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Other Articles...
The Advantages of a Short Sale
When you owe more on your mortgage than your home is worth and you cannot wait for the property value to rise, a short sale may be the best way to get out of your loan. Compared with losing your home to foreclosure, a short sale can offer a few advantages. more
How Do You Get a Mortgage Loan Prequalification?
A mortgage loan prequalification is the process of being pre-approved for a home loan prior to making the purchase. Getting a prequalification helps you understand how much house you can afford to buy and removes one of the potential barriers that may stand between you and the purchase of a home. more
Are Loan Origination Fees Necessary?
Loan origination fees, also known as points, are not a necessary expense when obtaining a mortgage. These fees are a way for a lender or broker to make money from closing the loan. By shopping around, you can find the best rate and the lowest origination fees. more
Pros and Cons of Temporary Buydowns
Temporary buydowns are a tool that lenders use to lower rates and make monthly payments more affordable. Temporary buydowns require a large cash investment in return for lower rates. One of the most popular types of buydowns is the 3-2-1 buydown, which lasts for the first three years of the mortgage. While this helps lower your rate for three years, your payment will increase for the last 27 years of the mortgage. more
How Mortgage Closing Costs are Calculated
Mortgage closing costs are costs that are required on all mortgage loans. Depending on the loan, these costs can add up. Understanding how they are calculated will help you determine between a good and bad loan. Mortgage closing costs are divided into buyer and seller transaction fees. The fees include items such as: lock-in fees, appraisal fees, credit report fees, title fees, mortgage points, private mortgage insurance, property taxes, deed change and interest charges from closing to the date of the first mortgage payment. more
Find Better Bad Credit Home Equity Loan Rates
If you are looking for a bad credit home equity loan, there is a good chance that you are frustrated with the rates that you are being offered. When you have bad credit, you will usually not receive the best rates in the industry. However, that does not mean that you should just settle for whatever rate you are initially quoted. more
Common Misconceptions About an Interest Only Mortgage
There are a few misconceptions about interest only mortgages because it is a different type of loan product. Using the interest only payment option on a mortgage is not necessarily a way to save money. The loan option allows for monthly cash flow flexibility, which typically has short-term benefits. There are a few other misconceptions about the loan program. more
Selecting a Construction Loan Lender: 3 Tips
Choosing the right construction loan lender can help you a great deal in the process of building your house. Building a house is exciting. However, the problems that come with selecting a bad construction loan lender can negate some of that joy and excitement. Here are a few tips to select the right construction loan lender for your project. more
Alternatives to Getting a 2nd Mortgage
There are several alternatives to getting a 2nd mortgage for homeowners who need cash. Whether a borrower wants to put their assets on the line as collateral and has good credit, there are options. A home equity line of credit is one main alternative to a 2nd mortgage. This line of credit would equal the value of the property minus the amount due on the original mortgage. more
Tax Break Criteria for Mortgage Points
Paying mortgage points on your loan might seem like an unnecessary cost to you at the time you pay them. Many borrowers pay mortgage points on their loans in order to buy down the interest rate on the loan. A point on a mortgage is equal to one percent of the total loan. The more points you pay, the lower your rate and monthly payment will be. While they can benefit you over the long-term, mortgage points are also a tax deduction that many homeowners overlook. more
Upfront Mortgage Broker Pros and Cons
Using an upfront mortgage broker to shop for loans can be a valuable tool for potential borrowers. With an upfront mortgage broker, you can get the information you need without all the headache that comes from dealing with a regular broker. While upfront mortgage brokers can be beneficial, they are not without their drawbacks. Here are a few pros and cons associated with upfront mortgage brokers. more
Refinance a Mortgage: FHA Home Loan Pros and Cons
An FHA home loan refinance offers borrowers many advantages over traditional loans. With the FHA behind a loan, you can get a government insured loan with increased qualification flexibility. While borrowers can often find beneficial loan programs for refinancing with the FHA, they do have some drawbacks, as well, so it is important to weigh them carefully. more
3 Common Misconceptions about Foreclosure
Home foreclosure can be a devastating event for you and your family. When the bank has to foreclose on your home, it can damage your credit and your financial future. You will be forced to find a new home which can uproot your way of life. With a topic that has so many negative connotations, there can be many misconceptions about it. Dealing with a foreclosure properly requires that you have the right information. Here are a few popular misconceptions about a foreclosure. more
3 Drawbacks of Assumable Loans
Though assumable loans have a number of advantages over new loans, there are a few disadvantages to them as well. Before jumping into an assumable loan, it is important to recognize these three drawbacks. more
How to Apply for Construction-to-Permanent Loans
Construction-to-permanent loans give you the ability to condense the loan process that usually comes with new home construction. Doing it the traditional way results in you going through two different loan applications and two loan closings. With a construction-to-permanent loan, you can avoid two applications and just get one loan. more
Can Bankruptcy Stop Foreclosure?
A common question for many homeowners in financial peril is can bankruptcy stop foreclosure? There are two main types of bankruptcy, Chapter 7 and Chapter 13. The Chapter 13 bankruptcy was originally created to stop foreclosure. In the event the date of the bankruptcy case is filed before the date of the foreclosure, the bankruptcy will prevent the foreclosure sale from taking place. more
Applying for FHA Loans: Documents You Will Need
Documentation is crucial when applying for FHA loans. You will need to provide documents that prove income, savings and credit information. If you already own a property, you will need to provide related documentation for that, as well. more
A Guide to 80/20 Loans
Understanding how 80/20 loans work can be useful to certain borrowers who are looking for home ownership. 80/20 loans allow a borrower to make a loan backed up by a second one in order to cover the cost of the mortgage. This allows the borrower to meet the required 20 percent down payment necessary to avoid having to purchase primary mortgage insurance (PMI). more
Home Equity Loans for People with Bad Credit
It is possible, although difficult, to obtain home equity loans for people with bad credit. The tightening of credit requirements in the wake of the banking and credit crisis have made banks less willing to extend credit terms to borrowers with bad credit. A homeowner who has a bad credit rating will need to do a lot of work to convince a lender that he/she is creditworthy and responsible enough to obtain that loan. more
Apply for Home Equity Loan Consolidation
Applying for a consolidation home equity loan is something that many people do to consolidate their bills. Using your home equity loan to consolidate bills makes sense on many levels. Getting your bills consolidated into one monthly payment can remove a huge mental and financial burden. There are a few advantages to applying for this type of loan. more
Getting Mortgage Loans for People with Bad Credit
Despite popular belief, mortgage loans for people with bad credit are possible. Any loan awarded to a borrower with a credit score below 600 is considered subprime. Though it can be difficult to receive a subprime loan, there are many options available for potential homebuyers with poor credit and proper steps to take. more
Negative Amortization Explained
Negative amortization, also known as NegAm, occurs when the payment made on a loan is less than the amount of interest charged on the loan for that period. This makes the loan balance larger, rather than paying it down. more
How Rental History Impacts the Mortgage Application Process
Filling out a mortgage application for the first time can be a little intimidating. You really do not know what to expect and whether or not you will be approved. If you have been a renter your whole life, the first home purchase can be an exciting time. The approval process depends on a lot of variables in your past history. One of the biggest variables is your past rental history. more
Down Payment Considerations for First Time Home Buyers
In today's mortgage world, there are several down payment considerations for first-time home buyers. In years past, buyers were required to put down 20 percent of the home price in order to get a loan. Those days have long past and there are now lots of down payment options for first-timers. more
5 Ways to Prevent Mortgage Loan Fraud
Mortgage loan fraud is a prevalent reality that you should be aware of. Consider the following five tips suggested by the U.S. Department of Housing and Urban Development that can help you avoid being accused of mortgage loan fraud, and how to avoid being taken advantage of when buying a property. more
ARM Home Loan Types to Consider
An ARM (adjustable rate mortgage) home loan provides you with monthly mortgage savings. The savings is typically called front end savings because only the first part of the mortgage is benefited. While you can save money on the front end, ARMs tend to be riskier on the back end because the interest rate can increase. Here are a few ARM home loan types that you should consider. more
Pros and Cons of Stated Income Loans
Stated income loans are loans that do not require pay stubs or income tax returns to verify salary history. You simply fill out the application, the bank processes it and decides whether or not to loan you money. A stated income loan comes with several pros and cons associated with it. Here are a few things to consider: more
What Happens When FHA Reverse Mortgages End
FHA reverse mortgages allow homeowners who meet specific criteria to receive a monthly income or lump sum payments that equal the equity in their home. The money is repaid when the homeowner dies or sells the home. But there are several items of interest that those applying for an FHA reverse mortgage should be aware of, particularly regarding what happens at the end of the mortgage. more
Basic Construction Loan Types
There are two basic construction loan options for non-commercial properties. These include the construction-only loan and the construction-to-permanent mortgage loan. more
Don't Lie on a Stated Income Loan Application
Lying on a stated income loan application is one of the biggest financial mistakes that you can make. While lying on stated income loans is common, with more than half of applicants doing so, it is not in your best interest. Here are a few things to think about before you embellish your income on a loan application. more
Home Equity v. Mortgage Loan: Risks and Rewards
When choosing between a home equity or mortgage loan, weigh the risks and rewards of each against your specific needs for borrowing funds, your ability to repay and your personal spending habits. A home equity and mortgage loan both have pros and cons depending on your circumstances. more
How Assumable Loans Work
Assumable loans are those that allow someone else to "assume" or take over the payments on the loan without having to start over in terms of payments. For instance, someone who could no longer afford their vehicle or mortgage payments could contact their lender to see if they allow the loan to be assumed. If the lender allows for assumable loans, then the borrower could advertise this to friends and family. more
3 Reasons to be Wary of Blind Loan Modification
Blind loan modification is a relatively new term that has popped up in the area of bank lending. Blind loan modification is a way that banks make an alternate offer to you on your preexisting mortgage with them. These offers may include a different interest rate, different monthly payment, and different terms. While they are becoming more popular, they are not always the best route to take. Here are three reasons to avoid blind loan modification. more
What Lenders Don't Reveal About Home Equity Loans
It is important to understand the truth about home equity loans so that you don't run into future problems. Lenders may not tell you the entire story when you seek to borrow on the equity of your home. Before you consider taking this step, consider the following information about home equity loans. more
What to Expect During a Mortgage Reinstatement Period
If your home is in default, your goal should be to get a mortgage reinstatement. Many people mistakenly believe that once their home is in default, they have to let it go to foreclosure. While many houses do go to foreclosure, there are other options. If you manage to get your home out of foreclosure, you will have to go through a mortgage reinstatement period to do so. Here is what you should expect during a mortgage reinstatement period. more
Basic Types of FHA Refinance Loans
There are three basic types of FHA refinance loans, each catering to three basic types of borrowers. more
2nd Home Equity Loan Alternatives
A 2nd home equity loan can provide cash for important needs - such as home improvement or college expenses - but also comes with risks. Consider alternatives to a 2nd home equity loan based on your specific needs. more