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1). 30 Year vs. 15 Year Mortgages Discussions of mortgages often focus on interest rates, but there is a much more basic decision to make. Should you go with a 30 year mortgage term or a 15 year mortgage term? 30 Year vs. 15 Year Mortgages Any discussion of mortgages tends to turn on two points. How can you qualify for the most money with the lowest paymen... 2). Adjustable Rate Mortgages and Negative Amortization For many borrowers, adjustable rate mortgages are an attractive means of qualifying for a home. Fewer borrowers realize the potential negative amortization problems these loans can create. Adjustable Rate Mortgages Adjustable rate mortgages are very popular with home buyers. The popularity arises from the fact the initial... 3). Adjustable Rate Mortgages – Determining Rates Adjustable rate mortgages are to home buyers as carrots are to bunnies – very tempting. The secret to figuring out if an adjustable rate mortgage is a good deal is the rate index used. Indexes – Setting Rates Lenders really want your business and are willing to create enticing loan products to get it. Occasionally, lender... 4). Adjustable Rate Mortgages – Interest Rate Strategy Over the last few years, many people squeezed into new homes using adjustable rate mortgages. With interest rates going up, you now need a new interest rate strategy Adjustable Rate Mortgages – ARMs Adjustable rate mortgages carry a bit of a gamble for home owners. Essentially, you trade smaller interest rates and lower in... 5). Adjustable Rate Mortgages – Talking About Interest Rate Caps Many people have jumped on adjustable rate mortgages to take advantage of the historically low interest rates we have seen over the last few years. Rates are now rising, which means you need to understand caps. Adjustable Rate Mortgages – Talking About Interest Rate Caps An adjustable rate mortgage is just what it sounds l... 6). Alan Greenspan – A Retrospective No one person has been praised or criticized for the economic progress of the United States over the last 20 years than Alan Greenspan. Here’s his story. Alan Greenspan Alan Greenspan has led a prolific life in the financial industry. Many people consider him the single most powerful person in the country. With his Februa... 7). An Overview of the Mortgage Process House hunting can be an exhilarating process as you try to pick that perfect property. Applying for a mortgage isn’t nearly as much fun. Following is an overview of how the mortgage industry works. An Overview of the Mortgage Process You have a nice chunk of money saved away for a down payment. You have started shopping f... 8). ARM – Adjustable Rate Mortgages Traditionally, homebuyers could look to two forms of mortgages – fixed rate and adjustable mortgages. While there are now many more options, this article takes a look at the adjustable rate mortgage. What is an ARM Loan? An adjustable rate mortgage [“ARM”] is a basic mortgage with one important exception. With an ARM, your... 9). Balloon Home Loans – Be Careful In this modern economy, lenders provide loans tailored to just about any situation. Balloon loans are one such loan, but carry a serious downside if you’re not careful. Balloon Loans A balloon loan has nothing to do with hot air or floating around the world in 80 days. Fail to plan very carefully when using one of these l... 10). Ben Bernanke – Replacing Alan Greenspan The reputation of Alan Greenspan as the Chairman of the Federal Reserve was one of brilliance or incredible luck. Now it is the turn of Ben Bernanke. Ben Bernanke Alan Greenspan reigned as Fed Chairman for nearly 20 years. During this time, the economy in the United States performed at fairly stable and consistent levels.... 11). Bridge Loans – From One Home to the Next You’ve lived in your home for some time and circumstances such as an expanding family mean you need a new one. This brings up the subject of bridge loans. From Here to There You have two basic options when you are considering selling one home to move to another. The first option is to sell your home, make sure it closes a... 12). Budget for Closing Costs – Home Inspection and Title Fees Purchasing a home is a euphoric event. Once escrow begins, the euphoria can change to frustration, particularly if you are not ready for the closing costs that quickly accumulate. Budget for Closing Costs – Home Inspection and Title Fees Closing costs simply refer to the fees associated with various things associated with... 13). Budget for Closing Costs – Loan Origination Fees and PMI Once you reach an agreement on the purchase of a home, things start moving quickly. In the chaos, it is important to remember to budget for closing costs. Budget for Closing Costs – Loan Origination Fees and PMI Closing costs are fees associated with miscellaneous events associated with a home purchase, things such as pro... 14). Budget for Closing Costs – Prepaid Loan Interest and Home Insurance Premiums Entering into escrow on a home can be both exciting and stressful. The excitement comes from knowing you are close to moving into the new home. The stress comes from issues that will arise. Budget for Closing Costs – Prepaid Loan Interest and Home Insurance Premiums As part of any closing, you need to go through certain s... 15). Budget for Closing Costs – Property Taxes, Legal Fees and Such You probably spent a good bit of time getting disciplined to save money for your home purchase. You need to carry this financial discipline through the escrow period or you could run into problems. Budget for Closing Costs – Property Taxes, Legal Fees and Such When you decided it was time to purchase a home, you went thro... 16). Commercial Real Estate Definitions - From A to N Commercial real estate is distinctly different from residential real estate. The terminology is very different and here is a list of new terms from A to M. Commercial Terms According to Value: The value of the property when computing property taxes. Build to Suit: A customized design and build approach for a... 17). Commercial Real Estate Definitions - From O to Z Commercial real estate is distinctly different from residential real estate. The terminology is very different and here is a list of new terms from O to Z. Commercial Terms Operating Expenses: Just as it sounds, operating expenses are those costs associated with operating a commercial property. Contract and state law typi... 18). Commercial Real Estate – Hard, Hard, Hard Money Loans Financing for commercial real estate is a completely different game when compared to residential mortgage loans. It moves much faster and is much more flexible. Commercial Real Estate – Hard, Hard, Hard Money Loans When purchasing commercial real estate, financing is the most significant factor in determining whether the ... 19). Credit Repair – From C to A Paper If you’ve ever applied for a home loan with less than stellar credit, you know how much extra you have to pay. Even though it can take some time, credit repair is definitely worth pursuing. Credit Scores When considering your application for a home loan, a financial institution looks at your credit and assigns it a score.... 20). Down Payments – Get Creative One of the biggest hurdles to buying a home is the down payment. Saving up a chunk of change can be difficult, so getting creative is a key. Down Payments The amount of your down payment is dependent upon many potential issues, but two come to the forefront. Each of these can reduce or increase the amount of cash you have... 21). Fannie Mae – Supporting Homeownership Through Mortgages The federal national mortgage association, better known as Fannie Mae, is an integral part of the mortgage industry. Here’s an overview on Fannie Mae and what it does. Fannie Mae – Providing A Little Help Throughout the history of the United States, federal and state governments have used financial programs to modify our... 22). Federal Reserve Bank – Controlling Mortgage Interest Rates Homeowners often become very interested in the Federal Reserve Bank system. Every time the board of directors meets, mortgage interest rates are at risk. Federal Reserve Bank The Federal Reserve System acts as the central bank of the United States. Created in 1913, the Federal Reserve sets monetary and financial policies f... 23). FHA Mortgages - Federal Housing Administration The Federal Housing Administration has been helping Americans get loans for over 70 years. Here’s an overview of the Administration, better known as the FHA. Federal Housing Administration The Federal Housing Administration is, ironically, more of an insurer than anything else. The FHA does not provide mortgage loans to yo... 24). Figuring Out Whether You Can Afford That Home House hunting can be a brutal affair, particularly if you don’t know what you can afford before hand. No your price range in advance and you can avoid looking at really nice homes you’ll never get. . Mortgage – Monthly Payments The biggest costs associated with owning a home is the mortgage. Unless you are filthy rich, you... 25). Getting Pre-Approved for a Mortgage Makes Buying Easy Whether buying or selling a home, the real estate transaction process can be seriously stressful. Hey, no pain, no gain. Getting pre-approved for a mortgage can seriously reduce stress levels. Lender Approval Many people make the mistake of going house hunting without knowing exactly how a large a mortgage they can get. T... 26). Home Loan Basics If you’re getting ready to apply for your first home loan, you’re going to need to understand the home loan basics. Home Loan Basics When you go to apply for a home loan, you need to understand the terminology. Let’s start with the most basic of terms. 1. Principal – The principal is simply the amount you bo... 27). Home Loan Pre-Qualification vs. Pre-Approval Once you've decided to buy a property, the first step is not to go house hunting. Instead, you should find out what you can borrow. In doing so, it is important to understand the difference between loan qualification and approval. Pre-Qualified Getting pre-qualified for a home loan carries little if any weight when it com... 28). Home Loans and Negative Amortization Owning a home is undoubtedly the American Dream and the bedrock of middle class. Negative amortization, however, can turn the dream into a nightmare if you are not careful. Home Loans and Negative Amortization When you apply for a basic home loan, you obviously must repay the loan to the lender. The repayment of the loan ... 29). Honey, I Eliminated The Mortgage Interest Deduction – Plan 2 A bipartisan committee has made two recommendations to President Bush regarding tax reform. In this article, we take a look at the second option. Tax Reform A year ago or so, President Bush decided to spend his political capitol on tax reform and fixing social security. Social security reform went down in flames, so now i... 30). Honey, I Shrunk The Mortgage Interest Deduction – Plan 1 The political landscape this year has been nothing but ugly. It promises to come to full boil with the proposed tax reform eliminating or reducing the mortgage interest deduction. Tax Reform or Raising Taxes There is an old saying about the two political parties. Democrats raise taxes while Republicans reform taxes. In bo... 31). Modular Homes - Affordable Housing With soaring real estate prices, many Americans are looking to alternative home options. Modular homes are one of the popular affordable housing options. Modular Homes Modular homes represent almost 8% of all new U.S. home sales, with nearly 43,000 of them built in 2004 alone. In the Northeast today, 10% of the houses con... 32). Mortgage Borrowing Tip - Length of Loan When borrowing money for a mortgage, homebuyers are primarily concerned with simply qualifying. Still, paying attention to the length of the loan is a borrowing tip that can save you a ton of money. Home Loans In the mortgage industry, the length of your loan used to be the only major issue you had to deal with. How times ... 33). Mortgage Brokers When applying for a home loan, it can be difficult to ascertain your options and the best deal out there. Mortgage brokers can help you shop for the best loan for your situation. Mortgage Brokers A mortgage broker is an independent professional assisting homebuyers with their mortgage needs. Instead of a loan officer for ... 34). Mortgage Brokers – The Nuts and Bolts Using a mortgage broker to shop for home loans can make the borrowing process a lot less stressful than doing it yourself. Here are the nuts and bolts on getting a good broker. Competent Mortgage Brokers There are a couple of obvious situations where going with a mortgage broker makes perfect sense. If you have less than p... 35). Mortgage Factors: Loan to Value When applying for a home loan, there are a number of factors you have to take into account. Loan to value is one of the key issues that will determine whether you get that loan. Mortgage Factors: Loan to Value When considering an application for a mortgage, lenders look at a number of factors. Regardless of the type of loa... 36). Mortgage Loan Options – Going Exotic In the past, a person had limited options when borrowing money for a home purchase. These days, there are exotic mortgage loan options that satisfy just about every borrowing need. Creative Mortgages Getting a loan for a home purchase can be very stressful. What if you don’t qualify? How humiliated will you be? These days... 37). Mortgage Loan – Understanding FICO Scores Apply for a mortgage loan and you’ll soon become familiar with FICO scores. Here’s a primer on the infamous FICO scoring process. FICO scores are merely a mathematical representation of your credit record. Credit records are simply a recording of your debts and assets. Credit card balances, for instance, are a debt that appears on your... 38). Mortgage Qualification Problems - Low Appraisals The real estate market in the United States is undeniably hot, hot, hot. This toward pace has resulted in an odd mortgage qualification problem - low appraisals. Here are your options if you get a low appraisal amount. Appraisals An appraisal is simply an effort by a qualified person to put a value on a property. The proc... 39). Mortgage Qualification Problems - Not Enough Income Qualifying for a mortgage can be a stressful affair. A common problem that can occur is not having enough income to qualify for the loan amount. If you have this problem, here are a few possible solutions. Mortgage Creativity You find the house of your dreams and need to get a home loan. You have great credit, almost no d... 40). Mortgage Refinancing Tips As interest rates continue to creep upwards, many home owners are looking at refinancing options. Here are some mortgage refinancing tips. Mortgage Refinancing Tips Rates have been increasing steadily for the last six months. These increases are expected to continue into 2006. Such increases are putting pressure on homeow... 41). Mortgage Terms and Definitions The mortgage process can be a little confusing if you aren't familiar with the terms used in the process. To help you out, here is a list of terms with corresponding mortgage definitions. Broker: An independent mortgage professional that oversees the entire home loan process. Lender: The business entity providing and fundi... 42). Mortgages - Don’t Get Pounded By Prepayment Penalties Many people make a major mistake when applying for a mortgage. They are so relieved to get the loan that they fail to pay attention to prepayment penalties in the loan documents. Prepayment Penalties With the refinance craze of the last few years, many borrowers have been surprised to find they are locked into their loan w... 43). Mortgages – Points and Interest Rates Go Hand in Hand When it comes to mortgages, many people tend to look at points and interest rates as to separate issues. In fact, they can almost always be used as leverage against each other. Points and Interest Rates Two critical components of a home loan are the interest rate and points charged at the outset. The interest rate is simp... 44). Picking A Home Loan – Short Term You’ve found a home, your credit is in good shape and you have money for a down payment. So, how do you go about picking the right home loan for you? Picking A Home Loan – Short Term There are more than a few issues that go into picking a home loan. One of the key factors is the amount of time you intend to live in the res... 45). PMI - Private Mortgage Insurance Many a first-time homebuyer has grumbled about paying private mortgage insurance. This article discusses the particulars of private mortgage insurance, also known as "PMI." Private Mortgage Insurance Unless they owners are insane, every business in the United States carries some form of insurance to protect against losses.... 46). Real Estate Boom To End? - No! The naysayers are proclaiming the end of the real estate boom once again. Once again, they are wrong. Boom, Boom, Boom In recent years, it's impossible to turn on the television or read the headlines without seeing a warning of impending doom. Experts claims there is a housing bubble and it is about to burst. Should first... 47). Reasons to Refinance Your Home Many people will take whatever mortgage they can get when trying to purchase a home. Sooner or later, you will start wondering if you can get a better deal. Welcome to the world of refinance. Reasons to Refinance Your Home Traditional mortgages are like any other loan in one important respect. You can pay them off early, ... 48). Renting – Making Other People Rich Many renters say they prefer to rent because it is simple and doesn’t carry the stress of home ownership. In truth, they are simply making other people rich. Equity What if I told you that if you purchased a home, you wouldn’t have to make any monthly payments on it? On top of this, I’d promise you that when the house was... 49). Repaying Your Mortgage Home Loans – The Basics With the raging hot real estate market of the last five years, mortgages have evolved wide spread options. The different home loans can be confusing, so lets look at the basic repayment options. Repaying Your Mortgage Home Loans – The Basics Jumbo loans, variable rates, fixed, interest only – the variety of mortgage home ... 50). Reverse Mortgages and Government Benefits Reverse mortgages are increasing in popularity as a way to turn home equity into a liquid asset. Before you jump on a reverse mortgage, you need to understand the impact it can have on government benefits. Reverse Mortgages and Government Benefits The beauty of home ownership is found in the value of time. The longer you o... Browse Pages: 1 [2]