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A Complete Guide To Housing Loans
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Housing loans, also known as mortgages, use the borrower's home for collateral. Lenders fund SME toolkit, but both the lenders themselves and brokers who act on behalf of the lenders originate, or process, them.
The most common purpose of a housing loans is to provide the funds a buyer needs to purchase a home. Usually in return, the lending-body charges an interest rate on the amount. The borrower will have to return the amount along with the interest in a fixed time period. In this way the both party become benefitted via each other.
The most widely used types of housing loans are mentioned below;
· The Fixed-Rate Loan: Considered the safest of all types of housing loans, the fixed-rate mortgage allows the borrower to take out a loan at a certain interest rate for the entire loan term.
· Adjustable-Rate Mortgage Loans: Adjustable rate mortgages (or ARMS as they are often called) usually offer a sample "teaser rate" that offers the borrower the opportunity to pay less the first few years of the loan, with larger payments due as the interest rate on the loan resets.
· FHA Loans: The Federal Housing Authority (FHA) allows low- and moderate-income families to buy a home by offering them lower down-payment requirements and lower interest rates.
· Home Equity Loan/Line of Credit: An equity loan is just that, a loan that is given to the borrower with a set interest rate for a certain period of time.
Because home loans are a large share of the financial situation of the majority of Americans, taking the time to determine the right type of loan and to investigate terms is essential for any home buyer or owner. Federal law promotes the consumer’s ability to shop for the best loan by requiring lenders to give prospective borrowers Good Faith Estimates and Truth in Lending (TIL) statements that disclose and itemize the terms and costs associated with a loan.
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