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.
Down Payment And Closing Cost Financial Assistance
When you're a first time home buyer you can potentially find money for a down payment or closing costs through a community group that helps promote home ownership. When you're a first time home buyer you should look at what local consumer groups offer to help with down payments or closing costs. Some groups offer second mortgages instead of direct down payment or closing cost assistance.
Pay Off Mortgage Early With Extra Payments
If you prepay your regular monthly mortgage payment it may be applied incorrectly to your mortgage loan. Mortgage companies usually see prepayments as extra money to go toward the principal of the mortgage loan. When the mortgage company does not then receive your mortgage payment at the designated due date they may think you're delinquent in making your mortgage payment. How can you avoid this? You can have the mortgage payment deducted automatically from your account to avoid mix ups.
Ask Mortgage Lenders About Prepayment Penalty
When you're researching your mortgage loan options you should find out whether your mortgage loan has a prepayment penalty. A mortgage lender charges you a prepayment penalty if you pay off your mortgage early. State laws vary as to whether mortgage lenders can legally charge prepayment penalties.
Co-Signing Mortgage Loan Means You’re Responsible
What should you do if a friend wants you to co-sign a loan? Is there a way to co-sign a mortgage loan and not be financially responsible if your friend can't make the mortgage payments? There's no way for you to co-sign a loan for your friend and not be fully responsible if the debt goes bad.
Drop PMI With Or Without Refinancing
After you've paid down a certain amount of your mortgage loan and have earned enough equity in your home you should be able to stop paying private mortgage insurance (PMI). To find out how to drop PMI, call your mortgage lender and ask about the process. Dropping PMI may or may not involve refinancing the mortgage loan.
Prepay Mortgage Or Invest For Retirement
As you get closer to retirement you may have extra money and may be debating whether to prepay your mortgage or invest more money in the stock market. While people tend to get better returns investing in the stock market rather than in real estate, it is nice to have your home paid off when you retire. If you decide to invest in the stock market make sure to research the investments you're considering ahead of time.
Refinance Options Limited After Lock
A home owner obtained a mortgage with a one time option to float down the rate. He is now locked in on that new rate. The only thing the home owner can do is talk to the lender and explain that if they can't do anything, he'll probably be refinancing your loan within months. The home owner might be stuck with the rate until he can refinance.
Refinancing Depends On Whether You’re Paying Interest
Does it make sense to refinance your mortgage loan after you've paid off much of your mortgage loan? Toward the end of a mortgage loan you're paying mostly mortgage loan principal so the interest rate on the loan won't affect your payments. Refinancing a mortgage where you're not paying much if any interest is likely not worth it.
Credit History And Credit Score Impact Loans, Credit Cards, And Interest
Your credit history and credit score greatly impacts what kinds of loans, credit cards and interest rates you are offered. Only a good credit history and credit score will get you the best rates as far as loans, interest and credit cards go. Lenders check your credit history and credit scores and will only offer the best interest rates for loans and credit cards to those with the best credit history and score.
Pay Taxes On Property With Mortgage
When you win a property in a contest you'll owe taxes on your winnings. How should you pay the taxes on a property you win? One option is to take out a mortgage specifically to pay the taxes on the property you win.