Portfolio Loans are Mortgage loans in which the lender keeps their portfolio instead of selling it to a third party. Unlike government-backed loans or conventional mortgage loans, a Portfolio Loan is generally a mortgage loan originated that is not being sold in the secondary market. A Portfolio Loan is easier to get for the borrowers, … Read more
A Subprime Mortgage Is a Home loan that allows individuals with a limited credit history, or subprime credit to purchase or refinance the loan. The Subprime Mortgage Loans have interest rates that are higher than the prime rate. These Mortgage Loans give borrowers with impaired credit a means to buy homes but with risks. A … Read more
A Non-Amortizing Loan is a type of Loan in which payments on the principal are made by lump sum. As a result, the value of the principal does not decrease at all over the life of the Loan. Non-amortizing loans typically have high-interest rates because these loans are unsecured. The Non-Amortizing Loans can be used … Read more
An Amortizing Loan is a type of credit that is repaid through periodic installment payments over the lifetime of a Loan. An Amortized Loan is a type of Mortgage Loan that requires the borrowers to make scheduled, periodic payments, which are applied to both principal and interest. An Amortizing Loan has fixed, periodic payments that … Read more
Non-conforming Loans are Mortgage loans that do not meet the guidelines of government-sponsored enterprises (GSE) such as the Fannie Mae and Freddie Mac and therefore cannot be resold to them. Some of the GSE guidelines are the maximum loan amount, suitable properties, down payment requirements, credit score requirements, and other factors. A Non-conforming Loan serves … Read more
A Conforming Loan is a Mortgage Loan that matches the criteria set by Freddie Mac and Fannie Mae and is within the limit provided by the Federal Housing Finance Agency. These Mortgage Loans are the most popular type of mortgage loans because they are typically cheaper than other types of mortgage loans and borrowers can … Read more
A USDA Loan is a home loan that is issued or guaranteed by the United States Department of Agriculture. The USDA Mortgage Loans gives aspiring rural homeowners a shot at homeownership with zero down payments mortgage for qualified borrowers. People who are living in rural areas and unable to qualify for conventional mortgage loans, then … Read more
A VA Loan is a mortgage loan that is available through the program developed by the United States Department of Veterans Affairs (VA). These Mortgage loans are only available to qualified borrowers as a part of their military benefits, generally, this includes active-duty service members, and veterans however in some cases spouses may be qualified. … Read more
The Federal Housing Administration or FHA Mortgage is a home loan that is insured by the government, issued by banks or other lenders, and approved by an agency. The FHA Mortgage Loans are government-backed mortgages with looser financial requirements that allow borrowers to purchase their dream home. The borrowers can qualify for the FHA Mortgage … Read more
A Reverse Mortgage is a type of home loan that allows homeowners ages above 62 years to borrow against their home’s equity. It is similar to a traditional mortgage and allows homeowners to borrow money using their home as security for the Loan. however, unlike the traditional mortgage, with the reverse mortgage loans the borrowers … Read more