The dictionary defines mortgage, as “a conveyance of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms”. There are many features to consider when securing a home loan. You’ll want to consider the size of the mortgage, method of repayment, interest rate and maturity of the loan. Fixed Rate Mortgage 75% of all mortgages are fixed rate, it’s the mainstay of the home loan industry. They’re popular because they’re predictable. Borrowers … [Read more...]
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Types of Home Loans
Filed Under: Big Bear Buyers, Big Bear Real Estate News Tagged With: adjustable rate mortgage, fha loans, fixed rate mortgages, home loans, interest rate caps, LIBOR, prime rate, real estate
Market Conditions – New Home Down Payments
With the housing bubble burst, the real estate market has returned to a “back to basics” mentality. The days of creative financing and piggyback loans are over. The credit bar has been raised and there are more obstacles to overcome in making a purchase. Cash is still king. The trick is to balance the amount of your down payment with a reasonable monthly mortgage payment. Depending on the size of the down payment, you can generally expect to pay between .75% and 1.15% of the purchase price for your monthly … [Read more...]
Filed Under: Big Bear Buyers, Big Bear Market Conditions Tagged With: Big Bear Buyers, buying a home, conventional loans, down payments, fha loans, market conditions, real estate
