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Debt Consolidation: Better ways to structure your debt

Should I choose a fixed rate or adjustable rate loan?
Fixed rate loans have a stated interest rate that does not change over the life of the loan, whereas the rates on adjustable rate loans are linked to an index and change as the index rate changes. Many mortgages, such as a 5-Year Fixed (30 Year), start as a fixed rate loan and then convert to an adjustable rate. Adjustable rate loans have more risk due to the possibility that the interest rate could increase. However, because you are assuming some of the risk the lender will generally reward you with a lower interest rate. These loans are best for borrowers who do not plan on keeping the loan for the full term.

Should I consider an Interest-Only loan option?
Interest-Only loans are a good means of either increasing your home purchasing power or maximizing your flexibility to control cash flow. You can save significant amounts of cash for investment, savings, or other expenditures during the first ten years of your loan. This is also a solid strategy to maximize tax deductibility, with more funds available for paying down higher cost, nondeductible consumer debt. With these loans, the minimum payment required covers interest only-you decide how much or how little of the principal to repay each month. These loans should not be confused with negative amortization loans-with Interest-Only the principal balance NEVER increases.

Is a Closing Cash Saver loan for me?
Closing Cash Saver loan is designed to provide you with a rebate to cover your non-recurring closing costs. While these loans are most commonly associated with refinances, they can also apply to purchases. Closing Cash Saver loans will generally have a higher interest rate than loans in which you pay closing costs out of pocket. Consequently they are a good option for

How can I be sure my mortgage choice will be the best financial option?
Outlook Finance believes that you should treat your mortgage as an investment. For most people their home will be their biggest investment for the future. A mortgage payment is a type of "forced saving" that many people will count on for retirement. In addition, the tax savings from writing off the interest will greatly reduce the yearly cost of your mortgage payments.

What is the process for getting a loan?
The loan process is slightly different for every person, and at Outlook Finance we recognize that each loan is unique. However, there is a pattern to the loan process, and you should know what to expect before you decide to apply. At Outlook Finance, your mortgage is assigned a loan consultant who will personally assist you through the entire process and help you close your loan in as little as 21 days.

To talk to a loan consultant now call 866-866-0242

What types of loans does Outlook Finance offer?
Outlook Finance offers a wide range of products to meet all your financing needs, from 30-year fixed rate mortgages to adjustable rate mortgages and home equity loans for both purchases and refinances.

 

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