One Additional Mortgage Payment a Year There’s a simple trick to significantly reduce the length of your mortgage and save you thousands of dollars. The trick is to make one extra mortgage payment a year and apply that payment toward your loan’s principal. This is the method being used by “Bi-Weekly Mortgage Reduction Services” and “Bi-Weekly […]
Types of Mortgage
Bi-Weekly Mortgages
If you search for “bi-weekly mortgages” with an Internet search engine, you will be overwhelmed by the number of companies offering “Bi-weekly Mortgage Reduction Services” or “Bi-weekly Savings Programs.” Beware, you are entering dangerous waters. Beware of Bi-Weekly Mortgage Reduction Services and Savings Programs These “Reduction Services” and “Savings Programs” are charging you fees […]
Types of Mortgage Loans
Before approaching a bank, it is important to be familiar with the types of mortgage loans that exist. Since mortgages come in all shapes and sizes, familiarizing yourself with every option may seem like an impossible task; to ease this process refer to the list below in order to be aware of what available […]
FAQ’s on Reverse Mortgages
One of several significant financial instruments available for seniors today is a Reverse Mortgage. No matter what you may have heard, Reverse Mortgage can be used for either purchase or refinance of a property. What is a Reverse Mortgage? A Reverse Mortgage is a federally regulated program for homeowners, aged 62 and older. It […]
203K Loan
In a different article we described a common scenario: when an FHA appraiser finds potential safety hazards and, for the bank to approve the loan, the seller must carry out the repairs necessary to address the problems. If the seller refuses the only option for the buyer – provided they still want to go through […]
FHA Loans
During the boom of sub-prime lending, when anyone and their mother qualified for a mortgage, FHA lending was almost non-existent. Conversely, during the past several years anyone who does not have a 20% down payment or who has sub-par credit turns to FHA as the only solution. The Federal Housing Administration (FHA) was formed by […]
Cooperative Mortgages
Due to the nature of this subject, we will use a little more technical jargon than we have in most other articles. We will try to keep it clear. If you have never come across a coop property before you probably live in an area of the country where these types of properties do not […]