Loans
There are many types of loans and many reasons for getting them. Here we will look at Purchase Money, Refinance, Second Mortgage, and Equity Lines. I will briefly describe each of these. For a much more in depth understanding on how these work and what they are, I recommend that you check out the e-book on mortgages here.
Purchase Money Mortgages
As the name suggests this is Money you use to buy new house. Even here there are several types of purchase money mortgages. You can get an FHA loan, 80/20, and one of many other choices. The important thing is that you work with someone you can trust and you get unbeatable terms. You want to check your Interest rate, term, and NEVER EVER pay PMI!
For a more in depth discussion you will need to get the book on mortgages. But I recommend you work with some of the Lenders below and send me an email if you ever have any questions about the process of getting a loan and what is right for you. Subscribe to my newsletter free and you will get the answers to other people’s questions as well.
Refinance
Commonly called a “refi” in the mortgage industry this can be an excellent opportunity for someone to save a large amount of cash over a period of time. In fact every day you wait to check it out, could be costing you money! In fact I recommend you visit Lower My Bills right now. You will fill out a brief and generic form, you can get a free, customized proposal showing you exactly how much money you can save monthly and over the next several years. Why bother? How about because every single day you wait could be costing you money!
Second Mortgages
A second Mortgage is literally that. It is a second mortgage you take out on your house in addition to the first mortgage. People do this to get cash out of the value of their home. This is generally not something I recommend, because in most cases, you can do the same thing alot cheaper by simply refinancing your first mortgage. If your home is worth $100,000 and you owe $80,000 with a monthly payment of $500, you can get a second mortgage for $20,000 and pay an addition $300 per month. On the other hand, you could just refinance for $100,000 with a payment of 6 or 7 hundred. There are some good reasons to do this. I let people know their options in my newsletter. Subscribe now.
Equity Lines
An equity line is a loan you can take out on the equity in your home. Whatever value your house is above what you owe, you can borrow at any time. There are some good reasons to do this. You could use the cash to pay for a car and possibly write off the expenses on your taxes. You can get cash to make home improvements right before selling your house for a higher value.
Home equity loans go for lots of different rates and monthly payments. For something like this you really need to do your homework. This will take you about 10 minutes. Lots of hard work isn’t it? Click each of the following links (they will open in separate windows) Fill out the information requested and within a week you should have four different offers sitting on you desk. Remember this lesson! Always play loan companies against each other!
Follow each link to accomplish this.
I have shown you a handful of ways to save money and briefly explained these types of loans. If you would like to know more about how to go about getting a loan, you should get the book. You will learn step by step how to go about getting the best loan for you.
Please feel free to contact me anytime, I am always looking for more content my my newsletters. Dont worry I won’t use your name
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