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Mortgages

Other basic but important terms to understand are:

  • Principal is the amount borrowed (on which interest acts) which is repaid monthly
  • Amortization is the process of repaying the amount borrowed through monthly payments of principal and interest.
  • Negative amortization is when the monthly payment is not high to adequately pay the loan off. In this case interest builds too quickly and the principal grows instead of decreasing. This can occur because of lender scams or because of monthly payment caps.
  • Equity is the value of your house left over after subtracting the total of your mortgage. If your house has a market value of $130,000 and a mortgage of $100,000, the equity is $30,000.
  • An index is used to determine the rate on an adjustable rate loan. For some loans this rate may be the Prime Rate or the average rate of a one year Government Treasury Security.

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Bad Credit Refinance
If interest rates have dropped considerably since you obtained your loan, refinancing now can help you lock in the current low rate. Also, if your loan term is too short or too long, refinancing can help you find the repayment period that suites you best. If the terms of your loan are not what you need, you do not have to suffer with it for the next ten to twenty years. Refinance and find the loan that you want.
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Home Equity
A home equity line of credit is like a home equity loan in that the house is used as collateral. However, home equity lines of credit allow borrowers to set up a credit line that can be used much like a credit card. During a period of time, usually five to ten years, the homeowner is able to take large or small amounts from the account until the drawing period ends or the amount of the loan is exhausted. This type of loan is an adjustable rate mortgage, which varies with the market.
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Land Loan
Usually, the homebuyer places a down payment on the lot and uses a line of credit to finance the construction of the home. As construction moves along, the buyer borrows from the line of credit to finance the building. Once the construction is finished, the land loan and the line of credit are rolled into a single mortgage to be paid by the homeowner.
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Mortgage Calculation
Mortgage calculation can help you foresee any snags that could occur in the future and also help you double check that the repayment schedule makes sense. Some borrowers have fallen prey to loan terms that cause negative amortization. Negative amortization occurs when the monthly payments of a loan do not adequately pay off the principal and accruing interest. In this case, the outstanding balance will increase instead of decreasing as you make your monthly payments. When this happens, it is generally with dishonest and, perhaps, questionable lenders. Though the odds are against this happening to you, it is a good idea to be aware of negative amortization and to take an interest in the make of your mortgages amortization.
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Mortgages Online

The first terms you will come across in determining the conditions you want for your mortgage are fixed and adjustable.

  • Fixed rates are constant through out the repayment of your loan and give you the stability of knowing your monthly payment will be the same at the end of your loan as they were at the start.
  • Adjustable rates are less predictable because they adjust with current rate indexes and can rise or fall as your repayment period progresses. The lessened stability of this loan is balanced out by lenient qualifying, low introductory rates, and the knowledge that an adjustable rate loan has a cap, or ceiling to keep the rate from rising too high.

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Reverse Mortgage
Once qualified for a reverse mortgage a homeowner can receive it all at once, through monthly increments, or through a line of credit. Depending on the lender and the expected needs of the borrower, any of the above could possibly be the best fit
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  Home Lending Resources
Todays interest rates are low but tomorrows could be on the rise. If you qualify for a fixed rate mortgage loan now may be the best time in years to get it locked in at a low interest rate. Consider also consolidating your other high interest debts into your new mortgage loan… Second mortgages rely upon your equity in your first mortgage to give you borrower credibility for the borrowing of more money. If you have sufficient equity in your first mortgage you can get a better rate on your second mortgage… Refinancing is a great option for a variety of reasons. If you plan on staying in your home for a few years you will easily break even on your refinancing costs if you are lowering your rates by a percentage or two…
A private lender can often grant loans that institutional lending institutions will refuse to carry. If you need a loan in less than two weeks or you are doing a non-conventional (large) loan you may consider contactin a private lender… Every borrower is different and has special circumstances and needs. A qualified mortgage broker does the job of identify your needs and credit to find the best loan for your borrowing needs…

A mortgage refinance is a great way to lower your interest rate if you are planning on staying in your home for at least three more years. You can also get cash out of your mortgage through a home equity loan at the same time you refinance…

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