Equity Loans and Refinances Key Influences Money Saving Tips FAQ
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Frequently Asked Questions

What types of loans are available through this site?

Our network of lenders is capable of offering most types of conventional and non-conventional mortgages including:

  • Fixed-rate mortgages: Fixed rate mortgages are the oldest and most conventional loan type. These loans are offered in 10-year, 15,-year, 20-year and 50-year length terms. Amortization tables or calculators can easily show you how much your monthly payment is likely to be for this type of loan.
  • FHA/VA loans: FHA and VA mortgage loans are insured by the government for various reasons. VA loans are offered only to active duty, retired or honorably separated members of the U.S. military, and FHA loans are offered usually only to first-time home buyers. Unless you have 20% to serve as a down payment for the loan, FHA and VA loans will require that you pay private mortgage insurance.
  • Interest-only mortgages: Interest-only loans are not really "interest only", since the buyer will eventually pay the premium for the loan as well, but this type of loan allows the option for paying the interest only on the mortgage for a period of time rather than making the interest plus mortgage payment. The downside to these loans is that they usually come with a balloon payment that will be due at one time to finish paying off the loan.
  • Adjustable-rate mortgages: The adjustable-rate mortgage or ARM loan starts with a fixed interest rate for a period of time that ranges from one to ten years and then may adjust up or down depending on various factors and market conditions. Usually these loans start off with a very low interest rate as an enticement, but if you are not extremely careful in planning for an increase, it can easily result in you defaulting on your mortgage loan.
  • 80/20 mortgages: Also known as "split mortgages", the 80/20 loan is usually for those whose credit or income is insufficient to convince a single lender to take on all of the risk with offering a loan for a house. Whereas a lender may not offer you a mortgage for the full-value of a home, they may be willing to take on the risk for part o the value such as 80% or 75%. Once this is done, you can get a loan for the rest of the mortgage (20% or 25%) and thus complete your mortgage.

What is PMI?

PMI stands for private mortgage insurance, and it insures a lender against default of a mortgage loan. Payable on most mortgage types, private mortgage insurance must be paid by a borrower as a part of the monthly mortgage insurance until the equity on the home exceeds 20%. One way to avoid having to pay private mortgage insurance is by having a down payment on your mortgage of at least 20% of the property's appraised value.

How much does it cost to get a loan through this site?

Nothing. There is no charge for getting a loan through IAMorgageLoans.com's network of lenders. Simply fill out the form on this site, and you will be connected, without cost or obligation, to a lender who can help you with your mortgage needs.

Save money with the tips we have given, and be off to a great start to apply for the mortgage help you can really use.