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Home >  Criminal >  Money Lenders

• Adjustable rate mortgage
• Balloon mortgage
• Conforming loan
• FHA loan (government)
• Fixed rate mortgage
• Jumbo loan
• No income verification
• No ratio loan
• Refinance
• Second mortgage
• VA loan

Adjustable rate mortgage

These mortgages usually have a term of 30 years and the interest rate fluctuates throughout the life of the loan, based on a predetermined index. There are many kinds of adjustable rate mortgages. Some adjust every year, every 6 months, or even every month. The advantages of an ARM are that they usually start at a very low rate and, depending on the index, increase or decrease over the life of the loan.

Balloon mortgage

These mortgages are fixed for a certain period of time and then become 100% payable at a fixed time. You must either make a final balloon payment or refinance. Balloon mortgages are usually amortized over 30 years. The advantage of balloon mortgages is that they have a fixed rate which is usually lower than a straight fixed rate mortgage. The disadvantage is that if you do not sell your house later, you must refinance, possibly at a higher interest rate.

Conforming secured loan

This is a conventional loan that conforms to the guidelines set by Fannie Mae OR Freddie Mac. All these loans must meet the guidelines for income, credit history and debt to income ratio.

FHA loan (government)

The Federal Housing Authority (FHA) was established by the government to assist low income families in buying homes. These loans are usually at a rate more favorable than conforming loans, require lower down payments, and are easier to qualify for.

Fixed rate mortgage

This is the most typical type of conforming secured loan. The rate is fixed for the life of the loan. Fixed rate mortgages are available with terms of 10, 15, 20, 25, or 30 years. The most common are 30 or 15 year terms.

Jumbo loan

Jumbo loan amounts are greater than the standards set by Fannie Mae and Freddie Mac for conforming loans. Jumbo loans are usually at a higher interest rate than conforming loans.

No income verification

These programs are used mostly for borrowers who are self employed. The lender will look at your assets rather than your tax returns to determine whether you qualify. These usually require excellent credit.

No ratio loan

These secured loans are used for people who have high debt-to-income ratios which are stopping them from qualifying for a conforming loan. Similar to the no income verification, the lender will look at your assets rather than your tax return. These programs require excellent credit and carry a higher interest rate.

Refinance

A refinance replaces your existing mortgage with a new one. There are two main types of refinances: Rate & Term and Cash Out. The purpose of a Rate & Term refinance is usually to either reduce your interest rate, or change the length of the loan. The purpose of a Cash Out refinance may be to reduce your interest rate, but is also to get extra money out, over what the payoff is.

Second mortgage

These mortgages usually have a term of 30 years and the interest rate fluctuates throughout the life of the loan, based on a predetermined index. There are many kinds of adjustable rate mortgages. Some adjust every year, every 6 months, or even every month. The advantages of an ARM are that they usually start at a very low rate and, depending on the index, increase or decrease over the life of the loan.

VA loan

Loans administered by the Veterans Administration for qualifying veterans. These loans are usually at a higher rate than conforming loans and require little or no down payment.       

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