This disclaimer (“Disclaimer”) sets forth the general guidelines, disclosures, and terms of your use of the MortgageCast.com website (“Website” or “Service”) and any of its related products and services (collectively, “Services”). This Disclaimer is a legally binding agreement between you (“User”, “you” or “your”) and MortgageCast.com (“MortgageCast.com”, “we”, “us” or “our”). If you are entering into this Policy on behalf of a business or other legal entity, you represent that you have the authority to bind such entity to this Policy, in which case the terms “User”, “you” or “your” shall refer to such entity. If you do not have such authority, or if you do not agree with the terms of this Policy, you must not accept this Policy and may not access and use the Website and Services. By accessing and using the Website and Services, you acknowledge that you have read, understood, and agree to be bound by the terms of this Disclaimer. You acknowledge that this Disclaimer is a contract between you and MortgageCast.com, even though it is electronic and is not physically signed by you, and it governs your use of the Website and Services.This is the fundamental difference in how you pay back the loan: Repayment Mortgage: Each monthly payment covers the interest charged and a portion of the original loan amount. At the end of the term, the loan is guaranteed to be fully repaid. Interest-Only Mortgage: Your monthly payments only cover the interest. The original loan amount remains unchanged and must be repaid in full at the end of the term through a separate repayment strategy.
Reviews are just one piece of the puzzle. Also evaluate:
Loan Options & Rates: Do they offer the type of loan you need at a competitive rate?
Customer Service: Your direct experience when you call or email them.
Professional Credentials: Check for any disciplinary actions with state licensing boards or the Nationwide Multistate Licensing System (NMLS).
Loan Estimates: Compare the official, written Loan Estimates from your top lender choices side-by-side.
Credit score requirements are generally more flexible for conforming loans:
Conforming Loans: The minimum credit score can be as low as 620, though a score of 740 or higher will typically secure the best rates.
Non-Conforming Loans: Requirements vary by the loan’s purpose. Jumbo loans require excellent credit (often 700+), while some non-conforming loans for borrowers with past credit issues may accept lower scores but with higher costs.
Yes, you can often roll the cost of points into your total loan amount instead of paying for them out-of-pocket at closing. However, this will increase your loan balance and your monthly payment slightly, which can affect your overall savings calculation.
It is more challenging, but not impossible. Some lenders specialize in loans for borrowers with poor credit. However, you should expect significantly higher interest rates and fees, which may negate the financial benefits of consolidation. It’s crucial to explore all other options and work on improving your credit first.
