Sometimes in life you might find yourself in situations where you wish you had never gotten yourself into. But there are times when you may have no control over things in your life that you end up in such situations by no fault of yours. For example you might think that you are secured for life with a full-time job and steady income until your world suddenly comes tumbling down as you lose your job because your company might be down-sizing....more
A reverse mortgage is a unique type of mortgage that is designed specifically for senior citizens who are also home owners. It basically allows senior home owners above the age of 62 to convert a portion of their home equity into cash payments. The uniqueness of this type of mortgage is that there is no repayment required while the home owner is still living in the same house. This is the one feature that you may not be able to find in any other...more
Subprime mortgages were designed to help people with poor credit buy their own homes. Normally, a home owner may be offered a prime mortgage but it requires the borrower to have good credit ratings and to make a substantial down payment. In contrast, only a small down payment is required of borrowers with bad credit. The mortgage for people with bad credit became all the rage in the mid 90s and early 2000s with the assumption that housing prices would continue to rise. Subprime loans may be considered as riskier than a prime loan and that is why they often come with high, adjustable interest rates. Generally the introductory interest rate is often low to entice new clients but the low rate may only be applicable for the first two years before the adjustment period when the rate may be increased.Applicants or borrowers of subprime mortgages may be known as subprime borrowers. Generally they are people with a credit score of less than 620. If you were to apply for a prime mortgage you may be required to have a steady income, good credit history and an amount of cash for a down payment. Due to the fact that not all homebuyers may have all these qualifications, subprime loans were...more
Mortgage is generally availed to own a house by most people. Mortgage may also mean a home loan. A person may not have enough money to own a house by paying the total cost of the house up-front to the seller. The buyer may have the capacity to pay that amount over a period of time. In such an instance, a lender, usually a bank or a finance...more
Refinancing your mortgage might need some careful considerations in order to be able to get the best offers and deals. Other than shopping for the best brokers or mortgage providers, the timing of your refinancing may be equally important and could actually help you obtain the best mortgage refinance deals and interest rates from different...more
There are many circumstances under which people opt to apply for a loan. One of the reasons is to pay off debt. Sometimes it can be quite difficult keeping track of our many creditors and making so many different payments at any given time. To solve this, you might consider taking one single loan to pay off all your other debts. This type of loan is generally known as a debt consolidation loan. As the name suggests, a debt consolidation loan is a loan you get to assist you to pay for your other debts. There are many types of debt consolidation loans that you may opt for but you may want to research your options before deciding upon the type of loan you prefer. This is because not all types of debt consolidation loans may be suitable for your specific financial situation to help you pay off debt.One of the more popular loans of choice is the home equity loan, otherwise known as a second mortgage. The home equity loan falls under the category of secured debt consolidation loans. In general you may be taking a loan based on the equity of your home and would be putting your home up as collateral. In order to take this particular loan, you may want to make sure that you have enough...more
A bit research on loan modification before making its application can make a great difference between the approval and rejection thus one should carry out proper research and study for the loan modification process before making an application.The...more
Loan refinance is often motivated by lower interest rate and in turn low payments. But there are lots of other reasons why you might want to refinance. Some may want to consolidate outstanding debt, such as combining a first and second mortgage into...more
First, mortgage payment helps you build equity in your home. Equity is the difference between what you owe on the property and what the property is worth. That equity can be used for many things including debt consolidation, home improvements, extra...more
When buying or refinancing a home, most people may take the path of lower payment rather than a plan to be eventually mortgage free. The idea of owning a home free and clear of any mortgage may be a far off idea to many people, but it's only a...more
Being an unemployed seems like a crush and after that you unemployed person ask the question to the lend companies like that unemployed person are eligible for getting loans? This type of question may pinch you when you are suffering from...more
A mortgage is a loan to purchase a property that is used as collateral to guarantee repayment of the loan. The mortgage is a legal agreement signed by the lender and the borrower on the property, and the lender can foreclose on the property if the...more