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Understanding Mortgages Home Loans Articles

Understanding Mortgage Basics

Mortgage Basics
Mortgage Basics

Overview of applying and qualifying for a mortgage loan, as well as what to do when an application is not approved.

More About Mortgages
More About Mortgages

This article gives details on the types of businesses involved with mortgages, the mortgage lending process, mortgage products, and interest rates.

Mortgage Application Process
Mortgage Application Process

The process of applying for a mortgage loan is actually relatively straight forward.

Home Loan Pre-Qualification and Pre-Approval
Home Loan Pre-Qualification and Pre Approval

Understand the differences and benefits between pre-qualification and pre-approval.

VA Loans Information - Loans for United States Veterans
VA Loans Information - Loans for United States Veterans

A VA Loan is a loan that is partially guaranteed by the VA allowing for some very favorable loan features for veterans.

Interest-Only Mortgages
Interest-Only Mortgages

Interest-only mortgages are not really a type of mortgage. The ability to make only interest payments on a mortgage is an option available on adjustable rate mortgages (ARMs) or fixed rate mortgages (FRMs).

Alt-A Mortgages
Alt-A Mortgages

Alt-A is a way lenders have of grading or categorizing a loan. For many lenders, Alt-A would be synonymous with A-minus. The definition of an Alt-A loan is somewhat fuzzy, however.

Adjustable Rate Mortgages
Adjustable Rate Mortgages

An adjustable rate mortgage, or ARM, is the second most popular type of mortgage behind fixed rate mortgages.

Avoiding Private Mortgage Insurance (PMI)
Avoiding Private Mortgage Insurance (PMI)

If you are purchasing a new home there are two strategies to avoid paying private mortgage insurance that don't look for you to tap into retirement and long-term investment savings.

Balloon Mortgages
Balloon Mortgages

A balloon mortgage is any mortgage that has a balance due at the end of its term.

Basics and Importance of Down Payment
Basics and Importance of Down Payment

A down payment is the amount of cash deposited towards the purchase of a property, whether residential or business property.

Common Mistakes When Looking for a Second Mortgage
Common Mistakes When Looking for a Second Mortgage

Being alert of this list of mistakes will help you to secure a cost effective loan program that can serve your purpose as well as help you to repay the existing mortgage according to a predefined plan.

Credit Score and Its Importance
Credit Score and Its Importance

Understanding the credit score in a better way enhances your chances to develop a higher score and thus benefit from mortgage loans at better terms and conditions.

Construction Loans
Construction Loans

A borrower takes out a construction loan to finance building a home. Learn about the types and differences from other loans.

Dealing with Credit Issues
Dealing with Credit Issues

Follow a few simple rules and be patient to improve your credit score and get better mortgage terms.

Discount Points Can Lower Your Interest Rate
Discount Points Can Lower Your Interest Rate

Discount points include prepaid interest which if paid by a borrower can offer a loan with lower interest rate for the entire loan term. See the example and tax-deductibility.

Do You Need an Appraisal for Your Mortgage?
Do You Need an Appraisal for Your Mortgage?
An appraisal involves the evaluation of the market value of real property including mobile home. Find out what it involves and when it is required.
Eighty Twenty (80/20) Mortgages
Eighty Twenty (80/20) Mortgages

80/20 and 80/10/10 mortgages, also called piggyback loans, are actually a combination of a primary mortgage loan with a second loan for a low down payment.

FHA Loans
FHA Loans

Overview of the Federal Housing Authority (FHA) loan insurance program and qualifying.

Fixed Rate Mortgages
Fixed Rate Mortgages

A fixed rate mortgage, or FRM, is probably the most simple and easy to understand type of mortgage. It is also by far the most popular mortgage type.

Graduated Payment Mortgage
Graduated Payment Mortgage

A graduated payment mortgage, or GPM, is a mortgage with a fixed interest rate that starts with a low monthly payment that increases with time until it eventually levels off and remains fixed through the remainder of the mortgage term.

Growing Equity Mortgage
Growing Equity Mortgage
A growing equity mortgage, or GEM, is a fixed rate mortgage whose payments increase by a fixed amount over a given schedule for an established period of time, often the entire term of the loan.
HELOC or Home Equity Line Of Credit
HELOC or Home Equity Line Of Credit
A home equity line of credit, HELOC, equity line, or equity account, is a type of loan that allows a home owner to tap into the equity of their home to obtain cash for other uses.
How Much House You Can Afford
How Much House You Can Afford
Four things a prospective buyer will have to consider when determining how much he or she can afford.
How Much Should You Put Down On A Home
How Much Should You Put Down On A Home

Guidelines to consider and strategies for buyers with less than or greater than 20% to put as a down payment.

Low Doc / No Doc Mortgages
Low Doc / No Doc Mortgages
Low-doc loans and no-doc loans are mortgage loans that require less than full documentation of income, employment, and assets.
Mortgage from a Bank or Credit Union?
Mortgage from a Bank or Credit Union?
Looking for a mortgage transaction with a credit union can be a wise decision if you can obtain a lower rate. On the other hand, banks may offer a higher rate but they provide various loan packages
Mortgage Laws and Regulations to Protect the Consumer
Mortgage Laws to Protect Consumers

A brief description of the major laws and regulations meant to govern the mortgage lending process, protect mortgage borrowers, and govern the practices of financial institutions with regard to mortgage lending and protection of borrower financial information.

Obtaining Equity from Your Home
Obtaining Equity from Your Home
Tapping into the equity in a home to obtain cash is very popular and very common.
Private Mortgage Insurance (PMI)
Private Mortgage Insurance (PMI)

The purpose of PMI is to protect lenders from loss if a borrower defaults on their loan. This can give lenders the protection necessary for them to make loans to borrowers who do not have a lot of money for a down payment.

Second Mortgage - Features and Benefits
Second Mortgage - Features and Benefits

Learn about the specifics of second mortgages.

Second Mortgages
Second Mortgages

An overview of second loans, home equity loans, or "piggyback" mortgages.

Shopping For a Mortgage
Shopping For a Mortgage

Things to Know Up Front When Shopping for a Mortgage.

State Housing Financing
State Housing Financing
Links to agencies for first-time and low-income home buyers looking into state and local housing financing.
Subprime Loans
Subprime Loans
Learn about subprime loans: a mortgage loan that is made to an individual with poor or bad credit.
Super Jumbo Loans
Super Jumbo Loans

A Super Jumbo Mortgage is a residential mortgage or other home-equity secured loan in an amount greater than $650,000.

Title Insurance
Title Insurance

Learn about insurance that protects the holder of the policy from any claims resulting from defects to the title of real property.

Adjustable Rate Mortgage / ARM Indexes Explained
Adjustable Rate Mortgage / ARM Indexes Explained

Overview of the major indexes. Each interest rate index has advantages and disadvantages, and reacts differently in times of rising interest rates or declining interest rates.

Understanding Credit
Understanding Credit
One of the leading things that a lender considers when reviewing an application for a mortgage loan is the potential borrower's credit history.
What Closing Expenses Should You Expect?
What Closing Expenses Should You Expect?
Closing costs are the expenses of the borrower at the time of closing of the mortgage loan. Read more for specific costs.
What is a Bridge Loan?
What is a Bridge Loan?
Found your dream home but haven't sold your existing home yet? Find out about bridge loans.

Related Content

Basic Financial Calculator
Basic Financial Calculator

This works just like a pocket financial calculator. In addition to arithmetic it can also calculate present value, future value, payments or number or periods.

Benefit of Spending Less Calculator
Benefit of Spending Less Calculator

Reducing your spending can be worth more than you might think. Use this calculator to see just how much your budget reductions may be worth.

Credit Card Minimum Payment Calculator
Credit Card Minimum Payment Calculator

Use this calculator to determine how long it will take you to pay off your credit cards if you only make the minimum payments.

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