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Learn the Basics About Mortgage Loanswith Direct Financial
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Mortgage Loan Basics
Owning your own home is a key part of living the American Dream, 在大底特律地区买一套位置优越的好房子是你所做过的最好的投资之一. But there's a lot of trepidation about taking out a mortgage. 人们倾向于认为它是复杂的，长期的，与其他类型的贷款不同.
Mortgage loan basics are essentially very similar to any loan. 它是你从金融机构借的钱，每月还款计划包括本金和利息.
How a Mortgage Works
There are several types of mortgage loans. Let’s talk about the 30-year, fixed rate loan.
你必须在贷款30年后还清贷款. 您的贷款总额将分为360个月(即30年)的月供。. 你的贷款将被分配一个固定的溢价，即你每月偿还的金额. This is your monthly bill for the loan. 它包括贷款本身的总价值加上一个额外的百分比，这是你在赚到钱之前如何支付手中的钱的服务.
它被称为“固定利率贷款”，因为你的保费保证在你的抵押贷款期间保持不变. For example, if you pay $900 a month at the start of your mortgage period, you will pay that same amount 29 years later. 这是一个很好的方案，因为它有助于保护首次购房者在退休后免受通货膨胀的沉重打击.
我们当地的抵押贷款人员将与您合作，了解您可能与您的房屋所有权经验相关的需求和目标. 我们提供许多不同的产品，一旦信贷员了解更多关于您的财务需求, they will recommend the home product that best suits your needs.
How Mortgages are Different From Other Loans
普通贷款和抵押贷款之间最重要的区别是借出的金额和你必须偿还的时间. Because of the nature of buying a home, 借款人往往比创业或买车的人需要更多的钱.
The Nature of Mortgage Loans is Different
What's more, your home is not a money-making asset. It provides you with shelter and security, 但这不是你期望赚钱的东西，除非你打算进行重大翻新并转售它. For these reasons, 只有抵押贷款的溢价应该低于其他类型贷款的溢价才说得通, and the qualifications also tend to be a bit more involved.
Secured vs Unsecured
Ordinary loans can be either secured or unsecured. A secured loan is backed up by some form of collateral. 抵押贷款总是以被购买的房屋作为抵押品.
If you're looking to buy your first home in the Greater Metro Detroit area, let the home finance professionals at Direct Financial help you find the best type of home loan for your needs. Our team will consult with you to help find the best fit. Get in touch today.
Rent vs. Buy
First question: Is buying a home the right move for you? 房屋所有权对一些人来说是很棒的，而租房对另一些人来说则是完美的.
在决定买房是否适合你的时候，有很多因素需要考虑. 下面列出的是租房和买房的一些优点和缺点.
Advantages
Rent
- Easy to move or relocate
- Fewer responsibilities for maintaining property
- Lower initial financial commitment
Buy
- Tax Benefits
- Financial Investment
- Stable monthly housing payment
Disadvantages
Rent
- No Tax benefits
- Subject to landlord restrictions
- Unknown future housing payment
Buy
- Long term financial commitment
- Higher overall living expenses
- Limited ability to move or relocate quickly
Meet Your Direct Financial Mortgage Team
Mortgage Officer
- Reviews income, credit, savings and loan programs
- Issues pre-approval letter
- Obtains copy of Purchase & Sales Contract
- Orders appraisal
- Submits loan to underwriting
Mortgage Assistant
- Keeps REALTOR® 代表借款人更新有关评估、贷款批准和成交日期的关键日期
Mortgage Processor
- Issues commitment letter to borrower after approval
- Orders legal work for borrower
- Works with borrower to meet conditions of loan approval
- Schedules closing
Underwriter
- Reviews loan documentation
- Approves or denies loan based on program guidelines
Real Estate Agent
- Obtains market information
- Searches for home within price range
- Negotiates Purchase and Sales Contract
Title Companies
- Helps prepare Initial Closing Disclosure with lender
- Performs 40 year title search
- Closes the loan
The Path to Your New Home
Prepare to Borrow
向贷款人提供完整的文件有助于使贷款流程快速顺利地获得批准. We’ll give you a checklist so that you can get a head start.
Get on the Path
Apply online to get started. 然后，直接金融抵押贷款官员将帮助您完成整个过程-从申请, approval, processing, to closing. We’ll guide you the entire way!
Your Credit Report & Credit Score
We can help you make sense of your credit report and credit score. 让我们一起回顾一下，我们将解释你的信用记录如何影响你的融资选择.
Great Rates for Homebuyers
30 Year Fixed
Serviced by Direct Financial. APR* shown.
7.184%
Not Sure?
We’ll help find the best home loan for you!
call today
5/1 ARM
Adjustable Rate. APR* shown.
Not Available%
Fixed Rate vs. Adjustable Rate
Advantages
Fixed
- No risk of future rate/payment increase
- Easier to manage household budget
- Simple loan terms to understand
Adjustable
- Lower initial rate
- Good for buyers looking to move in 3-7 years
- Closing costs may be lower
Disadvantages
Fixed
- Possible higher rate
- More restrictive underwriting requirements
- Higher closing costs
Adjustable
- Payments can increase over time
- Watch out for teaser programs
- Loan parameters can be difficult to understand (Caps, margins and Index)
How to Decide
- What type of property do you intend to purchase?
- How long do you plan to stay in the home?
- What is the future income potential and affordability?
- What is your current debt and credit situation?
- 你有多少存款可以支付首付款和成交费用?
- Is local servicing important to you?
Down Payment and Closing Costs
Acceptable Sources for Down Payment and Closing Costs
- Savings, checking, CDs
- Sale of stocks and bonds
- Tax refund
- Sale of an asset (car, boat, motorcycle)
- Borrowing from your 401K
- Gifts from a relatives*
The cost of buying a home can be overwhelming. 根据信用评分，最低首付要求可以在0-20%之间, type of property and loan program. 通常情况下，在获得预先批准之前，最好计划至少有3-5%的首付加上成交费用.
*Certain restrictions apply to gifts from relatives. Your loan officer will share the details with you.
Disputes and Inquiries
消费者金融保护局(“CFPB”)要求贷款服务机构遵守既定流程，以处理会员的错误通知以及会员有关贷款的信息请求. 为了提交正式的错误通知或信息请求，请将书面请求发送到以下地址:新英格兰联邦信用合作社, Attn: Loan Servicing, PO Box 527, 141 Harvest Lane, Williston, VT 05495
请在书面请求中包括对错误或您所请求的信息的详细解释. 尽可能具体，并提供任何你认为可能有用的信息. 另外请注意，写在帐单上的信件不会被视为正式的请求.
NEFCU将在五(5)个工作日内回复您的书面请求，确认您的请求，并在可能的情况下满足您的请求. 如果我们当时无法解决错误通知或信息请求, 我方将承认这一事实，并在贵方提供所需的任何额外信息的情况下，在三十(30)个工作日内对贵方作出答复.