Archive | Mortgage Loans

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4 Tips To Negotiate For A Better Loan

Here are some simple tips to help you negotiate a better home loan with the lender. Get Multiple QuotesIf your lender is unwilling to lower the interest rate you should try and get different quotes from other lenders. The odds are that you’ll find a better offer someone else. Revealing this to your current lender […]

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How To Lock An Interest Rate With A Lender For 60 Days

Most lenders will agree to lock the rate and other terms that they quote you for a 30 day period. For a nominal fee or slight interest-rate increase lenders will typically, to hold the rates for 45 to 60 day period. The obvious benefit is that this commitment of rate lock gives you peace of […]

all you need to know about the fixed rate mortgage

Fixed Rate Mortgage – All You Need To Know

What Is A Fixed-Rate Mortgage A fixed rate mortgage is a home loan with a fixed interest rate and a fixed mortgage payment every month for the duration of the loan that is typically 10 to 30 years. A fixed rate mortgage is the commonest kind of a home loan. In a fixed-rate mortgage the […]

insurance for your home

7 Insurance Policies To Safeguard Your Mortgage Payments

You need proper insurance protection to protect yourself personally, your family as well as assets. Unfortunate instances in life have a way of happening without warning. While we hope that this will not happen to you, the only way to protect yourself and your family from getting into major financial trouble after purchasing a home […]

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Reverse Mortgage – All You Need To Know

What Is A Reverse Mortgage A reverse mortgage, also called Home Equity Conversion Mortgage (HECM), is available to homeowners who are at least 62 years of age or are within three months of their 62nd birthday. The owner can use the equity in his home to get money from a lender. In a reverse mortgage, […]

What Are Assumable Mortgages

Assumable mortgages mean that the current mortgage can be assumed and undertaken by another person who buys the home from the current owner under the same terms and conditions or a variation in the terms and conditions if stipulated in the mortgage contract. In eligible mortgage the home buyer assumes all responsibility for the sellers […]

How To Choose The Best Fixed-Rate Mortgage

We have already spoken about what factors to consider when deciding between a fixed rate mortgage and an adjustable rate mortgage. If you are still stuck with this decision, you should read that section again. As mentioned before if you want peace and security of mind, you would probably be better off with a fixed-rate […]

Should You Lock Interest Rate With A Mortgage Lender?

Most lenders will agree to lock the rate and other terms that they quote you for a 30 day period. For a nominal fee or slight interest-rate increase lenders will typically, to hold the rates for 45 to 60 day period. The obvious benefit is that this commitment of rate lock as it’s often called […]

Annual Percentage Rate, APR of a Mortgage

The truth in lending now requires that lenders calculate an annual percentage rate when quoting the interest rate for a home loan to the borrower. That annual percentage rate, APR, is supposed to take into consideration the entire cost of the loan which includes the loan origination fee, processing fee, closing costs and any other […]

Should You Buy Points or Pay More Interest Rate?

The interest rate on a mortgage is and should always be quoted with the points you need to purchase to qualify for that particular rate. In most cases one point is equal to 1% of the amount that you borrow. For example if a lender says that a loan costs 1.5 points they mean that […]