Mortgage-World.com is a leader in Hoboken condo financing.
Whether you’re a New Jersey native or moving from NYC, you can benefit from our experience of over 20 years in Hoboken condo financing.
We offer products and options for condos located in New Jersey.
Non-Warrantable Condo
12 Months Bank Statements for Income
Foreign National Mortgage
Condo Loans up to $8.0 Million
90% LTV Jumbo Loan No MI
Condo Loan No Minimum Credit Score
Bad Credit Condo Loans
No active foreclosures, No Chapter 13 BK that is not yet discharged, No chapter 7 that is not discharge, No pending short sale.
Types of Loans
30 Year Fixed Rate Mortgage
A 30 year fixed mortgage is possibly the most common type of mortgage loan. It has several characteristics that make it such a popular choice when financing a home purchase. One of the key features of a 30 year fixed mortgage is its fixed interest rate.
If you are able to lock a great interest rate when getting the mortgage, you are set. That is the rate for the next 30 years, assuming that you own the house that long. Another attractive characteristic of a 30 year fixed mortgage is its relatively low monthly payment. Since repayment of the loan is stretched out over 30 years, that keeps the monthly payment from getting too high.
15 Year Fixed Rate Mortgage
A 15 Year Fixed Rate Mortgage is a loan with the same interest rate and monthly payment over the 15 year life of the loan. You generally pay a lower interest rate, pay less interest over the life of the loan, and build equity more quickly with a 15 year loan than with a loan carrying a longer term. A 15 year fixed rate mortgage allows you to build equity relatively quickly.
With this type of mortgage, the term of the loan is only a 15 years instead of the more typical 30 years. The monthly payments are higher with a 15 year mortgage than a 30 year mortgage, but a 15 year loan can provide many advantages if you can afford it. A fixed rate mortgage is usually fully amortizing, meaning that your payments combine the principal and interest so that the full amount of the loan is paid off after a set amount of years.
Interest Only ARM
The borrower only pays the interest on the mortgage through monthly payments for a term that is fixed on an interest-only mortgage loan. The term is usually between 5 and 7 years. After the term is over, many refinance their homes, make a lump sum payment, or they begin paying off the principal of the loan. However, when paying the principal, payments significantly increase.
If the borrower decides to use the interest-only option each month during the interest-only period, the payment will not include payments toward the principal. The loan balance will actually remain unchanged unless the borrower pays extra.
Written by: Julia Luis, Loan Officer for Mortgage-World.com, LLC
Julia Luis covers mortgages and the housing market. Before joining Mortgage-World.com, she was a student at the University of Miami.
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