Mortgage
Interest only loans vs a traditional loan: what is the difference?
In recent years, interest only loans have been a popular loan product that has allowed many people to live in more house than they could typically afford with a traditional mortgage. That said, you need to know the ins and outs of interest only loans before deciding to take on this type of home loan.
Loan fraud: don’t be a victim.
Follow these simple rules and do your research on potential lenders to avoid becoming a victim of loan fraud.
Mortgages and deed trusts are different ways that title are held and vary from state to state. Read up on this topic to familiarize yourself with the differences, so that you'll know what to expect in the state where you reside.
Adjustable Rate Mortgages: what you need to know.
Adjustable Rate Mortgages, commonly referred to as ARMs, have been popular mortgage loan products over the past few years, but you need to know if this is a good match for you - it all depends on your unique situation.
FHA loans: what are they and do you qualify?
FHA loans are home loans backed by the US Government and can be an ideal mortgage loan product, especially if you are a first time homebuyer or if you don't have a lot of money to put down on a down payment.
VA loans: facts that you should know.
To help our military veterans, the US Government, through the US Department of Veterans Affairs provides guaranteed home loans to assist veterans in the dream of homeownership.
The Real Estate Settlement Procedures Act (RESPA) protects the consumer in the home buying process by regulating settlement procedures and closing costs associated with buying a home.
Mortgages can be taxing – what you should know about closing costs and fees.
It's easy to think that the purchase price is all you are going to pay for a home. Read this article to be sure you don't get "nickeled and dimed" at the closing table!
This option may not cost you an ARM – consider your options with Adjustable Rate Mortgages.
It's always good to know your options and an Adjustable Rate Mortgage (ARM) might be a good choice for you.
Score high and keep interest low – the ins and outs of credit scoring.
Unlike golf, you want to have a high credit score, as the higher your score, the better deals and rates you'll get on everything from credit card annual percentage rates and car loans to home mortgage loans. It's never too early to know your credit score and, if necessary, do everything possible to improve it.
A risky proposition – how you score matters.
Like many things in life, your credit score does matter, as it is considered a reflection of you and how seriously you take your debts to others. Don't think that the credit card bill you decided you didn't want to pay wouldn't come back to haunt you.
A lending hand – only good credit need apply.
Although you may get a loan if you have poor credit or credit that is just average, you'll be flying high with the best deals on interest rates and terms if you have an excellent credit rating.
Glutton for punishment? Co-sign a loan.
Everyone has moments of weakness when they want to help their thirty five year old adult son that still lives in their basement get a car or sign on a cell phone contract for their cousin that just got out of jail, but in most cases, you're better off to take a page from Nancy Reagan's script and "Just say no!" when it comes to co-signing on a loan.
Case in point – negotiating mortgage points before signing anything.
Like most things in life, mortgage points are usually negotiable. The time to negotiate on those points is before you sign on the dotted line at the closing table. Don't hesitate to try and negotiate in order to get the best deal possible for you and your family.
Crossing that bridge loan when you come to it.
Bridge loans can help you cover the gap if you are in need of financing during certain real estate transactions before the final deal is complete. However, these loans are typically short term and can have high rates, so be sure to understand rates and terms before taking one on.
Shop ‘til the rates drop – looking for a great mortgage interest rate.
Although interest rates are never static, with a little homework and due diligence, you will likely garner a great rate for your next home purchase.
FYI on PMI – general information on private mortgage insurance.
PMI stands for private mortgage insurance and is required by mortage loan lenders if the borrower's down payment is below a certain point on their property purchase.
In a fix: unsurprising mortgage payments you can count on.
Fixed rate mortgages are like "Old Faithful" or vanilla ice cream...you can count on them to be the same month in and month out without the fear that can come with market fluctuation.
Go for broker: a mortgage broker (a.k.a loan officer) can really pay off for you.
Mortgage brokers and loan officers can really help you out by giving you many more mortgage products to choose from than a traditional banker when deciding how to finance your home purchase.
Credit reports show everything from loan repayments to personal information. It will behoove you to get a copy of your report from the three major credit bureaus in order to make sure the information they're reporting is accurate.
FICO: your personal financial score card - the 5 percentage breakdowns.
FICO, or the Fair Isaac Corporation, developed the software commonly used to determine your credit report. As your credit report affects everything from your cell phone options to your mortgage loan, it's good to know your FICO score and ways to improve it!
Mistakes on your mortage loan application and associated paperwork can be costly, so be sure to cover all the bases outlined in this article.
Scam is a four-letter word in the mortgage category: 6 common mortgage scams.
From internet scams to loan flipping, the internet age has made scam artists more prevalent than ever before. Here's an overview of common schemes and ways to avoid becoming a victim.
Owning vs. renting – the big debate.
Many people debate this question at some point in their lives..."Do I continue to make my landlord's mortgage payments for him or do I go for it and buy my own home?". Here are some pros and cons to both options.
Just like other scams, lending fraud has become more and more common now that we're in the internet and technology age. Being aware that the scammers are out there and knowing some of their tricks of the trade will help you to steer clear of these bottom feeders.
Lying about loans – the legality of using loan money for something other than its purpose.
Did you know that if you buy a home and state on your mortgage application that this is to be your primary residence, but then you never live in it and simply rent it out that this is considered mortgage fraud? Arm yourself with the knowledge of what is and isn't on the up and up, so you can avoid doing something wrong.
The lowdown on loan options: 3 mortgage loan options.
There are many mortgage products out there on the market today and it can get a little confusing. Here are 3 mortgage loan options to consider. Perhaps one of the three will be a good fit for you.
Though it sounds like legalese, amortization is basically the paying off of a debt over a period of time. Read this article to get more of the lowdown on all that is involved in paying the piper.
Take note of the fine print on your mortgage papers.
Although tempting to skip reading the fine print, it's true what your teachers and your mother always told you...never, ever sign anything without reading and understanding it first.
House rich and cash poor – buying a home that you can afford.
Recent changes in the real estate market have made people reconsider their desire to own 5,000 square foot "McMansions". It says a lot about a person that is willing to live below their means, even when it means that you can't keep up with the "Joneses".
Take the time to do a little homework and reading about mortgages to dispel some of the myths and clear up some of the mystery, so that you can make a sound, informed decision when it comes to homeownership.
5 scams – countdown of the most extreme.
Here is a list of the 5 most extreme scams out there and how you can protect yourself by avoiding them in the first place.
There are many factors involved in the decision to refinance and just like there are many factors involved in the decision, there are many possible ramifications, as well. It's best to be educated before making a refinancing decision, especially one that you might regret.
One size does not fit all – choosing the right loan for you.
Just like shoes, it is impossible to satisfy everyone's mortgage needs with just one product. When it comes to home loans, one size does not fit all. There are countless mortgage programs out there and a qualified, professional loan officer can help you weed through the brambles to find the rose you're looking for.
Pay them off – The advantages of paying your mortgage off early.
To pay or not to pay, that's the question. Read on to learn of some advantages to paying your mortgage off early.
Here are some items to consider so that you can analyze your own credit situation to see if you are a candidate for lower interest rates or if you are going to have to put down a higher down payment to realize your dreams of a new home.
Asking the right questions before signing a loan.
Don't be afraid to ask questions of your loan officer. It helps to know the right questions to ask and this article reviews those pertinent questions for you.
Don’t take it personally – what to do when you are turned down for a loan.
In the case that you are turned down for a home loan, don't despair. Take the time to educate yourself on what you need to do to remedy the situation. This article will help you to pinpoint problem areas so that you can afford a home in the near future.
Pre-approved for a loan? Don’t get your hopes up.
Just because you're pre-approved doesn't guarantee that you'll get the home. There are a number of factors that can adversely affect your home buying quest. Read on to learn more and get tips on how to avoid common pitfalls for pre-approved borrowers.
When disaster strikes – find out your options BEFORE something happens.
There is only so much we can do to avoid a natural disaster. Before mother nature strikes, read this article in order to take inventory of your life and be in the best position possible if some calamity does occur.
Speak the same language – learn the lingo of loans.
When in Rome, do as the Romans. It's always helpful to know at least a little bit of the language before venturing abroad. The same logic applies to home loans and mortgages. A good time to learn is now.
More house than you need? Shop around before signing.
Sometimes overzealous real estate agents and lenders will get you approved for more house than you need. This article will help you take an assessment of your true housing needs, so you don't bite off more than you can chew.
