Mortgage Community

There is no doubt that having a bad credit history or a bankruptcy on your record can greatly affect your ability to get a mortgage, and the down payment and interest rate requirements of that mortgage loan.  With some shopping around, however, it...

Sub-prime mortgages can be very important to those who have a bankruptcy lurking in their past, and although the down payment requirements and interest rates can be higher than for traditional loans, sub-prime mortgages can be a good way for borrowers...

It is important for every consumer to keep on top of his or her credit report and credit score.  The information contained in your credit report is of vital importance to your financial well being, and it will determine the interest rate you get...

Unlike other forms of loans, a home equity loan can be an especially risky loan because of what’s at stake. Although it allows one to borrow a substantial amount of money, usually around 80% of the market value on the home (subtracting whatever is currently...

With the cost of living increasing and the size of take home pay decreasing, saving money is on the minds of many people.  Debt is becoming a constant fact of life.  Take charge of your finances now and make some serious changes that result...

For all too many workers, taking a loan against the balance of a 401(k) or 403(b) account seems like a good deal.  After all, you reason, the money you pay back, including the interest, goes right back into your account.  Before you succumb...

Three simple steps take you from the beginning to the end of applying for a mortgage loan- research, pre-qualify, and apply.  As you tackle each step, you will discover how easy the process actually is.      The first thing...

A mortgage (loan) makes home ownership possible for most of us. Without our mortgage, well…we’d just be renters. When we buy a home, we buy security. It doesn’t matter whether this is our first mortgage or only one of several; each time we take ownership...

There are several mortgage calculators available online for you to use, that can make it easy to determine your monthly payment. If you want to figure it out on your own you can use the following equation:                                                        ...

The wording used when talking about mortgages can make getting a mortgage a confusing and frustrating process. Here are a few of the most common mortgage terms, and what they mean to help you with your mortgage search, as well as a formula to help you...

A fixed-rate mortgage is a home loan that has a stable interest rate over a predetermined length of time.  More specifically, the rate of interest never varies, but rather, always stays the same over the lifetime of the loan.  The most common...

What is Home Equity?   Home equity is when your home exceeds the worth placed on it by the mortgage company when you took out your home loan. Although most of your property is currently being used as collateral to ensure that you repay your mortgage,...

Getting into debt is not a difficult task, especially with the number of credit agreement and credit accounts that are available to the average consumer. It is not uncommon for a single person to have a mortgage, auto loan, overdraft, bank loan, two or...

The title insurance industry is in the middle of a three-year rise in loss ratios, now at the highest point in 10 years, according to data published by Demotech Performance of Title Insurance Companies.  During this cycle, despite increasing overall...

New homes being designed and built in today’s market are significantly larger and offer more amenities than homes built two or three decades ago., according to a report on new home characteristics released by the U.S. Census Department in June. ...

Home sales are decreasing due to rising interest rates, but prices are still increasing due to rising land values.  Increasing home prices are reflecting the rising value of the land on which they are situated, rather than building values. ...

Freddie Mac, a major buyer of existing mortgages and supplier of funds for new loans, recently announced a new Loan Prospector automated underwriting service that will enhance its suite of affordable mortgage products to help more low- and moderate-income...

Middle-class neighborhoods are shrinking.  They are losing ground in most regions nationwide.  If fact, they are shrinking at more than twice the rate of the middle class itself.  At the same time, poor and rich neighborhoods are expanding,...

When buying a newly constructed home, don’t let the builder pressure you into obtaining needed financing through his affiliated mortgage lender.  That’s the advice coming from several government agencies.  Some builders try to motivate buyers...

The average amount of mortgage interest deducted among taxpayers is now up to $9,650, it was revealed in a recent study by the National Association of Home Builders.  For those who deduct real estate taxes, the average for those deductions is a bit...

The Flood Modernization and Reform Act (H.R. 4973), passed by the House of Representatives on June 27, will strengthen the protection of property owners against flood related damage and provide flood insurance to millions of homeowners across the country,...

Mortgage interest rates for a 30-year, fixed-rate loan increased to an average of 6.86 percent from 6.73 percent during the last week in June, according to the Mortgage Bankers Association.  The average number of points (fees) decreased from 1.14...

Despite continually rising home prices and interest rates, many people are deciding to purchase and finance a needed home now.  Or perhaps they are taking action because of those rising prices and interest rates.  This was the focus of a study...

Fifty-Year Mortgages: Is More Always Better?   Following close on the heels of the interest-only mortgage, the fifty-year adjustable rate mortgage (ARM) is the new kid in the in-crowd of specialized loans.  Just as it sounds, this is a loan...

Building Home Equity   What is Home Equity?   Home equity is when your home exceeds the worth placed on it by the mortgage company when you took out your home loan. Although most of your property is currently being used as collateral to...