Figure out your estimated monthly mortgage payment by estimating your loan amount, interest rate, and time period.
Very often, homebuyers do not understand the difference between a mortgage broker and a loan officer. A loan officer works directly for a lender while a broker is an independent party that does not work for anyone. In this way a broker can seek out loans from many different parties.
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
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
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
These mortgage loans have fixed interest rates for the duration of the loan. Fixed rate mortgages do not change and they are not tied to an index, unlike adjustable rate mortgages. The interest rate is fixed in advance at a specific interest rate.
If you were hoping for a dramatic recovery of the U.S. housing market this year, you might be in for a disappointment, according to statements from a Federal Reserve official. “I don’t think we will see any further deterioration in 2010, but you probably won’t see a lot of rapid improvement either. You’ll just hang around... more