What is an FHA Loan? Complete Guide to FHA Loans, Zillow, fha mortgage loans.#Fha #mortgage


What is an FHA Loan? – The Complete Consumer Guide

In this article:

An FHA loan is a mortgage that’s insured by the Federal Housing Administration (FHA). They are popular especially among first time home buyers because they allow down payments of 3.5% for credit scores of 580+. However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults.

Borrowers can qualify for an FHA loan with a down payment as little as 3.5% for a credit score of 580 or higher. The borrower s credit score can be between 500 579 if a 10% down payment is made. It s important to remember though, that the lower the credit score, the higher the interest borrowers will receive.

The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable for people with less than stellar credit or a low down payment. Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.

FHA Loan Requirements

For borrowers interested in buying a home with an FHA loan with the low down payment amount of 3.5%, applicants must have a minimum FICO score of 580 to qualify. However, having a credit score that’s lower than 580 doesn’t necessarily exclude you from FHA loan eligibility. You just need to have a minimum down payment of 10%.

The credit score and down payment amounts are just two of the requirements of FHA loans. Here’s a complete list of FHA loan requirements, which are set by the Federal Housing Authority:

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money can be gifted by a family member.
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers back-end ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent. FHA-qualified lenders will use a case-by-case basis to determine an applicants credit worthiness.
  • Typically borrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made if you are out of bankruptcy for more than one year if there were extenuating circumstances beyond your control that caused the bankruptcy and you ve managed your money in a responsible manner.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit. Exceptions can be made if there were extenuating circumstances and you ve improved your credit. If you were unable to sell your home because you had to move to a new area, this does not qualify as an exception to the three-year foreclosure guideline.
  • The property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).

See today s rates for FHA loans on Zillow Fha mortgage loans

Benefits of FHA Loans: Low Down Payments and Less Strict Credit Score Requirements

Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. For FHA loans, down payment of 3.5 percent is required for maximum financing. Borrowers with credit scores as low as 500 can qualify for an FHA loan.

Borrowers who cannot afford a 20 percent down payment, have a lower credit score, or can’t get approved for private mortgage insurance should look into whether an FHA loan is the best option for their personal scenario.

Another advantage of an FHA loan it is an assumable mortgage which means if you want to sell your home, the buyer can “assume” the loan you have. People who have low or bad credit, have undergone a bankruptcy or have been foreclosed upon may be able to still qualify for an FHA loan.

Mortgage Insurance is Required for an FHA Loan

You knew there had to be a catch, and here it is: Because an FHA loan does not have the strict standards of a conventional loan, it requires two kinds of mortgage insurance premiums: one is paid in full upfront -– or, it can be financed into the mortgage –- and the other is a monthly payment. Also, FHA loans require that the house meet certain conditions and must be appraised by an FHA-approved appraiser.

Upfront mortgage insurance premium (UFMIP) — Appropriately named, this is a one-time upfront monthly premium payment, which means borrowers will pay a premium of 1.75% of the home loan, regardless of their credit score. Example: $300,000 loan x 1.75% = $5,250. This sum can be paid upfront at closing as part of the settlement charges or can be rolled into the mortgage.

Annual MIP (charged monthly) — Called an annual premium, this is actually a monthly charge that will be figured into your mortgage payment. The amount of the mortgage insurance premium is a percentage of the loan amount, based on the borrower s loan-to-value (LTV) ratio, loan size, and length of loan:


Current Mortgage Rates Today – View The Best Mortgage Rates, best mortgage loans.#Best #mortgage #loans


Current Mortgage Rates Today

Current Mortgage Rates – Mortgage Rates Today

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Mortgage 101: A Mortgage Resource Guide

This guide will help first-time home buyers and seasoned veterans get the information they need to make the correct financial decision regarding their mortgage. Our goal is to provide information and resources for everything you need to know about the mortgage process. Whether you are shopping for your first home or you are already established in a existing home, this page can be your guide. Take the necessary steps to make purchasing your first home or maintaining your existing home a seamless [Read More. ]

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Up until not long ago mortgage rates used to be very low, close to the lowest they have ever been. Rates have decreased to near record lows due to the recent housing market crash, which affected both homeowners and mortgage lenders. While millions of people have lost their [Read More. ]

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Could a 10 Year Mortgage Rate Be Your Best Mortgage Option?

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How the Current Government Shutdown is Affecting FHA Mortgages

The housing market has been recovering steadily lately, but the current government shutdown may interfere with that progress. For the first time in 17 years, the government has partially shut down. Besides other important implications, this shutdown could affect people who [Read More. ]

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Bad Credit Home Loans Are They Possible With Today s Stiffer Regulations?

There are many reasons for having a bad credit score, and you might be wondering if you are still able to buy a home, despite your shortcomings. The truth is that there are no rules set in stone when it comes to bad credit home loans. Some lenders may be more lenient than [Read More. ]

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What is this Difference Between a Home Equity Line of Credit vs Home Equity Loan

When buying a home with a mortgage loan, both you and your lender own parts of the home. The part of the home that you own is represented by the equity which builds up each time you make a payment. Having equity in your home allows you to take out a house equity loan by [Read More. ]

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Texas Commercial Mortgage – Apartment Loans Houston TX, commercial mortgage loans.#Commercial #mortgage #loans


commercial mortgage loans

Texas Commercial Mortgage is a national commercial mortgage banking firm specializing in commercial real estate loans, multifamily lending, apartment loans, consultation, and advisory services. The company’s primary service is sourcing and originating first lien (senior) mortgages for developers, owners and investors looking to refinance or for those in need of acquisition financing. Finding the right loan for your property which includes procuring the highest amount of leverage at the lowest interest rate is what Texas Commercial Mortgage does best. The commercial real estate lending industry is profoundly fragmented and complex with new and old participants entering and exiting the market on any given day. Because of our expertise, exceptional knowledge and daily interaction with local and national lenders you can be assured that Texas Commercial Mortgage will procure the most creative and most competitive loan terms available in the market.

Commercial Loans and Mortgage Banking

Professional Services

Searching for a commercial real estate loan and dealing directly with a bank or lender can be an unpleasant experience and extremely frustrating, therefore it is often prudent for a property owner or investor to delegate this side of the transaction to an expert. Texas Commercial Mortgage is more than just a commercial mortgage banking firm or your average financial intermediary. We are committed to the highest level of service and believe that we have a fiduciary responsibility to place the borrower’s interest above the interests of the lender or anyone affiliated with our company.

In addition to apartment loans and multifamily financing, Texas Commercial Mortgage provides the following custom-tailored professional services:

  • Debt Equity Placement
  • Advisory Consultation
  • Financial Modeling Cash Flow Analysis
  • Real Estate Brokerage
  • Loan due diligence, underwriting and processing
  • Financial Transactional Analysis
  • Entity Partnership Structuring
  • Property Asset Valuation
  • Net Worth, Liquidity Credit Analysis
  • Expert Witness Testimony Litigation Settlement

Commercial mortgage loans


How To Compare Mortgage Loans Among Different Lenders? Compare Rates And Costs, compare mortgage loans.#Compare


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How to Compare Loans Among Different Lenders?

Points are an up-front fee paid to the lender at closing. Each point equals one percent of the loan amount. Points are charged, or paid, to lower or increase the rate on the loan. Most lenders will allow you to choose amongst a variety of rate and point combinations for the same loan product. Therefore, when comparing rates of different lenders, make sure you compare also the associated points.

Closing costs typically consist of loan related fees, title and escrow charges, government recording and transfer charges and can add thousands of dollars to the cost of your loan. When comparing lenders it is important to compare loan related fees (i.e. the fees which lenders charge to process, approve and make the mortgage loan), since the other fees are typically independent of the lender.

Secondly, when comparing loans of different lenders you need to thoroughly investigate and compare all loan features: maximum LTV, mortgage insurance payments (if any), credit and cash reserve requirements, qualifying ratios, etc. Pay special attention to the presence of prepayment penalties and the availability and terms of conversion options (such as rate reduction option, or option to convert an ARM to a fixed-rate mortgage).

Thirdly, for each loan you are comparing find out the lock-in period, during which the interest rate and points quoted to you will be guaranteed. Lock-ins of 30, 45 and 60 days are common. Some lenders may offer a lock-in for only a short period of time (15 days, for example). Usually, the longer the lock-in period, the higher the price of loan. The lock-in period should be long enough to allow for settlement before lock-in expires.

Finally, make sure that you are comparing the interest rates on the same day. Rates change daily, if not a couple of times a day.

So, what is the best way to compare loans among different lenders?

First of all when you compare different lenders you should compare loan products of the same type (e.g. 30-year fixed). It does not make sense to compare different types of loan programs (e.g. 30-year fixed vs. 15-year fixed, or fixed vs. adjustable).

To compare loan products of the same type among different lenders:

1. Fix all lenders at one interest rate and lock-in period.

You have to compare different lenders on the same rate (e.g. 6.5%) and lock-in period, otherwise you will be comparing apples and oranges.

Most lenders can offer you a variety of rate and point combinations for the same loan product and allow you to choose the lock-in period.

2. Add up the total lender fees for that rate including points and loan related fees.

There are a number of different fees paid in connection with loan, and some lenders have different names for them. One lender might offer to waive one fee and then add another one. So when comparing loans of different lenders you should look at the total sum of ALL loan related fees.

These fees can include processing and underwriting fee, mortgage insurance premium, appraisal fee, the cost of a credit report, tax service fee, application, commitment, wire transfer fee, etc. Points can include discount and origination points and have to be converted into dollar amounts.

3. The lender that has lower lender fees has a cheaper loan than the lender with higher fees.

For a loan amount of 200,000 on a 30 year fixed rate mortgage:

Lender A is offering you a rate of 6.375% with 0 points, 6.25% with 0.5 points, and 6.125% with 1 points. He also charges $450 in loan related fees.

Lender B offers you 6.25% on the same loan with 0.375 points, 6.125% with 0.875 points, and 6.000% with 1.375 points and charges $680 in loan related fees.

Both lenders are quoting rates on a 45 day lock. Which lender has the better deal?


Compare Finance Products, compare mortgage loans.#Compare #mortgage #loans


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Can t Pay Your Student Loans? The Government May Come After Your House: NPR Ed:


Can’t Pay Your Student Loans? The Government May Come After Your House

House loans

On Adriene McNally’s 49th birthday in January, she heard a knock on the door of her modest row-home in Northeast Philadelphia.

She was being served.

“They actually paid someone to come out and serve me papers on a Saturday afternoon,” she says.

The papers were from a government lawsuit that represents something more than just an unwelcome birthday gift — it’s an example of a program the federal government has brought to 19 cities around the country including Brooklyn, Detroit, Miami and Philadelphia: suing to recover unpaid student loans, like the ones McNally owes.

Every day, 3,000 people default on their federal student loans — and those lack of payments amount to an unpaid bill of $137 billion for the federal government. For decades, the government has tried to get borrowers to pay up by hiring debt collection agencies to call and send letters. But now the government is trying this new lawsuit strategy.

McNally filed for bankruptcy in 2006 and cleared out all her creditors — except for student loans, which are nearly impossible to get rid of in bankruptcy. As she and many others have found out, it’s not easy escaping federal student loan debt.

“Your whole body heats up with frustration,” McNally says. “I’m so frustrated over all this. It’s been so many years that they’ve been sending me mail and threatening me on the phone.”

In the last two years, more than 3,300 student loan borrowers have been sued after defaulting, according to the Department of Justice. In nearly every one of those suits, the borrower loses and the government wins.

What does the government win? A lien on the borrower’s assets — meaning that the debt is now attached to his or her most valuable belongings, like a home.

Jennifer Schultz, an attorney with Community Legal Services of Philadelphia, says that a lien traps a person, like house-handcuffs.

“I describe a lien as a kind of marker on the house,” Schultz says. “Any time a person tries to do a transaction involving their house — a new mortgage, a refinance, or if they try to sell it — they’re going to be expected to clear up any debt that’s attached to that house.”

The government has long been able to garnish wages, take income tax returns and divert Social Security and disability benefits. But targeting property is a way of applying even more pressure to get former students to pay up.

“It’s to try to awaken the avoider from their slumber,” says Drew Salaman, a debt-collection attorney in Philadelphia.

Salaman doesn’t work with student loans, but he’s familiar with debt avoidance. He says some of the borrowers are playing “catch me if you can.” These lawsuits ensure that people take responsibility for their debts.

“After all,” he says, “if we don’t have systems in place to recover debts, how can credit be extended?”

The end result of these suits — the liens — can be seriously threatening to borrowers. For many it’s a matter of housing preservation, says Joanna Darcus, an attorney on the student loan team at the National Consumer Law Center.

“For folks already living on the margins financially, the fear of losing that house can be palatable,” Darcus says.

Once a lien is in place, the government can force the sale of a former student’s home. That’s “exceedingly rare,” officials say, but it does sometimes happen.

The federal lawsuit program is expected to keep expanding, and with more than 8 million people currently behind on their federal student loans, it doesn’t look like the private firms will run out of work any time soon.


Good & Bad Credit Unsecured Personal Loans, Life House Financial, house loans.#House #loans


Good & Bad Credit Unsecured Personal Loans

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Unsecured Personal Loan Financing

If you are searching for a personal loan, with no collateral required, then an unsecured loan through our lender network may be just what you need. Unsecured personal loans, also known as signature loans, are heavily approved based on an individual’s credit history and ability to pay back the loan. Different than a secured personal loan, that requires a borrower to put up collateral for approval, unsecured loans rely solely on the borrower’s promise to pay back the loan. Because no collateral is required, the application process is quick, and money is normally available for use in a short period of time.

Even though credit is a major factor when it comes to obtaining an unsecured loan approval, there are some financing solutions for individuals with less than perfect credit. Unsecured loans come in all sizes, ranging from a few thousand dollars to tens of thousands of dollars. Standard terms on an unsecured installment loan vary, but are generally offered between twelve and sixty months.

If you are interested in obtaining a personal loan with no collateral required, Life House Financial can help match you with providers interested in competing for your business today. Our networks of banks, credit unions and other loan providers welcome individuals with all credit situations. More importantly, our loan and lender matching service is absolutely free. So don’t hesitate. Come see why others have trusted us over the years with their needs by getting started today.

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Good & Bad Credit Personal Loans, No Collateral Required

Whether you are interested in debt consolidation, a home improvement loan, or just need money to pay off regular bills, obtaining an unsecured loan can be tricky. Unsecured personal loans are heavily approved based on credit and your ability to pay back the loan. This means your current credit situation and DTI (debt to income ratio) will play a major role in the amount of money you receive, and at what interest rate.

In general, the better your credit score, the better your interest rate.

Additionally, the more income you can show in relation to your current debt obligations, the higher the loan amount you may receive.

Steps in Our Loan and Lender Matching Process

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  • Your job will be to review your option(s) and select the solution you feel most comfortable pursuing. As always, there is never any obligations to proceed if you are not satisfied with the outcome.

Because loan rates, terms and the total cost of the various lending options may vary, it’s important you read and fully understand all loan documents presented to you by the lender. You never want to accept a loan, without knowing the interest rate, monthly payment, and full cost of the loan, as well as, how the loan may potentially affect your credit history or financial situation.

Life House Financial’s Mission

Our mission at Life House is to save you time from having to shop around from bank to bank. We are also here to help you avoid the most common mistakes borrowers make when searching for unsecured financing. The information and services we provide are at absolutely no cost or obligation to you. You will never have to worry about being pressured or sold into accepting a loan.

Submit your information today by clicking get started below and one of our representatives will call to discuss your lending options, and can help you get matched to a lender within our network. We are standing by Monday – Friday, ready to discuss your options at no cost or obligation whatsoever. Give us a call today at 1-888-952-7280, or you can submit some basic information about your needs using our online form.

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ADVERTISING DISCLAIMER: The Operator of this website is not a lender and cannot guarantee you will be approved for a loan. This website offers a free service that will match the information you provide with a loan and/or financial solution or service from a company that appears to most closely match your needs. These companies include personal, business, installment, line of credit, and short-term loan providers, as well as other financial service providers (“Providers”). This website receives compensation from Providers in certain circumstances. This compensation may impact how and where products appear on this site, such as the order or placement. Our Providers do not represent all loan companies or all types of offers available in the marketplace. This website does not broker loans to a lender, is not an agent of or represent a lender in any other capacity other than as a referral source. This website does not make, fund or offer any specific loan or financial product. This website does not constitute an offer or solicitation to lend. This website does not charge for any service or product. This website does not endorse or recommend the products or services of Providers, and are not an agent or advisor to you or Providers. We do not validate or investigate the licensing, certification or other requirements and qualifications of Providers. It is your responsibility to investigate Providers. You acknowledge and agree that Providers are solely responsible for any services that they may provide to you and that we are not liable for any losses, costs, damages or claims in connection with, arising from, or related to, your use of Providers products and/or services. You should review each Providers terms and conditions to determine which loan is best for your personal financial situation. We highly encourage you to consult a qualified financial professional before making any type of financial decision. This service is not available in all areas within the United States. LifeHouseFunding.com is operated by Life House, 3 Executive Park Dr. Suite 201 Bedford, NH 03110 Phone: 1-888-952-7280.

*Displayed rates and terms located on this website are representative of a prime credit individual and are not typical of all applicants. The term, rate, and loan amount you qualify for will depend on your credit worthiness and personal financial situation.


Jumbo Loan Rates, Super Jumbo Mortgage, Foreign National Mortgage Loans, Full Doc Loans, jumbo mortgage


SPECIAL NICHE LOAN PROGRAMS

Stated (NO INCOME CHECK) Income/Verified Assets Loans

Purchase, Refinance (Cash out and No cash out)

1 4 Family, Condo, Coop (case by case)

NYC, Nassau, Suffolk, Westchester, NJ

70% to $417,000 (max cash out is $100,000)

Stated Income/Verified Assets. Must show 2 months bank statements and verify 6-12 months post closing reserves of Principal, Interest, Tax, and Insurance.

700 (can be 700)

Yes depending on the program

Jumbo mortgage loans

Purchase, Refinance (Cash out and No cash out)

Primary, Second Home, Investment

1 4 Family, Condo. Coop for Primary only

NYC, Nassau, Westchester

Maximum LTV Primary Maximum LTV Primary

Maximum LTV 2nd Home

Maximum LTV Investment

70% to $1,000,000 (Purchase and No cash out)

50% to $1,000,000 (for max cash out of $200,000)

65% to $750,000 (Purchase and No cash out only)

60% to $750,000 (Purchase and No cash out only)

High 4% to Mid 5%

1% in the first 12 months, waived in the event the property is sold

Self Employed or 1099 only

Type of Documentation for ALL occupancies:

– Borrower to submit 3 months most recent and consecutive business account statements.

– Borrower to submit 12 months most recent and consecutive personal account statements.

– Borrower to submit their most recent 30 day payroll checks (front/back) evidencing that these funds were drawn down on the business account. – CPA letter must be procured evidencing the following: length of self employment in current business, percentage of business ownership – minimum of 25% ownership required, length of time that the CPA prepared corporate tax returns on behalf of the borrower (minimum 2 year required), full and registered name of the business entity and the letter must be signed and dated by the CPA.

Jumbo mortgage loans

If a person need a jumbo loan, and he/she can verify income, assets, and have from 2 to 12 months of reserves for PITI (principal, interest, tax, and insurance), Great Northern Mortgage will arrange financing on the following terms:

Purchase, Refinance (Cash out and No cash out)

Primary, Second Home*

1 – 4 Family, Condo, Coop*

Maximum Loan to Value (LTV) Combined Loan to Value (CLTV)

90% to $800,000 (Primary, Purchase Refi)

85% to $1,500,000 (Primary, Purchase)

80% to $2,000,000 (Primary, Purchase Refi)

70% to $3,000,000 (Primary, Purchase)

65% to $5,000,000 (Primary, Purchase)

55% to $10,000,000 (Primary, Purchase)

Full Income/Full Assets

720 for Max LTV

*Occupancy (second home) and Type of Property (multifamily, condo, coop) may reduce LTV and loan amounts. Please call for details.

Jumbo mortgage loans

Great Northern Mortgage will arrange Foreign National Mortgage Loans on the following terms:

Purchase, Refinance (Cash out and No cash out)

Second Home, Investment Property

1 – 4 Family, Condo, Coop

5.5% – 6.5% – Second Home

7.25% – 8% – Investment Property (+.5% for Coop)

Different Portfolio Product

Loan to value can go up to 60%, with the max loan amount of $500,000. In this case the borrower must show 12 months PITI reserves and meet full documentation requirements indicated below. Expected rates are from 10% to 12%. Type of Transaction, Occupancy, Type of Property and Property State are the same as above.

* For all Non U.S. Citizens, income documentation will need to be translated and currencies must be converted to U.S. dollars.

Foreign Nationals, also known as Non-Resident Aliens, are individuals with foreign citizenship allowed to be in the country for personal or business purposes. They do not have “green cards” or other legal documents allowing them to work in the US. Banks will not lend to applicants with Diplomatic Immunity.

Permanent Resident Alien

Lawful permanent residents of the US that hold acceptable evidence of permanent residency issued by the INS, including : (A) INS Form I-551 Alien Registration Receipt “green card”, or I-751 with an unexpired date or (B) an Unexpired passport with an unexpired stamp reading “processed for I-551″. Temporary evidence of Lawful Admission for Permanent Residence. Valid until [date].” Employment Authorized”

Non-Permanent Resident Alien

Foreigners who live in the US on a temporary basis and have work visas. Documentation from the INS must verify that they are legally in this country and have work authorization. Acceptable documentation includes current passport with one of the following unexpired visas: E-1, E-2, H-1, L-1 or TN – NAFTA, if applicable. Note: Non-Permanent Resident Aliens with US Credit and a TN-NAFTA visa or no visa use Foreign National guidelines With US Credit .

Click HERE for more details on Foreign National Loans

Jumbo mortgage loans

Purchase, Refinance (No cash out only)

Primary, Second Home

1 2 Family, Condo

Full Income, Full Assets

Jumbo mortgage loans

Purchase, Refinance (Cash out and No cash out)

Investment Properties only

1 to 4 Family and Condominiums

NYC, Long Island, Westchester, Rockland and Northern NJ

75% to $1,500,000 (Purchase 1 Family and Condos) 70% to $1,500,000 (Refinance 1 Family and Condo) 75% to $1,750,000 (Purchase 2-4 Family)

70% to $1,750,000 (Purchase 2-4 Family)

Self-Employment Affidavit from CPA or attorney. Four months consecutive bank statements (personal) are required that shows monthly deposits sufficient to substantiate income stated. If using business bank statements, the bank can only use the amount paid for personal expenses as income and proof must be provided. Net worth of the applicant(s) must be equal to three to six times the annual income reported on Self-Employment Affidavit (can use net worth of the business, other properties, personal assets and so on). Post closing reserves are minimum 4 months.

Low 4% – Low 6% with 2 Points to Lender

Self Employed or 1099 only

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Commercial Loan Portal

to 750 Commercial Lenders

Commercial loans and commercial mortgage rates can be found inside this portal. This commercial mortgage portal allows you to apply to 750 commercial real estate lenders in just four minutes. You simply input your commercial loan request. The C-Loans System will then screen out all of the unsuitable commercial lenders and provide you with a list of 30 (or so) banks which are perfect for your particular commercial real estate loan request. You can then call these banks, life companies, conduits, REIT’s or hard money lenders directly or submit your commercial loan request electronically, six commercial lenders at a time. And C-Loans is free!

Ranked the most popular commercial mortgage portal by Home loans today

Home loans today

Commercial Loan Portal

to 750 Commercial Lenders

Commercial loans and commercial mortgage rates can be found inside this portal. This commercial mortgage portal allows you to apply to 750 commercial real estate lenders in just four minutes. You simply input your commercial loan request. The C-Loans System will then screen out all of the unsuitable commercial lenders and provide you with a list of 30 (or so) banks which are perfect for your particular commercial real estate loan request. You can then call these banks, life companies, conduits, REIT’s or hard money lenders directly or submit your commercial loan request electronically, six commercial lenders at a time. And C-Loans is free!

Home loans todayC-Loans Thanks: Alicia Gandy of Blackburne Sons Realty Capital Corporation

For Closing a $650,000 First Mortgage on a Strip Center in Tulsa, Oklahoma (More Info and Mini-App)

Home loans today

Commercial Loan Portal

to 750 Commercial Lenders

Commercial loans and commercial mortgage rates can be found inside this portal. This commercial mortgage portal allows you to apply to 750 commercial real estate lenders in just four minutes. You simply input your commercial loan request. The C-Loans System will then screen out all of the unsuitable commercial lenders and provide you with a list of 30 (or so) banks which are perfect for your particular commercial real estate loan request. You can then call these banks, life companies, conduits, REIT’s or hard money lenders directly or submit your commercial loan request electronically, six commercial lenders at a time. And C-Loans is free!

Home loans todayC-Loans Thanks: Vito Piche’ of

Red Star Commercial Funding

For closing a $250,000 First Mortgage

on a commercial building in Atlantic Beach, NY


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InterestOnlyLoans.com is the original resource for information on interest only loans mortgages in the nation. First-time homebuyers, seasoned real estate investors mortgage professionals use our site daily to find information on topics such as interest-only mortgage programs, the LIBOR Rate, the Prime Rate, the COFI Index, Option Arm Loans more. You can view common interest-only mortgage guidelines, find interest-only mortgage lenders, calculate interest only mortgage payments, understand the benefits risks interest-only loans have over traditional fixed rates and even view the current Fannie Mae loan limits for conforming, jumbo super jumbo mortgage loans.

An interest only loan does not mean you will never pay principal on a home loan. These mortgage programs simply have what’s known as an interest-only payment option attached to the note. In all cases the note will state how long your interest-only payments will last. Let’s use a 5 year interest-only loan for example. On a typical 5 year fixed rate under an interest-only program the interest rate is fixed for the first five (5) years of the loan term and your only obligation are interest-only payments during this term. During the beginning of the 6th year (month 61) the unpaid balance is fully amortized over the remaining term and the borrower is now obligated to make principal and interest payments to the lender. Think of it as taking a 25 year mortgage (principal interest payments) on an adjustable rate note tied to the then current interest rates.

LIBOR (an abbreviation for London Interbank Offered Rate ) is the interest rate offered by a specific group of London banks for U.S. dollar deposits of a stated maturity. The majority of interest-only loan programs are tied to the LIBOR index rate although some lenders use the CMT (treasury) and COFI indexes.

No, not for everybody. Interest-only loans are generally not long term loan programs. However interest only loans can provide a great option for many homebuyers such as:

Consumers who do not wish to tie up the equity in their home and would prefer to invest the money into markets of better return.

Consumers who are sure their income will grow but would like greater purchasing power today. For example, young lawyers doctors

Consumers who know the time frame for home ownership and are more concerned with lower payments than building equity.

Consumers purchasing investment property find interest only loans very valuable in areas where real estate appreciation is high.

This is not to say that an interest-only loan may not be right for you but every program has a certain profile of consumers that tend to show the majority of interest. If you think an interest-only loan can benefit your life it would be a good idea to contact a mortgage lender consult with your financial advisor to make the best decision for you and your family