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The Mortgage Checklist
Category: Real Estate/Mortgages
... and balance sheets. Supporting documentation for any other income that you want to be considered towards qualifying for the loan. This may include dividends, child support payments, social security, ...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
... your income and expenses to determine how big a mortgage you can take on. You'll also need to calculate how much money you'll have for a down payment, since this will affect the size of the mortgage ...Wednesday, 26 December 2007 -
When to Fire Your Mortgage Lender
Category: Real Estate/Mortgages
... increases the likelihood that you won't be able to meet your monthly payments, costs you more in interest, and simply lines the pockets of those you're borrowing from. Similarly, be wary of lenders ...Wednesday, 26 December 2007 -
The Truth About Private Mortgage Insurance
Category: Real Estate/Mortgages
Private mortgage insurance has become a common way of offsetting the risk for mortgage lenders when buyers have a small down payment. If your down payment on a property is less than 20% of its appraised ...Wednesday, 26 December 2007 -
TV star reveals home-flipping secrets
Category: Real Estate/Home Improvement
... started with little or no cash, she recommends making at least a 20 percent cash down payment and then arranging a home equity credit line to pay for the renovations. She also explains the various ...Wednesday, 26 December 2007 -
Tips for First-time Buyers
Category: Real Estate/Buyer
... competitively. In addition you need to decide if it's the right time for you to buy. If you have only a small amount of cash for a down-payment, if interest rates are high, or if property prices ...Wednesday, 26 December 2007 -
Cut Your Closing Costs
Category: Real Estate/Buyer
... only if you use a broker. Tax service fee - if the lender chooses to hire an independent service to monitor property tax payments. Document preparation and administration fees. Payable in AdvanceMost ...Wednesday, 26 December 2007 -
How Long Should Your Mortgage Be?
Category: Real Estate/Mortgages
... pay a lower payment for three years and then sell, you may actually end up saving money on your home. If on the other hand, you plan to retire in your home and live there the rest of your life, you ...Wednesday, 26 December 2007 -
All About Escrow Accounts
Category: Real Estate/Mortgages
... payments on property taxes and insurance. Usually a mortgage lender will collect these funds and place them in the escrow account, and then pay insurance and tax bills when they are due. The mortgage ...Wednesday, 26 December 2007 -
Deciding on a Mortgage Lender
Category: Real Estate/Mortgages
... mortgage options to borrowers. If your mortgage is resold, the terms and conditions of your loan will not change. The only thing that changes is that you will mail your payment to a new lender. ...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 -
Is an Interest-only Loan for You?
Category: Real Estate/Mortgages
... between one and five years, sometimes extending as long as ten years. After this time, the borrower has the option to pay the principal, convert to an amortized (principal and interest payment) loan, ...Wednesday, 26 December 2007 -
Tighter Lending Rules Could Backfire
Category: Real Estate/Mortgages
... proportionate share of foreclosures. In many cases, lenders assess the ability of ARM borrowers to make their payments at the initial interest rate, which is artificially low. When the rate increases, ...Wednesday, 26 December 2007 -
Four Reasons for Getting a Home Equity Loan
Category: Real Estate/Mortgages
... payment that has a lower interest rate than your credit card debts. However, by using a home equity loan for this purpose, you're also turning unsecured debts into a debt that's secured against your ...Wednesday, 26 December 2007 -
How to Find the Best Loan for You
Category: Real Estate/Mortgages
... of loans, they may have higher loan-to-value ratios. An FHA loan is best for someone who doesn't have perfect credit and individuals who need low down payments and low closing costs. VA-Guaranteed ...Wednesday, 26 December 2007 -
When you can and can't claim homeowner tax breaks
Category: Real Estate/Mortgages
... in our names alone. Can my husband and I claim the tax deductions on the house although we are not listed on the mortgage? We will be making the payments. To do a quitclaim deed, must we refinance ...Wednesday, 26 December 2007 -
How to Finance a Remodel
Category: Real Estate/Mortgages
... interest rates. Most require repayment in full within ten years. If you decide on this type of loan shop carefully – some lenders will grab your attention with low initial interest rates and then increase ...Wednesday, 26 December 2007 -
The New 40-Year Mortgage
Category: Real Estate/Mortgages
... payments was a big problem. Increasing the terms of the mortgage to 40 years rather than 30 lowered monthly payments, making mortgages affordable for more people. Even so, this type of mortgage didn't ...Wednesday, 26 December 2007 -
Mortgage Mistakes to Avoid
Category: Real Estate/Mortgages
... to the mortgage payment, a homeowner will also have to pay taxes, homeowner's insurance, and possible HOA (Homeowner's Association fees) if one buys a home that's in a development. When these fees are ...Sunday, 23 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 -
Increase Your Home’s Value through Energy Efficient Upgrades
Category: Real Estate/Home Improvement
... utility bills must be greater than the monthly repayment of the EEM, and your total savings must also be more than your total costs (including maintenance). When you are granted an EEM, you have 90-180 ...Saturday, 22 December 2007 -
Secrets to Making a Lowball Offer
Category: Real Estate/Buyer
... relative, and they just want to get the whole thing over with. Maybe they’ve defaulted on their mortgage payments and the house is foreclosing. These are motivated sellers and they’re more willing to accept ...Friday, 21 December 2007 -
Shopping for the Best Mortgage
Category: Real Estate/Mortgages
... Mortgages This type of mortgage usually starts out with a lower interest rate (and therefore lower payments) than with a fixed-rate loan. However, your interest rate and monthly payments are dependent ...Friday, 21 December 2007