There are several types of 0 down mortgage loans available on the market right now, for potential homebuyers who can’t afford too much down payment – or even any of it at all. Their increased availability nowadays can be attributed to the fact that the US economy is still … [Read more...]
Reverse Mortgage Solutions
Now that you know the basics on how a typical mortgage works, you may be wondering what on God’s great Earth a reverse mortgage is. According to lenders on this market segment, reverse mortgages are financial instruments that seek to provide additional welfare to retirees. … [Read more...]
How Much Are Closing Costs on My Mortgage?
To answer your question upfront, typically closing costs will amount to anything from 2 to 5 per cent of the total purchase price of a home. Now, the same way you can get a rough idea on the total amount of loan you can afford, via an online mortgage estimator, you can also … [Read more...]
How ‘Estimate My Mortgage’ Calculators Work
There are plenty of ‘estimate my mortgage payment’ calculators online, but some of them don’t take into account all the expenses a mortgage and a new home entail. Others only give you the monthly payments, without explaining how much goes toward the principal and how much is … [Read more...]
How to Get Pre Approved for Mortgage Loans?
Before a proper discussion on how to get preapproved for home loan, it’s important to define mortgage loan terms and conditions. In very simple terms, a mortgage is the type of loan that real estate buyers will use as a form of financing for their property purchase. For … [Read more...]
What Is Negative Amortization?
Negative amortization is a financial term, which you may also encounter as NegAm, deferred interest, or graduated payment mortgage. To understand how negative amortization works, first you need to understand how to define amortization. This is the process of decreasing a … [Read more...]
Truly Understanding FHA Loans
FHA loans (i.e. loans from the Federal Housing Administration) have seen their fair share of dramatic swings over the past few years. These have largely been the effect of the subprime lending boom and ensuing market collapse. During the times of the boom, FHA mortgages … [Read more...]
Home Buyers’ Most Pressing Mortgage Questions Answered
Buying a new house can be a source of great anxiety about all kinds of things, and especially about the legal implications of the contract, as well as the rights and options you have as a buyer. Not many home owners can afford a whole legal team to have their backs and sort … [Read more...]
Applying for a Mortgage Loan When Pregnant: A Delicate Situation
As anyone who’s ever gone through the home buying process or the process of refinancing a mortgage, the steps to buying a house aren’t always straightforward and simple. This especially applies to income earners who plan on switching jobs, quitting, or taking temporary … [Read more...]
ARMS (Adjustable Rate Mortgages)
With everything that happened with the economy in the past several years people are staying away from ARMs because of the perceived risk. In a recent article titled “Don’t take out a fixed-rate mortgage” that appeared in the Wall Street Journal the author makes a point … [Read more...]