Types Of Mortgage Loans Louisville KY

This article tells us about the basic types of mortgage loans. With the real estate market explosion over the last 10 years, a call has gone out for unique mortgage loan programs.

Local Companies

Allied Home Mortgage Capital Corporation
502-400-2832
2520 Bardstown Rd., Suite 7
Louisville, KY
Heleringer Mortgage Company
502-412-6162
1945 Alfresco Pl
Louisville, KY
Alliance Home Loans
(813) 929-6767
1939 Goldsmith Lane Suite 247
Louisville, KY
Aaron Mortgage Co Hikes Point
502-451-3002
2950 Breckenridge Ln
Louisville, KY
A+ Credit, LLC
502-459-2222
3801 Springhurst Blvd.
Louisville, KY
Norstar Mortgage Group
502-261-0477
9612 Taylorsville Rd Suite 204
Louisville, KY
Old Colonial Mortgage LLC
502-423-5400
2302 Hurstbourne Village Dr Ste 1200
Louisville, KY
Liberty Mortgage of Ky, Inc.
502-425-8585 ex1
13121 Eastpoint Park Blvd
Louisville, KY
KEY FINANCIAL MORTGAGE
502.644.8008
107 South Hurstbourne Ln.
Louisville, KY
Partners Mortgage Inc
(502) 425-1700
Louisville, KY

Mortgage Loans

With the real estate market explosion over the last 10 years, a call has gone out for unique mortgage loan programs. Bankers have been more than happy to answer the call. For many borrowers, traditional mortgage loans still fit the bill. Here’s an introduction.

1. Conforming Loans – The loans comply with requirements set down by Fannie Mae and Freddie Mac, two government sponsored entities that buy and sell loans from mortgage lenders. These entities put strict caps on the loans they will buy, with single-family homes having a mortgage cap in the range of $360,000. With the booming real estate market, many areas such as San Diego do not come close to fitting into the conforming loan market since homes average in the $600,000 range.

2. Non-Conforming Loans – Known as “Jumbo Loans”, these mortgages are written for loans that exceed the $360,000 cap mentioned previously. They tend to have slightly higher interest rates, but are readily available.

3. Bad Credit Loans – In the mortgage industry, mortgage brokers often refer to a borrower’s “paper.” This paper refers to people with less than stellar credit. “B” paper refers to relatively small problems, while “D” paper refers to bigger issues such as bankruptcy filings. The worse your paper, the more you can expect to pay in interest, points and down payment amounts. You need to carefully determine whether paying these extra penalties makes financial sense.

Interest Rates

With each of the above loans, you’ll have an option of going with a fixed interest rate or an adjustable rate. Fixed interest rates simply set a definitive interest rate that will be charged over the length of the loan. Adjustable rates typically start at a figure lower than fixed rates, but can be moved up to reflect changes in the cost of borrowing money. In many ways, you are betting whether interest rates will increase in the future.

For a great majority of people, basic mortgage loan options still suffice when it comes to borrowing money. Don’t fret if you have problems qualifying for these loans. There are many other options on the market these days.

About the Author:

Dan Lewis is a mortgage broker with
thePhantomWriters Article Submission Service

Featured Local Company

Allied Home Mortgage Capital Corporation

502-400-2832
2520 Bardstown Rd., Suite 7
Louisville, KY
http://www.mylouisvillehomeloan.com