Aug 30, 2010 | posted in Engagement Photos | 10 comments

The type of loan you decide on will also impact your interest rates, a secured loan, usually contains lower rates, compared to an unsecured loan. For example, a secured loan may have a lower interest rate than an unsecured loan, and it will take the same time to pay off the loan, although now a days you can go online for loans and you can get it today at Islandnow if you need a loan now.

What types of mortgages can I apply for?

There are several types of mortgages. Some of the most common are:

FHA mortgages are the most common mortgage loans for first-time home buyers. They are available with down payment of up to 5 percent.

Are the most common mortgage loans for first-time home buyers. They are available with down payment of up to 5 percent. USDA mortgages are more affordable but they require a larger down payment. are more affordable but they require a larger down payment, although for a loan is necessary to have a background check, and other requirements.

If you’re in search of a lower down payment mortgage, consider a USDA loan instead. There are several reasons for this: USDA loans require a higher down payment compared to FHA loans.

USDA loans are also cheaper and offer higher loan forgiveness benefits.

USDA loans also offer the ability to have the borrower pay the remainder of their mortgage at closing.

If you’re looking to consolidate or refinance a FHA loan, there are a few things you should know.

What does the consolidation process involve?

As part of the loan consolidation process, FHA will send you a questionnaire, called an Offer to Purchase, asking questions about the loan. The Offer to Purchase must be received by the end of the open enrollment period.

How long will it take to complete? The Offer to Purchase will take approximately five weeks to complete. The offer is non-binding, but it provides the lender with important information about the borrower and the property. When does the offer expire? Once an Offer to Purchase is received, the lender has 90 days to accept or reject it. If the offer is accepted, FHA may then begin the process of closing the property. What is a “Qualifying Offer”? If the Offer to Purchase has been accepted by the lender, FHA may then make an offer to purchase the property. A “Qualifying Offer” is an offer to purchase the property at the offer price plus the closing costs and the amount of any loan forgiveness under the Home Affordable Refinancing program (HARP) or Other Assistance. The closing costs include appraisals, closing costs, and closing costs related to HARP or Other Assistance. What is the closing process? The closing process typically takes two to three business days for the closing of the sale, or the sale process. On the first business day following the close of a transaction, the seller and buyer must complete the paperwork for the purchase and the documents listed under the transaction documents on the next page in this section. When all documentation has been submitted to the county or state records office, the buyer may sign the contract. The transaction will usually close in one business day. You will need to review the contract to confirm the closing date, the amount of the mortgage payment, and your rights and responsibilities under the contract.

If the buyer wants to move out of the property within ten days of the closing, the seller will need to notify the county or state records office. If the buyer wants to do this before the closing, the seller must notify the county or state records office in writing and give a written offer to remove. The offer will need to state the buyer’s intention to leave the property before closing.

Aug 29, 2010 | posted in Family Portraits | 12 comments