices regularly to the bank
for payment throughout the building process.
There are advantages and risks associated with any type of loan.
We strongly recommend speaking with one of our qualified mortgage
counselors before you apply with any lender for your loan.
|
|
CLIENT TESTIMONIAL
They were really great, really informative and helpful and quick. Donna mostly helped us. She's intense, and that intensity gives a lot to the success of their business. You have to have a certain amount of being prepared for anything when things like the appraisal don't come in on time, and that's where her intensity paid off. She's also really knowledgeable. She was there at closing. When we needed her to be there for us, she always came through.
JoAnn Shilling-Gano and Beau Gano
|
