Home Morgage | Mortgage Brokers - Calculators
| Financing Second Home | Documents Needed For Mortgage | Repairing Past Credit |
Loan Programs
Fixed Rate Mortgages:
As the name suggests, Fixed Rate mortgages are loans where the interest rate remains the same throughout the life of the loan. These loans offer the lowest risk in terms of monthly payment predictability and are appropriate if you are concerned that interest rates are on the rise. There are two payback options:
30-Year Fixed Rate Mortgage
These loans offer a fixed rate over 30-years. The interest rate is usually higher compared to a 15-year mortgage, however, the monthly payment is lower. The total interest costs will be higher with this loan.
15-Year Fixed Rate Mortgage
These loans offer a fixed rate over 15-years. The interest rate is ususally lower as compared to a 30-year mortgage, however, the shorter payback period means a higher monthly payment.
Adjustable Rate Mortgages (ARMs):
These loans offer a lower initial interest rate that adjusts each year and is tied to a pre-selected market index rate. An ARM allows you to qualify for a larger loan amount as compared to a fixed rate loan, however, you assume the risk of your interest rate and your montly payment increasing in the future.
1,5 and 7-Year ARM
The interest rate is fixed for the specified terms then adjusts annually thereafter.
Balloon Mortgage Loans
These loans offer a set interest rate for a specified term with the balance or baloon payment due at the end of the term. These loans are available for 5 and 7 year terms.
Second Home - Vacation Loans
Vacation homes are a great escape, however, loans on vacation homes typically require a larger down payment, involve higher interest rates, and may have other restrictions compared to a primary home loan.
In addition, there are tax ramifications you should be aware of with a vacation home. If you do not plan to rent the home, you can usually deduct mortgage interest and real property taxes. You are not permitted to deduct the closing costs as you would normally be allowed on a principle residence. You should consult a financial advisor for advice on owning a vacation home.
Income Property Loans
As with vacation homes, income property loans ususally require a larger down payment, involve higher interest rates and may have other restrictions comnpared to a promary home loan.
Income properties also have unique tax ramifications. Renting a property for more than 14 days a year qualifies as income property. You can usually deduct a portion of the mortgage interest costs. All of the income received from the property is subject to income tax. You are permitted to deduct rental-related expenses - like utilities, maintenance and depreciation - with limits. You should consult a financial advisor for advice on owning income properties.
Foreign Nationals Loans
Tow excellent programs for Foreign Nationals wishing to invest in the United States.
Documents Needed to Apply For A Mortgage
- Two most recent pay stubs
- W-2s for the last two years
- Federal income tax returns for the last two years
- Last 2 month's bank statements
- Long-term debt information (credit cards, auto loans, installment debt, child support, etc)
Repairing Past Credit Problmes
Have you had situations in the past that have put blemishes on your credit? There are many reasons why credit problems occur. Some explanations are:
- You were a co-signer on a loan that wasn't paid on time
- You allowed someone else to use your credit cards
- You may have thought your spouse paid the bill
- You thought your insurance company was going to handle the payment
- You are divorced but your former spouse had credit problems
Some lenders will work with you to find a credit solution. They have special programs and financing options that allow you to get a mortgage even with minor credit blemishes. However, it is in your best interest to keep your credit report in good standing. Here are some helpful hints for your credit report:
- Never go over 90 days past due on any accounts
- Keep your credit card debt below 50% of your montly obligations
- If paying bills after the due date, always pay within the grace period
Mortgage Calculator (taxes should be figured at 2.2% of the purchase price)
Get pre-approved for a mortgage by filling in the form below:
* Indicates a Required Field.Contact Us
Buying A Home
Ft Lauderdale Real Estate
Condos For Sale Fort Lauderdale
Condos For Rent Fort Lauderdale
MLS Property Listings Fort Lauderdale