Mortgage

Shopping for a mortgage is a lengthy process, although some companies will lead consumers to believe that they can provide faster service to get you in your dream home. Unfortunately the housing market experienced a significant period of depression because of so many risky mortgages that were handed out like candy and getting a mortgage today is not as easy as it once was.  Mortgage rates have been at all time lows and continue to fluctuate daily.  In some cases, I’ve heard of some friends who had locked in a favorable 30 year mortgage rate in January of this year …

How to Get The Best Deal on Mortgages Read More »

Buying a home is one the biggest and complex financial transaction you will likely do in a lifetime and it is very important to understand the different types of mortgage financing that are available to you. If you do not know all of your options, you can not make the most informed decision for your situation. Here’s a look at the basic mortgage options and the other kinds of mortgage loans you may be eligible to receive to finance your home: Basic Mortgage Types There are two basic mortgage types – fixed rate mortgages and adjustable rate mortgages. Fixed rate …

Different Types of Mortgages Read More »

Interest rates continue to remain low for those wishing to finance a new home or refinance their existing property. According to bankrate.com, the current average for a thirty year fixed mortgage is 3.57% for a new loan and 3.65% for a refinance. Rates for a fifteen-year fixed mortgage and a 5/1 adjustable rate mortgage average 2.93%. Many are choosing to take home equity loans to get additional funds from their property’s equity to help with expenses. For those over age 62, there is a different approach to cashing in on a home’s equity. A Home Equity Conversion Mortgage, or HECM, is …

Using Home Equity Conversion Mortgages (HECM) in the USA Read More »

Reverse mortgages have a number of different factors that go into the determination of the borrower’s benefit amount, or the loan amount that they will ultimately receive.  The property value is one of those factors, but so too is the borrower’s age, interest rates at the time, the program that the borrower chooses, fees associated with the loan (not just the origination fee but also whether or not there is a servicing fee), and also the program the borrower chooses. Since you are able to live in the home for the rest of your life without having to make a …

How Much Can You Borrow from a Reverse Mortgage? Read More »

Even in today’s very difficult housing market, people still dream of home ownership. Most people don’t enjoy the prospect of renting for the rest of their lives while paying money into something that never pays them back. The problem is that many people are scared away from even thinking about buying a home; not because their credit may be blemished, but because of the high down payments that most conventional loans require. Most ordinary people simply aren’t going to be able to come up with 20 percent down for a home. There are, however, methods that a potential homeowner can …

How To Minimize Down Payment on a Mortgage Read More »

Mortgage interest rates continue to hover at all time lows making it a homeowner’s dream to lock in new rates or refinance their mortgages and save thousands of dollars on interest.   According to BankRate.com the current 30 year fixed rate is at 4.84%, down from 5.2% in early April.   It’s crazy to think that it some scenarios that someone who locked in a fixed mortgage 3 months ago could possible refinance and it be totally worth it- even if you have to pay charges to do so. Whether you’re buying a home or refinancing an existing loan,  a home loan …

Finding The Best Mortgage Interest Rate Calculators Read More »

With the economy in shambles these past five years, it’s no wonder that much of the chatter around middle class tables in the US revolves around protecting their assets. There are many ways to protect assets — if you’re in the top 1%, you protect assets by putting them in trusts and offshore accounts. If you’re in the bottom 1%, you protect assets by hiding them in the fake shaving can when the wrong guests come over for dinner. If you’re in the middle, you protect your assets with insurance.  Car insurance, homeowner’s or renter’s insurance, life insurance, health insurance, and …

Protect Your Home with Mortgage Protection Insurance Read More »