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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Have you heard about or been interested in finding out more
about option one mortgage loans? They are becoming very popular,
but its important to understand how they work before you apply
for one. I will describe, in this article, an overview of the
most common type of option ARM mortgage loan or option one
mortgage loan.
How do they work? Option one mortgage loans are basically
interest only mortgage loans, except that the first year, you
pay only 1.25% of the interest on the loan. The remainder of the
interest that is accruing is being added to the loan amount. The
second year of the loan you pay more interest until gradually
you are paying either full interest only payments or fully
amortized payments (interest & principle). The reason the loans
are called option loans is because every time you have a payment
due, you have the option of paying the less than interest only
portion, interest only or a fully amortized payment. This option
would be good in a situation where your income is sporadic.
This mortgage loan type typically gives you 4 payment options in
every bill.
Here are your typical monthly payment options:
Option #1 – Pay a 15-Year fully amortized payment amount (p&i)
Option #2 – Pay a 30-Year fully amortized payment amount (p&i)
Option #3 – Pay the interest-only portion of the loan (Interest
Only)
Option #4 – Make a partial interest payment (1.25% - 1.95%
depending on your loan type) and defer paying the additional
interest to the total loan amount. (Deferred interest can be
counteracted by making bi-monthly payments and by property
appreciation)
This type of loan is good if you want to:
Wait a while to refinance again – If interest rates drop again,
so does your payment. If you want to accelerate your payments
and increase equity quick, pay more on your loan and it will be
applied to future payments & will be directly applied to the
principle balance. Will you want a 30-year loan? Keep the option
to pay your loan as a 30-year, 15-year, or interest only
payments.
Have an adjustable rate mortgage but want stability – This loan
has a payment cap. The interest rate on this loan is based on
the 12 month-MTA index, the most stable index of the 4 main
indexes (COFI, LIBOR, MTA & CMT). This index is always below
prime. The interest rate is based on the world economic markets
which have been steadily coming down over the last 3 years. This
loan has a 5-year fixed payment option as well.
Invest your payment savings in something else – This could open
up opportunities for you if you could invest in real estate, the
stock market or another investment when you use the extra
$500-1000+ a month you free up from your property payment. Pay
off debt with your payment savings – You can use the payment
savings to pay off other debt.
Have security and options in your mortgage loan – The main
benefit to this type of loan is the security of a mortgage
payment that you control. You decide at any time what kind of a
mortgage you want. If all goes well in your future, you have the
freedom to pay your 30 year loan into a 15 year loan without
even consulting another mortgage broker. Get more home for your
money – You can qualify for more home with these low payment
options.
Who Can Qualify? Qualifying for this loan is basically the same
as any other loan, it is based on credit, equity & assets, if
you are strong in 1 of these or 2 of these, you could probably
qualify and with lowest rate possible.
What if I want to take out a stated income loan? “Stated Income”
or “No income/assets” loans are possible with this Option One
Loan.
These are just general guidelines and information about this
type of loan. You will want to discuss all of these details with
your broker or lender before you actually complete the loan.
These factors may vary with each individual lender.
Many lenders do not offer their customers this type of loan. If
you are seeking an option one or option ARM loan, you will need
to talk to your broker about it or find a broker that can do
this type of loan.
About the author:
To see a list of recommended option one mortgage loan companies
online, visit this page: http://www.
abcloanguide.com/optiononeloans.shtml - Carrie Reeder is the
owner of ABC Loan Guide, an informational website with articles
and more about various types of loans.