Christian Mortgage

Are you trying to find a Christian mortgage or Christian mortgage loans? We have compiled information on companies that can help you find the Christian mortgage or loan that is right for you.

Obtaining a mortgage has become very complex. Without the right knowledge and help, it can become a very frustrating process. The mortgage industry is currently undergoing major changes in the way a homeowner obtains a mortgage. With the advent of the computer age, technology is paving the way toward faster and less restrictive lending practices. It is now possible for borrowers to obtain loan approvals in as little as a day, and move in to their new homes within 2 weeks! This is made possible by automated submissions and underwriting process.

Fixed Rate Mortgage Plan

Fixed rate loans are perfect for someone who wants a consistent mortgage payment throughout the life of his or her loan. The most common mortgage program used, because your monthly payment for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payment will be very stable.

Fixed-rate mortgages are available for 30, 20, 15 and even 10 years. There are also "bi-weekly" mortgages, which shorten the loan by calling for half the monthly payment every two weeks. (Since there are 52 weeks in a year, you make 26 payments, or 13 "months" worth, every year.)

Fixed rate fully amortizing loans have two distinct features. First, the interest rate remains fixed for the life of the loan. Secondly, the payments remain level for the life of the loan and are structured to repay the loan at the end of the loan term. The most common fixed rate loans are 15 year and 30-year mortgages.

During the early amortization period, a large percentage of the monthly payment is used for paying the interest. As the loan is paid down, more of the monthly payment is applied to principal. A typical 30-year fixed rate mortgage takes 22.5 years of level payments to pay half of the original loan amount.
Adjustable Rate Mortgage- ARM

ARM mortgage products are a great way to get rock bottom interest rates. Just remember, your payment can change according to the term and index that you have selected. The ARM products are great for low interest rates, but remember your mortgage payment will fluctuate with the various indexes you selected. Also; let me add one very important suggestion; make sure you know how long you plan on staying in the home you are financing, and select a product that corresponds to that time frame. The most common indexes for these products are T-bill, COFI, and Libor.

* 6-Month ARM has a maximum interest rate adjustment of 1% every six months. The 6-month Certificate of Deposit (CD) index is generally considered to react quickly to changes in the market.

* 1-Year ARM has a maximum interest rate adjustment of 2% every 12 months. The 1-Year Treasury Spot index generally reacts more slowly than the CD index, but more quickly than the Treasury Average index
.
* 6-Month ARM has a maximum interest rate adjustment of 1% every six months. The Treasury Average index generally reacts more slowly in fluctuating markets so adjustments in the ARM interest rate will lag behind some other market indicators.

* 12-Month ARM has a maximum interest rate adjustment of 2% every 12 months. The treasury Average index generally reacts more slowly in fluctuating markets so adjustments in the ARM interest rate will lag behind some other market indicators.

* 3/1 ARM is fixed for three years and then adjusts to a 1-year ARM. This is a great program if you intend to stay in your home for 3 years or less, because you can get a very good interest rate in relation to the 30 year fixed rate program.

* 5/1 ARM is fixed for five years and then adjusts to a 1-year ARM product. This is a great program if you intend to stay in your home for 5 years or less, because you can get a better interest rate in relation to the 30 year fixed rate program.

* 7/1 ARM is fixed for 7 years and then adjusts to a 1-year ARM product. This is a good program if you intend to stay in your home for 7 years or less, because you can get a little better interest rate in relation to the 30 year fixed rate program, but no always.

Adjustable Rate Mortgage

These loans generally begin with an interest rate that is 2-3 percent below a comparable fixed rate mortgage, and could allow you to buy a more expensive home. However, the interest rate changes at specified intervals (for example, every year) depending on changing market conditions; if interest rates go up, your monthly mortgage payment will go up, too. However, if rates go down, your mortgage payment will drop also. There are mortgages that combine aspects of fixed and adjustable rate mortgages - starting at a low fixed-rate for 3,5,7 and 10 years, for example, then adjust to market conditions. Contact us for more detail about these and other special mortgages that may fit your specific financial situation.

ARMs with different indexes are available for both purchases and refinances. Choosing an ARM with an index that reacts quickly lets you take full advantage of falling interest rates. An index that lags behind the market lets you take advantage of lower rates after market rates have started to adjust upward.

There are hundreds, if not thousands of programs available.

· First homebuyer programs
· Refinance loans available with as little as 5% equity.
· Less than perfect credit – If you have experienced some bumpy roads with your credit, you can get help. There are hundreds of programs to meet your needs.
· Piggyback loans - provides a first and second mortgage to eliminate payment of Private Mortgage Insurance or PMI (i.e. 80/10/10, 80/15/5, 80/20 etc...)
· Investment Loans - Loans for the real estate investor, available with as little as 5% down. Loans available up to 36 unit buildings and mix use properties.
· No income verification- great for the self-employed, because the banks will not verify your income.
· Construction loans with a one-time close. There are many construction mortgage products to offer.
· Second Mortgages for debt consolidation, additions to your home, college tuition and more.
· Jumbos – represent loan amounts that are above $275,000. Loan programs are available in fixed or adjustable interest rates, although the rates for jumbos are higher than the conventional mortgage products. There are countless programs for jumbo mortgages.

Related Links

Trinity-Business.com - At Trinity Business Services, we have more alternatives for your next mortgage approval. We do something very unique in our industry in that we eliminate many of the hassles and problems people have when shopping for a mortgage and loans, with our Do You Approve? Program. For a free report, please visit www.trinity-business.com.

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