Mortgage credits IN THE UNITED STATES
If you decide that the time has come to buy a house, and does not have the sufficient cash to pay in full, you must be a mortgage. In this process you will feel more secure if you understand how to operate the mortgages in the United States. The good news is that it is not for nothing complicated.
What is a Mortgage Credit
in simple terms, a mortgage loan or a mortgage is a loan in which the house works as a guarantee. The bank or lender gives a significant amount of money which the borrower or buyer of the House will have to return, along with the interests and commissions in a given period of time. If the mortgage is not paid as agreed, the lender can take possession of the house placing on warranty.
Mortgage credit typically consists of 3 main elements:
master (main) - The total amount of money you are borrowing the lender (after your initial payment). It is the amount that should be returned to the lender and that will be a declining month to month as it is paying the mortgage on a monthly basis.
Interest (interest) - is a fee, usually a year, expressed as a percentage which defines the extra money that the lender charged for the loan. Normally the have the house as a guarantee makes the interest rate is lower than the general loans or personal.
Term (term)- The total time for which you take out the mortgage. At the end of this period the loan must have been canceled.
Types of Mortgage Credit in the United States
there are several types of mortgage loans available, and it is better for a buyer to take note of its financial situation and long-term plans. Some people planning to stay in a house for thirty years, while others make short-term investments to ascend in the scale of real estate.
Note that the interest rate (fixed or variable) is important, and next to the term of the loan, determines the total cost of the loan and the monthly fee.
And between the interest rates that we can offer we have:
fixed interest rate: the interest remains fixed and not vary throughout the life of the mortgage loan. That is to say, if you raise or lower the market interest rates, the interest of your mortgage and your monthly payments will not change. You can normally make loans of 15, 20, 30 or even 40 years. There is a long-term stability with the mortgages fixed interest especially for those who plan to stay in your home during a decade or more.
Variable rate or adjustable rate (ARM: Adjustable Rate Mortgage): is subject to fluctuations in interest rates. It generally has an initial period where the rate is fixed, but then the rate is indexed, each year or each half year, depending on the behavior of interest rates on the market. The people who are seeking the lowest possible interest rate for a short time have in adjustable-rate mortgages an option to consider.
At the peak of the real estate boom recent, when lenders were trying to provide mortgages even to borrowers unskilled, began to offer loans ARM "creative" with shorter periods of adjustment (even monthly), offering tempting initial rates, but without a limit for the subsequent increases of these rates.
Where to get a mortgage loan in the U.S.
as well as in the majority of countries, banks are those that traditionally offer mortgage loans. But banks are not the only source of the mortgages, credit unions, some pension funds and several government agencies also offer mortgages.
You can start by requesting a mortgage in the bank that used to your checking account and savings. It is advisable to compare the supply of mortgage loan of several banks to choose the best interest rates and deadlines.
If you do not have the time to go to several banks, you can work with a corridor of mortgage (mortgage broker). These work with several banks or financial institutions that offer mortgages. Even if you are working with a mortgage broker, it is recommended that you also do a search by your side of some mortgage alternatives.
FHA Loans
The Federal Housing Administration (FHA), does not lend money directly