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Other Articles...
The Best Time to Buy Mortgage Points
Mortgage points are offered by lenders and are added into the closing costs of a loan. A mortgage point equals one percent of the total mortgage balance. Depending on the loan, you may have the option of buying a few mortgage points. While you can almost always buy them if you want to, it is not always in your best interest to do so. more
How to Qualify for an FHA Loan
Many people in the market for a home of their own, including first time home buyers, want to know how to qualify for an FHA loan. Though qualifying is not a complex process, meeting the guidelines is necessary. For those who do not meet the necessary guidelines to qualify, understanding what they are will help in working toward a position that does qualify for an FHA loan. more
Foreclosure vs. Bankruptcy: Which is Worse?
When you really get behind on your mortgage payments, you are faced with some tough choices. Should you opt for foreclosure or bankruptcy? Neither option is particularly attractive, but sometimes you have to choose the lesser of two evils. Each option has drawbacks of course, but depending on your situation, one might be better than the other. Here are a few things to consider when you must choose between foreclosure and bankruptcy. 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
Find the Best Home Improvement Loan Rates Online
Trying to find the best home improvement loan rates might seem like a bit of a challenge at times. There are many lenders in the marketplace, and you want to make sure that you are getting the best deal because you can potentially save a great deal of money. Here are a few things to consider when searching for the best home improvement loan rates. 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
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
What is an FHA Loan?
Many prospective homeowners want to know, what is an FHA loan? What are the advantages over other types of loans? For many potential home buyers, an FHA loan presents you with several advantages over a traditional mortgage. The FHA is a government-backed program that attempts to give home buyers a leg up on the mortgage market. Here are a few aspects of an FHA loan. 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
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
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
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
Subprime Home Loans Explained
Subprime home loans came into the spotlight during the credit crunch as part of the problem with the lending industry. While many people have a negative connotation associated with subprime lending, not that many people actually understand it. Here are a few things that you should know about subprime loans and how they are used. more
Why Choose Upfront Mortgage Brokers Over Conventional Ones?
Upfront mortgage brokers provide a level of information that is simply not there with conventional mortgage brokers. Upfront mortgage brokers have grown in popularity in recent years and many are still turning to them. Here are a few reasons that you should consider an upfront mortgage broker over a conventional one. more
Option ARM Loan Pros and Cons
An option ARM loan is a type of adjustable rate mortgage that allows buyers a flexible repayment period. This type of mortgage has exploded in recent years and millions of people now have them. This type of loan has some advantages and disadvantages. Here are the pros and cons of option ARM loans. more
No-Income Verification Mortgage Loan Disadvantages
Using a no-income verification mortgage loan is a great way to finance a house if you are self-employed, since it may be difficult to prove your income to a bank. With the help of this type of loan you can get the money you need to purchase a house. However, while it does have its advantages, it is not without disadvantages. Here are a few drawbacks of a no-income verification loan. more
The Ups and Downs of 80/20 Loans
With the emergence of many different loan products in the last few years, 80/20 loans have started to gain some popularity among buyers. An 80/20 loan is actually a combination of two loans. The buyer will get a regular mortgage for 80% of the cost of the property and then another smaller loan at 20% of the cost. There are advantages and disadvantages to this particular strategy. Here are a few ups and downs associated with 80/20 loans. 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
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
Avoidable Pitfalls of Subprime Mortgage Loans
Dealing with subprime mortgage loans is not something that many people look forward to. The subprime market is there for those with bad credit and for non-traditional loans. If you have to deal with the subprime mortgage market, there are a few things that you need to be aware of. Here are some avoidable pitfalls to watch out for with subprime mortgage 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
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
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
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
Should You Pay Off Your Mortgage Early?
Many people consider whether or not they should pay off their mortgage early. A mortgage is one of the biggest expenses in most people's budgets. Therefore, eliminating it can feel like a huge burden lifted off your shoulders. However, in some cases, paying off your mortgage early is not always in your best interest. Here are a few things to consider before paying off your mortgage early. more
Discount vs. Origination Mortgage Points
Understanding the difference between mortgage points and origination fees allows you to determine which lender has a better loan. Discount points are fees that allow you to buy down your interest rate, therefore lowering your monthly payment. Origination fees are points the lender uses to cover overhead costs for the loan. more
How to Get Approved for Home Improvement Loans
Home improvement loans are a great way to add value to your home, and they are relatively easy to obtain if you have the right qualifications. The following information will explain how home improvement loans work, show you how you can get approved for one, and offer one alternative to home improvement loans if you do not qualify. more
No Doc Mortgage Loan Types Explained
A no doc mortgage loan is funds borrowed for the purchase of property with little or no verified income source, assets, or debt information. These types of mortgages are designed for individuals who do not have a typical employer and who need privacy, like a retiree, self-employed individual, or a celebrity. A no doc mortgage loan requires the borrower to have excellent credit. Depending on the type of no/low documentation loan, only certain information needs to be disclosed to the lender for approval. 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
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
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
ARM Loan Rate vs. Fixed: Should You Convert?
When comparing an ARM loan rate to that of a fixed mortgage, you will almost always receive a lower interest rate upfront. An adjustable rate mortgage is designed to have a low introductory rate and then be a variable interest rate after that. For many homeowners, these loans allow them to afford the house that they've always wanted. However, they may run into problems down the road. If you signed up for an adjustable rate mortgage, you might want to look at converting your mortgage to a fixed rate. more
FHA and VA Loan Comparison
Both FHA and VA loans are from government programs that come with their fair share of benefits. However, the programs are geared for different people and work differently. The key difference between the two programs is that the VA loan is geared toward military borrowers. If you are considering a mortgage, you should look at what the FHA and VA have to offer you. more
Reasons to Avoid a No Equity Home Improvement Loan
Avoiding a no equity home improvement loan may be in the best interest of all borrowers. These types of loans can be potentially dangerous. These loans are for those looking to take advantage of being a homeowner, without having to meet the credit, security or collateral requirements of other loans. 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 80/20 Loans Work
80/20 loans are not as complicated as people may think. Many lenders will only finance 80% of the home purchase price, which leaves 20% for the borrowers to come up with. While having a down payment is ideal, some borrowers do not have enough of a down payment to cover 20%, and some may not have a down payment at all. In this scenario, a second loan for 20% of the home value can be taken out, as a home equity or piggyback loan. 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
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
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
Basic Types of FHA Refinance Loans
There are three basic types of FHA refinance loans, each catering to three basic types of borrowers. 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
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
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
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
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