Various types of loans are available in USA mortgage market. The two kinds of mortgages in the US i.e. fixed rate mortgage and adjustable rate mortgage are quite popular among borrowers. Whereas in fixed rate mortgage in the US, interest rate on the loan is fixed mutually between the lender and borrower, in adjustable mortgage rate in the US interest rates are low at the beginning and high at the end of the mortgage loan.
Notwithstanding, fixed-rate mortgages in the US offer an interest rate that stays the same throughout the tenure of the mortgage and for the same reason these are popular among borrowers. Fixed rate mortgage in the US has 15 or 30 years term which is decided upon an agreement between the lender and borrower. A borrower can free himself from the loan after paying back the entire loan amount within the given time.
Interestingly, interest rates are lower in 15 years loan than in 30 years and depending upon the state of personal income a borrower can ask for either 15 year or 30 year time. Along with private mortgage lenders in the US there are some government sponsored entities or GSEs, including of Fannie Mae, Ginni Mae and Freddie Mac which provide comprehensive range of mortgage services to consumers in the country.
Operating under various federal charter and overseen by the federal American government, GSEs are popular for their mortgage services which can be pondered upon at any contingency. Mortgage loan on bad credit in the US are another attractive option for consumers in the US. Various mortgage lenders in the US provide extensive mortgage loans to consumers with low credit or bad credit; therefore, consumers with bad credit still have a chance to get a mortgage loan in the US.
Bad Credit Mortgage Loans
Bad Credit Mortgage Loans
People may have bad credit for several reasons, they may have failed to payback their existing loans or facing financial stress and could not pay the loan. There can be numerous reasons for asking for a new loan in the US. Notwithstanding, mortgage lenders in the US provide mortgage services to borrowers with low or bad credit. Understanding the fact that bad credit may have been an unfortunate event by accidents, other emergencies, loss of a job, loss of a loved one, and many others, mortgage lenders in the US consider bad credit too for a loan in the US.
Leading mortgage loan companies in the US
Leading mortgage loan companies in the US
The following mentioned firms in the US provide extensive range of mortgage services in the US to consumers:
- Capital Mac
- Ameriquest Mortgage Company
- Mortgage Secure Massachusetts
- America's Mortgage Corporation
- MCA Mortgage Division 000
- ABN Amro Mortgage Group Inc
- ValuMortgages
- Americas Money Center