The greater part of this country’s senior population has a great deal of their wealth and security locked up in the equity of their homes. The current economic stalemate has played a role in affecting the financial stability of every sector of the consumer demographic, including these aging constituents as well. If they, along with everyone else, …
With interest rates at a historical low, this might be the perfect time for you to move forward with refinancing your mortgage. Mortgage interest rates are expected to remain low for at least the first half of 2013, but there’s a slim chance that they will go even lower. Unfortunately, lending requirements have tightened by a lot, …
Home equity loans are designed to help homeowners gain quick access to some much needed cash by tapping into the equity in their homes. Home equity loans provide an alternative to taking out other types of loans or opening new credit card accounts. While other forms of borrowing may come with high interest rates and …
What Are the Typical Home Equity Loan Requirements Read More »
Taking out a third mortgage is significantly more difficult than it was a few decades ago, when this type of mortgage was a lot more common. Third mortgages were given out without any strict requirements that are necessary to protect the lender, and that resulted in a housing crisis which caused many people to lose their homes. …
Should You Choose a 15 Year Mortgage Rate? At first glance, anyone that might consider taking on a 15 year mortgage might find the notion not only a logical choice, but a reasonable option as well. While the monthly payments are indeed larger, the obvious end-game results in the homeowner being able to pay off the mortgage …
The housing market has been recovering steadily lately, but the current government shutdown may interfere with that progress. For the first time in 17 years, the government has partially shut down. Besides other important implications, this shutdown could affect people who are looking to buy a home or refinance their current mortgage loan. Around 90 percent of …
How the Current Government Shutdown is Affecting FHA Mortgages Read More »
Combining the mortgages for two properties into one mortgage is a way of simplifying your monthly bills and can be an advantageous choice, but it is not for everybody. This step makes a lot of sense when you have enough equity in one of your properties to cover for the other mortgage loan. Before choosing …
A Clever Guide to Combining Mortgages for Two Properties Read More »
Up until not long ago mortgage rates used to be very low, close to the lowest they have ever been. Rates have decreased to near record lows due to the recent housing market crash, which affected both homeowners and mortgage lenders. While millions of people have lost their homes to foreclosure, lenders have also suffered …
How to Tell if Current Mortgage Interest Rates Will Continue to Rise Read More »
Since being introduced in 2001, reverse mortgages have been allowing senior citizen home owners to take advantage of the equity in their home and receive a cash payment or a line of credit. Most reverse mortgages, also known as Home Equity Conversion Loans (HECM), are insured by the U.S. Department of Housing and Urban Development (HUD), …
With all the options available today, finding the best mortgage lender for you can be a frustrating and time consuming experience. Going through the offers of multiple banks, mortgage brokers, or online lenders as a first time home buyer can prove to be a real challenge. As a prospective first time borrower, knowing who the top …
