A mortgage loan, 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 loan questions and help you find the right mortgage loan for you.
Another Lender Bites the Dust
Lehman Brothers announced today that it was shutting down BNC Mortgage, the subprime mortgage company that it bought in 2004. A note on the BNC Mortga...
Refinance ARM Mortgage Just Before Interest Rate Adjusts
When you have an adjustable rate mortgage (ARM) loan, the loan starts out with a fixed rate and later adjusts to a variable rate. To avoid a rise in interest rates, you may want to time the refinancing of your ARM mortgage so that it occurs as your fixed rate period ends. Watch interest rates to figure out whether it's worth it to refinance your ARM mortgage and when's the right time to refinance.
Short Sale When You Can’t Make Mortgage Payments
When you've bought a home and you owe more that the home value it may become difficult to make mortgage payments. Instead of falling behind on your mortgage payments you may want to contact your mortgage lender to set up a short sale. Be aware that when you sell your home through a short sale the IRS will treat the difference between the sale amount and what you originally owed the lender "phantom income."
$11 Billion For Countrywide
The news this morning that Countrywide has borrowed about $11 billion from 40 banks is enough to give anyone pause. While that sounds like a lot of c...
Understanding Construction-To-Permanent Loans
Most large banks or major national lenders offer construction-to-permanent loans. Construction-to-permanent loans are desirable because you eliminate the need to have two closings (with all the commensurate fees) if you had a construction loan and then had to find a long-term loan once the property is completed. Construction-to-permanent financing can be costly, with a slightly higher interest rate.
Get the Best Loan at the Best Rate on the Best Terms
When it comes time to buy a house, the biggest purchase that you will ever make, you need to make sure you have the right mortgage for your needs. It might not be the cheapest, but it might work if the interest rate, fees, and timeline are correct for your budget. The loan you choose needs to work for your personal finance situation not only on the day you close, or for the first year, but for the entire time you plan to live in the property and keep that loan.
Prepayment Penalty May Happen With Refinancing
While prepayment penalties are prohibited by many states, they're permitted by federally-chartered lenders. Who is a federally chartered lender? Any lender that has established its charter not in any one state but as a federal savings bank or under federal laws. Think of your major mortgage lenders, most online lenders, and local banks that have chosen to organize under a federal charter. If you're considering getting a home loan that has a prepayment penalty attached or considering refinancing an existing loan with a prepayment penalty, here's what you need to know.
Paying Mortgage During Separation
Even if you are separated or divorced from your spouse, if both of you are on the mortgage, you are both responsible for paying the mortgage. You must make the payments on time, or both credit histories will suffer. You should consider selling the house, or refinance and work out a way to pay the mortgage on one income. It needs to be a joint effort to figure out how to pay the mortgage, even if you don't stay married.
Pay Off Mortgage Loan With Low Interest Rate?
When you have extra money is it better to pay off your mortgage or invest the money? It depends on the type of the mortgage loan and the interest rate on the mortgage loan. Paying off a mortgage may also depend on what stage of life you're in - whether you're still working or in retirement. In this case, Ilyce suggests waiting to pay off the mortgage loan because of its low interest rate.
Sellers Cite Down Payment Gift To Cancel Home Sale
When you're buying a home you have to come up with a down payment. Is it risky to use gift money as a down payment? In some cases, sellers may be wary of selling their home to someone whose down payment comes in the form of a gift. What recourse do the buyers have to close this sale?