As interest rates rise and consumers with adjustable rate mortgages find it harder and harder to make their monthly house payment, more and more people are responding to offers from companies offering “foreclosure help.” The result is usually bad news.
Mortgage Tips for First Time Buyers
Here are some things that anyone shopping for a home for the first time should know.
Mortgage Tips: Pros and Cons of Refinance Loans for People with Bad Credit
If youre stuck under some high credit card bills and your credit rating is slipping, one of the best ways to immediately improve your credit is a home equity loan. When the loan closes, home owners have cash-on-hand to pay off bills. The result: their credit rating starts to improve immediately. Banking executive Dan Ambrose refers to those as the band-aid loan, also known as the 2/28 in mortgage lingo. Most sub-time loans are short term loans.”
Option ARM – The World’s Most Dangerous Mortgage
With high prices and low interest rates, the lending industry has introduced a number of complicated loan types with adjustable interest rates. One of them, the option ARM, has the potential to financially crush the borrower.
Second Mortgages Can Cap Housing Costs
Mortgage rates are on the rise but you can keep your housing costs under control through mortgage refinancing or a new second mortgage.
Selective Mortgage Decision Making
Dont accept the first mortgage loan offered to you. It is important that you understand the mortgage terms and compare the loan approved to other mortgage lenders.
Smarter Internet Research; How to Find the Best Mortgage Refinancing or Second Mortgage Company.
Shopping for a mortgage can, unfortunately, be complex, frustrating and time consuming. If you are in the market for a mortgage refinancing or second mortgage, the Internet can be a great place to research and shop for a loan on your terms.
Stated Income Second Mortgages: Understanding No Income Verification Loans
What is a stated income second mortgage? A stated income second mortgage is one that does not require the borrower to prove income stated on the application. This is most advantageous to self employed and contract workers who receive a 1099 instead of a W-2 as they would have a difficult time proving their income. Stated income mortgage loans are the most commonly used and usually the least expensive of the no documentation types of mortgages.
Home Refinancing is Done for Many Reasons
There are many reasons for refinancing a home loan. All of them are good ones.
How to obtain a second mortgage loan?
A second mortgage is a loan that is secured by the equity in your home. When you obtain a second mortgage loan the lender will place a lien on your house. This lien will be recorded in 2nd position after your primary or 1st mortgage lender’s lien, hence the term second mortgage. A second mortgage is also sometimes referred to as a home equity loan. There is no difference between a home equity loan and a second mortgage. These are just two different terms for the same subject. A second mortgage can either be a fixed-rate loan or an adjustable-rate credit line. Interest rates and loan program terms will vary from lender to lender so it is important to shop around and compare before committing to any one offer.
Mortgage Advice: 7 Tips for Establishing Credit
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. Before getting a line of credit, get your free credit report from each of the three major credit reporting agencies (CRAs): Experian, Equifax, TransUnion. Under federal law, you are entitled to one every year.
Mortgage Costs and How to Reduce Them
Over the life of your mortgage you may pay nearly three times the price of your home, paying most of the extra in interest costs. Here are some ways to save.