Mortgage Loans Articles

House and money stack
Sep, 19, 2011
Borrowers who need money to pay for a large expense like college, medical bills or home repair costs can apply for a home equity loan, which uses the borrowers’ house as collateral for the loan. This is often termed a “second mortgage,” and places a lien against the home to back the loan.This kind of loan generally has a fixed interest rate, regular monthly payments and is paid off over an extended period of time. This can often be a better option than other forms of debt like credit cards that are unsecured because it usually has a lower interest rate. Also, the interest is almost always tax deductible.
Vector art showing thumbs up and words "Best Choice"
Sep, 14, 2011
The Federal Housing Administration (FHA), a program through the U.S. Department of Housing and Urban Development, was established in 1934, just after the Great Depression. It offers insurance on mortgage loans so that lenders will have a guarantee that they’ll get payment even if the borrower defaults. Here are five advantages FHA home loan borrowers receive.
Veteran saluting American flag
Sep, 14, 2011
For individuals who have served in the military, there are additional benefits to help in financing a mortgage. The Veteran Affairs (VA) Home Loan Program is a government service that puts veterans in the homes they need by offering financial assistance. To be eligible for the program, a borrower must be a veteran, in active duty or a reservist or National Guard member. In addition, surviving spouses of members of the military who have died on active duty or as the result of a service-related disability are eligible, as well as some spouses of servicemen or women on active duty who are missing in action, captured or detained.
Girl comparing an apple and an orange
Sep, 12, 2011
When individuals or families decide to venture into the world of home-buying, particularly for the first time, they often find themselves under a constant barrage of foreign concepts. Contracts, listing agreements, addendums, escrow, refinances — every aspect of a real estate transaction seems to be stuffed with new and often unfamiliar terms. However, if a new homebuyer could get a grasp of just one thing, they should learn the about the two primary home mortgage types, and which of those types to choose.
Stamp showing denied
Sep, 12, 2011
Bad credit affects consumers and homeowners across a variety of demographics. While security loans can be more difficult with a lower credit score, there are many options for borrowers with blemished records. Home mortgage loans can be secured even with bad credit, though the severity of the credit rating is likely to contribute to higher interest rates, stricter repayment terms or higher down payments.