subject: What Mortgages Are Available [print this page] What Mortgages Are Available
Owning a home is the American dream, but mortgages are not necessarily a part of what we truly desire. It has been said that home is where you hang your hat, and while that is true you dont want to have to worry about financing your home. I dont know anyone who has paid cash for a home, so mortgages are an absolute in life.
There are so many mortgage programs available, so it may be a little overwhelming to even figure out what is right for you and your family. Mortgages can be overwhelming, and they can be stressful even if you have owned your own home before but you just want to refinance. So, how do you know which mortgage program is right for you?
The first step in obtaining a mortgage is assessing your personal financial situation. If you are in a home now, and you have some debt you may want to consider doing a cash out loan so that you can pay these debts off. You can do this if you have enough equity, and you will need to ask your mortgage professional what you qualify for. FHA is the best option for anyone who is looking to buy a home or do a consolidation to pay off debts, because these programs have low rates, and common sense underwriting guidelines. FHA programs understand that you may have had some struggles in the past, but they certainly would like to know that over the past year that you have been paying your bills too.
FHA mortgage programs also allow you the opportunity to get cash out to do home improvements too. This may be another consideration when you desperately need a new roof, or if you would like to do some updates to add value to the home. You can build an addition, build a deck, add a bedroom or bathroom and there are many more things that you can do with your mortgage as well. Mortgages dont have to be viewed as just debts, but they can be viewed as a tool as well.
Mortgages are often viewed as an investment, which they are. However, dont just jump into a mortgage because someone tells you it is wise to buy a home and not rent. Getting a mortgage means that you are now responsible for probably the largest account on your credit, and not to mention the one with the highest payment. Having a mortgage means having a hefty responsibility, so you need to know what you are getting to, and the ramifications of not paying your mortgage on time.
For more information on getting your mortgage today, and what you qualify for, you can go to www.fhaloansnow.net.
by: Mayer Dallal
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