What’s The Best Loan Program For Me?

Want to Know More?

At ApplyForMyLoan.com, we want to help you reach your goals, no matter your credit score. Our network of trusted lenders know that those numbers only tell a tiny part of your story, and are willing to sit down with you to review your home loan needs.

We pride in having an advanced system in place that matches you with lenders that cater to people with bad credit.
Give it a whirl HERE if you haven’t already.

Yet, the more you know about how mortgage loans work – and the different types you’ll find out there – the better equipped you’ll be to make smart choices and find the one you are looking for.

Types of Mortgages:

Mortgage loans are very sought-after and highly versatile financial instruments, which means there are a lot of options and variations out there. Sometimes, traditional programs will meet all your requirements, while other times, your particular financial and employment situations – being self-employed, owning a startup, etc. – may call for specific income documentation and more creative types of plans.

Here’s a handy list to the most common programs available. Click on them to learn more about the types of mortgage plans out there. Get familiar with how they work and how they can fit your particular situation:

• 
  Fixed Mortgage
• 
  
  ARM Mortgages
  
• 
  
  FHA
  
• 
  
  USDA 100%
  
• 
  
  VA 100%
  
• 
  
  Conventional
  
• 
  Construction & Rehabilitation
• 
  Down Payment Assistance Programs

A Few Things to Consider When Getting a Mortgage

Getting a mortgage loan is a big commitment — one that comes attached to a lot of personal and financial obligations and should not be taken lightly.

While there are a lot of general considerations to keep in mind when you decide to apply for a mortgage, you must keep these in mind from the get-go:

• 
  Keep an Eye on Your Budget. ALWAYS

  Lenders want to be certain you don’t bite more than you can chew. The best ones will want to know if you have the ability to pay them back. Running your own mortgage calculations is an ideal way to understand what you can afford, and will make your research process much easier.

• 
  Consider the Safest Mortgage Category

  While there are many types of mortgage loans (with their own pros and cons), you can consider 30-year fixed rate mortgages as the safest bets. They are easier to understand and pick apart, making them ideal if you are planning to live in your house for more than five years.

• 
  Are you a first-time Buyer?

  Sometimes, first-time buyers qualify for advantageous mortgage plans. This can make the whole process a lot easier. Make sure to always inquire about these programs and the restrictions they might be subjected to.

• 
  Consider your down payment

  Most mortgages require a down payment – usually between 10 and 20 percent of the property’s value. Mortgages that require none, or very little down payment might look very attractive, but they can severely limit your ability to pay. Get acquainted with these programs’ ins-and-outs before signing.

How-To Guides

Need a better understanding of bad credit and how to fix it? Our finance experts have put together a series of step-by-step guides on a variety of bad credit related subjects.