Our goal is to provide you with valuable mortgage information, information that will help you get the best deal on a mortgage. If you have suggestions on mortgage information you think we should provide on our site, please contact us.
Before You Start Shopping for a Mortgage:
Signs of a bad neighborhood:
You should recognize the signs of a bad neighborhood, or the signs of a deteriorating neighborhood, as one of the first steps in buying a home. Read more about how to spot the signs of a bad neighborhood...
Mortgage Approval Process:
Before you begin looking for a home or a mortgage, it's important to know what is involved in the mortgage approval process. This knowledge will help you be prepared, so that you can get the best deal on a mortgage. Read more about the mortgage approval process...
Mortgage Credit Grade:
Your mortgage credit grade will play a major role in determining what rate you get on your mortgage, or whether you get a mortgage at all. That's why it's important that you examine your credit report, and look at your financial situation, before you even apply for a mortgage. Read more about mortgage credit grades...
Mortgage Prequalification:
A mortgage prequalification gives you the confidence of knowing how much of a mortgage you qualify for before you even begin hunting for a home. Getting a mortgage prequalification before you start looking for a home will give you an advantage over other prospective buyers. Read more about mortgage prequalification...
Mortgage Preapproval:
A mortgage preapproval from a lender gives you the ultimate advantage over other prospective home buyers. In a fast-moving housing market, where homes sometimes sell in a matter of days, a mortgage preapproval may mean the difference between getting or losing the house you really want. Read more about mortgage preapproval...
Mortgage Limits: How Much Mortgage Can You Afford?
One of the first steps you must take in buying a home is determing how much mortgage you can afford. The lender's mortgage limits will take into account a variety of factors, such as your income, your debts, your down payment, and more. Read more about mortgage limits...
Mortgage Shopping:
How do you get the best deal on a mortgage? The same way you do with any other product: go shopping. Just like a car, a mortgage is a consumer product, and the price and terms are things that you may be able to negotiate. Read more about mortgage shopping...
Mortgage Types:
Home Loan Refinancing:
People do home loan refinancing for a variety of reasons, from getting a lower interest rate to "cashing out" some of the equity in their home for purchases. Read more about home loan refinancing...
Fixed Rate Mortgages:
Fixed rate mortgages are by far the most popular with home owners. Fixed rate mortgages offer you the security of knowing that your payments will never change. Read more about fixed rate mortgages...
Adjustable Rate Mortgages:
Adjustable rate mortgages (commonly referred to as ARMs), can be a useful tool for savvy home buyers. Or they can be a real headache for those who haven't done their homework. Read more about adjustable rate mortgages..
Reverse Mortgages:
A reverse mortgage is one in which the homeowner essentially sells part of the equity in the home in order to get cash, without having to sell the home or pay for a home equity loan. Read more about reverse mortgages...
Home Equity Line of Credit:
Home equity lines of credit have become increasingly popular. Rather than tap the equity in your home to use for other purposes by going through home loan refinancing, a home equity line of credit is a second and separate loan from your mortgage. Read more about home equity line of credit...
Subprime Mortgages:
Subprime mortgages have been in the news lately, as some contend that predatory lenders are using subprime mortgages to fleece low-income buyers. While predatory lenders are in the minority, they give the rest of the mortgage industry a bad name. Read more about subprime mortgages...
Bridge Loans:
When do you need a bridge loan? Let's say you're out looking at new homes, and you find one that you absolutely love. The sellers want to move the house quickly. Problem is, your current house hasn't sold yet. Or maybe you haven't even put it on the market. Read more about bridge loans...
No Doc Loans:
No doc loans are ones in which the borrower is not required to provide documentation of his income or assets. No doc loans are also referred to as "easy" loans, or stated loans. Read more about No Doc loans...
Bi-Weekly Mortgages:
A bi-weekly mortgage is a plan that can save you tens of thousands of dollars in interest over the course of your mortgage loan, and also enable you to pay your mortgage off much earlier. Read more about bi-weekly mortgages...
Mortgage Buy Down:
A mortgage buy down gives the buyer of a home a rate that's lower than the current interest rate for two or three years, thus making the buyer's monthly payments lower and more affordable. Read more about mortgage buy downs...
Mortgage Assumption:
A mortgage assumption is an arrangement where the buyer of a home assumes all of the obligations of the seller's original mortgage---mortgage balance, monthly payment schedule, the term of the mortgage, and the interest rate. Read more about mortgage assumptions...
Portable mortgages:
A portable mortgage allows you to move your mortgage from your first home when you buy another home. Rather than repay your existing mortgage when you sell, and then take out a new mortgage, the portable mortgage allows you to transfer your initial mortgage to the new home. Read more about portable mortgages...
Non conforming mortgages:
A non conforming mortgage is for those who have low credit scores or unusual circumstances. Non conforming loans are also referred to as subprime mortgages. Read more about non conforming mortgages...
FHA Loans:
FHA loans are ideal for low to moderate income borrowers, those with small down payments, and for those who might have problems getting a mortgage with a commercial lender. For example, if you don't have perfect credit, an FHA loan may be your best bet. Read more about FHA loans...
FHA Home Improvement Loans:
An FHA home improvement loan is one of the programs from the Federal Housing Administration. The Department of Housing and Urban Development (HUD) insures FHA improvement loans, but does not actually lend the money. Read more about FHA home improvement loans...
Graduated Payment Mortgages:
Graduated payment mortgages are useful options for those with low incomes, but whose incomes are expected to rise in the future. Graduate payment mortgages offer monthly payments and interest rates that are low at the outset, but then increase over time. Read more about graduated payment mortgages...
Jumbo Loans:
Jumbo loans are mortgages that exceed the amount that the Federal National Mortage Association (Fannie Mae) or the Federal Home Loan Mortage Corporation (Freddie Mac) will insure. Read more about jumbo loans...
Balloon loans:
A balloon loan is one in which monthly payments are made based upon a 30 year amortization schedule. For example, if you got a $100,000 30 year fixed rate mortgage or a $100,000 balloon loan at the same interest rate, the monthly payments would be the same: $599.56. However, with the balloon loan, the entire principal balance is due at the end of a specified period (usually 3, 5 or 7 years). Read more about balloon loans...
Veterans Loans:
Veterans loans, also known as VA loans, are available to men and women who have either served during wartime, or who have served a certain length of time during peacetime. Veterans loans are guaranteed by the Department of Veterans Affairs (VA). Read more about veterans loans...
Option ARM Loans:
An option ARM loan is an adjustable rate mortgage that allows you to choose the type of payment you're going to make each month. More correctly called "Optional Payment Adjustable Rate Mortgages," option ARM loans offer payment flexibility for the borrower. Read more about option ARM loans...
Rural Housing Service Loans, RHS Loans:
Rural Housing Service loans, also known as RHS loans, allow low to moderate-income rural residents the opportunity to get loans with minimal closing costs and no down payment. The Rural Housing Service loan program was created by the Department of Agriculture in 1994 to help foster home ownership and community development in rural areas. Read more about Rural Housing Service loans...
Libor Mortgages:
A Libor mortgage is an adjustable rate mortgage that is tied to one of the rates from the London Interbank Offered Rate. Libor mortgages offer borrowers lower interest rates, but are generally only available to borrowers with top credit scores. Read more about Libor mortgages...
Pledged Asset Mortgage:
A Pledged Asset Mortgage allows a borrower to get a mortgage without making a down payment. Instead, the borrower uses assets such as certificates of deposit, stocks, or mutual funds as collateral for the down payment. Read more about Pledged Asset Mortgages...
MORTGAGE TERMINOLOGY:
What the heck is a HELOC?
What is a Home Equity Conversion Mortgage ?
What is a swing loan?
What is a gap loan?
Stated Income Stated Asset Loans
What is a stated income stated asset loan?
No Income No Assets Loan:
What is a no income no assets loan?
LTV Ratio:
What is an LTV Ratio?
Closing Costs:
What's included in closing costs?
Mortgage Transfer:
What is a mortgage transfer?
Escrow Account:
What is an escrow account?
MORTGAGE ADVICE, TIPS AND SUGGESTIONS:
Foreclosure Advice:
If you're at risk of losing your home, foreclosure advice may be something you don't want to hear. Why? Because foreclosure advice usually requires you to make some tough decisions. Read more about foreclosure advice...
Rate Lock-In:
A rate lock-in assures you that the mortgage interest rate and points you will be charged when you close your mortgage are the same as what you were quoted when you applied for your mortgage. Often, interest rates change while your mortgage is being processed. A rate lock-in gives you piece of mind. Read more about rate lock-ins...
PMI, Private Mortgage Insurance:
PMI is an acronym for Private Mortgage Insurance. PMI allows a borrower to get a mortgage with a lower down payment. However, there is a cost for private mortgage insurance. Read more about PMI...
Turned Down For A Mortgage?
Have you been turned down for a mortgage? You're not alone. Millions of Americans will face the same problem in 2007, and probably for years to come. With the credit industry reeling after problems with subprime mortgages, lenders are now more strict with their guidelines for issuing loans. Read more about what to do if you've been turned down for a mortgage...
Tapping Home Equity:
There are any number of reasons why you might want to tap the equity in your home. Perhaps you want to make improvements to your home, pay off high interest credit cards, finance your child's college education, or buy a high-ticket item such as a car or boat. Or maybe you simply want to have extra cash available to you. Read more about tapping home equity...
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