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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

Using Home Equity Loan Or Cash To Purchase New House

By | February 28th, 2006|

A recent retiree is planning on moving to a less expensive area and is thinking about using a home equity line of credit or use the proceeds from the sale of his condo to pay cash for his new home. There are advantages of buying with cash versus financing the new purchase. However, prior home sale contingencies make buyers nervous. He needs to go over all options for home equity loans and cash purchases with a mortgage broker before making a decision.

Refinance Or Sue To Get Name Off Mortgage

By | February 21st, 2006|

When you buy property with a partner and you're not married and you haven't signed a partnership agreement, it can be difficult to undo the transaction. To get your name off of a mortgage for a property that you no longer own or live in you need to have the other person refinance the mortgage or sell the home. If the other person refuses to refinance or sell, you may need to go to court to force a sale of the property.

Inheritance Property Sold To Investor, Other Heirs Want Property Back

By | February 7th, 2006|

What should you do if you inherit a portion of a home, but another heir sold his portion of inheritance property to an investor. The other two heirs want to keep the inheritance property and wants to get it back from the investor. Ilyce helps explain how to proceed with this inheritance property, and how to best protect your interests from the investor.

Using Power Of Attorney For Quit Claim Deed

By | January 30th, 2006|

This person wants to use their Power of Attorney to execute a quit claim deed and gain ownership of their mother's home to avoid the home being used to pay for nursing care. The government can trace transactions such as a quit claim and this one could be seen as fraud. A real estate attorney can help figure out if there is a way to structure the transaction to help the mother pay for her nursing care.

Closing Canceled at Last Moment

By | January 16th, 2006|

A young couple was on the way to owning their first condo. On the morning of the closing, the lender calls to say they will not be able to make the loan because the building is a condominium conversion. Ilyce and Sam give the reader advice on how to recover their many expenses and how to avoid this homebuyer nightmare.

Buying A Property In Foreclosure

By | January 9th, 2006|

A home buyer is determined to purchase a specific home that is in probate and foreclosure. With all of the real estate on the market, this home buyer shouldn't be so stuck on buying a foreclosure home with so many problems. However, the lender might be able to work with the home buyer and homeowner to allow for a short sale and release the balance of the debt that is owed.

Mortgage Refinancing Denied After Reviewing Tax Returns

By | December 26th, 2005|

Sometimes you may have a great credit score but still get denied for mortgage refinancing after the lender reviews your tax returns. If you are an entrepreneur, some banks may not be comfortable with refinancing the mortgage loan because your tax returns have large deductions. Ilyce suggests finding a lender that is more accustomed to working with entrepreneurs, as they might be more comfortable refinancing your mortgage.

Penalties For Backing Out Of Contract

By | December 26th, 2005|

What happens when you can't get financing after making an offer to buy a home? You may have second thoughts and want to back out of the contract. However, the sellers could sue you and keep your earnest money. Make sure you read your contract carefully and find any clauses about financing that could allow you to change your mind.

Calculating profit from sale of home with home equity loan

By | December 26th, 2005|

How do you calculate the profit from the sale of a home, if the owner has a home equity loan? The amount of a home equity loan does not change homeowner's profit on the sale, but it does affect how much actual money the homeowner would receive from the sale. The way to figure out the profit on the sale of the home is to take the sales price and subtract the costs of sale (commission, transfer taxes, title etc) and the costs of purchase. A portion of the homeowner's profit may also be tax-free depending on the number of years the owner has owned and lived in the home.

Second Mortgage Or Home Equity Loan

By | November 28th, 2005|

What is the best way to finance home renovation work -- a home equity loan or a second mortgage? A home equity loan is a second mortgage.

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