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.
Making A Smart Mortgage Move
Choosing the right mortgage means finding something that's affordable -- but you have to understand the consequences of each type of loan. Here's a rundown of the most common mortgage products, and how they might affect your payment on a $300,000 loan.
Reverse Mortgage Can Provide Retirement Money
A reverse mortgage can allow you to tap the equity in your home without having to sell it or take on another loan. Reverse mortgages or HECMs are commonly used by older Americans in retirement. A reverse mortgage can supplement other retirement income from investments and Social Security.
Reverse Mortgage Loan Provides Extra Income
A reverse mortgage may be a way to obtain some extra income, especially if you're elderly or retired. A reverse mortgage lets you get the equity out of your home without having to sell it or take on another loan such as a home equity loan. Learn who might be a good candidate for a reverse mortgage, or HECM.
Automobile Lease Affects Mortgage Loan
When you apply for a mortgage loan, the mortgage lender will look at all of your debt, including student loans and credit card debt. If you lease a company automobile and it's in your name, that could also affect your mortgage loan application. Aside from the way the company automobile may be considered part of your income, it helps to pay down credit card debt to qualify for a mortgage loan.
Buying A Home: Think Through Financing
Home buyers, particularly first-time buyers, who ignore the emotional quotient of a house deal, can end up feeling frustrated with the process and angry at the pace of the deal. Taking some time to think through the deal, including the financing part can help. Aside from thinking about financing when you're buying a home, you can plan out how you're going to cope to help keep frustration and anger in check.
PMI Changes At Closing
A home buyer received a good faith estimate including an estimated amount for the private mortgage insurance. At the closing, the PMI amount was different. By choosing a different type of loan or increasing your loan amount, they could have affected the amount of the monthly PMI payment. However, the home buyer could have avoided PMI all together with an 80/10/10 loan.
Option ARM Mortgages Lower First Payments
A first time home buyer is looking for a home worth 10 times their income. She was most likely approved for an Option ARM mortgage. An option ARM is an adjustable rate mortgage that starts out with an interest rate as low as 1 percent. The loan allows the borrower to pay an artificially low interest rate for the first five years, or until you owe 110 percent of the loan amount. An option ARM might be right for some people, but it's important for borrowers to understand all the terms of the mortgage loan.
Choosing the Right Mortgage for Your Finances
The world is your oyster when it comes to picking a mortgage. There are all sorts of interesting and creating financing techniques that lenders are coming up with to cater to the booming real estate market. Mortgage companies are waking up to the fact that people have incomes that vary, and managing cash flow can be a very effective tool when it comes to a payment as big as a mortgage. Make sure you are picking the mortgage that best suits your financial needs.
Mortgage Loan And Title Have Different Names
When you get divorced you likely have to work out who will keep your home and pay the mortgage. It's not a good idea to have someone pay the mortgage whose name is not on the mortgage loan. It's possible in that situation that the person making the mortgage payments will decide to stop and it will negatively affect the credit of the person whose name is on the mortgage loan. The names on the mortgage loan documents and the title to the house should match.
Mortgage Lender Minimally Raises Mortgage Payment
Why would your monthly mortgage payment increase by a small amount? It's possible that property taxes and homeowners insurance may be the cause of a small increase to your monthly mortgage payment. Talk to your mortgage lender to find out for sure.