Home Loans

If you are searching for the best way to finance your residential property, you will find that numerous types of home loans are available.

The team of finance professionals at Platinum Direct Finance is experienced in helping customers find the best rates on their home loans. Home loan specialists at Platinum Direct Finance will work with you throughout the process of determining which type of loan is best for your situation.

Many consumers prefer a home loan based on a fixed-rate mortgage, a well-known and standard type of home loan. With a fixed-rate mortgage, the interest rate on the note stays the same throughout the length of the loan. Fixed-rate mortgages can cover various time spans, including 15 years or 30 years, among other options. Typically under this type of home loan, more interest is paid in the early years of the loan than during the later period of the loan. Customers have the option of condensing the length of the loan by increasing the amount of money they pay toward the principal with each payment.

Another type of home loan is a variable-rate mortgage, in which the interest rate is periodically adjusted according to an index that is based on how the credit markets are behaving.

Customers who are purchasing their first residential property might qualify for a special type of loan designed for first-time homebuyers. These loans offer special interest rates, reduced fees, smaller down payments and other benefits. Although it is not for everyone, this type of loan is often the perfect option for young couples and other first-time buyers.

Other types of home loans allow borrowers to qualify with little or no financial documentation. Known as "low doc loans" or "no doc loans," this form of a home loan is an ideal choice for people who are self-employed or whose business dictates that they have a steady but irregular cash flow.

Some consumers who already have property equity can qualify for a reverse mortgage. In this type of home loan, the lender makes regularly scheduled payments, usually monthly, to the customer for as long as he lives in the residence. The loan rate can be fixed or variable.

Other kinds of home financing are based on equity redraw, offset accounts or land loans.

Contact the lending professionals at Platinum Direct Finance to learn more about home loans. Home loan experts are waiting to assist you today.