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.
Assuming A Mortgage Under Foreclosure
Should you use a website service to find property listings to assume the mortgage. There is a difference between assuming a mortgage, and buying a house "subject to" the existing mortgage. Lenders' activity is changing in the current real estate market and assuming a mortgage could involve different conditions.
Pay Off Mortgage and Delay Retirement
Sometimes you may feel you no longer want to make your mortgage payments and just pay off your mortgage with other assets such as money in an IRA or 401(k) plan. But is it a good idea to pay off a mortgage with retirement money? If you're under 59 1/2, you'll have to pay extra taxes on the money that you withdraw from your IRA or 401(k).
No More 100 Percent Loans?
I was hosting my WSB radio talk show this morning (tune into www.thinkglink.com/radiio to listen or go to iTunes to download it next week) and was tak...
Divorce May Mean Changing Home Title
When a divorce occurs, it's important that the title be in the name of the person who will own the home going forward. And while the spouse who keeps the home may want the mortgage loan in only her name, it isn't critical to refinance to remove the other spouse's name. The spouse who no longer has any interest in the home should be the one requesting a refinance of the mortgage loan, not the spouse who continues to own and live in the home.
Understand Mortgage Before Signing Papers
Never sign a mortgage document unless you understand exactly the terms of the mortgage. A home owner refinanced into an adjustable rate mortgage that has a growing interest rate she can no longer afford. The fine print of real estate contracts will tell you exactly what to expect for the life of your loan.
Understanding Due On Sale Clause
Mortgage lenders often include a due on sale clause in the mortgage agreement. This homeowner would like to transfer his home to an LLC but is concerned the due on sale clause will be invoked. The idea behind the due on sale clause is that the lender was willing to give the loan to a specific owner of specific piece of property and if that owner sells the property, the lender is entitled to decide whether it wants to continue with the loan arrangement.
Mortgage Pay Off: How to Get Lien On House Released
What do you do if you pay off your mortgage, but there is still a lien on your home? If the mortgage company you bought the loan from is no longer in existence, there is still a way to get the lien off your house and prove you paid off the mortgage. Ilyce suggests that a local title company may be able to track down the mortgage company and get the lien off of the house.
Credit Card Balance Hurts Mortgage Applicants
Should you pay off credit card bills before applying for a mortgage? Lenders are used to seeing credit card balances, and they can adjust for them. What happens is that the lender adds up how much you can afford to spend each month on your mortgage, interest and taxes. Having a zero balance on credit cards will help your chances for getting a good rate on a mortgage.
Construction Loans Versus End Loans
A residential construction loan is used by a homeowner while he or she builds a home. The lender gives the borrower a bit of money at a time as the building is put up. When the home is up and the homeowner moves into it, an end lender - meaning a lender that wants to give the borrower a permanent loan - will finance the property as it would any home, without dealing with construction issues. During the construction process, the lender will give you money to continue with your construction. Each time you need money for the construction you request a "draw" on the loan. Once a portion of the loan is paid to you, you have to start paying interest on the loan.
Refinancing ARM Mortgage Loan
When deciding whether to refinance it takes more than just considering the duration of the loan and the interest rates. You have to calculate whether you can earn back the money you spent on points (a point equals 1 percent of the loan) in enough time to make it worth it to refinance. Paying too many points to refinance a mortgage with a small interest rate change may not make sense.