One of the biggest purchases you’ll ever make is buying a home. The home buying process can seem complicated at times, but it doesn’t have to be difficult. Our goal at DDDLoans is to help you find the right home financing with the right mortgage lender. Whether you’re a first-time home buyer or a pro buying an investment property or vacation home, you want to be prepared.
We are here to help you finance or refinance your mortgage and save money.
A home equity loan allows you to borrow against the value of your home. You can receive a portion of your home’s equity — the difference between the amount owed on your mortgage and your home’s market value — in cash. For example, if your home is worth $250,000 and your mortgage balance is $150,000, you have $100,000 in equity.
Home equity loans allow homeowners to access their equity in a lump sum that can be used for a variety of purposes, including home improvements and college tuition payments. Home equity loans usually have fixed interest rates. Also known as second mortgages, home equity loans are repaid monthly — just like the first mortgage on your home. If you’re still repaying your first mortgage and decide to borrow against your available equity, you would be responsible for both your existing mortgage payment and the home equity loan payment each month until they’re paid in full.
Most home owners will refinance their mortgage every 7 years. That means over the course of a 30-year mortgage you’re likely to refinance at least 4 times, twice during a 15-year mortgage. That can mean thousands in lender and appraisal fees every time.
That’s where loanDepot’s Lifetime Guarantee can give you a huge advantage. After you finance with us the first time, we’ll waive our lender fees and reimburse your appraisal fee when you refinance your home with loanDepot in the future.
A reverse mortgage is a type of home loan only available to people age 62 and older who have considerable equity in their property, or own their home outright. A reverse mortgage allows these homeowners to convert part of the equity in their homes into cash, using their home as collateral.
The process works differently than if you took out a traditional home loan. Instead of making monthly payments to a lender, the lender makes payments to the borrower.
There are several different payment plans available, including a lump sum payment, monthly payments, or a line of credit.
The borrower is not required to repay their loan until their home is sold or otherwise vacated. In other words, the borrower can remain in the home without making any payments on their loan until they move to a nursing home, pass away or have to move out on any other terms. In the meantime, however, they are required to keep up with property taxes, homeowners insurance, and HOA dues if applicable.
This type of mortgage was originally conceived in order to help retirees who own their homes cover basic living expenses and the costs of healthcare, said Steve Irwin, the executive vice president of the National Reverse Mortgage Lenders Association. However, there are no restrictions on how reverse mortgage proceeds can be used.
A mortgage refinance is when you replace your mortgage with a new loan that has better terms, such as a lower interest rate or monthly payment. Other reasons to refinance a mortgage could include shortening a loan term, eliminating a loan with private mortgage insurance or switching from an adjustable rate to a fixed rate.
With mello smartloan™, we can digitally verify your income, employment and asset information, ensuring a seamless, secure transaction.
Our loan officers can quickly determine the best loan for you–oftentimes not requiring an appraisal, which can save you hundreds of dollars!
Thanks to mello smartloan™, you could be cleared to close in as few as eight days*. But don't worry, you can set the closing that best suits your needs.
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