Types Of Mortgage Loan

Claire Said:

Can anyone tell me what type of mortgage loan this is called?

We Answered:

Unlikely. Unless the seller is providing the $125,000 financing, you'll have to reveal the purchase to the lender and tell him you want money out. Then the property will have to be appraised by the lender's appraiser for $210,000 to allow you an 80% loan. That will pay off the $125,000 and leave you enough to do what you wish.

Rick Said:

what is the difference between Alt B type mortgage loan and other types of mortgage loan?

We Answered:

I am not really sure of your question..But if your asking what the difference between "A" loans and "B and C" loans are...Then it is the credit of the borrower.."A" loans usually have a little better rates and terms due the borrower proving good credit history.."B and C" loans are usually a bit more risky for the lender so they will charge the buyer a higher interest rate and perhaps less favorable terms..If you are getting a "B" loan make sure you understand the terms...OR you may regret it later..

Francisco Said:

What type of mortgage loan has a provision that says if rates fall to 4.5%, you automatically get that rate?

We Answered:

fixed rate loans never change their rate - only adjustable rates and they can adjust upwards also

Luis Said:

What type of mortgage loan can we expect?

We Answered:

Average does not matter. Some lenders look at the lowest, some the mid. Your spouse's scores are bad, only just good enough for an FHA loan. Yours are better but not great. Really, you need scores over 700. You should wait until your scores are better.

Irene Said:

What is the best type of mortgage loan for the lowest monthly payment?

We Answered:

obviously you haven't been watching or reading about the mortgage meltdown. 30 year fixed and certain lenders will ignore the rip off PMI crap. Shop around but insist on 30 year fixed.

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