Get the Best Interest Rates on Home Mortgage Loans!Whether you're a first-time homebuyer or purchasing a different home, Bidonmyloan.com can help you get the best interest rates on home mortgage loans! Our extensive Lender bidding system will provide you the best mortgage interest rates from a Lender that wants to approve you. Just a few easy steps open the door to thousands of Lender programs to match you with the very best loan offer! By using our proprietary bidding system we save you a tremendous amount of time and hassle. With one simple loan request we search our extensive Lender network to match you with the most competitive lenders available, that way the Lenders find you. You don’t have to go looking for them! Our Lenders can offer homebuyers a wide variety of new home purchasing loan options and mortgage loans tailored to match your specific needs, including fixed-rate loans, adjustable-rate mortgages (ARM), government guaranteed new home purchase loans, and creative financing.
Home Mortgage Loans for the First-Time Home BuyerIf you’re investigating home mortgage loans as a first-time home buyer, you are about to embark on a grand adventure! You have chosen your home, or at least narrowed your choice of homes down to one or two options. Now you need a mortgage loan. But how do you go about getting the best mortgage interest rates and the right kind of loan that works for you? This section will help you understand the types of mortgage loans available for both the seasoned and first time home buyer. After you’ve mapped out your best course for the type of loan you need, simply Request Your Loan Bid Now! Thousands of Lender will be researched with our proprietary system to find you the best lenders to bid on your loan. Then you will be informed of the winning bidders so they can provided you a competitive loan offer. Better Rates When Lenders Bid! Request Your Loan Bid Now! Fixed Rate Home Mortgage Loans
Both seasoned and first-time home buyers choose fixed-rate mortgage loans. These home loans feature a fixed mortgage interest rate for the lifetime of the loan, so your monthly payments (principal + interest) will always be the same. Most homebuyers choose 15- or 30-year fixed rate loans, although 10- and 20-year loans are also available. Fixed rate home mortgage loans are usually your simplest and best choice when mortgage interest rates are low and you plan to stay in your home for at least three to five years. For a fixed rate mortgage loan, choose “Fixed” when completing the easy Request Your Loan Bid Now!
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Adjustable Rate Mortgage Loans (ARMs)Adjustable-rate mortgages feature an interest rate that varies, or adjusts, over the life of the home loan. ARMs often have low initial mortgage interest rates, usually lower than the interest for fixed-rate loans. This initial rate is sometimes known as the "start rate" or "teaser rate." With an ARM, your interest rate will be adjusted, at pre-determined intervals to the rate obtained by adding a certain interest margin to an index like PRIME or LIBOR (London Inter Bank Offered Interest Rate Index). ARMs are generally referred to as 1/1, 3/1, 5/1, 7/1 and/or 10/1. This means that the initial fixed interest rate period is for 1, 3, 5, 7 or 10 years, respectively, and the rate is adjusted every year for the remainder of the loan. Whether these periods are good or bad depends on what mortgage interest rates are doing. If mortgage interest rates in that index decrease, your interest rate will also decrease. However, if mortgage interest rates increase, your interest rate – and subsequently your monthly payment – will increase also. ARMs can be a good choice for home buyers who plan to refinance or move within a few years. They can then take advantage of the lower mortgage interest rates for a short period of time. For those who want to postpone making higher monthly payments, adjustable-rate mortgages are sometimes available with an interest-only option. Better Rates When Lenders Bid! Request Your Loan Bid Now! Back to Top
Guaranteed New Home Purchase LoansFor those who qualify, government-guaranteed new home purchase loans can help you move down the road to purchasing your new home more easily. Guaranteed new home purchase loans are available with either fixed or adjustable mortgage interest rates. Since they offer low down payment and no-down payment options, guaranteed new home purchase loans can help qualified borrowers buy a home sooner rather than later, without the necessity of saving for a large down payment. Government guaranteed new home purchase loans include FHA and VA Loans. Back to Top
FHA Insured LoansThe Federal Housing Administration (FHA) is an agency of the U.S. Department of Housing and Urban Development (HUD). The FHA is not a lender. Instead, it provides mortgage insurance to help more people buy homes. Even those with bad credit or a small down payment can get home loans. As long as buyers are FHA-qualified, mortgage insurance makes it possible for lenders to offer bad credit home loans and flexible down payment options of just 3% or less. Another advantage of FHA-backed financing includes allowing "gift funds" if a family member or employer wants to help you with the down payment to purchase your home. FHA loan limits vary by state and county, so be sure to consult with your lender. Better Rates When Lenders Bid! Request Your Loan Bid Now! Back to Top
VA Guaranteed LoansIf you are a military veteran, you may be eligible for the government guaranteed new home purchase loans called VA, or Veteran's Administration home mortgage loans. These loans are available to more than 29 million military veterans and service personnel. They offer home buyers several major advantages. VA-guaranteed new home purchase loans usually feature lower mortgage interest rates than other home loans. Many require no down payment for homes valued up to $417,000. Other benefits of VA loans are that there are no mortgage insurance premiums, limited closing costs and no prepayment penaltie. Back to Top
Creative Financing: Balloons, Jumbos, Combination Loans and Second MortgagesIf you travel to a circus, you may see balloons and jumbos, but these terms also describe different types of home mortgages. Since not everyone qualifies for government guaranteed loans, but may still need low down payment or bad credit home loans, Lenders have created loan options to fit buyers on many levels. Better Rates When Lenders Bid! Request Your Loan Bid Now! Back to Top
Ballon MortgagesBalloon mortgages are fixed-rate loans with traditional payments for a specific number of years, and then a “balloon", or large lump sum payment, due at the end of the loan's term. The monthly payments are not intended to pay off the loan entirely. This gives the homeowner a deadline for selling or refinancing the home, or winning the lottery. The benefit of balloon mortgages is that they typically have lower mortgage interest rates than comparable fixed-rate mortgages. Similar to ARMs described earlier, balloon mortgages are often used when buyers plan to sell or refinance their home within seven years. They’re also used when buyers want to qualify for a more expensive home. With the balloon loan’s lower mortgage interest rates, the lower monthly payment may make it possible for buyers to qualify for a more expensive home than would otherwise be possible. Back to Top
Jumbo Mortgage Loans
Jumbo loans are for homes costing over $417,000. If you live in an area where home prices are often this high, you will need information from your lender about the selection of Jumbo loans. Both fixed- and adjustable-rate loans are available up to $5,000,000! Better Rates When Lenders Bid! Request Your Loan Bid Now!
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Combination First and Second Mortgage Loans
Combination loans were created to eliminate the private mortgage insurance (PMI) requirement by dividing your total financing into a first and second mortgage, also called 1st and 2nd lien. To avoid the need for PMI, the buyer must typically have a 20% down payment. With a combination loan the qualified buyer (one who can afford the payments) can get an 80/15/5 loan, which would finance 80% of the home's cost with a 1st lien and 15% with a 2nd lien, with just 5% down! In other words, if you're not able to generate a 20% down payment, but want to avoid the additional expense of private mortgage insurance (PMI), you may decide to combine a first and second mortgage. Instead of taking out a single mortgage, you can "split" your total mortgage into a first and second mortgage, eliminating the PMI requirement. These “combination loans” typically divide your mortgage into these percentages:
• First mortgage of 80% of the sales price
• Second mortgage with 15% of the sales price
• You make only a 5% down payment
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Finding the Right Path to a Home Mortgage LoanThese are just a few of the innovative fixed and adjustable rate mortgages offered by Lenders in our bidding system. Whether you qualify for one of the government-guaranteed new home purchase loans or whether you rely on creative financing, we hope this information will be helpful as you travel through the loan approval process! Mortgage loans are usually necessary for all buyers: Both the first time home buyer and the experienced buyer. In either case, it can be a very easy process if you let Bidonmyloan.com help you do the work! Our goal is to help serious borrowers get the best and most competitive mortgages or loans. We do this by providing a state of the art bidding system to make your loan request available to thousands of Lender programs all at one time. This saves you all of the time and hassle of shopping numerous lenders on your own. Once our proprietary system matches the best lenders to offer you a competitive loan, you will be notified and you can make the determination if that loan is right for you. Simply Request Your Loan Bid Now! You don’t have to go searching and shopping to solve your mortgage problem. Let the solution find you! Better Rates When Lenders Bid!
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