- HomeStyle Renovation and 203(k) Mortgages Make "Fixer Uppers" Fixable
Two words that can be a real turn-on to some homebuyers—and a total turn-off to others—are "handyman's special," also known as a "fixer upper." What those words really mean is that after spending a lot of money to buy a house, you get to spend even more to fix it up. Where does that extra money come from? If you get the right type of loan, you can finance home renovations along with your mortgage into one loan requiring only one monthly payment—and at a low first-mortgage rate.
- HomeStyle Renovation and 203(k) Mortgages Make "Fixer Uppers" Fixable
Two words that can be a real turn-on to some homebuyers—and a total turn-off to others—are "handyman's special," also known as a "fixer upper." What those words really mean is that after spending a lot of money to buy a house, you get to spend even more to fix it up. Where does that extra money come from? If you get the right type of loan, you can finance home renovations along with your mortgage into one loan requiring only one monthly payment—and at a low first-mortgage rate.
- A Subprime Mortgage: A Good Solution to a Bad Credit Problem
There are a number of negative things you can say about subprime lending and subprime lenders… but there are a lot of positive things you can say about them, too. The most positive thing about a subprime mortgage is that it allows people who wouldn't qualify for a conventional mortgage to become homeowners. And if you fall into that category, a subprime loan just might be your quickest path to homeownership.
- Spouse Is Easier To Divorce Than A Mortgage
Many people think when their divorce decree is final their problems are over. But when it comes to the mortgage on the house that the two of you once shared, the problems could be just beginning. Don't worry, though, there are some steps you can take to save your home – and your sanity.
- Spouse Is Easier To Divorce Than A Mortgage
Many people think when their divorce decree is final their problems are over. But when it comes to the mortgage on the house that the two of you once shared, the problems could be just beginning. Don't worry, though, there are some steps you can take to save your home – and your sanity.
- Buying a House with a Buddy? Get a Pre-Mortgage Agreement
You've probably heard about "pre-nuptial agreements," the contracts some people sign before getting married that spell out what happens if—and far too often when—the marriage falls apart. While few of us are in the sort of tax bracket that would make a pre-nuptial agreement necessary, if you plan to buy a house with someone other than a spouse, you might want to consider a pre-mortgage agreement.
"When two people buy a house they are entering into a partnership.
- Do No-Cost Mortgages Really Cost Nothing?
If you're like most people, when you go house hunting and find out what the loan to buy that home will actually cost, you probably wonder if you could somehow manage to get a no-cost mortgage. You can. The real question is: Can you afford one? That's because "no-cost" applies to the actual and immediate charges attached to the home loan.
- MI, or MI Not…That Is The Question
Private Mortgage Insurance, usually referred to as MI, is an insurance policy millions of homeowners are required to pay if they put less than 20 percent down on their home purchase. Their mortgage holders demand it. The policy pays the lender if the homeowner loses the home in a foreclosure.
- The 40-Year Mortgage: A Good News, Bad News Loan
Most of us think of mortgages in terms of a 30-year commitment—or less. But now you can get a 40-year mortgage. While only a limited number of lenders—all of them credit unions—currently offer them, if they catch on you can be sure that other lenders will, too.
- FHA 203(h) Loans Help Disaster Victims Get Zero-Down Mortgages
So far this year, the president has declared 40 different national disasters--disasters that have severely damaged or completely destroyed tens of thousands of homes and apartments, leaving thousands of people homeless. Each of these presidential declarations, however, comes with a promise of help to rebuild shattered lives and homes. It even includes mortgage assistance.
- Balloon Mortgages Are Like ARMS... But They Can "Pop!"
One way to scare a child is to pop a balloon, even a brightly colored, pretty one. One way to scare a homeowner is to pop a balloon mortgage. That's because while both balloons and balloon mortgages can be attractive, they also can be scary.
- Insurance Policies that May Be Required to Get a Mortgage Loan
When applying for a mortgage loan, many consumers discover that there are several types of insurance that need to be purchased. Here are the answers to some of the more common questions that borrowers ask about insurance policies.
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- A 15-year Mortgage Yields Faster Returns but Payments Rise
Everything is fast in our society. We have instant messaging, one-hour dry cleaning and fast food. How about a fast mortgage? Well, even though a 15-year mortgage might not seem fast, it's twice as fast as the standard 30-year loan.
- How to Get a Mortgage If You Don't Have Credit History
Some people can't get a mortgage because they have a poor credit history. Others can't get one because they have no credit history at all. Establishing a credit history takes time.
- Forget Maine or Montana. Here's How To Get a Mortgage in Marrakech
At one time or another, we all have probably dreamed about having a vacation home or cabin in a beautiful or exotic location. It could be by a lake or near the ocean, in the desert, or in the mountains--whatever each of us finds the most appealing. Or, maybe you're dreaming about the perfect place to retire.
- Homebuyer Education Helps You Find the Right Home and Home Loan
Most of us took some sort of driver's education or training before we got our licenses, swimming lessons before we dove into the pool, and at least looked at the instruction manual before setting up our first computer. Shouldn't we learn about mortgages before buying our first house?
It's not that buying a house is complicated. It's not.
- A Pointed Look at Points, Points and Points
The single most important point to remember about points when you are shopping for a mortgage is that there is more than one kind. There are actually three different meanings for the term " point" and you have to understand exactly which point your lender is talking about when discussing your loan. After all, you're the one who will pay the points, as well as figure out which ones are tax deductible.
- AmeriDream Helps People Buy and Keep Their Homes
In today's uncertain economy, wouldn't it be comforting to know that your monthly mortgage payment would be made if you were injured or laid off from your job? Well, now you can rest assured. You can buy your house through AmeriDream and have a guarantee that both injury and unemployment will be covered for the first five years—free.
Before we look at how the new guarantee program works, let's look at the non-profit organization based in Gaithersburg, Maryland, and at how it operates.
- Energy Efficient Mortgages Can Lower Cost of Home Ownership
When most of us look for a new home, one of the last things we tend to think about—if we think about it at all—is how much it will cost to keep that house running: cool in the summer, warm in the winter, and with all the hot water and electrical power we need. A question that even fewer of us ask is: How can we get a mortgage that will reduce whatever those costs might be?
Energy efficiency is especially important today. While the media focus on the price of gasoline, the cost of other forms of energy, such as heating oil and electricity, are also on the rise.
- Even in Short Term, Buying a Home Can Be a Good Investment
One of the most common arguments people use against buying a home is that they will be living in it for only a few years. They argue it wouldn't be worth the time, money or aggravation involved in buying a home and getting a mortgage. They figure that renting would be easier, cheaper and a better use of their money.
- Reverse Mortgages are Becoming a Major Source of Retirement Income
There are well over 100,000 active reverse mortgages in the U.S. today and that number increases every year, along with the average age of the American homeowner.
- Some Manufactured Housing Mortgages Require Only 5 Percent Down
If you're in the market for a doublewide trailer, or any other type of manufactured housing, it could be a bit harder to qualify for a mortgage than it was a year ago. But you'll probably end up with a mortgage you can really afford and a home that you will be able to keep.
There are a number of reasons for the tightening of mortgage requirements in manufactured housing—also known as the MH market--explains Alfred King, a spokesman for Fannie Mae, a publicly traded corporation that buys mortgages.
- Frequent-flyer Miles with Your Mortgage? They Might be an Option
One of the first lessons every homeowner learns is that you have to buy things for your house. In fact, at times it seems you buy more " gifts" for your house than you do for your family. Wouldn’t it be nice if your house would buy you something for a change? Depending upon the mortgage company you use and the size of the loan you get, you just might be able to earn enough frequent-flyer miles to provide a nice vacation for you and your family.
- There Are Still Good Mortgage Deals—Even When Interest Rates Inch Up
When mortgage interest rates are low, homes are more affordable. That’s a given. You can get more home for less money, and you have a lot of home buying and mortgage options.
- Down Payment Assistance Plans Help Thousands Get First Home Mortgage
The difference between being able to afford monthly mortgage payments and being able to buy the house that goes with the payments is often a few thousand dollars--or less. It is the money needed for the down payment and closing costs. That difference is big enough to keep hundreds of thousands of people from home ownership.
- Check Your Credit Before Checking Out a New House
We all know that before we look for a house the smart thing to do is figure out exactly what we want in terms of location, size, style, and cost. What some of us forget is that when it comes time to shop for a mortgage, the smart thing to do is figure out exactly what the loan company needs to know before lending us money. Here’s what Countrywide Mortgage’s Doug Perry and Wells Fargo Home Mortgage’s Jim Stavenger want to see: credit history, income-to-debt ratio, the size of the down payment, and employment record.
- Comparing Apples to Oranges When Looking at Builder’s Incentives
If you think comparing apples to oranges is difficult, try comparing marble floors in the foyer or upgraded wall-to-wall carpeting in the living room to a one-eighth, one-quarter or one-half percentage point difference in a mortgage rate. These are comparisons you might have to make if you are shopping for a home in a new subdivision where the builder offers its own financing package.Many builders, and even some real estate companies, offer their own mortgages, explains Doug Duncan, senior vice president and chief economist for the Mortgage Bankers Association.
- Is Paying Off Your Mortgage Early Really A Good Idea?
For many people, buying a home of their own is part of the American dream. What about actually owning it and not having to make any more mortgage payments? Wouldn’t that be an even better dream? Maybe yes. Maybe no.
- New HUD ARMs Program Opens Door to More Buyers
The Department of Housing and Urban Development (HUD) has added a number of Adjustable Rate Mortgages (ARMs) to its list of mortgage products. Officials estimate the new ARM program will allow 40,000 more people to qualify for a home loan every year. Home buyers who apply for Federal Housing Administration-backed (FHA) loans now have more options.
- APR: What is it? Does it affect your mortgage loan?
We’re all used to hearing the term Annual Percentage Rate (APR) applied to credit cards and car loans, but this term also is used with mortgage rates. When it is, however, it gets complicated. The APR is the cost of a loan expressed in terms of an annual interest rate.
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