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.
Home Buyers And Homeowners: Mortgage Questions To Ask Your Lender
There are several mortgage questions that home buyers and homeowners should ask their lenders before filling out their applications. Most home buyers and homeowners don't know what they're getting into when they finance or refinance their homes with a mortgage, and handing that application in to your mortgage lender without knowing what you're signing could get you into trouble. One important question home buyers and homeowners should ask their mortgage lender is how their credit will affect the mortgage loan's interest rates and terms.
Borrowers Beware of Bad Apple Lenders
Every day, unscrupulous lenders ask borrowers to sign blank mortgage applications. They ask borrowers to overstate their income and to enhance their work history. They advertise that they can help when no one else can and then pocket hefty fees from grateful borrowers when the loans close. Consider these mortgage commandments before you sign a loan application.
The Future of Mortgage Lending
Quicken Mortgage, an Internet-based application and approval system, allows borrowers to peruse mortgage interest rates from six of the top 25 lenders on a real-time basis. Once borrowers have established loan length and type parameters, and completed a preliminary application, QuickenMortgage serves up the loan programs that most closely meet the borrowers' needs.
Economic Indicators Affect Interest Rates And Bonds
How can you gauge where the economy is and what will happen with interest rates? Looking to some of the leading economic indicators such as retail sales and housing starts. The status of economic indicators affects the Federal Reserve's actions regarding interest rates and moves markets such as the bond market.
Know How Long You Plan To Stay Before You Choose Your Loan
A long-term, fixed-rate mortgage loan might be a good idea if you plan to stay in your home for an extended period of time, say, more than 7 to 10 years. But if you're only going to stay in your home for 5 or 7 years, or even 10 years, it doesn't necessarily make sense to lock in on a long-term mortgage loan, experts say. There are other mortgage loan options out there that will save you money and for the short term are every bit as stable as a fixed-rate.
Mortgage Loans: Homeowners Can Apply Online For Cheaper Loans
Homeowners who qualify can apply for mortgage loans online and get them for a cheaper rate. Countrywide Home Loans introduced a special mortgage loan for homeowners that can only be applied for online. Eligible homeowners can get cheaper mortgage loans by applying online.
How To Select The Right Mortgage
No matter what lenders try to do to simplify the process, selecting the right mortgage continues to be a problem for most home buyers. But knowing how long you plan to stay in your home is key to unraveling the mystery behind the loan process. Make sure you ask the lender to thoroughly describe the ins and outs of each loan types you're offered. It's up to you to research what closing costs and fees are being charged in your area. Contact several of the largest lenders and see what they're offering.
Mortgage Myths Could Cost You
If you add just $25 to the required payment on a typical $100,000 home loan, you'll save more than $25,000 over the life of the loan. And, you'll reduce the term of your loan by 44 months, or 3 years and 8 months. Although the prepay process isn't particularly difficult some homeowners are stopped by the following "myths."
Consider Interest Rates and More When Refinancing
It's important to look at interest rates when you're thinking about refinancing your home mortgage loan. But there's more to deciding whether to refinance than just interest rates. When you're trying to decide whether to refinance your mortgage you need to think about how long you will stay in the home and whether you can recover closing costs. You should also look at whether there's a prepayment penalty for your old mortgage loan.