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Apply For Top Mortgage Loans & Find Online Lender Quotes with Competitive Rates
Whether you are buying your first home or switching to a new lender, look no further than Loan Info Center to apply for a refinance or home equity mortgage. As one of the US's established mortgage application services, we know how important it is to provide options designed to suit your loan needs.
We make it so easy for you to search our for quality lenders that will work with you to find the right mortgage for your situation.
Why apply with Loans Info Center?
Easy Two Minute Loan Application
4 Reputable Lenders Compete For Your Loan
BBB Approved Application
Strict NO SPAM policy
Absolutely No Obligation
Welcome to Loan IC -- we specialize in providing borrowers with quality lenders for their mortgage refinancing loans, home equity and new home purchase loans. Our loan application is completely SECURE, the only people who see your information is great lenders! Let them come to you and offer you their best loan programs -- what have you got to lose?
Why apply for a refinance loan with Loans IC?
How about 4 Free Refi Loan Quotes?
Your loan application is completely secure via Verisgn.
The Better Business Bureau has endorsed our refinancing form with their seal of approval.
It takes two minutes to fill out and send our online refinance form.
We uphold a strict NO SPAM policy, your info will never be collected or sold.
Your information will only be seen by top lenders who specialize in refinance mortgages.
What is a Loan?
A mortgage loan involves a bank or other financial institution lending money to a borrower for a percentage interest on the loan amount (secured by appropriate collateral). So if Joe and Judy Smith were to borrow $200,000 at 5% interest, a bank would give the couple $200,000 with their new home serving as the collateral. The Smiths must pay back the $200,000 over a number of years (often 30 years) plus 5% on the remaining principal each year. The interest on the loan during the first year would be very close to $10,000 (.05 of 200,000). As the Smiths manage to pay down their loan, i.e. make payments above the interest owed which then goes towards paying back the initial loan amount, a higher percentage of their monthly loan payment isapplied towards the principal loan amount.
A loan is a legal contract between bank and borrower that lasts until the couple refinances their loan (at which time the new lender pays off remainder of the initial loan) or when the borrower pays off their loan and then owns the home free and clear.
The ABCs of Mortgage Loans
Most mortgage loans involve fixed monthly payments over a period of 10 to 30 years, depending on the specific loan terms. Lenders earn interest on the original loan amount from the borrowers. The lenders themselves borrow the money by using bank deposits (your money in the bank, which is insured by the FDIC) or by issuing bonds. Many small lenders loan out money to many borrowers and then sell the loans to larger, more well established banks for a small percentage difference. Two of the largest securitizers of loans include Fannie Mae and Freddie Mac.
Mortgage Lenders will factor in how risky or safe each mortgage loan seems to them, based on the creditworthiness and financial strnegth of the borrower. One question that a lender always aconsiders is the likelihood of the loan being repaid. Contrary to popular opinion, banks or other lenders DO NOT want to foreclose on homes. Lenders want consisent monthly payments, they do not want to have to foreclose and sell the home in hopes of making back their initial investment.