Loan Options For All Borrowers, What Are They?

EricJ · Joined: 09 Jan 2009 Posts: 321 Location: New Jersey

Are you fully educated on what loan options are available to you?

Are you working with a lender who can provide all of those options to you? There are many types of ARMs, niche programs, and even some stated income programs still available for self employed borrowers who are taking full advantage of the tax benefits but as a result show a low net income on their tax returns. Yes, there are still programs for them too although hard to find. Just think how many more qualified buyers there would be if they knew about those programs.

I have attached a loan options grid for your reference. You should become very familiar with these options BEFORE going any further.

This information is important for all potential buyers to read regardless as to who they use for financing. It will help better prepare you for the conversations they will soon have with a loan officer and make you more "street smart" in the area of home finance.

YOUR LOAN PROGRAM OPTIONS

Josh Harmatz · Joined: 08 Sep 2009 Posts: 18

Thank You this is very helpful information that everyone should use in this new and complicated mortgage industry.

harry.hamlin · Joined: 02 Nov 2009 Posts: 1

Josh Harmatz wrote: Thank You this is very helpful information that everyone should use in this new and complicated mortgage industry.

Hello Josh,

I am agreed with you reply and I'm also said thanks to "Eric" for the informative post.

Anyway, I'm Harry, working in a financial organization from last 8 months. I just wanted to introduce my self as new comer into the forum and hope to learn and share.

heidrek · Joined: 25 Jan 2010 Posts: 7

I am firmly of the belief that financial literacy needs to be pushed far more in our educational systems. I think that if more people better understood the concept of compunding interest, equity and the implications of gtaking out a 30 year loan, much of the economic turmoil that's been experienced globally would have been avoided.

Even now, many foreclosures are avoidable if people make th best use of the resources they have available to them.

JPowell · Joined: 20 Jan 2010 Posts: 103 Location: PA

I agree Heidrek. Most people have no idea what to do when it comes to loans, home buying, insurance or anything else.

We send people out into the world and expect them to magically know all these things without offering them any resources. It's sad really.