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Home » Finance » Home Finance » Home Finance Corporation

Home Finance Corporation

The Home Finance Corporation is basically a licensed mortgage broker who has business centers both in Illinois and Wisconsin. The Home Finance Corporation was established in 1991 in Illinois with the purpose of providing stability and security to the home loaners. The types of loans, which the Home Finance Corporation offers, are discussed under the following heads:

Mortgage:

This is a process of loan disbursal, keeping real estate in the form of security.

Adjustable Rate Mortgage Loans:

The initial interest rate for the Adjustable Rate Mortgage loans as offered by the Home Finance Corporation is much lower than the fixed rate mortgage. After this initial phase is over the interest adjusts to the market situation. The interest rate is tagged with a market index. But limits are fixed to the extent to which the interest rate can fluctuate. “Rate caps” are applied to prevent any abnormal rise or fall in the interest rate. The Adjustable Rate Mortgage caters to individuals who plan to stay at home for a short time span, prefer low initial payments, earn low income but wishes to earn more in the future, are confident about managing high interest rates in future.

Fixed Rate Loans:

The interest rates for the home mortgage finance may be fixed or floating. Mortgages having fixed rates of interest are known as fixed rate mortgages whereas mortgages with floating rates are called adjustable rate mortgages. Sometimes they are a combination of both. In the fixed interest rate mortgage the interest rate does not fall below the initial level.

Home Equity line of credit:

This is basically a simple interest loan applicable only during the drawing period. The borrower can enjoy high levels of savings since he has to pay interest only on the outstanding Home Equity Line of Credit. The borrower has the full liberty to draw the full amount from his credit line or taking only that amount of funds that would be needed. The home equity line of credit serves the following purposes.

1. Debt consolidation
2. Home renovation
3. Education
4. Automobile purchase
5. Investments
6. Vacations
7. Business ventures

Balloon Home Mortgage Finance:

The Balloon Home Mortgage Home Loan requires monthly payments that would fully amortize at the stated expiry date. The balloon payment is due at the end of the time period. A lump sum of the remaining balance is needed for the balloon payment.

Interest Only Loans:

Payments in the interest only mortgage loan is based on the interest only. It excludes the principal at the time of payment. The interest only period is 1, 3, 5, 7, 10 or 15 years of the loan. Once this tenure is over, monthly payments will be tagged with both the interest and principal.

Jumbo loan:

This is a mortgage loan whose value exceeds the $359,650 limit that is fixed by the National Mortgage Association and the Federal Home Mortgage Corporation. The interest rate exceeds the conventional one to a great extent.

Buy Down Loans:

The Buy Down Loans offered by the Home Finance Corporation has an interest rate less than the market rate for a certain time span.

Discounted Loans:

When the note rate of a loan exceeds the market rate, it is known as the discounted loan.

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