Information About The Bank Of Americas Mortgage Programs
Izvor: KiWi
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FHA administers a number of mortgage programs, based on Section 203(b), that have special features. One of these programs, Section 251, insures adjustable rate mortgages (ARMs) which, particularly during periods when interest rates are low, enable borrowers to obtain mortgage financing that is more affordable by virtue of its lower initial interest rate. This interest rate is adjusted annually, based on market indices approved by FHA, and thus may increase or decrease over the term of the loan. In 2006 FHA received approval to allow hybrid ARMs, in which the interest is fixed for the first 3 or 5 years, and is then adjusted annually according to market conditions and indices.
Today's real estate market is as volatile as ever. Mortgage rates are at an all time low and housing prices are modest enough to open the market back up to a large portion of the population. As the housing crisis creeps out of its dilapidated state, even government mortgage programs are popping up to help generate more positive friction in the real estate market. Both the first-time home buyer tax credit through the first half of 2010 and the newer HomePath approved mortgage rules are contributing factors to the turn-around in the real estate market. Now is the perfect time to increase your mortgage leads database and to benefit from more closed deals thank to advanced mortgage CRM (customer relationship management) software.
Bank of America has developed many mortgage programs to help borrowers who are unable to pay their mortgage bills. They are allowing these homeowners to make changes to their existing mortgages in a way that benefits both the bank and the customer without putting either at risk. Customers must meet eligibility requirements in order to do this. These plans are very flexible and let the homeowner pay less each month, either through lower interest rates or by changing the length of the mortgage.
Mortgageloansbadcredit.com - This website features a mortgage search tool and loan calculator, which can help you access over 1,000 loan programs. Besides working with borrowers with bad credit, they are also willing to assist customers with bankruptcy or customers whose property has been foreclosed.
In closing, both government mortgage programs offer great assistance to home buyers however the FHA is offering relief to homeowners affected by the housing market crash. With more proactive programs such as the FHA streamline refinance, some could argue that FHA loans are better than VA loans but there is that added mortgage insurance premium you must pay with an FHA loan. It is suggested that you speak with a mortgage lender that is both VA and FHA approved, this way you can find out which program is best for you. Most likely the VA program will offer the best benefits if you are a veteran of the United States.
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