jonathanj003 asked:


I purchased a home for $220,000 three months ago (March). I put 10% down ($22,000) and financed $198,000 on a 30-year fixed mortgage. I have excellent credit and excellent history. My question is if I am able to pull some equity out of my home (which appraised for $230,000) this soon or not? I’d like to pull around $15,000 out. Is this feasible? If not how much would I qualify for if any?

Jacob

Adam Hefner asked:




Whether you would like to work face to face or on-line to secure a home loan, a Chase home mortgage is your answer. Either that you choose has advantages that you can’t find anywhere else. The satisfaction of working with a successful industry known company that is focused on customer service will be yours.

While using the internet you can will be able to enter and print all the information you need for your home mortgage. Tools, calculators, comparisons and FAQ’s are located at the Chase website to guide you through the mortgage process. Chase has options for all of your mortgage needs in a variety of options.

Once you have completed you internet application, you will be able to follow up with Chase on-line as well. If you prefer, you can call Monday through Friday between 8am and 8pm.

Maybe you are looking for a 15, 20, 30 or even 40 year fixed mortgage, regardless of your credit, Chase has a loan for you. Adjustable rate mortgages (ARM) or jumbo mortgages are other types of loans you can obtain. Specialty loans available are: interest only, self employed, or if you are in a foreign country.

For those who have never had a mortgage before, loans are also available. There are times that first time buyers don’t have the required down payment. In this case a 3% down loan can be an option, with the other 97% being loaned. 100% may be loaned for rural housing. This is just an example of the loans available from Chase.

Some people may not have achieved the level of comfort needed for doing financial transactions on-line, so there are also branch offices available. Mortgage insurance is another offering from Chase. If you like making your payments on-line, you can do this with Chase. No stamps or payments being lost in the mail just click and pay.

The Home Buyers Guide section of the website is the optimum way to start your home loan process. This will show you how to start the mortgage process, as well as plan for and organize for it. From your home search to the closing of the loan process, Chase has you covered.

Links to homes and realtor’s that can serve your needs, in your area, are offered on the Chase website. Your comfort level will increase when you realize that the professionals serving you have the experience and focus needed to take care of your home mortgage needs. You’ll be offered a level of professionalism from Chase that will be more than you expect. While your signature at the end of the documents will secure your loan, it will not be the end of your successful loan partnership with Chase.

Norman

Anthony Frankson asked:




Explanation: Mortgage Types – Fixed Rate Mortgages

The basic mortgage has always been the 30 Year Fixed Mortgage. With this type of mortgage you get an interest rate that stays the same (fixed) for the entire length of the term. What this means is that you can count on paying the same monthly payment for the next 30 years without any “surprise” increases in the amount. You know what your payment will be each month and you can make your budget accordingly. There are now 15, 10 and even 5 year fixed mortgages but they come with a hefty monthly payment.

Explanation: Mortgage Types – Adjustable Rate Mortgage

Another mortgage example is the Adjustable Rate Mortgage or ARM. This type of loan adjusts to the fluctuations in the interest rate that is determined by certain market forecasting indexes. The interest rate of this loan is initially lower than the fixed rate but after the introductory period the loan then begins to fluctuate. This is a good choice when interest rates are low but can be burdensome when interest rates are high. One disadvantage of these loans is that you cannot predict exactly the monthly payments because they are subject to change.

Explanation: Mortgage Types – Convertible Mortgages

Convertible Mortgages are another example. This is a kind of hybrid of the fixed and adjustable mortgage. This is popular because it has flexible options; when rates are high you can convert to the fixed rate and when the rates are low you can convert back to the adjustable rate. This loan has other names such as Reducing Interest, Reduction Option, etc.

Explanation: Mortgage Types – FHA and VA Loans

The final two mortgage types are for special social categories. The FHA Loans by the Federal Housing Authority guarantees the repayment of loans made by private lenders to low and moderate-income level populations. VA Loans, by the Veterans Administration, guarantees the repayment of funds made by private lenders to qualified veterans who have served in the United States Armed Forces and the National Guard.

This is just a simple basic overview of the mortgages available today. With the above information you must now begin to get much more extensive information on the specific features that fit your particular situation best. The Internet is your best source for finding out this information because it allows you to make comparison rate shopping very easily.

The Internet is also the best resource for finding a lender with whom you can do business. Be sure to have an in depth discussion with your lender about the particular loan you are getting before you sign any papers binding you to a contract. Remember, never sign a contract if you any doubt about the terms of the mortgage agreement that is presented to you.

Jamie