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| Mortgage Basics |
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You're shopping for a mortgage. You have options which consider the amount of your down payment, how much you can afford monthly, and the type of loan you are attracted to.
Bad Credit Mortgage Offers Two Basic Types of Mortgages:
- Fixed interest rate with fixed monthly payments.
- Adjustable (ARM) with variable rates and changing monthly payments.
Generally, lenders require 10% down for purchases, or 10% equity for refinances. Bad Credit Mortgage however allows you to avoid mortgage insurance or PMI so you don't have to put down the typical requirement of 20%. Also, you can expect to pay closing costs, generally three to four percent of the loan amount. For refinance loans, these closing costs can be financed into the loan amount so that you don't have to contribute cash if necessary.
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