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Different Kinds of Mortgage Loans
from:A lot of people often take out mortgage loans to help them pay for houses that they wish to own. While the primary use of a mortgage loan is indeed to help with the payment of a house, there are other reasons why people take out these loans. There are a few distinct types of mortgage loans for different uses, needs and situations. Here are some of the more common types of mortgage loans and what you can expect of them.
Fixed Rate Mortgages
This is the most common among mortgage loans available to borrowers. With this kind of mortgage, the lender and the borrower will agree on a fixed monthly rate, interest included, which is to be paid over a certain period of time. The advantage of choosing this kind of mortgage loan is that you don't have to worry about fluctuating interest rates and the rise and fall of the real estate market. However, some people do not find this kind of mortgage loan appealing, because the interest rate is usually pretty high compared to other types of mortgage loans. Another concern that people have with this kind of mortgage is that they cannot benefit from falling interest rates because the rate is fixed. Fixed rate mortgage loans are ideal for those who do not wish to go through the hassle of having to compute their payments every month.
Adjustable Rate Mortgage or ARM
When you talk about Adjustable Rate Mortgage, you are essentially talking about mortgage loans that rise and fall with the real estate market. This kind of mortgage loan can be beneficial to the borrower when interest rates fall, but it can also be a problem if the real estate situation in your area show signs of going up. Adjustable rate mortgage loans are a good option for those who are living in areas that are showing decline in interest rates, as well as those who are seeing a rise in their incomes. One reason why people choose this kind of loan is because the initial interest rate is usually lower compared to other types of mortgage loans.
Balloon Mortgage
The term “balloon” refers to a large amount of payment that is made towards a mortgage loan. The balloon mortgage loan is the ideal option if you want to shorten the repayment period for your loan. This type of loan actually works like a fixed rate loan in the beginning, but it requires you to pay off the balance in a large sum at the end of the loan term.
Mortgage Loans Processor Specific links
Mortgage Loans Processor News
Missouri files charges against mortgage processor - CBS News
 Kansas City Star | Missouri files charges against mortgage processor CBS News Koster joins his counterparts in states such as Massachusetts, which has sued five major banks over deceptive foreclosure practices; Nevada, which recently sued Lender Processing Services, a DocX holding company based in Jacksonville, Fla.; ... Robo-Signing Forgery Charge Hits First Top Executive In Financial Crisis Missouri AG Chris Koster Files Criminal Charges Against Foreclosure Fraud ... Mortgage processor Docx indicted in Missouri on forgery charges |
Mortgage Frauds Were All in the Family - Courthouse News Service
Mortgage Frauds Were All in the Family Courthouse News Service Alexander was president and CEO of American Family Mortgage in Dallas. Blake Alexander, 27, of Lafayette, La., pleaded guilty in August to conspiracy to make a false statement to a financial institution. He worked at AFM as a loan processor. Family Members Sentenced in Mortgage Fraud Case That Caused a $1.3 Million ... |
Bunnell Promoted to Loan Officer at Union Bank - 4-traders (press release)
Bunnell Promoted to Loan Officer at Union Bank 4-traders (press release) Bunnell will be responsible for originating, processing, closing and servicing consumer mortgage and installment loans. Bunnell previously worked in various positions at the Bank including Retail Loan Assistant, Loan Processor and Teller Float. |
Lafayette man sentenced in mortgage fraud scheme - The Daily Advertiser
Lafayette man sentenced in mortgage fraud scheme The Daily Advertiser He had worked as a loan processor for American Family Mortgage. His uncle was president and CEO of American Family Mortgage in Dallas and pleaded guilty in November to one count of mail fraud. The scheme involved 48 properties in the Dallas/Fort Worth ... |
BofA Tumbles to 5.6% Share of Mortgages - Bloomberg
 Bloomberg | BofA Tumbles to 5.6% Share of Mortgages Bloomberg Apart from the San Francisco-based bank, smaller firms will increase loans the fastest, including Minneapolis-based US Bancorp (USB), BB&T Corp. (BBT) of Winston-Salem, North Carolina and PHH Corp. (PHH), the mortgage processor based in Mount Laurel, ... BofA Tumbles to 5.6% Share of Mortgages as Wells Fargo Dominates |