Explore mortgage options, get pre-approval tips, and understand interest rates, loan types, and refinancing strategies. Whether you’re buying your first home or looking to refinance, this section helps you make informed mortgage decisions.
In an effort to prevent another mortgage crisis, the Consumer Financial Protection Bureau has published a new rule that’s intended to ensure that homebuyers end up with mortgages they can afford, barring unforeseen changes in income or other expenses. We know the mortgage crisis was caused, in part, because many homebuyers allowed to take out … Read more
Your mortgage lender may give you the option of skipping a mortgage payment, for example, at the beginning of your mortgage or refinance. While it may seem like they’re doing you a favor, skipping that payment could actually cost you thousands of dollars by the time you’re done paying off your loan. Lender-Allowed Skipped Payments … Read more
Preparing for a mortgage can be a stressful process. The lender wants to see that you have a solid credit history, a low amount of debt, a stable employment history, and enough income to afford the monthly payment on the mortgage you’re looking for. In the months leading up to a home purchase, you’ll be … Read more
As troubled homeowners continue to face foreclosures through the mortgage crisis, shady mortgage relief companies have sprung up to “help” unsuspecting consumers – while charging advance fees without providing the services promised. But mortgage relief companies are no longer allowed to charge homeowners up-front fees, thanks to the Federal Trade Commission’s new Mortgage Assistance Relief … Read more
If you have a mortgage, you may have received a letter from a company offering to “help” you pay your home off faster by enrolling you in a bi-weekly mortgage program. Their pitch may sound very convincing and probably seems to make a lot of sense. Here’s how it works: On the traditional payment schedule … Read more
Getting behind on your house payments is a tough situation. It’s best to tackle the problem before it get too far out of hand and your lender forecloses on your home. Take steps to try to save your home: Contact your lender ASAP. Prepare to contact your mortgage company as soon as you know there … Read more
Is it a good idea to prepay your mortgage? Mortgage prepayment is a topic that financial experts often don’t agree on. Many financial advisors say that you can get a better return on your money if you invested the extra cash, rather than use it to pay additional to principal. Some money gurus argue that … Read more
Record numbers of foreclosures in the U.S. have presented scam artists with an opportunity to take advantage of desperate homeowners when they’re already down. The Federal Trade Commission issued a warning to consumers about crooks promising to help troubled homeowners avoid foreclosure. These scams can be very elaborate and seem legitimate to the unsuspecting homeowners. … Read more
Escrows basically force a homeowner to budget for those pesky property taxes, hazard insurance premiums, and mortgage insurance. It’s commonly understood that the mortgage lender collects a prorated amount each month along with the loan payment, and then pays those bills directly when they are due. Homeowners can make mistakes, causing errors in escrow payments. … Read more
Escrow payments will occasionally change. If your house payment consists of PITI (principal, interest, taxes, and insurance), then part of your monthly payment is going into an escrow account. Accurate escrow payments ensure that taxes and insurance are properly budgeted for. The amount of the escrow payment can change if you or the lender realize … Read more
