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.
Owing Back Taxes After Foreclosure
After a home is foreclosed on, do you still owe the back taxes? You must determine if the foreclosure of the home and subsequent sale of the home by the lender produced enough cash to satisfy your debt to the lender. In some cases, lenders don't go after the difference from the borrower. However, in other cases, lenders keep will pursue that homeowner until they get all they can. A deficiency judgment would be the difference between what the lender got from the sale of the home and what you still owe the lender. The deficiency judgment gives the lender the right to continue to go after you for that amount of money.
50-Year Mortgages — Are You Kidding Me?
On the Ilyce Glink Show today, I talked about how some lenders are talking about issuing 50-year mortgages. What's that about? Some lenders currently ...
Closing Canceled at Last Moment
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.
Understanding Home Lenders Debt To Income Ratios
When creating a budget it is important to understand what percentage of your income should be going to you housing costs. The 28/36 debt to income ratio is commonly used by home lenders. Lenders will allow you to spend up to 28 percent of your gross monthly income on your mortgage, real estate taxes, and homeowners' insurance premium. The 36 number refers to total debt.
Reserve Cash With Interest Only Loans
A home buyer is considering an interest-only loan. Interest-only loans are best if you are trying to conserve cash. You can use the cash for a home improvement project, if you're not going to be in the home for a long period of time, or if it's an investment property. However, you should not use an interest-only loan to purchase more property than you can afford.
Mortgage Refinancing Denied After Reviewing Tax Returns
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.
Ilyce Glink on WSB Radio – December 18, 2005
Ilyce packs the last show of 2005 with information on home improvements, dealing with holiday debt, 2006 tax changes, and the new Roth 401(k). Ilyce then takes calls on topics from using rainy day savings to pay off a home to the pros and cons of an interest-only loan. Ilyce returns January 8th.
Paying Points When Refinancing
When taking out a first mortgage or refinancing, you may want to consider paying "points." A "point" is one percent of the loan amount, typically paid in cash to the lender as a fee. There are several different kinds of points. There are "discount points," where every point you pay lowers your interest rate by a certain amount. The lender may charge you a point or two as a flat fee as well.
Ilyce Glink on WSB Radio – October 2, 2005
Ilyce starts off her show talking about holiday gifting at work, and specifically for the boss. Ilyce then takes calls on topics from dealing with the IRS on a past bankruptcy to figuring out when to start taking Social Security, while still working. Ilyce also talked about how there is an increased emphasis on allowing consumers who pay their bills and rent on time to use those on-time payments to help improve their credit. the National Credit Reporting Association is teaming up with PRBC (www.prbc.com), which is a national credit bureau specializing in collecting and updating what the industry calls "non-traditional" credit (like on-time payment of utility bills, rental payments, etc). If your traditional FICO credit score is low, your PRBC credit score might be higher. Log onto www.prbc.com for details on how to use non-traditional credit sources to qualify for a mortgage loan.