SolveMyLoan: May the Best Bank Win, Good Luck! The professionals
at SolveMyLoan are committed to helping you find the best products and services
that meet your financial needs, whether it be to purchase a new home, refinance
an existing home or consolidate debt with a home equity loan, regardless
of your credit history.
*Rate is variable and subject to change. After the initial
fixed-rate period, the loan rate will adjust every 6 months. The minimum
mortgage payment is based on a rate that is implied solely for the purpose
of calculating the minimum loan payment. Paying only the minimum payment
will result in deferred interest or negative amortization since you will
not be paying all of the interest that is owed each month. The unpaid interest
is added to principal. Interest can be deferred until the outstanding principal
balance is at 10% or 15% depending on your state higher than the original
loan amount. If the maximum limit is reached during the first 5 years, the
payment automatically converts to an interest only payment. Rates are subject
to change and do so daily. Actual payments and rates may vary depending
on individual client situation and current rates. Some restrictions may
apply.
Not all lenders in the SolveMyLoan network of mortgage providers
offer this product. Most lenders offer similar products which are subject
to various credit and home value factors and may reflect interest-only,
adjustable rate mortgages, in addition to other conforming loan products.
SolveMyLoan is not acting as a lender or broker. The information
provided by you to SolveMyLoan is not an application for a mortgage loan,
nor is it used to pre-qualify you with any lender. Lenders in the network
may determine the lowest rate available to you based on individual variables
including, but not limited to, self-stated credit rating, collateral, and
ability to repay. If you are contacted by a lender or broker within our
network, your quoted rate may be higher, depending on your property location,
credit score, loan-to-value ratio, debt-to-income ratio, and other factors.
Not available in all states.
Refinancing loans is the process of renegotiating your existing
mortgage agreement. This process may include increasing or decreasing the
principal or paying out the mortgage in full, depending on the terms of
the loan. Renewal at the end of a mortgage term, the mortgage may revert
to new terms and conditions which are acceptable to both the lender and
the borrower. Commonly known as renewing a mortgage. If satisfactory terms
cannot be agreed upon, the lender is usually entitled to be repaid in full,
in which case, the borrower may seek alternative financing.
Home Equity loans are sometimes referred to as a second
mortgage or borrowing against your home. The loan allows you to tap into
your home's built-up equity, which is the difference between the amount
your home could be sold for, and the amount that you still owe. Homeowners
often use a home-equity loan for home improvements, to pay for a new car,
or to finance their child's college education. A home-equity loan is a good
way to borrow money.
Purchase Loans are loans for a new property. Borrowers may
or may not have an existing home or property in order to qualify for a new
home loan. Usually lenders will ask for collateral in the form of a down
payment or other assets in order to qualify for a new home loan. Credit
worthiness usually an important factor when determining eligibility for
a Purchase loan.
You do not have to have good or excellent credit to qualify
for a loan. Participating lenders may qualify you for a loan based on many
independent variables, one of which is credit. However, having better credit
will typically give you access to a greater selection of loan products from
any of our network lenders.
Link
Wendi
M - Thousand Oaks, CA
Financial
Calculators 
Consumer Handbook on ARMs
Glossary
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