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.
Prepayment Penalty In Effect After Mortgage Loan Sold
It's generally not a good idea to get a mortgage loan with a prepayment penalty because even if your loan gets sold, the penalty remains in effect. Learn how prepayment penalties are calculated by mortgage lenders. Also be aware that prepayment penalties can kick in when you sell your home at closing.
Home In Foreclosure – File For Bankruptcy?
Homeowners were served with foreclosure papers - is filing for bankruptcy their best option? Ilyce and Sam tell the homeowners not to file for bankruptcy, but to talk with their mortgage lender about paying their mortgage, even though they have been served with foreclosure papers. Ilyce and Sam say bankruptcy should be the homeowners' last option, despite being served with foreclosure papers.
Prepayment Penalty Compensates Mortgage Lender For Risk
While prepayment penalties may not be so common in some loan types, they are still prevalent in the mortgage loan industry. Mortgage lenders set up prepayment penalties to ensure that they receive a consistent stream of income. In addition, prepayment penalties are common with subprime loans, which are often granted to riskier borrowers.
Refinancing Mortgage For Best Interest Rate Requires Research
Refinancing a mortgage for the best interest rates takes a lot of research. Mistakes occur when you rush too quickly into mortgaage refinancing decisions. Ilyce Glink provides refinancing advice to reader who made a mistake refinancing his mortgage: can he cancel his loan application?
Refinancing Mortgage Out Of High Interest Rate: Possible Obstacles
There are several possible obstacles that can arise while trying to refinance your mortgage out of a high interest rate. If your credit score isn't high, refinancing your mortgage out of a high interest rate may be difficult. Fortunately, getting your credit history and walking through it with a couple of reputable lenders could remove those obstacles to refinancing your mortgage out of a high interest rate.
Documentation Required For Mortgage Loan
When you apply for a mortgage loan a lender is going to need to verify that you have a job, what you earn, how much you have saved, what kind of assets you have, and assess what kind of credit risk you're likely to be. If you're going to be shopping around for your mortgage, it's a good idea to make a few complete copies of all the documents, and keep them in a separate mortgage loan file.
Mortgage Loan Refinancing: Calculating Savings
What should you think about when you're refinancing your home? When refinancing a mortgage you should look at the interest rates available as well as how much the refinancing will cost you in closing costs. You should also consider how long it will take you to repay your mortgage refinance.
Don’t Pay Fee To Enroll In Mortgage Payment Program
When you buy a home with a mortgage you may decide you want to pay off your mortgage as quickly as you can. One way to pay off your mortgage sooner is by enrolling in a program that enables you to make additional early payments. But you can also pay off your mortgage early without enrolling in a program and simply sending in payments on your own. Learn what to watch out for when prepaying your mortgage loan.
Down Payment And Mortgage Assistance For First Time Home Buyers
A listing of first-time home buyer programs around the country that offer low-cost mortgages and down payment matching funds. You can call these phone numbers or check out these websites to find out what these cities offer as low cost mortgages or down payment help to first-time home buyers.
Identifying Predatory Mortgage Loans And Lenders
What is predatory lending?