February 4, 2012

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What is a 5-Year ARM Mortgage

January 10, 2011 By
5 Year ARM

For the past few years, one of the most popular mortgage options has been adjustable rate mortgages (ARM), which are characterized by an initial fixed rate option followed by an adjustable interest rate for the rest of the mortgage. Of all the ARM options to choose from, one of the more common ones has been the 5-year ARM. The five-year ARM is a mortgage loan that has an interest rate that's fixed for the first five years of the loan, but then adjusts up or down based on the current market … [Read more...]

What is a Fixed Rate Mortgage

January 9, 2011 By
Fixed Rate Mortgages

A fixed rate mortgage is a loan that you would use to buy or refinance a home and it has the same interest rate from the time that the loan is originated until it is paid off. This is not a guarantee that your payment will stay the same throughout the length of the amortization period, but it is definitely not going to change drastically as it would if the loan had an adjustable rate or required balloon payments. A fixed rate mortgage is also sometimes known as a traditional home loan, … [Read more...]

MortgageMatch.com Gives New Home Buyers a Real Mortgage

December 1, 2010 By
MortgageMatch.com - Mortgage Offers

Being a new homebuyer has never been so daunting. You’re probably already a little nervous about buying a home with economic uncertainty. However, if you’re like most new home buyers the scarier uncertainty is the mortgage and real estate process. How do I get started? This is the big question, filled with many other smaller questions. Unfortunately, going online (where we all look for life's secrets these days) is certainly not clarifying. Instead looking for answers to how to get a … [Read more...]

Historical Mortgage Rates

August 23, 2010 By
Historic Mortgage Rates

Whether you are a current homeowner or thinking about buying a new home, your mind is definitely on mortgage rates. More specifically, what have mortgage rates and payments been historically? To answer the burning question: Is this the right time to buy or refinance a home? That's why we sent out our Morning Mortgage Notes researchers to find and compile this data so you can make a more informed mortgage decision. We're going to tackle this question in two ways: What has the … [Read more...]

AIG Could Give US Stake in Mortgage Bonds to Repay Bailout

July 14, 2010 By Leave a Comment
AIG Logo

Image via Wikipedia An early morning report from Bloomberg Businessweek says AIG may be considering giving the US government a position in mortgage bonds to repay a portion if its Federal bailout debt. Ironically, this stake would be in the same "toxic assets" that nearly collapsed the large insurer. This report is being whispered by unnamed sources close to the potential AIG/US government deal. The mortgage bonds being considered in this trade would be assets in Maiden Lane II and … [Read more...]

How to Take Control of Your Credit Score

July 13, 2010 By 1 Comment
500px-Credit-score-chart.svg

Image via Wikipedia Have you ever applied for a credit card, car loan, or mortgage? If so you have probably heard the lender talk about your credit score. But, do you know what your credit score is or more importantly how to improve it? Credit scores are the centerpiece to any decision to lend a consumer money. However, increasingly that all important number is being used to determine whether you can rent an apartment, get a cell phone, or even have affordable insurance. If a single … [Read more...]

What is Mortgage Insurance and Who Does it Protect?

July 13, 2010 By Leave a Comment
Private Mortgage Insurance - Who's Gamble?

Image by woodleywonderworks via Flickr Mortgage Insurance, also know as Private Mortgage Insurance (PMI) or Mortgage Protection Insurance, is insurance paid by the borrower to protect the lender against their failure to repay the home loan. Lenders require PMI on all home loans that have less than a 20% downpayment, that is a mortgage of more than 80% of the home’s appraised value or Loan-to-Value (LTV). Piggy-back Loans to Avoid PMI PMI can be a very expensive additional cost to buying … [Read more...]

What Every Borrower Should Know About Home Appraisals

July 12, 2010 By Leave a Comment
Case-Shiller Home Value Index

Image via Wikipedia The housing crisis of 2007 changed everything in the real estate and mortgage market. One of the biggest changes rising out of the mortgage crisis are home appraisals. These are changes that are likely to impact you refinancing your home or buying a new home. Therefore, the more you know about how your home gets appraised the more likely you are to get the mortgage you need. Home Valuation Code of Conduct (HVCC) Let’s start with what is causing all of the … [Read more...]

Hardest Hit States Could See Mortgage Payment Relief for Unemployed

July 12, 2010 By Leave a Comment
Michigan Governor Granholm - Wikipedia.org

Image via Wikipedia More government home loan relief is ready to implement in Michigan and several other hard hit state economies. This latest round of housing recovery aid is targeted at homeowners struggling to make mortgage payments due to unemployment, medical crisis, or reduced income. State housing finance agencies across the nation submitted proposals to assist troubled homeowners in their regions. The government assistance fund, named the Housing Finance Agency Innovation Fund for … [Read more...]

4 Things to Consider Before Getting a Mortgage Loan

July 9, 2010 By Leave a Comment
Mortgage Calculator

When you think of buying a house of your own, the first thing that you must consider is your affordability. Buying a home beyond your affordability will raise the chance of not being able to pay your monthly payments. You can initially calculate your monthly payments with the help of a mortgage calculator, to know the exact amount you need to save every month. Have a look at the things to consider before getting a mortgage loan. Your cash availability: Applying for a mortgage loan is … [Read more...]