Home equity loans give homeowners the ability to use the equity of a home without being forced to sell the property. They have many advantages, but you should know what you’re doing first. Below are six tips for capitalizing on your home equity loan. more »
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- Mortgage Loan Articles
- Julian C
Basically, there are fixed rate mortgages and adjustable rate mortgages either of which you would take out for a specific number of years. Then you make regular, predetermined payments consisting of a combination of interest and principle until the loan is repaid.
Before you apply for a mortgage you should ask yourself, ‘Do I need a mortgage?’ This should be simple enough. Do you have enough cash to pay for your purchase outright? Is there any other alternative for making this purchase? If you said ‘no’ then you probably need a mortgage.
- Roger J
Whether you are planning on buying a home or refinancing your existing one, free mortgage calculators available on this site are going to give you the best, unbiased advice there is.
In the home buying or refinancing process consumers very often rely on advice given by Real Estate Agents and Loan Officers. However the fact of the matter is that both of these professional groups depend on commission incomes to support themselves and their families.
What makes matters worse is the fact that those commissions are huge and the number of transactions limited. Chances are that your transaction is one of only two or three that are going to be closed in that particular month if not the only one.
- Julian Carter
The majority of consumers currently paying for a mortgage could save thousands of dollars with a low cost refinance, but many homeowners share the common misconception that a new loan may not be worth the effort. The simple fact of the matter is borrowers that are properly prepared and have done their homework could pay their home off much quicker and save a great deal of money in the process. Being aware of several critical tips can help ensure that the refinance goes as smoothly as possible, and that any costs involved will prove to be a wise investment.
Gather Necessary Documentation
Any loan application is going to require proof of income and any liquid assets, and lenders are typically appreciative of a consumer that has taken steps to proactively gather necessary documentation. Bank statements, investment records, pay stubs, and any other recent records should be collected. A report from the most recent appraisal of the home will certainly never hurt, and in some cases may influence a lender’s decision to require further valuation procedures.
- Roger J
Clearly your credit information and credit score are among the most valuable assets you own. Incorrect information on your credit report can cost you literally hundreds of thousands of dollars just on your mortgage loan alone, not to mention car loans and other forms of credit as well as employment opportunities. Before you shop for a home loan make sure your credit report is up to date and accurately reflects your good credit standing.
Your credit information is compiled by credit bureaus, also known as credit reporting agencies. The three major credit bureaus that banks and lenders get their data from are Trans Union, Experian and Equifax. The data held about you can differ slightly between these companies depending on who your creditors report information to and how frequently. Hence is it crucial to find out what each of these bureaus is reporting on you, not just one.
- Julian C
Shopping for a mortgage loan is a lot more complex activity than picking up the phone and asking a lender what their current rates are.
Most mortgage lenders today offer a variety of programs to meet the needs of their prospective borrowers. A wide range of programs have always been available but in today’s economy it seems like the sky is the limit.
Variables not only include the type of programs but also the borrower’s credit rating and the amount of money the borrower is willing to invest up front.
- Roger J
The very first step in planning to purchase a home or starting the process of re financing an existing mortgage loan is to calculate how much you are qualified for.
This site offers a verity of tools to help you do just that with plenty of tips and advise.
Going through this process should also include checking details like length of employment which may or may not count, availability of closing funds and reserves amongst other factors.
- Roger J
The year 2010 was as miserable as its predecessor as far as mortgage loans and the real estate markets go.
Rates will more than likely stay as unpredictable as they have always been, FHA will probably tighten up along with FNMA and Freddie Mac, but Jumbo loans are likely going to be easier to get.