Mortgage Loans to Fit Every Need
As the mortgage industry has realized the benefit of addressing various audiences within the homeowner/homebuyer marketplace, numerous mortgage loans have been created to fit various needs and unique requirements. In order to remain competitive, lenders have developed a portfolio of mortgage loans – from first-time homebuyer products and options for those with tarnished credit to jumbo loans (mortgages with balances over $500,000) and second mortgages.
Some mortgage loans allow for minimal or no down payments while others provide the option of only paying the interest and not the principal for a period of time (referred to as interest only loans). There are mortgage loans that have a fixed interest rate over a 15-, 20-, or 30-year period as well as those that have adjustable rates where the interest rate changes over different time periods (known as adjustable rate mortgages). Those products referred to as subprime or Alt-A are geared toward people who may have lower credit scores due to past mistakes.
With so many options now available, it is hard to imagine not being able to be part of the American Dream of homeownership.
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Quicken Loans can process your loan in as few as 15 days. They have a 94% client satisfaction score from a survey taken by clients upon closing their home loan. No matter what your schedule is, they'll come to you to sign your final paperwork!
Making the Right Choice
Consult with a mortgage professional, such as a loan officer or mortgage broker, who can discuss the best solution after hearing about your needs and financial situation. In addition, the Internet has numerous sites that explain the pluses and minuses of different mortgage loans.
April 24, 2006