Mortgage Information 

Getting The Best Mortgage With Bad Credit Or Great Credit 

Get The Best Home Loan For You!  Not Your Bank!
Home Owner Loans for your dream home Banks are greedy and they are only after you for one thing profit!

Don't think by shopping one lender that you are receiving the best home loan.

ABOUT THIS MORTGAGE INFORMATION WEBSITE:

This website is designed to help you be knowledgeable when obtaining a home loan.

When obtaining a home mortgage loan the first thing you

must do is decide which type of home mortgage you want?

	40 Year Fixed Home Mortgage
	30 Year Fixed Home Mortgage
	15 Year Fixed Home Mortgage
	10 Year Fixed Home Mortgage
	5 Year ARM Home Mortgage
	3 Year Arm Home Mortgage
	Bad Credit Loan / Poor Credit Loan / Adverse Credit
	Remortgage / Refinance
	Interest Only Loan

Here's a brief description of each one:

40 Year Fixed Mortgage - This home loan is amortized out over 40 years.  Amortized loan is the payments (principal and Interest) is paid off after so many years.  Google definitions has a few different explanations for mortgage amortization.  40 year loan???  Nope again if you need this to get in that house stop and think twice.  You are spreading yourself way to thin on left over money after paying your monthly payment.

30 Year Fixed Mortgage - This home mortgage is amortized out over 30 years.  In my years of experience you should only get the 30 Year Fixed loan.  Especially with interest rates being so low.  The only way I would even think of taking an arm loan out is if the interest rate is in the double digits.

15 Year Fixed Mortgage - This home mortgage is paid off over 15 years or 180 payments.  The person who wants to be debt free would pick a 15 year loan.  You might be saying well I want a 15 year loan that way I will pay off my house sooner and get a lower rate.  The reason I don't like the 15 year loan is it has a much higher payment.  What happens if you lose you job and have to accept a lower paying job?  There is an added expense each month i.e. medical, car or some other disastrous event?  After one of these occur you won't be able to refinance your loan to get the lower payment.  Plus your argument is I can pay it off sooner well guess what.  Make the payment like you have a 15 year loan.  Just pay extra each month on your mortgage payment.  Yes the interest rate is lower on a 15 year loan but the interest is also tax deductible.  I just don't think the slightly lower rate on the 15 year loan is worth the risk.

10 Year Fixed Mortgage - This mortgage is paid off in 10 years only 120 payments.  Only the person who is serious about being debt free quickly should pick this loan.

5 Year ARM Loan - ARM stands for adjustable rate mortgage which means in a 5 year ARM the interest rate will stay fixed for the first five years and start adjusting every year after that.  The bad thing is if you think you have a chance of you payments going down in five years you are wrong.  The payments on the type of loan never go down they just go up,

Bad Credit Loan - Also known as poor credit loan and adverse credit home loan.  In the mortgage industry language these can be called B paper or sub prime home loans.

Remortgage / Refinance - People will usually do this when looking to get a lower interest rate to lower their monthly payments.  Remortgage is a term more widely used in the United Kingdom, while refinance is used in the United States.

Interest Only Loan - 99% of people will never use this type of mortgage and should be avoided in my opinion at all costs.  There are rare circumstance where this type of home loan would be used.  This type of home loan should not be used to qualify yourself for a bigger house than you can afford!  This type of loan should only be used for the person who can use the monthly payments to put themselves in a better financial position than paying down the principal on their home.  If you need a interest only home loan where you only pay the interest the first few years and no principal then you don't need to be buying the house.  People who get this type of loan are only spreading themselves to thin.

Have you ever heard the term they are house poor?  That means their monthly house payments are eating up to much of their monthly income.

30 year loan has been around for a lot longer than these other dangerous hybrid home loans.  That is because the 30 year is the safest and most sensible way to go with a home mortgage.

Told you would narrow it down and keep is simple for you.  Now for your 30 year loan you just have to pick if your needing a purchase mortgage or needing a mortgage refinance program