Mortgages Market

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If you have found a property or if you are just beginning to look for real estate, then there are about 10 important things you should know about the mortgages market:

DIRECT MORTGAGES

These are loans within the mortgages market made directly from the lender such as a bank.

100% MORTGAGE

Complete financing of total purchase price

JUMBO MORTGAGE

In most states, any mortgage over $417,000

90% MORTGAGE

10% down payment as compared to the standard 20%

REMORTGAGE

More common in the UK, in the US it’s call re-finance

SECOND MORTGAGE

Mortgage that takes second position after the first mortgage

SELF-EMPLOYED MORTGAGE

Additional qualifications for self-employed individuals

FHA

Federal Housing Authority back loan based upon guidelines

COMMERCIAL MORTGAGE

A mortgage used for an income or commercial property

CONSTRUCTION LOAN

A temporary loan for new construction that uses draw downs during the construction process

VA

Veterans Administration backed loans available to qualified veterans