The Federal Housing Authority (FHA) always needs mortgage insurance on their mortgage loans. Its official title is Mortgage Insurance Premium (MIP) and is charged to the borrower at closing in two parts. Although it can be paid in money one is generally funded with the loan. Because it’s paid in full at the closing, it […]
Hearing the company that holds your mortgage has collapsed may trigger both fear and hope. If you are expecting that it means you won’t need to pay your mortgage, then you are out of luck. You’re still on the hook for the money. But if you are scared it means you’ll need to pay off […]
Being upside down to a mortgage can be an embarrassing situation for any homeowner. Owing more on a home than it’s presently worth may limit a borrower’s choices to remedy the situation, so some owners may feel trapped in a bad situation. Homeowners need to evaluate whether they are able to afford to stay in […]
A mortgage is a loan for the purpose of buying a house. It’s a”secured loan,” meaning that you have to put up security in exchange for your loan. The security is your house itself. You repay the mortgage in monthly obligations. If you do not pay, the creditor can foreclose–which is, take the house and […]
The 30-year fixed-rate mortgage would be the most frequently used mortgage merchandise in the U.S.. An alternative when looking for a refinance mortgage would be your 40-year loan, which may offer a lower payment and the security of a fixed rate of interest. Homeowners who want to refinance their mortgage to the lowest possible monthly […]
According to the Federal Deposit Insurance Corporation (FDIC), 1 out of every 200 American houses will soon be foreclosed on, with 250,000 new families entering the foreclosure process every 3 months. Even though this is tragic for those whose homes are being foreclosed, it’s also an opportunity for buyers to buy a house for less […]
Both mortgages and home equity loans use your house as security: If you don’t make your payments, your creditor can take your house. You will also realize that the application procedure for the two loans is comparable. Where most people have to utilize a mortgage to purchase a house, however, taking a home equity loan […]
When you look at a bond issued by a company, the U.S. Treasury or a state or local authorities, you are going to observe a dollar amount prominently displayed. This is the value of this bond. Institutions issue bonds for a specified time period known as the maturity. Par value is the sum that the […]
Even though the reverse mortgage is a relatively new program compared with other kinds of loans, it’s gone through several changes which have eliminated some kinds of reverse mortgages, such as the Treasury rate reverse mortgage and the jumbo reverse mortgage. Different reverse mortgage programs are still available, however, and it is crucial to understand […]