Types Of Mortgage Loans Washington DC

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 Academy Mortgage (202) 396-5813 4215 Hayes St Ne Washington, DC Related Articles Mortgage Refinance Loans Washington DC Refinancing a first and second mortgage requires some extra considerations. Depending on your equity, you may find that combining the two mortgages results in a higher interest rate. You may also find that you have to carry PMI with the refinanced mortgage. Refinancing Mortgage Loans Washington DC Interest-Only Home Loans Washington DC Types of Mortgage Loans Washington DC Internet Mortgage Leads Washington DC Getting Mortgage Loans Washington DC Mortgage Loans Washington DC Mortgage APRs Washington DC Home Mortgages Washington DC A Second Mortgage Vs. A Home Equity Loan Washington DC Related Local Events REALTORS Midyear Trade Expo - Midyear Legislative Meetings and Trade Expo Dates: 5/12/2010 - 5/14/2010 Location: Marriott Wardman Park Hotel Washington, DC View Details Times:8am-8pm Phone:630-434-7779 Address: 2660 Woodley Road NW Washington, DC National Association of Housing and Redevelopment Officials National Conference & Exposition Dates: 10/4/2009 - 10/6/2009 Location: Marriott Wardman Park Washington, DC View Details Times:8am-8pm Phone:(202) 328-2000 Address: 2660 Woodley Road, NW Washington, DC Description: The National Association of Housing and Redevelopment Officials (NAHRO) is the leading housing and community development advocate for the provision of adequate and affordable housing and strong, viable communities for all Americans - particularly those with low- and moderate-incomes. Our members administer HUD programs such as Public Housing, Section 8, CDBG and HOME. Live South Real Estate Show-Reston Dates: 9/11/2009 - 9/13/2009 Location: Hyatt Regency Reston Reston, VA View Details Times:8am-8pm Phone:(910)-7632100 Address: 1800 Presidents Street Reston, VA Description: Live South Real Estate Show-Reston is the perfect place for you to learn about your options, and make an informed choice. Whether you're in search of a beach cottage, mountain getaway, lakefront lot, real estate investment, new townhouse or condo on a golf course, chances are you will find it at the Ideal Destinations Real Estate Show! Developers, Lenders, Real Estate Agents, Brokers will be attracting Builders, Contractors, Home Inspectors. Real Estate Investing - Cash flow - Buy and Hold. The Key to Wealth Dates: 8/4/2009 - 8/4/2009 Location: Keller Williams Reston Training Room Reston, VA View Details Times:7:00 pm - 9:00 pm Address: 12355 Sunrise Valley Drive #120 Reston, VA Description: Not every property that you buy will be sold right away. Some are perfect candidates to Buy and Hold and enjoy the benefits of positive cash flow. Master Investor Rob Chevez will facilitate the lesson on Cash Flow properties. Free Introductury Real Estate Investing Class Dates: 6/30/2009 - 6/30/2009 Location: Investors United School of Real Estate Baltimore, MD View Details Times:03:00PM -04:00PM Address: 6721 Harford Road Baltimore, MD Description: Stimulate your mind with income-producing ideas at a free class on real estate investing. Come enjoy a fresh look at investment real estate, network, and learn how Investors United members become so successful.   Related Articles Internet Mortgage Leads Washington DC If you are a loan officer, you may be considering purchasing Internet mortgage leads. In this article, you’ll learn about the different Internet mortgage lead companies. A Second Mortgage Vs. A Home Equity Loan Washington DC Home Mortgages Washington DC Interest-Only Home Loans Washington DC Refinancing Mortgage Loans Washington DC Mortgage Loans Washington DC Getting Mortgage Loans Washington DC Mortgage Refinance Loans Washington DC Types of Mortgage Loans Washington DC Mortgage APRs Washington DC Save Articles.DirectoryM.net RSS feed Bookmark this on Delicious Bookmark this page   Copyright © BET Information Systems, Inc. All rights reserved.