Some Information on Home Loans Options

When you make the decision to take the plunge and get a new home, or you want to refinance the house you are currently living in, you will probably be both excited and nervous. There is no doubt it can get confusing with all the different offers for home loans and refinancing on the Internet today.

You may want to begin by finding a company that makes it easy for you with a 24 hour support staff. You can talk to a home loan specialist on the phone or through a live online chat. Of course, there is always the option of email as well. In any situation where you are trying to qualify to buy or refinance a home, there will be times where you have questions, so having multiple ways to get those inquiries answered fast really does mean a lot to the home buyer.

The first step to any home purchase loans is the pre qualification. This is a process you can begin online or over the phone. If you are pre qualified, you will be able to sail through the loan process much more easily. You can qualify for a number of different loan products depending upon your specific needs.

Some of the loan options may include, but are not limited to: The jumbo loan (fixed or adjustable rates, bigger amounts than most loans,) the fixed rate loan (a fixed principal and loan payments that will be consistent until the loan is repaid,) the adjustable rate mortgage (lower payments for the first several years of the loan with adjusted larger payments each year in later years of the loan,) the FHA loan (a fixed rate loan provided by the US government, with income and credit guidelines for lower income people,) and the VA loan (available only to veterans of the US armed forces, no down payment and a fixed rate).

You may also be looking for home refinance loans options like the Home Affordable Refinance Program (HARP refinance.) A HARP loan is designed especially for people who are currently homeowners struggling to pay for a house that has lowered in value since the original purchase. Because the home has lowered in value, it is often difficult for the homeowner to get refinancing through many lenders, but HARP was created for exactly that situation. HARP gives homeowners a new mortgage that is more reliable and stable than the old one.