Article Archive October, 2006

Bad Credit, Decent Mortgage

By:

Greg Mischio - MortgageLoan.com | October 27, 2006

There are mortgage loans available for everyone, even those with a spotty credit history. Bad credit mortgages and no-document loans can serve the same purpose in different ways.

Auto Loan Basics

By:

- MortgageLoan.com | October 26, 2006

If the home represents the American Dream, the automobile is the American fantasy. Are you hopelessly infatuated with those four-wheeled hunks of steel? Before your crush turns into a purchase, make sure you have the financing in place to afford it.

The No-Income Verification Home Equity Loan

By:

Jan Lindsey - MortgageLoan.com | October 24, 2006

Whether you're self-employed or simply in a hurry, applying for a no-income verification home equity loan can make tapping your biggest asset much easier. Less paperwork can mean fewer hassles.

Repairing Bad Credit Through a Good Mortgage

By:

Anders Bylund - MortgageLoan.com | October 23, 2006

When times are tough on the financial front, baby-steps in the right direction can get you out of a jam. Many homeowners with bad credit look to their home equity as a way to help them consolidate their debts and work their way out of a tough spot. Even though a bad credit mortgage has higher rates and upfront fees, it just might be the stepping-stone that you need to get your credit headed in the right direction.

How to Determine the Value of Your Home

By:

Tom Kerr - MortgageLoan.com | October 22, 2006

Before you get a first or second mortgage, it's important to know how much your property is worth. The two principal methods available to do this are by appraisal or comparative market analysis. Deciding which is best for you will be easy once you understand how these evaluation tools work.

Refinancing without stress

By:

Greg Mischio - MortgageLoan.com | October 21, 2006

Nothing ruins a good night's sleep like financial stress. If you find yourself tossing and turning until the wee hours of the morning because you need extra cash, consider tapping into your home's equity. Yes, there's been plenty of talk about today's rising interest rates, but keep it in perspective: Refinance rates are still at historically low levels. If you follow this low-stress checklist, you can get a mortgage refinance that can provide you with both cash and a good night's sleep.

Is it time for Debt Consolidation?

By:

Greg Mischio - MortgageLoan.com | October 20, 2006

If you're experiencing the sensation of falling backwards, you may not be suffering from dizzy spells or inner ear infections. Instead, you may be taking on more debt than you can handle. If this is the case, you're not alone. It's easy for consumers to whip out the plastic whenever they find something desirable. If you feel that you've over-extended yourself, a debt consolidation loan can get your personal finances back in line.

Finding the Best Refinance Rates

By:

Greg Mischio - MortgageLoan.com | October 19, 2006

In the blockbuster Raiders of the Lost Ark movie trilogy, swashbuckler Indiana Jones is always risking life and limb as he tries to uncover booby-trapped archeological treasures. Fortunately for homeowners, the search for spectacular mortgage refinance doesn't require the same high-stress adventures. With a home computer, and some basic knowledge, you can raid the lending world and find the best rate around.

Bad credit? Be careful when mortgage hunting

By:

Jan Lindsey - MortgageLoan.com | October 18, 2006

Lenders often give mortgages to people with bad credit, but they charge more, in order to cover the additional risk. The danger isn't that you won't get a loan, but that you'll get the wrong loan. Knowing ahead of time about the wolves lurking in the lending forest may save your hide. And your wallet.

An Overview of COFI Loans

By:

Tom Kerr - MortgageLoan.com | October 17, 2006

So-called COFI loans are adjustable rate mortgages that are related to the Cost of Funds Index (COFI). This index determines what interest rate banks pay customers on checking accounts and certificates of deposit. The main attraction of COFI mortgage loans is that they offer unique flexibility for monthly payment options.

Four Steps to Find the Right Mortgage Lender

By:

Jan Lindsey - MortgageLoan.com | October 16, 2006

If you need a home mortgage, you need a mortgage lender or broker (an agent who finds a lender for you and manages the transaction). Either way, you're looking for two things: good customer service and a loan at the right price.

Tips for Finding the Right Commercial Mortgage

By:

Tom Kerr - MortgageLoan.com | October 15, 2006

Commercial mortgages are used for all sorts of business-related real estate transactions, for large and small companies alike. Lenders offer an array of different options, and those who intend to use a commercial loan should evaluate these carefully before locking in a loan.

Selecting the Best Home Loan for You

By:

- MortgageLoan.com | October 14, 2006

If you're searching for a home mortgage, you may feel like a mountain climber at the foot of Mt. Everest. The task before you appears long, difficult and potentially perilous. Here are some tips to calm your fears. Follow them, and you can make that mortgage mountain feel more like a molehill.

Refinancing Your Home: Know the Process

By:

Greg Mischio - MortgageLoan.com | October 13, 2006

The shortest distance between two points is a straight line. When it comes to a mortgage, you can create your own "straight line" by making the process of refinancing your mortgage an efficient one. This involves shopping around for the best loan rate; selecting the loan package that's right for you; and gathering all the documents your lender will need.

Introduction to Interest-Only Mortgages

By:

Catherine Brock - MortgageLoan.com | October 12, 2006

Selecting the right mortgage program can be daunting. If you'd like to purchase a larger home than your budget can currently afford, an interest-only mortgage may be the answer to your prayers. Be careful though: when the interest-only period ends, you may get stuck with more debt than you can comfortably handle.

Four Ways to Save Money on a Home Equity Loan

By:

Greg Mischio - MortgageLoan.com | October 11, 2006

Competition is a great thing, and not only for sports fans. It can make for happy campers among mortgage shoppers, as well. Take the home equity loan, for example. There are multiple lending institutions ready to offer you a second mortgage. These firms include banks, credit unions, mortgage brokers, and even non-traditional lenders like Wal-Mart. With so many people vying for your loan, you, as the consumer, have a big advantage-especially if you follow the four money-saving tips in this article.

Finding an Affordable Mortgage Loan

By:

Greg Mischio - MortgageLoan.com | October 10, 2006

Everyone knows how to find an affordable jar of peanut butter: Go to an inexpensive grocery store, scan the shelves for a few great tasting brands, and select the cheapest one. Shopping for a mortgage isn't all that different. You can use some of those same peanut-butter shopping tactics to find an affordable home loan.

Introduction to Second Mortgages

By:

Anders Bylund - MortgageLoan.com | October 09, 2006

A second mortgage is a versatile financial instrument. It can look like a loan or a huge credit card, and it can help you overcome many of life's little surprises. Learn how they work so you can take full advantage of them.

Home Improvement Loans: Financing Options

By:

- MortgageLoan.com | October 08, 2006

Have you been dreaming about adding on a room, remodeling a kitchen, putting on a new roof, or painting a grungy exterior? There are many available options for financing home improvements. You can use a home equity loan, a bank loan, or refinance your existing mortgage to generate the necessary cash.

Use Your Home for Debt Consolidation

By:

- MortgageLoan.com | October 07, 2006

Misery loves company, especially when it comes to debt. Millions of Americans have embarked on far too many shopping sprees, resulting in some serious debt-most of it courtesy of easy access to credit cards. Fortunately, you can return to fiscal happiness with a refinance of your first mortgage or a home equity loan.

Refinancing? Get a Head Start on Your Lender

By:

- MortgageLoan.com | October 06, 2006

Approving loans for consumers is the bread and butter of mortgage companies, which exist to land-shall we say-plenty of bread. If you understand how the loan process works, you can prepare in advance and have a speedy and headache-free refinance.

Refinance with an Option ARM

By:

- MortgageLoan.com | October 05, 2006

The "option" adjustable-rate mortgage ("ARM") is a relatively new type of mortgage created specifically for those who enjoy more control over their monthly payments. Not only does the loan have the typical features of an adjustable rate mortgage, it also offers additional options for paying interest plus principal, interest only, or only partial interest.

Converting a HELOC to a fixed rate Home Equity Loan

By:

- MortgageLoan.com | October 04, 2006

Many homeowners who have enjoyed the convenience and savings of a home equity line of credit (HELOC) aren't enjoying the consequences of rising interest rates. As a result, many are now turning to fixed rate equity loans instead. Converting from one to the other is neither a difficult nor expensive process.

Jumbo Mortgages: The Pros and Cons

By:

Tom Kerr - MortgageLoan.com | October 03, 2006

Jumbo mortgages are used to purchase high-priced homes that require larger than normal loans. While they're convenient, they also charge slightly higher interest rates. Since the dollar amount that defines a jumbo mortgage is redefined each year, it's subject to change.

Interest-Only Second Mortgages

By:

Tom Kerr - MortgageLoan.com | October 02, 2006

Securing a second mortgage is a convenient way to arrange a loan for extra buying power. By choosing an interest-only option, homeowners can maximize their monthly cash flow, by postponing payments of principal. Interest-only loans can be found as a home equity line of credit, more commonly known as a HELOC.