VA Home Loan
If you were honorably discharged after serving active duty in World War II, the Korean war, or Vietnam for 90 days or more you are eligible for a VA home loan. If you served during peace time, more than 180 days of active service is required to qualify for a VA loan.. Veterans who served after 1980 will most likely need 2 years of service to qualify, except for those who served in the Persian Gulf Conflict, in which case veterans from the National Guard and the Reserves activated after August 2, 1990 will need to have served at least 90 days. If you are still serving in the Selected reserve and have done so for six years, you may be eligible.
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Buy a House
Are you tired of renting? Buy a home now to leave renting and landlords behind. Discover the feeling of coming home to a house and knowing that it is yours. Take the money that you spend monthly and invest it instead in your own home. Apply online today to contact up to four lenders about buying a home now.
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Home Equity Lanes
The amount of your home equity is the current market value of your home minus your mortgage. These lanes are very accommodating and come in a variety of forms. Many home owners choose a straight forward lane that provides the entire amount at once. These lanes can be borrowed with an adjustable or a fixed rate. Home equity lines of credit have also become very popular. This type of home equity lane opens a line of credit from which the borrower can take as much or as little as the desire over a certain period of time.
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Land Loan
It is not uncommon for land loans to carry an interest rate that is a few points higher because of the added risk. For this reason it is sensible to make a sizable down payment on the land loan because it will be rolled into a single mortgage with your construction loan once the property is finished. Because land is often snatched up quickly once it becomes available it pays to talk to a lender before beginning your hunt to discuss your finance options so you can move quickly when land becomes available.
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Mortgage Calculation
Mortgage calculation can also help you plan whether or not you would like to include extra payments in your repayment schedule. On the loan of $150,000 at 7% interest with a 30 year term and a monthly payment of $997, one extra yearly payment can save a homeowner nearly $50,000 in interest payments. If this loan had a 15 year term, the difference that of extra yearly payment would be far less impressive, saving just over $9,500. If you are interested in making an extra yearly payment and feel you it will not put too much strain on your finances, it is a good idea to discuss this with your lender. Extra payments can cause you to finish paying your balance before the scheduled end of the repayment period and some lenders have prepayment fees, so you should check to make sure there are no such penalties or include these extra payments in your repayment schedule.
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Mortgages Online

Other basic but important terms to understand are:

• Principal is the amount borrowed (on which interest acts) which is repaid monthly
• Amortization is the process of repaying the amount borrowed through monthly payments of principal and interest.
• Negative amortization is when the monthly payment is not high to adequately pay the loan off. In this case interest builds too quickly and the principal grows instead of decreasing. This can occur because of lender scams or because of monthly payment caps.
• Equity is the value of your house left over after subtracting the total of your mortgage. If your house has a market value of $130,000 and a mortgage of $100,000, the equity is $30,000.
• An index is used to determine the rate on an adjustable rate loan. For some loans this rate may be the Prime Rate or the average rate of a one year Government Treasury Security.