| Kastle Mortgage helps you find the loan that's right for you, even if you have less than perfect credit. No one makes it easier than the mortgage experts at Kastle Mortgage. |
| Bad Credit Mortgage |
| Home Equity Line of Credit |
| Apply Now |
| Home Improvements |
| First Time Home Buyer |
| Refinancing |
| Second Mortgage |
Types of Mortgages
| Fixed Rate Mortgages |
| 30 year fixed, 15 year fixed |
| Adjustable Rate Mortgages |
|
10/1 ARM, 7/1 ARM, 5/1 ARM, 3/1 ARM, 1 year
ARM, 6 month ARM, 1 month ARM An adjustable rate mortgage (often called an "ARM") offers a fixed initial interest rate and a fixed initial monthly payment. After the initial period is over, the rate and term of the mortgage can be modified at predetermined times under the agreement to reflect the current market mortgage rates. |
| Balloon Mortgages |
| 7 year, 5 year |
| Jumbo Mortgages |
| to 10 Million Super Jumbo / Nonconforming 3/1, 5/1 and 7/1 ARM Rates Index: 1 year Libor |
| Home Equity Loan |
| Typically used by homeowners to borrow some of the equity they have built up in their homes. They usually involve a "floating" or adjustable rate of interest and are amortized over a period of years. |
| Reverse Mortgages |
| Reverse mortgages - a special type of home loan - are becoming popular in America. |
| Balloon Mortgage |
| FHA Mortgages |
| An FHA mortgage
is a conventional mortgage which is insured in whole or in part by the
Federal Housing Administration. The FHA which is part of the U.S. Dept. of Housing and Urban Development (HUD), administers various mortgage loan programs. FHA loans have lower down payment requirements and are easier to qualify than conventional loans. |
| VA Mortgage |
| VA loans are guaranteed by U.S. Dept. of Veterans Affairs. The guaranty allows veterans and service persons to obtain home loans with favorable loan terms, usually without a down payment. In addition, it is easier to qualify for a VA loan than a conventional loan. |
| RHS Loan Programs |
| The Rural Housing Service (RHS) of the U.S. Dept. of Agriculture guarantees loans for rural residents with minimal closing costs and no down payment. Visit our page RHS programs for details. |
| Conventional Mortgages |
| With a conventional mortgage, the lender obtains a lien or defeasible legal title to the property in return for the payment of the amount of money lent. |
| Purchase Money Mortgage |
| A purchase money mortgage is one that is given to secure the loan which is used to buy the property. A first (senior) mortgage on the property has priority over any second or subsequent (junior) mortgages on the property; the senior lender has a more secure interest in the event of a default since the senior obligations are paid first in the event of foreclosure and sale. |
| Conforming Loans |
| Conventional
loans may be conforming and non-conforming. Conforming loans have terms
and conditions that follow the guidelines set forth by
Fannie Mae and
Freddie Mac. These two
stockholder-owned corporations purchase mortgage loans complying with
the guidelines from mortgage lending institutions, packages the
mortgages into securities and sell the securities to investors. By doing
so, Fannie Mae and Freddie Mac, like Ginnie Mae, provide a continuous
flow of affordable funds for home financing that results in the
availability of mortgage credit for Americans. Fannie Mae and Freddie Mac guidelines establish the maximum loan amount, borrower credit and income requirements, down payment, and suitable properties. Fannie Mae and Freddie Mac announces new loan limits every year. |
| B-C-D Loans |
| Loans that do not meet the borrower credit requirements of Fannie Mae and Freddie Mac are called 'B', 'C' and 'D' paper loans vs. 'A' paper conforming loans. B/C loans are offered to borrowers that may have recently filed for bankruptcy, foreclosure, or have had late payments on their credit reports. Their purpose is to offer temporary financing to these applicants until they can qualify for conforming "A" financing. The interest rates and programs vary, based upon many factors of the borrower's financial situation and credit history. |
| Negatively Amortizing Loans |
| Some types of ARMs offer payment caps rather than interest rate caps, which limit the amount the monthly payment can increase. If a loan has payment cap but has no periodic interest rate cap, then the loan may become negatively amortized: if the interest rates rise to the point that the monthly mortgage payment does not cover the interest due, any unpaid interest will get added to the loan balance, so the loan balance increases. However, you always have the option to pay the minimum monthly payment, or the fully amortized amount due. |
| Hybrid Loans: Two Step, Fixed Period ARMs |
| Hybrid loans, a combination of fixed and ARM loans, come in different varieties: Fixed-period ARMs, Two-Step Mortgage, Convertible ARMs, Graduated Payment Mortgages (GPMs), Buydown Mortgage |
| See also First Time Buyer Programs, Stated Income Programs, No point, No fee Programs, Imperfect Credit Programs, Home Equity Line of Credit |
| Kastle Mortgage helps you find the loan that's right for you, even if you have less than perfect credit. No one makes it easier than the mortgage experts at Kastle Mortgage. |
| Bad Credit Mortgage - Home Loans for people with bad credit |
| Home Equity Line of Credit - Apply for a home equity line of credit today! |
| Apply Now - Applying for a loan or getting more information is easy. |
| Home Improvements - Improve your home, build more equity in your home. |
| First Time Home Buyer - Apply for your new home loan now! |
| Refinancing - Find out if now is the right time to refinance! |
| Second Mortgage - Second mortgage loans by Kastle Mortgage |
