Mortgage lenders have a derogatory name for people who switch mortgage lenders to follow lower rates they call them Rate Tarts. The author has a much more apt description Shrewd Shoppers! After all, who spends more for exactly the same product, in this case money, when you can get it cheaper...
If you’ve picked up a newspaper or caught the news recently, you’ve probably encountered a story about mortgage rates and the Federal Reserve banking system. Like many borrowers, you might wonder how the Fed determines interest rates and how – in the event of a rate hike...
What counts as mortgage interest and how do I calculate it?
When an individual takes out a loan from a financial institution or establishment in order to fully or help fund the purchase of land or a residential building for the purpose of primary or secondary residency, this is known as a...
Subprime lending refers to the extension of credit to higher-risk borrowers, a practice also commonly referred to as “B/C” or “nonconforming” credit. Loans to subprime borrowers serve communities that may have been underserved by other lenders in the past. In recent...
Everyone needs a mortgage loan, but for some, they can get a lower costing financing if they know how to look for and secure it. The options are really many in this type of lending yet few people actually take the time to find the right choice for their needs. By cutting back the interest rate...
So what is going on with all the mortgage companies? Either they shutting their doors down or some of them stopped funding loans. For one, it all started with Alt-A mortgage loans and jumbo loans. Alt-A are loans which were made to borrowers whose credit score was not so perfect, that is right...
Heres the first mortgage term you should learn Standard Variable Rate, or SVR. This is the interest rate you will be paying on the total amount you are borrowing. It is usually expressed as a percentage, and is different from an APR (Annual Percentage Rate). An APR includes all costs associated...
If you need money for home improvements or a business, then you could use your mortgage to generate the credit you need. Although using your mortgage to generate credit shouldnt be your first choice, if other lines of credit are closed to you then releasing equity from your home is a good way to...
The general mantra in the real estate world is you want to avoid paying points when obtaining a mortgage. As with most assumptions, this is not always true.
Using Points To Cut Your Interest Rate
When discussing mortgages, it is important to understand what points are. Points are...
Using a Second Mortgage for an 80-20 No Money Down Home Purchase Loan
Many renters want to own their own home, but they simply dont have the down payment to make the purchase. If youre able to afford a house payment as much as your monthly rent, an 80-20 no money down loan could get you...
When you have a number of debts that are starting to create a financial problem each month, debt consolidation can provide ease for your life and mind. Tools such as a mortgage calculator mean that you can have some idea of whether refinancing your home is a possibility.
Consolidating...
A mortgage calculator is a pretty interesting tool. It is used on the websites of many lenders to show what the various options are in the loan products that they can offer. The hope is that an individual will come to the website, punch in the numbers to the loans they would like to have and see...