Currently on the market, there are many varieties of mortgage loans available. Sometimes it can be difficult to tell which mortgage loan is suitable and applicable to you.
How To Repair Bad Credit By Refinancing Your Home Mortgage
One of the best ways to repair your bad credit is by refinancing your home mortgage. The difficult part is finding a lender for your home mortgage since your credit history is not good. Forget about the banks and other financial institutions, they will not probably accept your home mortgage. So how do we find a lender that does?
Begineer’s Guide To Amortization
Most of us have done it at a point or another during our lives however most of us do not know that the term is called amortization. Amortization in its simplest term means paying off your loan over a period of time. Amortization is pretty general and does not just relate to home loan or mortgages. It can be used to refer to your car loan, credit card bills etc.
Danger of Deferred Interest Mortgages: Understanding the Risks of Negative Amortization Home Loans
Negative amortization or “neg am” occurs when the minimum payment on a mortgage covers less than the monthly interest charged, causing the balance of the loan to increase instead of decrease. This can happen with negative amortizations loans like a payment option ARM, where payment choices can be calculated based on COFI – The 11th District Cost of Funds Index which demonstrates the average interest rate paid by certain banks in Arizona, California and Nevada or on MTA.
Pros and Cons Of Home Ownership
To own a home or rent a home? I am sure this question has been debated by many millions of potential homeowners.
It is a big decision and both sides of the coin have their advantages and disadvantages. I would like to share some of my opinions with you.
How FICO Can Determine Your Home Loan Approval
If you have tried to apply for a mortgage loan, you probably have come across the term called FICO. Even if you have not heard of it, rest assure it is used every time you look to secure a mortgage loan. It can determine whether or not your loan application is approved and also the interest rate you pay.
How To Remove Bad Credit Home Equity Loan
The number one reason why some homeowners have difficulty getting a home equity loan is because of bad credit. In my company, we called it bad credit home equity loan.
Is Getting a 30 Year Home Loan a Good Choice?
Getting a 30 year home loan used to be a popular choice among most home owners. The reason being the total home loan payment is being spread out across a longer time period so you can pay less each month. Plus with interest rates fixed for the 30-year period, it seems a good deal. Or is it?
7 Tips for Establishing Qualifying Credit for Home Equity & Mortgage Loans
According to Experian, a credit score is a number lenders use to help them decide: “If I give this person a loan or credit card, how likely is it I will get paid back on time?” The information from your credit reports is used to create your credit score. Your credit score will always be a key ingredient for low interest rates when qualifying for a mortgage or home equity loan.
What Is Private Mortgage Insurance?
Private mortgage insurance or PMI as is known is a form of insurance new homeowners are required to purchase. This is particularly so if their down payment is 20 percent or less of the property’s valued price or sale price. The main reason for private mortgage insurance is to protect lenders in the case the new homeowner defaults on their home loan.