An interest only mortgage is a form of mortgage, where the borrower will pay nothing but the interest for a limited period of time. Unless the person makes an additional payment above the interest that needs to be paid, nothing is paid towards the principal amount.
Only the interest is paid for a fixed period of time, which is usually around 5 or 10 years. Once this Read More
The most recent development of President Obama administration’s Home Affordable Modification Program (HAMP) has not been good. Although more modifications are being offered on a cumulative basis, less than 10% of the homeowners who qualify for a foreclosure solution under the terms of the plan are offered one by the mortgage servicers and banks. While this seems like Read More
What is a mortgage?
A mortgage will give you a specific sum of money for a fixed tenure like 15 years or 30 years at a particular rate of interest, against the value of your house. It is an agreement between the lender and the house owner who pledges the house as security. By taking a mortgage you give the lender a document that protects his interests in your property. Read More
Are you trying to refinance your mortgage or purchase a new home? Has your mortgage broker or account executive recommended stated mortgage loan programs that you do not understand whatsoever? There are reasons why they might recommend these programs and reasons why you should avoid them. Here is what you need to know about stated mortgage loan programs.
First, Read More
A home equity loan can be an excellent way to obtain money in order to pay off high interest bills or consolidate your current debt into one monthly payment. A home equity line of credit is a form of revolving credit in which your home serves as collateral. Because the home is likely to be a consumer’s largest asset, many homeowners use their credit lines only for major items such as education, Read More
Do you want to lower your monthly mortgage payments? If you are struggling to make ends meet due to paying a high monthly mortgage payment, you may want to consider an FHA Home Loan Refinance.
The FHA Home Loan Refinance offers two different options to choose from that are all centered on making it easier to afford your monthly mortgage payments. These two options Read More
Just release to the Reverse Mortgage industry was the increase in value of homes, with more seniors who live in higher value homes have and opportunity to cash out from high mortgage balances. In the past there were only a few choices for seniors, before the big crash of the financial industry was to either take out a Reverse Mortgage was a high cost loan called a Jumbo Reverse Read More