Mortgages and Home
Loans
How much you can afford?
Take some time to figure out
how much of a mortgage you can afford. Usually, a lender
will want your monthly mortgage payment to total no more
than 28 percent of your monthly gross income (income
before taxes) You need to consider current loan interest
rates. The lower the interest rate, the more expensive the
home you'll be able to afford.
Mortgage Pre Qualifications versus Pre
Approvals
Pre Approvals - Getting a
loan pre-approval prior to house hunting can put that
buyer in a powerful position. Pre-approval is comprised of
documents that certify income/s, debts, and credit
history. In addition, it tells real estate professionals,
home builders and the seller that the buyer/s have the
ability to buy a home.
The pre-approval process is identical to the loan
application process except that the buyer hasn’t
identified a property. Many lending companies will process
the pre-approval free of charge to the potential home
buyer. Other companies charge for the credit report and
some charge an application fee.
ITIN HOME LOANS
- About ITIN Home Loans
ITIN LOANS
30 Yr Fixed Rate
Interest Mortgages
Fixed-rate interest only
mortgages are skyrocketing. These loans, in which the
borrower pays nothing toward the principal and can feel
confident the payment will remain level, typically for the
first 10 or 15 years, were virtually unknown two years
ago. They now account for 8 percent of all new residential
mortgages, according to UBS AG, a financial services firm.
The downside for buyers is that they build no equity in
the property beyond its increasing value. And the monthly
payment will rise precipitously once a borrower begins
repaying principal.
Option Interest Only Mortgage Programs
Sophisticated investors
often favor the financial flexibility—and added cash
flow—that come from a mortgage with an initial
interest-only period.
Those seeking refreshing alternatives will be pleased to
learn about Chase’s new fixed-rate, interest-only loans*,
which are 30-year fixed-rate mortgages featuring
interest-only terms for the first 10 years.
Innovative home financing solutions, like the Chase
interest-only fixed-rate mortgage, will be a defining
force in the new housing market. 2006 will be a year of
great opportunity for those companies that are up to the
challenge. RE
*All loans are subject to credit and property approval.
Program terms and conditions are subject to change without
notice. Not all products are available in all states or
for all loan amounts. Chase is an equal housing lender.
