General Types of Loans
Having your loan originated through Kevin Heinbuch you offers several advantages.
Convenience Your loan application can be made at the WHY USA office or in the
convenience of your own home.
Here are a few of the loan types, and advantages of each:
Fixed Rate Loans
* Maximum interest deduction for taxes
* Easier to qualify
* Stable predictable payments
* High loan to value for a lower down payment
* Possible secondary financing if needed
* Extra payments to principal can accelerate payoff
Adjustable Rate Loans
* Lowest starting interest rate
* May help you qualify for a loan
* A good choice if you plan to sell within a few years
* A good choice if you have negative credit
* Allows budget planning during first years
Stated Income Programs
* Perfect for borrowers with high tax deductions
* Helps borrowers with not quite enough income
* Income documentation is not required
* Helps keep borrowers debt to income ratio in line
* No tax returns or pay stubs needed
High LTV (loan to value) Loans
* Low down payment
* Seller carry back and family gifts allowed
* Interest rates are usually 30 year fixed rates
Ready Cash Refinance
* Payoff high interest mortgage and debt
* Lower monthly payments
* 80% or higher LTV for "A" credit borrower
* Closing costs can be included in the loan
Private Party Contracts
* Can be useful for borrowers who may not be able to qualify for more traditional
financing because of credit, debt to income ratios, or time on the job.
* Contracts can be held by the home seller or a third party investor.
* Terms often can be negotiated between the buyer and the contract holder.
