In Business since 1985, Accelerated Funding offers FHA, VA, and Conventional Fixed and Adjustable Rate Loans for Purchase and Refinance transactions. Although you might have a great credit rating and a good job and know you will be accepted for a mortgage, it is much better to apply and get pre-approval than to simply be pre-qualified.
Pre-qualified simply means you are eligible to apply for a mortgage loan, but does not guarantee the amount that you will receive. Getting a pre-approval letter will tell you exactly how much you will be allowed to borrow. As long as your circumstances do not change, this amount is guaranteed. If you have pre-approval on your mortgage loan, then you will be seen in the same way as a cash buyer.
Pre-qualified simply means you are eligible to apply for a mortgage loan, but does not guarantee the amount that you will receive. Getting a pre-approval letter will tell you exactly how much you will be allowed to borrow. As long as your circumstances do not change, this amount is guaranteed. If you have pre-approval on your mortgage loan, then you will be seen in the same way as a cash buyer.
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An FHA loan is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development which is provided by a FHA-approved lender. They are a type of federal assistance and have enabled low income earners to borrow money for the purchase of a home that they would not have been able to afford.
An Interest Only loan is a mortgage loan where during a specific period of time, the borrower may decide to pay only the interest part of the loan. The period for an Interest Only loan is usually five to ten years. During the interest-only years, the loan balance will not decrease unless the borrower makes additional payments towards principal.
A VA loan is available for those that have served or are serving in the U.S. military. It is guaranteed by the U.S. Department of Veterans Affairs (VA). Although the VA does not lend money for the loans, it backs loans made by private lenders such as bank, mortgage companies, to veterans who qualify for the loan.
A Refinance loan means replacing an existing mortgage loan or debt with another loan under different and better interest term and rate. It is using a new loan to pay off an existing mortgage, high-rate credit cards or some other important financial commitment. With refinance loan, you are replacing your current mortgage with a new loan to lower your monthly payments, pay off debt or use for other financial goals.
The Reverse Mortgage also known as home equity conversion mortgage (HECM) and is a loan for those aged 62 and above who own their own homes. A Reverse Loan uses your home equity as collateral. Reverse mortgage loans are insured by the Federal Housing Administration (FHA). They allow homeowners to convert their home equity into cash with no monthly mortgage payments and use this money without restrictions.
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