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Apartment Mortgages
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Beware Mortgage Broker Banks When Refinancing Your Mortgage Loan
If you are in the process of refinancing your mortgage and are working with a broker, your mortgage broker could be robbing you blind without you even knowing it. Broker Banks are a special type of lender that is nearly indistinguishable from other mortgage brokers and are exempt from all disclosure laws protecting homeowners in the United States. Here's how to protect yourself from broker bank fl... Read mortgage refinance article
Mortgage Refinancing And Debt
If you are a homeowner overwhelmed with your debts, mortgage refinancing could help you improve your financial situation. Mortgage refinancing with cash back gives you the opportunity to consolidate your debts and even lower your monthly mortgage payment. Here are the basics of mortgage refinancing debt consolidation to help you decide if mortgage refinancing is right for you.
When you ... Read mortgage refinance article
Apartment Mortgages
Apartment Mortgage Options
Owners of apartment buildings have many options on their mortgages.
This can include getting a traditional thirty year fixed mortgage, an interest only mortgage, or a 40 year loan term.
Both the interest only option and the 40 year loan term allow a borrower to get a lower monthly payment than a regular 30 year fixed loan.
There are other loan programs available that generally have lower interest rates than a 30 year fixed apartment mortgage.
These loans include 3 year fixed, 5 year fixed, 7 year fixed, and 10 year fixed apartment mortgages.
These loans come with different options to structure them. The loans can come with a prepayment penalty or without one. In general accepting a prepayment penalty allows you to receive a lower interest rate. Also, "no point" closing cost options usually means that borrower will also have a prepayment penalty.
Apartment mortgages often have a minimum loan size, such as $250,000.
Although negative amortization loans are generally not available for apartment mortgages there are loan options that offer lower payments. Some lenders allow for a lower fixed interest rate payment for the first several years.
Interest rates generally increase as the loan size increases and the loan proportion to the property value increases.
The more leverage you have on the property the more expensive it is likely to become.
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New Mortgage With 90 Days Of No Payments
New Mortgage Loans
This newest loan is a payment feature on a minimum payment option loan.
The ability to skip the first 90 days of payments is added onto a regular minimum payment option loan.
During this payment hiatus your principal balance may increase.
For many borrowers this is acceptable, although this is something you will need to decide for yourself.
A minimum payment option loan is also called a cash flow ARM.
The basic principle behind this loan is that you are given a choice of the size of payment you make each month on your mortgage. This is in contrast to the standard mortgage bill, which offers you only one choice of payment.
The payment choices are usually a minimum payment, an interest only payment, a payment amount at the 30 year term level, and a payment amount at the 15 year term level.
The minimum payment option is lower than an interest only payment.
This loan type offers a borrower a much lower payment than a regular mortgage payment. This lower payment is sometimes over $1,000 less or more per month.
Any time you make a minimum payment you may have negative amortization on your loan. This is when your loan size increases.
The minimum payment option is usually available only for the first several years. This is often for the first 5 years of the loan term. After this term the loan becomes a regular loan.
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Apartment Mortgages
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