A few decades ago, the home buyer could only get the only type of loan: fixed-rate 30-year mortgage. Now the borrower can choose between the rate that is fixed for the life of the loan (fixed-rate mortgage or FRM) and…
“Specialty financing” or “loans for someone with less than perfect credit” are polite terms used to market “subprime” or “non-prime loans”. Sometimes they are effectively the only way to homeownership for those who have frequent late payments, bankruptcies, liens, judgments…
Reverse mortgages will gain popularity as more baby boomers are approaching retirement. This kind of loan is indeed the opposite of a regular mortgage as it allows seniors to borrow against the equity in the house. Debt does not have…
Lending institutions that will decide on your mortgage application will look at a variety of factors, such as your employment record, the number of credit cards you have and your credit record, which is why you should start the process…
More and more homeowners opt for refinancing at the time of low interest rates. The hassle and expenses associated with refinancing are justified if: You bought your home at the time of high interest rates. Now they have dropped and…
For landlords, preparing for vacancies can be a daunting prospect. It is only natural to feel concerned, if you have a tenant that seems to be getting a bit wobbly financially, about losing rental income due to an upcoming vacancy. …
Sure there is. Even if you made the mistake of shoring up too much debt and were not able to cope with it at one point in your life, there are still people willing to make money off you by…
Do you feel like you’re just another number yet? Well, finance is based on numbers, and people who deal with numbers are more often than not left-brain thinkers. These people who deal with numbers think analytically. They are numbers-oriented and…
Paperwork involved in the mortgage application process is so extensive that you had better start gathering it a long time in advance. Full documentation will include: • Federal tax returns from the previous two years. • W-2 forms from the…
Generally, mortgage loans are taken out so as to make some real purchases. Mortgages are very complicated financial instruments. The entire mortgage industry is based upon a large number of mortgage rules and regulations. There are rules for mortgage lenders,…