What Is Private Mortgage Insurance and What Does It Mean for You?

Homes / November 23, 2015

Private mortgage insurance, known as PMI, is an insurance that lenders require borrowers to take out if they are borrowing more than 80% of the value of their new home. Decades ago, most people would not think about buying a house without 20% down. However, times do change. Many people come to the table with 3% to 10% in a down payment. The more a lender gives to a borrower on the value of a home, the more risk there

Read Article

Refinancing Revolving Home Equity Credit Lines with a Fixed Interest Second Mortgage

Mortgage / November 22, 2015

A revolving credit line can mean paying off large debts and finally having the money you need to tackle those home improvement projects that have been pending. However, there are many options when it comes to a revolving credit line, a fixed interested second mortgage often being the best choice since a fixed mortgage rate is not as risky as some of the other options. Second mortgages

Read Article

When to Get a Second Mortgage

Homes / November 8, 2015

If you find yourself struggling to make ends meet, in need of some additional money for home repairs or home improvements, or just find that you have some financial need that you can’t fulfill with your standard wages, you might want to consider taking out a second mortgage on your home. Of course, when many people think of a second mortgage they think of the scenario that’s usually presented

Read Article

Home Equity Loans – Good For Building

Mortgage / October 31, 2015

Homeowners sometimes find that after they have moved into their dream home, the atmosphere may not look as good as when they first looked at the home. The last thing they need is a long list of updates that arise out of the blue. Comfort is what a homeowner seeks and sometimes that comfort needs to be created. Home repair and remodeling can be an expensive task and there are a wide variety of loans

Read Article

What You Should Know About the Option ARM Mortgage

Selling / October 8, 2015

Just when you thought that getting a mortgage was something within your reach, you are bombarded with jargon that you do not understand. There is the Pay Option, the Pick-a-Payment, the Cash Flow ARM, and then there is the Option ARM. The beauty of these types of loans it that there is a different start rate, i. e., rate at the beginning and different monthly payment options. But as they

Read Article

Should I Refinance my Adjustable Rate Mortgage Now or Wait for the Interest Rates to Drop?

Selling / September 15, 2015

With interest rates on the rise, many people are wondering if they should refinance their adjustable rate mortgages (ARMs), especially since about one in four mortgages will have their interest rates reset in 2006 or 2007. This means your interest rate is adjusting, and probably sooner than you think, especially if you’re holding 2/28 or 3/27 hybrid ARM. You know your payment

Read Article

How to Stay in Your Home Mortgage Free For a Very Long Time – Techniques They Don’t Want You to Know

Homes / September 14, 2015

It is all over the news: The president will announce some strategies to improve the Mortgage refinancing program. Unfortunately the new improvements will not improve the chances of the regular homeowner who is facing the possibility of foreclosure. We all know the big failure of the infamous mortgage modification plan. It did not work the way it was planned. Obviously with all the requirements

Read Article

Your Paying 161% Interest For Your Mortgage!

Homes / September 8, 2015

You read the title correctly and you’re not in a deep sleep having a nightmare. I am sorry that you had to find this out from some stranger but this is a Truth. I am in the mortgage business and when I discovered this I almost fell of my chair. For example if you have a 200,000.00 for a thirty year term at 6% and pay it to full maturity the effective interest rate will be 161%.

Read Article

Why Refinance a Mortgage?

Homes / August 23, 2015

Homeowners typically choose to refinance their home in order to get a lower interest rate, get smaller monthly payments, or to change the length of their mortgage. There are several reasons a homeowner would look into refinancing a mortgage. Probably the most popular reason homeowners refinance is to get a lower mortgage interest rate, and a smaller monthly payment. Always be sure to know all up the up front

Read Article

Who Owns Your Mortgage Loan?

Mortgage / August 16, 2015

Most people make their mortgage payments each month without paying much attention to the lender’s name on the statement. Sometimes a notice will come in the mail, alerting them that their mortgage is being handled by a new company-but the payment amount remains the same. So what difference does it make? Not much-until the relationship gets more complicated.

Read Article