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Mortgage loan types
There are many types of mortgage loans. The two basic types of amortized loans are the fixed rate mortgage (FRM) and adjustable rate mortgage (ARM).
Eight Questions to Ask When Obtaining a Commercial Mortgage
Unlike borrowing against your home, financing a commercial property, such as a store, office or apartment building, can be a confusing and frustrating experience. Borrowers are often subject to unwieldy demands and requirements imposed by traditional lenders, such as banks, since these lenders are regulated and generally averse to risk-taking.
Good Credit is King, When Qualifying for Mortgage Programs
If you want to purchase a new home or refinance your current mortgage, be sure to check out the wide array of loan programs available. If you have less than excellent or even poor credit, you can still qualify for a loan. If you have outstanding credit, though, you are in the proverbial driver's seat, when it comes to selecting your loan program. Be sure to find a good mortgage consultant, and carefully explain exactly what you need. Here are just a couple of "outside-the-box" programs that come in handy for some people but require excellent credit ratings.
Applying for a Home Loan
Applying for a home loan may not be the most exciting way to spend your time, but if you are like many potential homeowners, it is probably a necessary evil. If you have some knowledge of the process.
Second Mortgage
Second mortgages are called subordinate because, if the loan goes into default, the first mortgage gets paid off first before the second mortgage gets any money. Thus, second mortgages are riskier for the lender, who generally charges a higher interest rate
Adjustable rate mortgage
An adjustable rate mortgage or variable rate mortgage is a loan secured on a property (house) whose interest rate and so monthly repayment vary over time. Other forms of mortgage loan include interest only mortgage, fixed rate mortgage, discounted rate mortgage and balloon payment mortgage. Adjustable rates transfer part of the interest rate risk from the lender to the borrower. They can be used where unpredictable interest rates make fixed rate loans difficult to obtain. The borrower benefits if the interest rate falls and loses out if interest rates rise.
Home Loans and Mortgages – Beware of Deed Theft Scam
A popular real estate scam that is now rampant throughout the country involves offering help to those in financial trouble while secretly stealing their home. Here are details as to how you can avoid deed theft.
Shared appreciation mortgage
The share of the appreciated value is known as the contingent interest, which is determined and due at the sale of the property or at the termination of the mortgage.
Mortgage Refinancing
Refinancing refers to applying for a secured loan intended to replace an existing loan secured by the same assets. The most common consumer refinancing is for a home mortgage.
Shopping for a mortgage
Choosing a lender to finance it will take less time but should be handled just as carefully. There is a difference between mortgage brokers and lending institutions, explains Stacey D. Stewart, president and CEO of the Fannie Mae Foundation. "A broker acts as a bridge between the consumer and a mortgage lender and may offer products for a variety of lenders.
eMortgages
Electronic mortgages (or "eMortgages") are legally binding, paperless mortgages from loan application to investor delivery.
A Mortgage That Pays You Instead
It's an all-too-common scenario-seniors on fixed incomes squeezed by inflation and vulnerable to unanticipated large bills.
Mortgage broker
A mortgage broker, sometimes called a loan officer is a licensed professional who gathers and processes paperwork associated with mortgaging real estate.
How a Commercial Mortgage Can Help Your Business
A commercial mortgage or commercial remortgage is a business loan which is secured against a commercial property. Commercial mortgages are often used to buy business premises, such as offices, shops, restaurants, or pubs.
Mortgage Brokers or Banks: Which is Right For You?
When you're looking for a home loan, you might work with an officer at a bank or other lending institution, or you might choose to work with a mortgage broker. The end result is the same - a new house, but the two types of jobs differ.
Getting The Best Rates On Mortgages And Loans
We all know the cost of not shopping around for the best rates. It can honestly add up to thousands of dollars over the course of your loan. Don’t work harder, grasshopper—work smarter!
Mortgage Refinance - Tips to Help You Cut Fees and Costs
Saving money through a mortgage refi is more than just finding the lowest interest rates. You can further cut fees and costs through the structure of your loan, avoiding PMI, and buying lower interest rates.
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