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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

Reverse Mortgage Information

By | June 28th, 2004|

Reverse mortgages are often a good option for seniors who live on a fixed income. There are two kinds of reverse mortgages - one from HUD and the other from Fannie Mae. You should only use a reverse mortgage lender who is legitimate and watch out for scams. There are several websites and books that offer a wealth of information on how to pick the right reverse mortgage lender.

Are Prepayment Penalties Worth Refinancing?

By | June 27th, 2004|

If you have a loan with a prepayment penalty, it may be more costly to refinance to a lower rate than to keep your current loan. If you want to refinance, ask your lender if you are eligible for a streamline refinance or a modified mortgage program. Otherwise, shop around with different lenders to find a refinance that will be worth it.

Seniors Paying Cash For New Home

By | June 18th, 2004|

A retired couple would like to pay cash for their new home. Seniors living on a fixed income should do everything they can to reduce their monthly expenses. You can pay cash for a house and open up a home equity line of credit instead of taking out a mortgage loan.

Paying For Vacation Home Repairs

By | June 11th, 2004|

What should you do if you have property, like a vacation home that is in need of major repairs but your trust has no money to pay for them? One option for taking care of the vacation home could be taking out a home equity loan to repair the vacation home. A option that wouldn't be allowed for a vacation home is taking out a reverse mortgage because the home must be someone's primary residence. If no money can be procured for repairs, a decision to sell the vacation home may have to be made.

Cut Mortgage Length By Consolidating On Your Own

By | June 5th, 2004|

Is it a good idea to refinance and consolidate two loans into one? A bi-weekly loan can save you in the long run if you can afford it, but you can also avoid refinancing and still get the same results.

Mortgage Payment After Divorce

By | May 28th, 2004|

Mortgage payments become tricky after a divorce is final. All of the parties listed on the title and the mortgage are responsible for the mortgage payment. Even if a judge has determined that one party is only responsible for a certain amount of the mortgage payment, the mortgage lender can hold all parties responsible if their names are listed on the mortgage.

Home Equity Loan After Divorce

By | May 28th, 2004|

Sometimes, when couples divorce, one ex-spouse continues to make payments on a mortgage loan for the other. But in order to get someone's name on a first mortgage loan or home equity loan, the person's name has to be on the home's title. To remove one's name from a home mortgage loan or home equity loan you have to refinance the loan. At some point the ex-spouse who is no longer living in the home may decide he or she no longer wants to make payments on the home equity loan. How can the two former partners come to an agreement?

Mortgage Transfer to Relatives Before Giving Home

By | May 21st, 2004|

If you give your home as a gift to relatives without checking to see if the mortgage loan is assumable, as the former homeowner, you are still responsible for the mortgage. The situation is worse if mortgage is still in your name but the deed is in the name of your relatives. As the former home owner, you are responsible for all the mortgage payments, and need to either refinance the mortgage in your relatives' names, or transfer ownership back to yourself.

Mortgage Denied Due To Low Appraisal

By | May 7th, 2004|

Many, but not all, real estate contracts include a provision allowing some time for a buyer to obtain financing for the purchase of a home. If within the time allotted a buyer is unable to obtain financing and the seller is notified, the contract is terminated and the buyer receives a full return of any deposit. Usually, this right to terminate a contract if you are unable to obtain financing is called a mortgage contingency.

Home Equity Loan Great Refinancing Option

By | May 7th, 2004|

A couple shows how they cut several years off of their mortgage by getting a home equity loan. Their solution is a great way for seniors to improve their cash flow. Because more seniors are entering retirement with mortgage payments, it's even more important to be open to new financing techniques that can save money.

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