As the drum beat of news continues about the credit crunch in the mortgage market, millions of homeowners are worried about their adjustable-rate mortgages that will adjust to higher interest rates, leaving many struggling to make their payment. As a result, there’s a lot of confusion about what to do, or not do, before an [...]

(NC)-When the conversation at your next social event turns to the real estate market, don’t be surprised if a friendly game of mortgage rate comparison follows. Inevitably when people talk mortgages, they are usually talking about mortgage rates. But rate, albeit an important part of the mortgage equation, is only one factor to consider when [...]

News headlines continue to detail the struggles homeowners face keeping up with escalating adjustable rate mortgage payments, the collapse of subprime lenders and mounting home foreclosures nationwide. Even without these market troubles, banks offer so many different and confusing mortgage products that it’s hard to know what’s in the homebuyer’s best interest. These days, choosing [...]

Obtaining a home equity loan is a common method of refinancing debt and it has several advantages. But there are a few potential ‘gotchas’ that are worth considering before taking the plunge.
First, what is a ‘home equity loan’? The basic idea is simple: obtain a line of credit, secured by the equity in your home. [...]

There are several interlocking reasons to consider refinancing your mortgage. When rates are low, you can lower your monthly payment and/or the total amount of interest you will pay over the life of the loan. You may also want to take out some equity to finance home improvement projects or pay off other debts.
But as [...]

Why do lenders want borrowers to make large down payments on mortgage loans? After all, wouldn’t it make sense to assume that lenders would want people to borrow as much money as possible, since they would wind up paying interest on all the money? The truth of the matter is that lenders want borrowers who [...]

Homeowners often turn to the equity in their home when they need a substantial amount of cash, whether it’s for home improvements or debt consolidation or maybe even a vacation.  Interest paid in home equity loans and lines of credit can often be tax-deductible, just like interest paid on a mortgage loan, so this is [...]

The value of your home minus the amount you owe on the mortgage is called equity, and for many homeowners this is where they turn when they find themselves in need of some cash.  Taking a loan out against the equity in your home is referred to as a second mortgage, and this is common [...]

A number of times throughout your adult life, you are going to come in contact with a lending institution or work closely with a banker.  The purchase of a new car, a new home or even refinancing an existing mortgage are all situations in which you might deal with them.  While many of those bankers [...]

When you’re looking to get a loan from a bank, particularly a mortgage loan, ignorance certainly is not bliss.  You need to be as prepared as possible before even stepping foot into the loan officer’s office since this will alleviate any rude surprises on your credit report or with other information.
It’s not difficult to get [...]