Non Traditional Mortgage Features

With traditional thirty year fixed rate loans consumers have equal monthly payments that are sufficient to cover the accrued interest and pay down the principal.

Non traditional mortgage features. Types of nontraditional mortgages. These loans also referred to as alternative or exotic mortgage loans might be interest only mortgages payment option mortgages or negative amortization mortgages or have other features such as but not limited to variable interest rates with below market introductory rates simultaneous second lien loans and reduced documentation to support the repayment capacity of the obligor. To avoid confusion the types of loans to which the guidances apply will be referred to as interest only arm loans. The mortgage programs covered in this course are.

It will also provide awareness of potential difficulties in the real estate transaction when clients opt for non traditional mortgages. We felt like anytime there was a question or a concern that it was answered and addressed quickly we had all the information we needed to know what needed to happen each step of the way. My wife and i could not be happier with the process. Key facts about non traditional mortgage features.

These accounts are called non traditional credit. Great for companies that process a lot of debit and credit card transactions an mca makes financing easy for those with poor credit. Nontraditional mortgage products have increased the range of financing options available to consumers and have grown in popularity over the past few years. A merchant cash advance is another non traditional lending mechanism you can use.

Working with blue water mortgage corp was a great experience. Landlords utility companies layaway accounts and secured credit cards do not report. On the other hand the safe act defines a nontraditional loan as any loan that is not a 30 year fixed rate loan including any type of arm a reverse mortgage or a 10 or 20 year fixed rate loan. A few examples of non traditional credit options for people applying for a mortgage.

Whether you are buying a house or refinancing your mortgage this information can help you decide if an interest only mortgage is right for you. Once the mortgage. Fair housing administration fha loans. Veterans administration va loan program.

Non traditional accounts are typically only reported when the history is negative. A few examples of non traditional credit options for people applying for a mortgage. An interest only mortgage allows you to pay only the interest on the money you borrowed for the first few years of the mortgage.