Don’t be confused or misled when your lender urges you to take a loan with terms you may not be able to afford. Their suggestion that you can refinance later will not help you if you cannot afford the payments now.
Has Your Adjustable Rate Mortgage Become a Gamble?
Rising interest rates over the last two years have adversely affected millions of homeowners with adjustable rate loans. Buyers who took out adjustable rate loans three years ago to buy more expensive homes are now facing huge payment increases that they might not be able to afford.
Home Equity Line of Credit – Do Rising Interest Rates Spell Trouble?
A home equity line of credit is a useful tool, but one that is adversely affected by rising interest rates. If you have one, what should you do?
Buying Mortgage Leads: Tips for Internet Mortgage Loan & Refinance Leads
Loan officers and mortgage brokers need to be careful when buying internet leads. Web based leads can offer the most bang with your buck, but it is important to find a good direct lead source first. Small mortgage companies need to conserve cash flow with cost effective marketing and a good internet lead source can be just what the broker ordered.
Eliminating Compounding Interest with a Second Mortgage
Debt consolidation can be a confusing subject. There are many conflicting views on what a consumer buried in credit card debt should do to get back on their feet. These conflicting views have everything to do with the fact that the best solution is always unique to the individual and if youre in trouble you should do your homework. The next move you might want to consider is a debt consolidation loan and if you own a house, a home equity loan or second mortgage might be worth considering
9 Tips on Applying for a Second Mortgage
People usually apply for a second mortgage or home equity loan when they need money for debt consolidation, to pay large expenses or for home remodeling and home improvement. What type of mortgage loan you select, depends on your needs, but the application and approval process is similar for both. These nine tips will help your loan process be as hitch-free as possible. Consider the second mortgage terms, pre-payment penalty for early pay off, and of course the interest rate & closing costs.
Predatory Lending Through Loan Steering
Sometimes you can be a victim of predatory lending without even realizing it. Once such technique is called “loan steering” and you could be directed to a high priced loan that could cost you your house.
Mortgage Advice: Home Equity Loans Can Finance an Investment Properties and Second Homes
Many investors feel confident with real estate as a place to secure their future, believing that overall it will outperform cash, fixed interest deposits and other investments, particularly for the medium to long term. Second homes account for a full 40% of all homes sold in America. If you’ve been paying on your mortgage for more than five years and the interest rate is below market rate, a home equity loan would probably work better for you than a mortgage refinance.
Home Equity Loans & Creative Small Business Financing
You dont have to have investors or a traditional business development bank loan to start your own small business. If you own a home or have the credit to open revolving credit card accounts, your small business financing could be a reality. A more traditional approach is the home equity loan. Banks usually offer home equity loans for 125% of the propertys fair market value or FMV.
Home Equity Loan Pitfalls
Home equity loans have been very popular the past ten years, but they have their pitfalls. Learn the pros and cons before putting your home at risk.
Home Equity Theft Through Contractors Still a Problem
A classic means of taking advantage of homeowners involves contractors who agree to provide financing. Watch out for this old scam that still works.
1.25% Neg Am Loans: How Deferred Interest Mortgages is Good Home Financing
Do 1.25% interest rates really exist? Negative amortization, or “deferred interest,” describes loans that have payment adjustment caps in addition to interest rate adjustment caps. Negative amortization loans calculate two interest rates. The first is called the payment rate the second is the actual interest rate. The payment rate is typically capped at 7.5% of the previous payment. The true interest rate is calculated as simply the index plus the margin without periodic caps.