Mortgage Assistance For New Loans, Refinancing, & More
Having a mortgage is serious. It’s a commitment you should only make when you’re 100% certain that the terms are fair and you can make the monthly payments. Otherwise, you can get yourself into some serious financial trouble that’s difficult to get out of.
Luckily, our team is standing by for anyone who’s in need of assistance with their mortgage. Whether you’ve backed yourself into a corner with payments you can’t afford or you’re looking at getting a mortgage for your first home, Kevin K Loans is here to help.
Purchase A Home With A New Mortgage
So, you’re shopping for a new home. This is an exciting time! However, it’s also a time that you need to be careful through in order to get a fair mortgage. You also need to know what you can and can’t afford. We recommend taking a look at a mortgage calculator to get an idea of what price range is realistic for you.
There are multiple mortgage options you may want to look into for your situation as well. For instance, there’s a 30-year fixed mortgage for those wanting payment stability. This means your interest rate and monthly payments won’t change for the entire time you have your mortgage. There’s also an adjustable rate mortgage for those who think they’ll only be in a starter house for a few years. This means you’ll have a low, fixed interest rate for the first few years of your mortgage.
As you can see, there are many options and things to think about when it comes to getting your first mortgage. You can read about it all day, but to get the best understanding of your options we recommend giving our team a call at (855) 338-5675. They’ll be able to answer any questions you have and set you up with the best mortgage for your situation and plans.
What Is A Reverse Mortgage?
If you’ve built up a good amount of equity in your home, you may be wondering what a reverse mortgage is and if it’s something you can benefit from. Simply put, a reverse mortgage is a loan available to individuals 62 or older who have a considerable amount of equity in his or her home. People who meet this criteria can borrow against their home and receive the funds in a lump sum. A reverse mortgage doesn’t require the homeowner to make any loan payments.
Instead, the entire loan balance becomes due when the person who took out the reverse mortgage dies, moves away permanently, or sells their home. Federal regulations require the transaction to be structured in a way that the loan doesn’t exceed the value of the home. The borrower or borrower’s estate isn’t held responsible for the difference if the loan ends up exceeding the value of the house (like if the value of the home drops).
Reverse mortgages are perfect for seniors who have most of their net worth tied up in their home. However, these can also be costly and very complex. If you’re considering getting a reverse mortgage, your best option is to give our office a call at (855) 338-5675 and let us know what you want to do. We’ll be able to thoroughly explain what’s going on and get you set up with your own reverse mortgage.
Decrease Your Monthly Mortgage Payments
If you have an existing mortgage where the payments are too high or the payment term is too long, you may want to consider a mortgage modification. This is where the terms of your original mortgage contract are altered to fit the needs you’re looking for.
You have a couple options when considering loan modifications. First, you can have a principle reduction which is where the lender eliminates part of your debt and allows you to pay back less than originally borrowed. Lowering your interest rate and converting to a fixed-rate loan are more options you have when considering a mortgage modification.
Finally, you may be able to postpone payments. This is an ideal option when you’re between jobs or money is tight because of a medical emergency. Ultimately, however, you’re going to need to get in touch with a mortgage assistance company like Kevin K Loans to get a full range of your options. When you call us at (855) 338-5675 and tell our representative what your goal is with changing your mortgage terms, he or she will be able to guide you in the right direction.