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Tag Archive | "mortgage basics"

Mortgage Questions: Mortgage Terminology Explained

The mortgage questions we are asked are often based upon mortgage terminology. Some terminology is difficult to understand. We will start with some that relate to simple terms that are often misunderstood, and then progress to those that can really be confusing. Mortgage Questions: What is Preapproval? When you are looking for a new home, […]

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Mortgage Escrow: What are Escrow Services for Mortgages?

Mortgage escrow is a term used when money is placed into a third party account for further use with a second party. It cannot be used either by the payer or the recipient until certain conditions have been met. The third party will then release the funds as directed. Such services are generally operated by […]

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Property Investment: Real Estate Investment in Your Portfolio

Property investment can be volatile, so should real estate investment be a component of your portfolio?  The problems of the sub-prime mortgage fiasco have never really disappeared, and we still hear of foreclosures, short sales, opportunities and lost dreams – so does real estate offer good investment potential or not? Here are some pros and […]

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Jumbo Mortgages: What is a Jumbo Mortgage and Why Have One?

Jumbo mortgages are mortgage loans that are higher than the normal mortgage loan limits. It is not an arbitrary figure, but one set by Fannie Mae and Freddie Mac for residential mortgages.  In most areas of the US, a jumbo mortgage starts at over $417,000. In the more expensive urban areas of San Francisco, Los […]

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HUD Homes and FHA Loans for Adverse Credit Mortgages

HUD homes and FHA loans can be used to enable those with low FICO scores to get adverse credit mortgages. The Department of Housing and Urban Development (HUD) offers insurance on mortgages, and when a homeowner with such insurance is unable to maintain the mortgage repayments, the lender forecloses and HUD pays the balance due. […]

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What Mortgage is Best for You: Common Types of Mortgage

What mortgage is best for you? It is not possible to answer that question without knowing your personal details. However, here are some of the more common types of mortgage, and each should be available to most people. Fixed Rate Mortgages A fixed rate mortgage is the most common type of mortgage loan in the […]

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Truth in Lending and Your Mortgage Loan

Truth in Lending was introduced in 1968 to ensure uniformity in the way that costs incurred in borrowing, such as a mortgage loan, are calculated and presented to the borrower. It should, in theory, enable consumers to compare the costs of various mortgage loan types and lenders in a consistent manner. Let’s take an example. […]

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First Time Buyer Issues: Low Credit Scores

A first time buyer mortgage is no longer difficult to get, but a mortgage with low credit score might take a little more work. However, even bad credit will not prevent a first time buyer getting a mortgage under certain circumstances. Since the subprime mortgage and derivatives meltdown of the latter half of the 2000s, […]

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Mortgage Points: What Are Points on a Mortgage?

Mortgage points offer a means of reducing your mortgage interest rate by purchasing points upfront. Each point helps your mortgage interest rate and one point is charged at 1% of the amount of your mortgage loan. Thus, if your mortgage loan is $150,000, each point will cost you $1,500. Generally, mortgage lenders will offer you […]

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Do Weekly or Bi-weekly Mortgage Payments Offer Benefits?

Do weekly and bi-weekly mortgage payments offer any benefits? If you are actively seeking a mortgage, or have just recently taken one, you will probably be asked either directly or by means of targeted mail whether you want one of these plans. They will likely promise wonderful savings for an upfront payment of a few […]

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