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Mortgage & Finance

A mortgage, or a home loan, can come in many different forms. A 30-year fixed rate, a 15-year fixed rate, an adjustable rate mortgage, a jumbo loan. And what about prepayment or foreclosure? The articles, blog posts, videos and radio shows on this page will answer all your mortgage questions and help you find the right mortgage for you.

You need to consider the fees and closing costs that you may be charged in obtaining a mortgage, the length of the loan and the amount of the loan. In addition, while the interest rate you obtain is quite important, you need to understand all of the other issues involved in obtaining a mortgage loan for your home or investment property.

Take a look at our hundreds of articles on our site. Some of these articles are listed below. These articles relate to obtaining a mortgage, finding a low interest mortgage loan, the difference between a fixed rate or ARM loan, whether to pay points to buy down your interest rate, and avoiding prepayment penal

Refinance ARM And HELOC Into Fixed Rate Loan

By | September 25th, 2008|

Should you combine an adjustable rate mortgage (ARM) and a home equity line of credit (HELOC) into a 30 year fixed rate mortgage? If the interest rates are low enough should you refinance the ARM and HELOC into a fixed rate mortgage loan? You should look at the terms of your loan and compare that with market conditions such as the value of her home.

Second Mortgage Lender May Cause Short Sale To Fail

By | September 19th, 2008|

When you're selling a home and you have two mortgages, you have to work with both mortgage lenders. Your mortgage lenders are among the parties who negotiate a short sale. If one of the lenders who negotiates the short sale does not agree, the short sale may not occur. Second lien holders such as PMI companies or HELOC lenders want to recoup some of their money and may scuttle a short sale if they're not included.

Rental Property Foreclosure Forces Tenant Eviction

By | September 19th, 2008|

If you are renting a soon-to-be foreclosed property, will you be evicted? What happens if you pay your rent, but your landlord did not make the mortgage payments and the property entered foreclosure. What does the eviction process look like for a renter of a foreclosed property? Ilyce offers advice about the foreclosure eviction process.

Home Equity Line Of Credit Counts As Second Mortgage

By | September 12th, 2008|

A home equity line of credit is a loan that uses the property as collateral. A homeowner recently took out a home equity line of credit and now has a second mortgage listed on his homeowners insurance. The home equity line of credit is a lien against the property and is listed as the second mortgage holder.

Estate Planning May Include Quit Claim Deed Reversal

By | September 11th, 2008|

When you sign a quit claim deed to give a property to your children, your children will have the original cost basis of the property. The original cost basis may result in your children having to pay higher taxes when they go to sell the property. If your children want to sell your home and give you the proceeds to support yourself they'll first have to pay taxes due on the sale. Learn how the taxes on such a home sale would be calculated and whether the sale affects Medicaid benefits. Timely estate planning can help you avoid these kinds of dilemmas.

Mortgage Loan Applicants Need More Documents

By | September 11th, 2008|

Today's mortgage loan applicants have to provide more documentation than in the past. Mortgage loan applicants need to show proof of income, retirement fund records and recent bank statements. Here are the documents you should have available before applying for a mortgage loan.

Deed in Lieu of Foreclosure Affects Credit Score

By | September 11th, 2008|

A landlord wants to sell her investment property and has trouble. While the property is rented, the rent does not cover the mortgage. The landlord wants to know the effect of using a deed in lieu of foreclosure on her credit score. She called the credit bureaus but could not get a direct answer. Ilyce says that the effect of a deed in lieu of foreclosure on a credit score depends on the individual because each person has different credit factors.

Quit Claim Deed Transfers Cost Basis

By | August 28th, 2008|

Whenever a home owner transfers all or part of the ownership of a property using a quit claim deed, the person who they're transferring ownership to receives the property interest at the same cost basis that the home owner bought it for. While the percentage of ownership may vary, the cost basis used remains the same regardless of when the transfer takes place. As a result, when you sell a home that you receive through a quit claim deed you'll owe capital gains taxes calculated using the previous owner's cost basis.

Seller Financing Deadline Not Met

By | August 28th, 2008|

What is the consequence of not meeting a deadline to repay seller financing for a home? In a well-executed seller financing scenario, the buyer and seller sign a promissory note that details the terms of the seller financing. Can the owner who financed the home take it back if the deadline is not met?

Zoning and Land Acreage Restrictions

By | August 28th, 2008|

A property owner wants to take advantage of an employer's relocation program, but their 5.1 acre property exceeds the restriction of 5 acre lots. If the property owners can't get the employer to waive the restriction, they will need to contact a real estate attorney to determine what they will have to do to divide the lot. They will most likely have to get a survey of the land and make sure they are not breaking any community ordinances about lot restrictions.

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