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Legal Disclaimer
Mortgage scenarios
described on this
website may reflect
interest-only,
adjustable rate
mortgages, in addition
to other conforming loan
products. Lenders in our
network may determine
the lowest rate
available to you based
on individual variables
including, but not
limited to, self-stated
credit rating,
collateral, and ability
to repay.
Explaining Refinance
Loans
Refinancing is the
process of renegotiating
your existing mortgage
agreement. This process
may include increasing
or decreasing the
principal or paying out
the mortgage in full,
depending on the terms
of the loan. Renewal at
the end of a mortgage
term, the mortgage may
"roll over" on new terms
and conditions
acceptable to both the
lender and the borrower.
This is known as
renewing a mortgage. If
satisfactory terms
cannot be agreed upon,
the lender is usually
entitled to be repaid in
full. In this case, the
borrower may seek
alternative financing.
Explaining Home Equity
Loans
Home Equity loans are
sometimes referred to as
a second mortgage or
borrowing against your
home. The loan allows
you to tap into your
home's built-up equity,
which is the difference
between the amount your
home could be sold for,
and the amount that you
still owe. Homeowners
often use a home-equity
loan for home
improvements, to pay for
a new car, or to finance
their child's college
education. A home-equity
loan is a good way to
borrow money.
Explaining Purchase
Loans
A purchase loan is a
loan for a new property.
Borrowers may or may not
have an existing home or
property in order to
qualify for a new home
loan. Usually lenders
will ask for collateral
in the form of a down
payment or other assets
in order to qualify for
a new home loan. Credit
worthiness usually an
important factor when
determining eligibility
for a Purchase loan.
Credit Importance
You do not have to have
good or excellent credit
to qualify for a loan.
Participating lenders
may qualify you for a
loan based on many
independent variables,
one of which is credit.
However, having better
credit will typically
give you access to a
greater selection of
loan products from a
given lender.
This is a Free service
This website is a free,
no-obligation service.
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