A comparison of fixed-rate mortgages and adjustable-rate mortgages should be an important consideration for any borrower who wants to purchase a home, refinance an existing mortgage or take out a home equity loan or line of credit — also called a second mortgage. The main advantage of fixed-rate mortgages is that — just as the […]
Mortgage Rates At All-Time Lows
Mortgage Rates At All-Time Lows Mortgage interest rates continue to see new record lows, hitting rates not seen since the 1950s. But brokers say few of the many homeowners rushing to take advantage and refinance their loans will be able to qualify. The high levels of unemployment and depressed property values in many parts of […]
Mortgages: No-Doc Loans Are Back
Mortgages: No-Doc Loans Are Back Did you think the housing collapse killed off “liar loans”–those infamous bubble-era mortgages for which people were allowed to get creative in portraying their ability to make the payments? Well, they’re back, and that may be a good thing. In the height of the housing boom in 2006 and 2007, […]
Reverse Mortgages: Possible Answer for Struggling Seniors
Reverse Mortgages: Possible Answer for Struggling Seniors Many older Americans find themselves house rich and cash poor. They own their home, or at least have significant equity in it, yet struggle to make ends meet each month. They could sell their home, but are not inclined to move and leave their memories behind. A reverse […]
Comparing a Home Equity Loan to a Second Mortgage
Comparing a Home Equity Loan to a Second Mortgage A home-equity loan and a second mortgage are very similar. Both use the equity you have in your existing property as collateral for a new debt. The main differences between the two options are in the structures of the liens and the payment schedules. Lien Structure […]
Confused By All The Types of Home Loans?
Confused By All The Types of Home Loans? Once you begin shopping for a mortgage, you will quickly learn there is a mind boggling assortment of types of mortgages. First of all, today’s borrower has to choose between fixed and adjustable rate mortgages. A fixed rate mortgage will usually be at a higher rate than […]
New Credit Screening Possible June 1st
New Credit Screening Possible June 1st If you’re buying a home and applying for a home mortgage, here’s some important news: Beginning June 1, your lender is likely to order a second full credit screening immediately before closing. The last-minute credit report will be designed to find out whether you have obtained — or even […]
Interest Only Mortgages
Interest Only Mortgages There are those who say that interest-only mortgages are the main reason for the housing market’s problems in recent years. Loans were given fast and loose, with many home buyers barely qualifying for the interest portion, never mind the principal when it was added in. Still, interest-only mortgage loans are still out […]
4 Ways to Save on Closing Costs
4 Ways to Save on Closing Costs Closing costs for a home average 3% of the purchase price — and go as high as 6% in higher-tax areas. Plus, for most loans you must still come up with a down payment of at least 5%. But you can use the following strategies to reduce the […]
Reverse Mortgages: Pros and Cons
Reverse Mortgages: Pros and Cons If you own a home but are struggling to make ends meet, a reverse mortgage might be one way to boost your financial security. However, it’s important to investigate the pros and cons fully – and to seek out a qualified, professional financial adviser or institution to help you make […]
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