A reverse mortgage is a unique type of mortgage that is designed specifically for senior citizens who are also home owners. It basically allows senior home owners above the age of 62 to convert a portion of their home equity into cash payments. The uniqueness of this type of mortgage is that there is no repayment required while the home owner is still living in the same house. This is the one feature that you may not be able to find in any other...more
Subprime mortgages were designed to help people with poor credit buy their own homes. Normally, a home owner may be offered a prime mortgage but it requires the borrower to have good credit ratings and to make a substantial down payment. In contrast, only a small down payment is required of borrowers with bad credit. The mortgage for people with bad credit became all the rage in the mid 90s and early 2000s with the assumption that housing prices...more
Mortgage is generally availed to own a house by most people. Mortgage may also mean a home loan. A person may not have enough money to own a house by paying the total cost of the house up-front to the seller. The buyer may have the capacity to pay that amount over a period of time. In such an instance, a lender, usually a bank or a finance institution would pay the seller the differential amount of the total cost of which the buyer would have made a small down payment for. The lender then would charge an interest and fees for the amount advanced as loan, which is also called the principal. The buyer would then have to make regular payments towards the interest, principal and fees if any, for the length of time for which the loan might be taken. It might hence be necessary for the buyer/borrower to first find out the different types of mortgages available. Mortgage may be differentiated on the type of interest charged – fixed and adjustable, and on the time taken to pay up the complete loan and/or the type of interest paid on the loan. For...more
Refinancing your mortgage might need some careful considerations in order to be able to get the best offers and deals. Other than shopping for the best brokers or mortgage providers, the timing of your refinancing may be equally important and could actually help you obtain the best mortgage refinance deals and interest rates from different...more
There are many circumstances under which people opt to apply for a loan. One of the reasons is to pay off debt. Sometimes it can be quite difficult keeping track of our many creditors and making so many different payments at any given time. To solve this, you might consider taking one single loan to pay off all your other debts. This type of loan...more
A bit research on loan modification before making its application can make a great difference between the approval and rejection thus one should carry out proper research and study for the loan modification process before making an application.The average homeowner trapped in a bad loan and are struggling with their finances doesn"t understand the loan modification process and how could the Obama federal plan be useful. It"s vital for these homeowners to know about this plan because $75 billion dollars have been set aside to help the homeowners. Below given is some basic information which can help people to apply and qualify for a loan modification process.The federal loan modification program is basically a 5 step process which a borrower must successfully navigate to their mortgage modified at lower interest rates. 1. Contact the lender and let them know the trouble you are facing in making your payments and managing your finances. The lender will either give the reference of their website or will mail the application to you. But one should take care and should not provide any financial data in the first call. One needs to first learn and prepare before disclosing his debts...more
Loan refinance is often motivated by lower interest rate and in turn low payments. But there are lots of other reasons why you might want to refinance. Some may want to consolidate outstanding debt, such as combining a first and second mortgage into...more
First, mortgage payment helps you build equity in your home. Equity is the difference between what you owe on the property and what the property is worth. That equity can be used for many things including debt consolidation, home improvements, extra...more
When buying or refinancing a home, most people may take the path of lower payment rather than a plan to be eventually mortgage free. The idea of owning a home free and clear of any mortgage may be a far off idea to many people, but it's only a matter...more
Being an unemployed seems like a crush and after that you unemployed person ask the question to the lend companies like that unemployed person are eligible for getting loans? This type of question may pinch you when you are suffering from...more
A mortgage is a loan to purchase a property that is used as collateral to guarantee repayment of the loan. The mortgage is a legal agreement signed by the lender and the borrower on the property, and the lender can foreclose on the property if the...more
Mortgage cost is the payment you make when you finalize your purchase agreement. Costs vary by state and even by community. Some costs are determined by law, others by the lender, and some are simply customary in a particular region. But there are...more