Understanding Loans

Cheyenne Loan Information

Annual Percentage Rate Information

Knowing the annual percentage rate or APR in your Wyoming area allows Lenders to calculate the payments and total cost of a new loan were you to get it at that rate. You can also figure out how the APR of your current loan affects your payments and decide whether to refinance. It allows you to compare the costs of variable rate versus fixed rate mortgage programs as well as other programs offered by here on this website (Financial Calculators) to find the most cost effective one for you. To get the actual payment, you total the APR with appraisal fees and closing costs. With a current APR for Wyoming you can figure out the exact cost for a loan but be aware that an APR can and does change often so contact your Lender and a knowledgeable representative can help you find the most up to date APR information.

Interest Rate Buy Down Loan

One way for Cheyenne and Wyoming area residents who qualify to save money on their payments is with an interest rate buy down loan from their Lender. There are two types generally offered and those are a 2-1 buy down and a 3-2-1 buy down loan. The reduction that takes place in a 2-1 buy down is 2% less than the final mortgage rate for the first year and a reduction of 1% for the second year. By the third year the interest rate returns to the final rate for the remaining years. A 3-2-1 buy down is another variation on the 2-1 buy down and works in the same way but the reduction lasts for a longer period of time. Buy down mortgages can reduce the amount paid by the borrower on a monthly basis but the payments will increase as the period of reduction ends. To find out more about interest rate buy down loans and if this is the right loan for your needs contact your Lender today with any questions you may have..

Sub Prime and Bad Credit Loan Information

If you are a Cheyenne area resident whose credit rating is less than prime but you are still interested in purchasing a home for you or your family don’t worry because there are many Lenders who provide sub prime loan programs designed just for you. These loans are riskier to lending groups so tend to have higher interest rates and fees associated with them but they will get you into your home. Once your credit rate improves you will likely be eligible for an regular Mortgage Loan. Generally though with sub prime loans, after showing good payment history for a certain period of time (for example, 2-3 consecutive years) you will have the opportunity to choose a more traditional loan program with a lower interest rate. For more information about  sub prime and bad credit loan programs for Cheyenne and other Wyoming area residents contact your Lender today.