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The Critical Role of the REALTOR®
Category: Real Estate/National
... 45. Obtain current mortgage loan information; company and loan account numbers 46. Verify current loan information with lenders 47. Check assumability of loans and any special requirements 48. ...Friday, 11 January 2008 -
The Mortgage Checklist
Category: Real Estate/Mortgages
... for loans. The exact types of documentation required may differ slightly between lenders, and depending on your specific situation. Income Names and addresses of your employers for the last ...Wednesday, 26 December 2007 -
Should you Refinance your Adjustable-Rate Mortgage?
Category: Real Estate/Mortgages
... a prepayment penalty on the original loan (check your mortgage documents to find out if you have a prepayment penalty and how much it is). Refinancing can cost between three and six percent of your ...Wednesday, 26 December 2007 -
How Much Can You Afford to Borrow?
Category: Real Estate/Mortgages
... here. Calculating Your Monthly Debt ServiceTo calculate your monthly debt service, include credit card debt, loans, personal debts, and any other ongoing financial obligations. You don't need ...Wednesday, 26 December 2007 -
Top Renovation Mistakes
Category: Real Estate/Home Improvement
... through a loan, draw up a detailed budget before you begin approaching lenders. Stick to your budget whenever possible, and if you end up spending more than you planned in one area, try and compromise ...Wednesday, 26 December 2007 -
Is it Time to Sell?
Category: Real Estate/Seller
... job. If you have the funds or access to a loan. If you're refinancing to cover the cost of remodeling, make sure you can keep your mortgage debt total below 80% of your home's value after remodeling ...Wednesday, 26 December 2007 -
When to Fire Your Mortgage Lender
Category: Real Estate/Mortgages
... that press you to accept higher risk loans that allow you to borrow more than you can afford (interest-only mortgages and balloon mortgages fall into this category). Mortgage companies that promise ...Wednesday, 26 December 2007 -
Investing in Foreclosures
Category: Real Estate/Investing
A foreclosure occurs when a borrower defaults on a mortgage loan. As the process begins, the lender often gives the borrower ample time to repay the back due portion of the loan. However, when the ...Wednesday, 26 December 2007 -
The Truth About Private Mortgage Insurance
Category: Real Estate/Mortgages
... value (or sale price, in some cases), your lender will require that you obtain private mortgage insurance. This insurance is protection for the lender against a default on the loan. How Much and ...Wednesday, 26 December 2007 -
Tips for First-time Buyers
Category: Real Estate/Buyer
... can avoid common first-time buyer mistakes. Try to Refrain from Large Purchases If possible, don't make any big purchases or take out loans that you can't pay off in full within six months. When ...Wednesday, 26 December 2007 -
Cut Your Closing Costs
Category: Real Estate/Buyer
... and five percent of the property's value, and may include the following: Loan origination fees - also called points (one point equals one percent of the mortgage). The standard fee is one point. ...Wednesday, 26 December 2007 -
Overcharges Run Rampant in Home Loans
Category: Real Estate/Mortgages
... standard was not an effective way to deal with bad mortgage selection, unaffordable loans or refinances that don't benefit borrowers. This article looks at suitability in connection with the problem ...Wednesday, 26 December 2007 -
How Long Should Your Mortgage Be?
Category: Real Estate/Mortgages
When you're taking out a mortgage on a home, you have many factors to consider. The term of the loan is definitely one of your most important considerations. Mortgages are available with 15-, 30-, ...Wednesday, 26 December 2007 -
All About Escrow Accounts
Category: Real Estate/Mortgages
... the escrow period, the buyer and the buyer's lender will be working on the loan approval process. This includes verifying the buyer's income level, verifying that the buyer has adequate funds for ...Wednesday, 26 December 2007 -
Deciding on a Mortgage Lender
Category: Real Estate/Mortgages
... options carefully before choosing which type to go for. Banks and Credit UnionsBanks and credit unions use money deposited with them to make loans and mortgages. If dealing with a local institution ...Wednesday, 26 December 2007 -
Mortgage Glossary
Category: FAQs/General
... of the seller. Amortization - The process of repayment of a loan with periodic payments of both principal and interest calculated to payoff the loan at the end of a fixed period of time, the loan ...Wednesday, 26 December 2007 -
Everything You Need to Know About Mortgage Interest Rates
Category: Real Estate/Mortgages
... inflation, by setting terms for the federal funds rate (the interest rate which banks charge each other for short-term loans), and the discount rate, (the interest rate lenders pay to borrow from ...Wednesday, 26 December 2007 -
Is an Interest-only Loan for You?
Category: Real Estate/Mortgages
An interest-only loan is a fixed-term loan for which you pay only the interest, leaving the balance of the principal unchanged over the term of the loan. In America an interest-only period is typically ...Wednesday, 26 December 2007 -
Tighter Lending Rules Could Backfire
Category: Real Estate/Mortgages
Case histories of subprime loans that have gone to foreclosure often generate righteous indignation. With benefit of hindsight, many if not most of them look as if they never should have been made. ...Wednesday, 26 December 2007 -
Four Reasons for Getting a Home Equity Loan
Category: Real Estate/Mortgages
A home equity loan is one which lets you borrow money using the equity in your property as collateral. Equity is the amount of money you've already paid on your mortgage. With a home equity loan, ...Wednesday, 26 December 2007 -
How to Find the Best Loan for You
Category: Real Estate/Mortgages
If you're not familiar with the various types of mortgages and loans, you stand the chance of paying out thousands of dollars more than you should during the life of your loan. There are several ...Wednesday, 26 December 2007 -
How to Finance a Remodel
Category: Real Estate/Mortgages
... 15-20% for "surprises." How much you can borrow depends on your credit rating, income, and the loan-to-value ratio of your remodeling plans. The LTV ratio is a percentage of the appraisal value of ...Wednesday, 26 December 2007 -
The New 40-Year Mortgage
Category: Real Estate/Mortgages
... 5% of new mortgages are 40-year fixed-rate mortgages. 40-year mortgages offer lower monthly repayments for those who can't afford a 30 year mortgage. For example, a loan of $100,000 at 8.5% for ...Wednesday, 26 December 2007 -
Mortgage Mistakes to Avoid
Category: Real Estate/Mortgages
Whether you're a first-time home buyer or need to refinance, it's imperative that you do some research before obtaining a mortgage. Many consumers take the first loan offered to them and end up paying ...Sunday, 23 December 2007 -
5 Things to Ask Before Making an Offer on a Condo
Category: Real Estate/Buyer
... can add a lot of value when it comes time to sell. Better school districts lead to higher home values, which may lead to the bank viewing your home loan as less risky and therefore easier to secure. Check ...Saturday, 22 December 2007 -
Best Way to Buy Home That Needs Repairs
Category: Real Estate/Buyer
... broker or loan agent. A large price reduction could be a red flag to a lender who might want to see inspection reports. This could cause the terms of the transaction to be modified if the lender then required ...Saturday, 22 December 2007 -
How to Find a Good Investment Property
Category: Real Estate/Buyer
... rental property, lenders often require larger down payments and higher interest rates. This is because lenders know that owners of rental properties are more likely to default on loan payments than on ...Saturday, 22 December 2007 -
Moving out may bring faster home sale
Category: Real Estate/Seller
... new wall-to-wall carpet. Vacant rooms look bigger than rooms occupied with furniture. NO TAX DEDUCTION IF LOAN IS NOT SECURED BY YOUR HOME DEAR BOB: To buy our first home, my wife's parents ...Friday, 21 December 2007 -
Shopping for the Best Mortgage
Category: Real Estate/Mortgages
... for purchasing or refinancing. Don’t let the confusion of mortgage options keep you from a new home or lower interest rate. Here is an introductory lesson to the four most common types of home loans. ...Friday, 21 December 2007