More useful mortgage related info

Mortgage and Lending with All Pro Real Estate & Mortgage Inc.

October 07, 2006 12:19 PM

Stated Income Programs
	Don't need to verify income Faster approval	Higher rates Higher down payment
No point, No fee Programs
	No closing costs Less money required to close	Higher rates Higher payments
Imperfect Credit Programs
	Potential for re-establishing credit if you pay your mortgage on time When used for debt consolidation, you may be able to reduce your monthly debt payment	Higher rates Terms may not be as favorable Harder to get long term fixed loans Loans may have prepayment penalties
Home Equity Line of Credit
	You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible	Rates can change. The maximum interest rate is normally high Payments can change Harder to refinance your first mortgage
Home Equity Fixed Loan
	Fixed payments Interest may be tax deductible	Higher interest rates than on 1^st mortgages Harder to refinance your first mortgage

Comments (2)
Subscribe to Comments Comment

Sort:

Fred Griffin Florida Real Estate

Fred Griffin Real Estate - Tallahassee, FL

Licensed Florida Real Estate Broker

We invite you back to ActiveRain in 2016!

Jun 07, 2016 12:20 PM

Jun 07, 2016 12:21 PM