Useful tips & advice
What loan products does YourHomeLoan.info offer?
We offer all conventional fixed-rate and adjustable-rate loans as well as FHA/VA, cash out loans and less than perfect credit loans.
What's the difference between a fixed-rate and an adjustable-rate mortgage?
With a fixed-rate mortgage, the interest rate is determined when you are approved for a mortgage and remains the same for the term of the loan. It can never go up. Adjustable-rate mortgages (ARMs) have a variable interest rate. Typically, the interest rate is lower the first year, then increases or decreases at predetermined, agreed-upon intervals. Which is best for you? Use the Fixed-Rate versus ARM Calculator to determine which is to your best advantage.
What are points?
A point is 1 percent of the loan amount. For example: if a lender charges 2 points on a $200,000 loan, you will pay $4,000 for points. Sometimes it is advantageous to pay higher points in order to get a lower interest rate. You will pay for the points at the time of closing but you can generally deduct the cost of points as interest on your income tax return.
What is PMI?
Lenders require Private Mortgage Insurance (PMI) when a borrower makes less than a 20% down payment on the home being purchased. PMI protects the lender from loss if the borrower fails to make mortgage payments. The good news is the borrower is usually relieved from paying PMI once the equity in the home exceeds 20%.