Refinance and 1st Mortgage Loans

Best Home Improvement Loan Tips

Home Improvement Loan: Financing Improvements As a rule, the thriftiest way to finance improvements is to pay cash. If you have to get a home improvement loan; then want to do it in the least expensive way. Today there are a number of good plans for financing home improvements on reasonable terms. What kind of home improvement loan is best for you depends primarily on the amount of money you need to borrow. Check online resources to compare interest rates, repayment options, fees and penalties from lending institutions before deciding on one of the following options:

Posted in Uncategorized

A Primer on Interest Only Loans.

Interest Only Loan: This is what you should know! An Interest only loan allows you to pay only interest for a fixed period of time usually the first 5 to 10 years of the loan, thus resulting in a lower monthly payment. After the Interest only period has expired, you have the remainder of the term to repay all of the principal, plus interest. Remember that you can still put money toward the principal during the Interest only period, but make sure interest is recalculated on the new balance. Interest only loan: The benefits of this loan? Lower monthly payments than a traditional mortgage for the first few years, and Additional purchasing power, and Since mortgage interest payments are generally tax deductible, you may be able to deduct 100% of your monthly payment at tax time (consult your tax advisor to see if you are eligible). Interest only loan: The major drawbacks of this loan? At the ...

Posted in Uncategorized

Mortgage Checklist

Posted in Uncategorized

Adjustable Rate Mortgages FAQ’s

Updated for . Everything you ever wanted to know about adjustable rate mortgagesbut were afraid to ask. Adjustable Rate Mortgages: "Some newspaper ads for home loans show surprisingly low rates. Are these loans for real, or is there a catch?" Some of the ads you see are for adjustable rate mortgages (ARMs). These loans may have low rates for a short time-maybe only for the first year. After that, the rates can be adjusted on a regular basis. This means that the interest rate and the amount of the monthly payment can go up or down.

Posted in Uncategorized

Top 10 Home Equity Mortgage Tips (part 2)

This is a continuation of Top 10 Home Equity Mortgage Tips (part 1) What are the upfront closing costs of a home equity mortgage? When you take out a home equity mortgage line of credit, you pay for many of the same expenses as when you financed your original mortgage. These include items such as an application fee, title search, appraisal, attorneys' fees, and points (a percentage of the amount you borrow). These expenses can add substantially to the cost of your loan, especially if you ultimately borrow little from your credit line. You may want to negotiate with lenders to see if they will pay for some of these expenses. What are the continuing costs of home equity mortgages?  In addition to upfront closing costs, some lenders require you to pay continuing fees throughout the life of the loan. These may include an annual membership or participation fee, which is due whether or not you use the account, and/or a transaction fee, which is charged each time you borrow money. These fees add ...

Posted in Uncategorized