Purchasing a home and mortgage application can prove to be a very daunting and frustrating task for many. However, mortgage application need not be an intimidating task if people got a bit more familiar with the terms and how they worked. As in most instances, getting well educated about a matter before delving into it can be very useful and can avoid a lot of unnecessary confusion and agony. ...more
A mortgage default is a condition wherein a borrower is not making payments on his or her mortgage and the loan is deemed to be "in default". This signifies that in such a situation the lender can choose to take over the property. Normally mortgage default is a situation that is clearly defined as per the terms of the mortgage agreement. The mortgage agreement generally specifies the monthly due date for the payments. Your mortgage may include a...more
For most people, home ownership is a major part of the American dream. For many people the purchase of a home is generally the single largest financial transaction of their lives. This being so, the financing of their homes is amongst the most important financial decisions in their lives. In order to purchase property, one of the most popular options that people generally opt for is mortgage financing. Mortgage financing essentially means getting a mortgage loan to purchase your property. A mortgage loan is essentially a lien on a property that has to be paid over a specified period of time. Once you have paid up your loan, you own the property free and clear. In general, a mortgage represents a contract between a lender and a borrower. A lender or creditor finances the purchase of your property with you repaying the debt over a preset time period with certain interest on the loan. Since the lender provides you with the financing, it has got the legal right to recover the debt secured by the mortgage. If you are unable to make timely payments, the lender can foreclose on the property. This is because the financing offered to you by the lender is secured by your home and hence...more
If you are on the market for a home loan to purchase your very first home, then you probably need to look for a good mortgage lender. Taking up home financing is a very big deal as it involves a large sum of money and you may be tied to it for decades. So taking it from a trusted and reliable mortgage lender may be a good idea. While there are...more
According to First American CoreLogic, an American financial services company and leading provider of settlement and title insurance to the mortgage industries, nearly one in four borrowers in America is underwater with their loans, which is getting bigger than their houses’ worth. To stop this housing crisis and prevent more homeowners from...more
It would be wise for one to understand the term mortgage rates well and the few other components that come along with it. Mortgage rates need not be an overwhelming subject matter for you if you have a certain amount of knowledge on it. One can try to understand and learn the concept well, as it is his or her money that is coming out of the pocket every month to make the necessary mortgage payments. You may ensure that you get the best mortgage rate available to you when you are purchasing or refinancing your home. Also you may be aware of the interest rates that come along with the mortgage payments and ensure that you get a fixed rate which does not allow you to end up paying huge amounts of interests at any given time. If you are planning to refinance your home for instance, getting a ‘no cost’ refinancing could put you at a risk of getting higher interest rates on your loan. You may examine and survey the current market well and understand what the rates are so that you would know that you will not be closing a deal with unrealistic rates which are not going to work in your favor....more
If you are a homeowner and are facing retirement, you may wish to take advantage of the available equity in your home by going in for a reverse mortgage. A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new...more
A very low-cost means of funding your needs, business or personal, is with second mortgage loans. You can have a second mortgage loan for varied reasons like, carrying out home renovations, improving your property, raise finances, start a business,...more
The recent economic downturn has left many of us financially quite vulnerable and many of us are still feeling the pinch of difficult finances. If you have also found yourself in such a situation where you now have a lot of debt and yet need...more
Are you facing some financial problem and are In search of some small external source? Even after spending all your monthly salary in clearing all your debts but still there are some pending bills which are to be cleared, do not worry. Here is a...more
Even the short term requirements of day to day life become headache for some people. These people lack sufficient amount of cash and therefore, get into such problems. In case they do not find any reliable source to get cash, they beg their relatives...more
Sometimes you require more cash to overcome your expenses but you find it difficult to avail such credit. Any purpose loans are secured and unsecured in nature. You place some kind of collateral for the secured credit because of which you can borrow...more