Mortgage Purchase | Understand PMI

Mortgage Purchase | Understand PMI

You are considered as a high risk borrower if your down payment is below 20% and in such a scenario, you’ll require a Private Mortgage Insurance (PMI). The cost of PMI will be borne by you and therefore, save up enough money to at least make 20% down payment. http://www.awmlending.com/mortgage-purchase.php

Converting the loan type from Adjustable Rate to Fixed Rate and vice versa

Converting the loan type from Adjustable Rate to Fixed Rate and vice versa

ARMs generally start off by offering lower rates as compared to fixed rate mortgages. But later on after periodic adjustments, the interest rate often gets increased more than the Fixed Rate. In such a scenario, a mortgage refinance company can help you in converting your ARM into Fixed Rate Mortgage loan. This results in lower interest rates along with eliminating the concerns for future hikes. Similarly, in a falling rate environment, converting your Fixed Rate interest mortgage into ARM is also a sound financial strategy. http://www.awmlending.com/mortgage-refinance.php

Simple Steps for Mortgage Application

It includes the name, address and contact details of your employer, your position and designation with the organization, years of service, type of business etc. If you have been in the current company for less than 2 years, you’ll have to fill in the details of your previous employment as well.

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Pros & Cons of getting a Mortgage Loan onlne

Less time consuming: It is a no brainer actually that online mortgage process is less time consuming as compared to the traditional process. http://www.awmlending.com/

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Are you Looking for the Best Mortgage Deals?

Meet the actual person behind your loan process: Whoever you have trusted enough to guide you through your loan process must be experienced and qualified. It can be a broker, bank employee, loan officer or a private lender. Make sure you meet the person and check his qualifications and expertise yourself. http://www.awmlending.com/

How to Look for the Right Mortgage Banker?

Talk to your family, friends and co-workers to find out who they’ve worked with in the past and with whom they’ve had a great experience. If you get the reference of a quality expert, ensure that he works with a recognized institution and has a good reputation. http://www.awmlending.com/

Mortgage Loans that require No or Low Down-Payments

Buying a home has become relatively easier nowadays than it was a couple of decades back and potential buyers with little money for down payment can now also buy their dream house. The Federal Housing Administration insures home mortgage loans with low down-payments, whereas The Department of Veteran Affairs (VA) and Department of Agriculture (USDA) facilitate home loans with no down-payments. http://www.awmlending.com/

Mortgage Loans that require No or Low Down-Payments

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Advantages of Direct Mortgage Lender

While shopping for mortgage, some borrowers enlist the services of a mortgage broker, whereas others go to a direct mortgage lender. There are both advantages and disadvantages of availing of the services of a mortgage broker. Let us discuss them in detail.

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All Western Mortgage - Advantages of Direct Mortgage Lender

Important tips for find best mortgage lenders

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Read the fine print: This is the most important aspect. Before you finalize a lender and sign the necessary documents, always read the fine print carefully.

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Online Mortgage providers offer mortgage calculators

Access to Calculators and other tools: Online mortgage providers offer mortgage calculators on their websites for free, which help the borrowers to get an estimate on their monthly mortgage payments for the next 15-30 years. Moreover, online providers also offer various mobile apps and tools that help the borrowers in closing the mortgage process.

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What is a Mortgage Loan?

What is a Mortgage Loan?

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In Layman’s terms, mortgage loans are the loans secured by any kind of property or real estate. When a person needs to buy a home and takes a loan for the same, that loan is known as a mortgage. A mortgage lender is promised that the amount lent by him will be paid back by the buyer in a certain amount of time at a certain cost. Also, the lender gets a legal claim on the house if the borrower/buyer defaults on mortgage payments. In simple terms, the borrower gets the possession of the home, but the lender is the actual owner of the place till the debt is completely paid off. http://www.awmlending.com/