Beyond the Standard 30-Year Mortgage
In today's home financing market, there's no such thing as a one-size-fits-all home mortgage. This course walks you through your alternatives to the standard 30-year, fixed-rate mortgage. You'll learn what an ARM is, then learn about the different types of ARMs, and how they compare to fixed-rate mortgages. Then you'll explore the features and benefits of piggyback loans, interest-only loans, and "Power Option ARMs," or option ARMs. You'll also take a look at mortgages that use alternate forms of documentation, such as stated-income, stated-asset, and "no-income/no-asset" loans.
Next Session
Jul 6, 2007 - Aug 2, 2007
You can enroll at any time!
Instructor(s)
Bill Holleman
Bill Holleman, a native Texan, is a senior mortgage loan consultant for a Texas-based mortgage lender. As a mentor in his branch, he helps other loan officers understand the ever-changing climate of the mortgage industry. Bill stays on top of new developments in every aspect of the industry, from technology to the newest underwriting guidelines. He constantly strives to exceed his customers' expectations through his "goals-based" approach in finding the best loan program to meet their needs.
What You'll Learn
- Find out about the various types of ARMs (adjustable rate mortgages) and whether they might be right for you
- Explore the features and benefits of piggyback loans
- Learn the ins and outs of interest-only loans
- Take a look at stated-income loans, stated-asset loans, no-income/no-asset loans, and other ways to finance your purchase
Lessons
Lesson 1: What ARMs Have to Offer
This first lesson explains what an ARM is, then describes the different types of ARMs, and why you might or might not want to get an ARM as opposed to a fixed-rate mortgage.
Lesson 2: Is a Piggyback Loan Right For You?
With a piggyback loan, you take out two loans on the same house to avoid private mortgage insurance (PMI), or avoid the jumbo loan limit. Is this type of loan right for you?
Lesson 3: Interest-Only Loans, Stated-Income Loans, and Other Ways to Finance Your Purchase
In this lesson, we'll cover alternate forms of financing. You'll learn about interest-only loans and how they can work with piggyback loans. You'll also find out about various types of alternate/reduced documentation loans.
Prerequisites
- None.
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