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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...]

10 Ways to Guarantee the Lowest Rate Mortgage

January 3, 2011 By
Fixed Rate Mortgages

One of the most important aspects of home affordability is getting a low interest rate. There are ten different ways that you can guarantee that you can get the lowest rate possible. 1. Have a great credit score. If you have a subpar credit score, the bank will have to charge you a higher rate to compensate for risk. Prior to applying for a mortgage, be sure you have a good score. 2. Put forth a large down payment towards the purchase or refinance of a home. Banks want borrowers to take … [Read more...]

What is an Adjustable Rate Mortgage

December 7, 2010 By
You Should Know What An

When most people purchase a house, they will have to take out a loan with the bank in order to finance their purchase. In return for lending the money for the mortgage, the bank will charge the borrower interest on the loan. When the interest rate remains at the same rate for the full length of the mortgage, it is called a fixed rate mortgage. Sometimes, however, banks will offer what is called an adjustable rate mortgage. In this type of mortgage agreement, the interest rate on the mortgage can … [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...]

What Makes Mortgage Rates Go Up

November 22, 2010 By
Mortgage Rates Are Going Up

With mortgage rates and home prices at record levels, consumers are trying to sort through the many different issues that influence current mortgage rates. While mortgage companies determine the rates they charge based on current market conditions, mortgage rates go up because of a number of factors, including the prospective home buyer. There is also the impact of inflation, poor economic climate, the Consumer Price Index, consumer confidence and government influences. For example, if … [Read more...]

What is a Home Equity Loan?

November 17, 2010 By
Know What Home Equity Loan Means?

A home equity loan can provide cash for home improvements, medical emergencies or even a recreational vehicle at a lower interest rate than many other types of loans. The fact that the loan is secured by the value of your home means that the lender can sell your home to get its money back if you fail to make payments. This gives the lender a lower risk of loss than unsecured debt like credit card balances. The decreased risk to the lender means a reduced interest rate for you. Saving money is … [Read more...]

Wells Fargo has Essay Question on their Mortgage Application

August 25, 2010 By
Writing Mortgage Application Essay

As if getting a mortgage wasn't hard enough these days Wells Fargo has added an essay question. According to a report by the New York Times, Linda Falcão and her husband were asked to write a "motivational letter" as a part of their recent Wells Fargo mortgage application. This essay, akin to one you might write as a part of a college application, has become a new stipulation of applying for a mortgage at Wells Fargo. Although a seemingly add requirement the real concerns lie in the … [Read more...]

“Cash-in” Refinancing, Hot Trend in Mortgage Loans

August 19, 2010 By
"Cash-in" Refinance, A Smart Investment Move

Could your best investment right now be in your home? Considering the crash in home values over the last couple of years, the suggestion seems absurd. However, with the best bank rates on savings and CDs paying under 1 percent and the stock market’s instability, your mortgage may be your best investment. With mortgage rates consistently reporting record new lows each week, homeowners are trying to figure out how to lock in these long-term savings. Many are faced with homes that are … [Read more...]

Homeowners Need Credit Monitoring

August 13, 2010 By
Improve Credit Score

Image via Wikipedia As a homeowner you probably think you are the last person that needs to monitor your credit. You have a mortgage, which probably means you have pretty good credit. Why would you monitor your credit? The reasons you need credit monitoring might surprise. The mistakes you find when you check up on your credit report might even surprise you more. 1. Credit Scores are Critical Safety Net in Down Economy First and foremost, we are in a bad economy. That means your … [Read more...]

Foreclosures Hitting Record Levels

August 13, 2010 By
Buy Foreclosures

Image via Buy Foreclosures In 2005, prior to the mortgage meltdown, U.S. banks repossessed 100,000 homes throughout the entire year. In July 2010, 92,858 homes have been seized, according to RealtyTrac, a foreclosure and real estate data company. July Foreclosures Near Record High July's foreclosure numbers, up 9 percent from June and up 6 percent from 2009, is approaching the high point of 93,777 in a single month (experienced in the months shortly following the crash). However, that … [Read more...]