Mortgage articles
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- 2007-11-13 22:16:19 - Residential mortgage - finding the best home mortgage lender
- Most people approach the act of getting a home mortgage purchase or refinance loan the wrong way. They timidly approach lenders and cross their fingers that they will quality for that all-important loan. But that's just the opposite of what most people should be doing!There are a lot of lenders out there-some great and others that can be difficult to work with. And here's the good news-they...
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- 2007-11-13 22:16:19 - Guide to mortgages
- A mortgage is a loan that is guaranteed by a property. At its most simple that means, if you can't pay back your loan the lender can force you to sell your home so they can get their money back.Typically you can borrow three to three and a half times your income, or two and a half to three times the joint income of you and your partner. These are known as income multiples.The amount ...
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- 2007-11-13 22:16:19 - Why refinance back into a 30-year loan?
- One of the biggest reasons homeowners refinance their mortgage is to obtain a lower interest rate and lower monthly payments. By refinancing, the borrower pays off their existing mortgage and replaces it with a new one. This can often be accomplished with a no-points no-fees loan program, which essentially means at "no cost" to the borrower.In the no-points no-fees scenario, the m...
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- 2007-11-13 22:16:19 - Types of mortgages
- Here is a useful guide to the different types of mortgages that are available.A mortgage is a loan you take out to buy property. You can get a mortgage direct from the lender such as banks, building societies and specialist mortgage lenders.Your mortgage is probably the biggest loan you will ever take out, so it is important to get a mortgage that suits you. This will depend on your ...
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- 2007-11-13 22:16:19 - What is a mortgage?
- A mortgage is a loan, usually from a bank, finance company or building society to help you buy your home.A mortgage is a loan, from a bank or building society that is secured against your house or flat. You have to pay back everything you borrow from your lender within an agreed length of time (the mortgage term). You also have to pay interest on what you have borrowed.A mortgage is ...
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- 2007-11-13 22:16:19 - Home equity line of credit ? great idea for rainy day emergencies
- Most Americans tend to live on a paycheck-to-paycheck basis, and the typical household has nearly $10,000 in credit card debt. Adding to that is the fact that Americans are saving money at the lowest rate in history. We spend what we earn, when we earn it, and there's little or nothing available when a disaster or an emergency strikes. How can the average American make sure there will be money ava...
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- 2007-11-13 22:16:19 - Should you refinance?
- There are several reasons that might make someone consider refinancing their existing mortgage. One would be to get a lower interest rate than what they currently have, thereby reducing monthly payments and lowering the overall cost of the mortgage. Another is to shorten the length of the loan, which can save quite a bit in interest payments. Thirdly, someone may have other debts that they wish to...
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- 2007-11-13 22:16:19 - Home equity increases $1 trillion in five years ? is the market peaking?
- A new survey reveals that in the last five years, the equity in the California real estate market has increased by more than one trillion dollars. A trillion dollars is a large number to ponder, but put in concrete terms, it can be represented by a stack of one hundred dollar bills that is six hundred thirty one miles high! This astronomical increase in California home values isn't all that unique...
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- 2007-11-13 22:16:19 - Why choose a home improvement loan?
- Many people choose to take out home improvement loans so they can give their house a new look before selling.Home Improvement Loans can help you if you have been considering doing some home improvements to your home and have now decided to look for a loan to turn those home improvement ideas into reality.Should you wish to make major improvements to your home, how would you fund it? ...
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- 2007-11-13 22:16:19 - Why choose a remortgage?
- A remortgage can be used for the purpose of gaining lower interest rates on your mortgage or raising finance through releasing equity.The term "Remortgage" is used to explain the process of moving your mortgage to a new lender. A different lender may offer a significantly better deal than your existing lender.A remortgage means you are ending your current mortgage scheme an...
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- 2007-11-13 22:16:19 - Guide to mortgage terms
- Listed below is a guide to mortgage terms. It is a useful list of definitions of mortgage terms that may or may not be familiar to you.AprThis stands for Annual Percentage Rate. It takes into account all fees and other costs in connection with the mortgage as well as the lenders interest rate.AdvanceThis is the actual amount of money that you borrow including any additi...
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- 2007-11-13 22:16:19 - Why choose a home equity loan?
- There are many reasons for choosing a home equity loan. A home equity loan allows homeowners to obtain a loan in addition to their original loan using the equity in their home. Home equity loans are generally a second mortgage, and are used for personal use.Home equity loans are also known as equity release schemes. Home equity loans are aimed mainly at those homeowners that have paid their...
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- 2007-11-13 22:16:19 - Guide to home equity loans
- Here is a useful guide to home equity loans. A home equity loan is quite simply a loan against your house. Another term for a home equity loan is a mortgage or second mortgage. Home equity loans are also known as equity release schemes.You are borrowing on what your house is worth. If your house is paid off, the term is "mortgage" and if your house is not paid off but has equity, the term i...
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- 2007-11-13 22:16:19 - What is a home equity loan?
- A home equity loan is a loan that is guaranteed by your home. Are you in urgent need for cash and want to get the same without selling off your home or property? Getting a home equity loan is a good way to do so.Equity on your home is essentially the difference between the value of your home and the outstanding mortgage. Lot of finance companies today offer good deals on home equity loans, ...
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- 2007-11-13 22:16:19 - Who else is ready to have their money work harder for them?
- What does it mean to refinance? Why would anyone want to consider it? There are numerous situations when someone would refinance. When we use the word refinance, we are basically referring to a loan: for example a car or house loan. It may also be a business loan. In this article, we are going to explain the home loan and some of the common terms of refinancing and how they apply to other types of...
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- 2007-11-13 22:16:19 - Buying a house or a home?
- A house is just that, a house, until someone lives in it. That's when it becomes a Home. There's a big difference. At our house, we always say our home is "well lived in." And, with a family of six, four of them being between the ages of 9 and 15, this house has no choice! Our house, being in the family for over 65 years, is a well seasoned "home."Who wouldn't love to live in a luxurious ho...
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- 2007-11-13 22:16:19 - Refinancing vs line of credit
- Refinancing vs line of credit are two popular options you have when deciding the best way to take equity out of your home. Sometimes it makes sense to establish a line of credit. But in other situations it's better to get a cash back refinance mortgage loan.You can find out which loan is best for your situation by doing some simple math. The amount of money you need to borrow and the length...
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- 2007-11-13 22:16:19 - Home equity loans popular scams
- Most borrowers fail to realize that when trading their much beloved home for cash, lenders can foreclose on their property in the case of default. Moreover, because of fly-by-night operators who are ready to strip unsuspecting borrowers of their most prized asset, it is doubly necessary that borrowers be familiar with some frauds that could be perpetrated on them.Stripping: The most common ...
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- 2007-11-13 22:16:19 - Home equity loan risks
- Home equity loans give individuals a tool to extend their existing credit line by securing debt on the equity value of their existing homes. This access to easy and cheap money can lure the borrower into securing a debt for reasons which otherwise could have been funded through wise money management.Following are some home equity loans risks:Risk of losing one's home:The bigge...
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- 2007-11-13 22:16:19 - Lesser known facts about home equity loans
- Refinancing your debt via a home equity loan shifts your debts loan to your home. The flip side to such a move is that your home is on the line. However, tax deductions on interest repayments make it an attractive proposition. Moreover, in such a case of loan consolidation, it makes financial sense to go for a fixed term equity loan.Newer products such as adjustable rate mortgages, wherein ...
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- 2007-11-13 22:16:19 - Types of home equity loans
- There are two broad types of home equity loans:Term loans: Home equity loans of a fixed nature are also called second mortgages. For example, if you have bought a home for $10,000, and made a down payment of $1,000, and taken a mortgage for the rest and have managed to repay another $2,000, then you can apply for a home equity loan of $3,000. Term loans have a normally shorter tenor than fi...
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- 2007-11-13 22:16:19 - What are home equity loans?
- A home equity loan is simply borrowing on the difference of the value of your home and the outstanding mortgage on the house. Lets say, you have bought a home worth $50,000 some time back, after making a down payment of $5,000. The value of your home has now appreciated to $60,000. The difference between the present value of your home ($60,000) and the outstanding payment ($45,000) is $15,000. Thi...
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- 2007-11-13 22:16:19 - Home equity loan considerations
- In other words, the benefit of the loan must outlast the loan period. Taking a loan for financing that elusive vacation is a strict no-no. Moreover, home equity loans must also never be taken for day-to-day expenditures. This option should be saved for emergency needs only.When applying for a home loan, all credentials of the lender must be keenly checked. The local consumer protection agen...
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- 2007-11-13 22:16:19 - Home equity loans categories
- Fixed Rate Mortgages: These loans have a fixed rate of interest over the entire term for which the loan has been disbursed. The term for these mortgages is typically between 10 to 30 years. The monthly interest payment on these loans is fixed and hence there exists a certainty about the repayment of the debt over the entire term of the debt. Another advantage of fixed rate mortgages is that the in...
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- 2007-11-13 22:16:19 - Save time with a bridge loan
- Why You Need a Bridge LoanYou have to move fast in today's housing market if you want to get into the home of your dreams. In cities such as Seattle or San Francisco it's not uncommon for a buyer to receive half a dozen offers within the first day or two after putting the house on the market.Unless you have enough excess income to buy a second home without selling your current...
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- 2007-11-13 22:16:19 - Cardinal principle of homeowner personal loans ? it is a solution for any sort of financial funding
- You bought a house and you were promoted to the position of a homeowner. It was perhaps the most important decision of your life. Now you are taking a loan and it is going to be a decision that will affect your financial plans henceforth. What if we join these two life changing things ? homeowner and loan? The result is 'homeowner loan'. The result is a Good loan but there is a scope for improveme...
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- 2007-11-13 22:16:19 - Real estate tip: escrow accounts -- do you really need them?
- If you have a mortgage on your property, whether it's for your personal residence or a real estate investment, chances are you have an escrow account. But if you are working on building wealth through real estate, you may want to take a hard look at your escrow account (or accounts, if you own more than one piece of real estate) and decide if you really need it.Escrow accounts, also known a...
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- 2007-11-13 22:16:19 - Do your homework - find the mortgage that fits your lifestyle and your budget
- You've been looking at houses for months, and finally you've found it--the house that's just right. So now, all you have to do is to purchase your new home, move in, and get settled, right? Not quite. There's one more big step to go-getting a mortgage loan. You're going to want to decide on the type of mortgage and payment terms that fit within your budget. And you're going to have to prepare your...
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- 2007-11-13 22:16:19 - Home equity loans ? research your lender carefully
- Real estate prices are rising across the country, and Americans are tapping into their home equity like never before. Americans took out $431 billion in home equity loans in 2004, and that amount may increase in 2005. The reasons vary; some are using the money for home improvement, others are using the money to buy real estate, and some are taking reverse mortgages in order to enjoy a better retir...
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- 2007-11-13 22:16:19 - Reverse mortgage ? be sure you need it before applying for one
- Reverse mortgages used to be considered the last resort of desperate retirees who needed to borrow against their home equity in order to pay for medical expenses. With home prices across the country rising at astonishing rates, more and more retirees, aged 62 and over, are taking out reverse mortgages to fund better retirement living. A reverse mortgage works more or less the opposite way from a c...
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