Article Archive November, 2006

Should You Buy or Lease Your Next Car?

By:

Maria Esposito - MortgageLoan.com | November 30, 2006

Do you love to customize your car so it's as unique as you are? If so, buying a new car and having control of the vehicle's appearance, is the right choice. But if you're comfortable with a factory-designed car that resembles all others, consider leasing. You'll have lower monthly payments, a regular maintenance schedule, and no long-term obligations.

Four ways to Save Money on Second Mortgages

By:

Greg Mischio - MortgageLoan.com | November 29, 2006

If you like to clip coupons, you may be hard-pressed to find any discounts in the Sunday paper when it comes to second mortgages. But even if you can't find a money-saving coupon, there are other ways to save money on your 2nd mortgage.

Bad Credit Loans Made Easier by Pre-Approval

By:

Jan Lindsey - MortgageLoan.com | November 28, 2006

Finding and buying a house can be stressful under the best of conditions. If you start the process with a bad credit history, the uncertainty of your position can add layers of worry. You can peel some of those away, however, by obtaining a mortgage pre-approval that will tell you exactly what you can afford to spend.

Mortgage Cycling: Will it transport you to financial freedom?

By:

Tom Kerr - MortgageLoan.com | November 27, 2006

Mortgage cycling is an aggressive approach to paying off mortgage loans within a short time frame. It involves making large lump-sum payments of home loan principal every six months. While the strategy is not for everyone, understanding how it works can help you decide whether it makes financial dollars and sense for you.

A Scam To Avoid: Home Equity Stripping

By:

Maria Esposito - MortgageLoan.com | November 26, 2006

If you've owned your home for a number of years, you've built up equity that can be helpful if you need extra cash to pay bills or make home improvements. But people in foreclosure must be extra careful when trying to tap into money through home equity loans. A smooth-talking con artist can rob you through a scam known as "equity stripping."

Refinance Your Mortgage to Win the ARMs Race

By:

Tom Kerr - MortgageLoan.com | November 24, 2006

Mortgage rates are rising, and people with adjustable rate mortgages (ARMs) are feeling the whiplash as rates abruptly change direction. But refinance rates for traditional fixed-rate mortgages are still relatively low. To avoid inflationary pressure from ARMs, switch to a fixed-rate conventional loan through a simple mortgage refinance.

Prepare for Unforeseen Disasters with a HELOC

By:

Greg Mischio - MortgageLoan.com | November 23, 2006

Life is unpredictable. Disasters strike, often when we least expect it. But while we can't predict when or where misfortune will occur, we can take steps to prepare ourselves for when those moments arrive. A home equity line of credit (HELOC) is a great tool to ensure that you've got the back-up cash when hard rains fall.

Finding the Right Credit Card

By:

Greg Mischio - MortgageLoan.com | November 22, 2006

When a magician chides you to pick a card, you have 52 to choose from. When you pick a new credit card, you've got far more than 52 cards to choose from. The market is riddled with financial companies peddling their plastic, which can make choosing the right one a daunting task. However, if you follow these simple guidelines, the task can get much easier.

Need Money Fast? Try a Home Equity Loan

By:

MortgageLoan.com | November 22, 2006

No matter how careful you are with your finances, the unexpected is bound to happen eventually. Unforeseen medical expenses or emergency home repairs can be devastating to your budget. Coming up with the necessary funds may seem impossible, but it could be relatively simple. All you need is some equity in your home.

Finding a Mortgage After Foreclosure

By:

Joan Roelke - MortgageLoan.com | November 21, 2006

It's a sad situation when a lender forecloses on your home. Then, when you get back on your financial feet, the foreclosure on your record can make it difficult to find a new mortgage. However, if you take control of your financial life, you can succeed in finding reasonable home financing.

Buying a Used Car: Financing Tips

By:

MortgageLoan.com | November 21, 2006

Buying a used car is an art form. The kicking of the tires, the negotiations with the shrewd car salesman, the comparison shopping-they're all important when it comes to making the right choice. One of the best ways to gain leverage and make the process easier is to secure your financing first by finding the right car loan.

Jumping on the 2nd Mortgage Refinance Bandwagon

By:

Greg Mischio - MortgageLoan.com | November 20, 2006

Are you making payments on both a first and second mortgage? If so, it may be a good time to do a mortgage refinance and combine both payments into one. With interest rates rising, adjustable-rate second mortgages are looking less desirable.

How Are Mortgage Rates Set?

By:

Maria Esposito - MortgageLoan.com | November 19, 2006

When you look at mortgage rates, do you ever wonder how they come up with the numbers? It isn't as mysterious as it seems. The Federal Open Market Committee uses market conditions to help determine the rates that you'll pay for mortgage loans.

Save Money on Your Mortgage

By:

Tom Kerr - MortgageLoan.com | November 18, 2006

To save money on your mortgage loan, look for the lowest mortgage rate and down payment, and the least expensive closing costs. You can also structure your payments to save on interest. All it takes is an understanding of how to make the mortgage process work for you, not against you.

Avoid Common Mortgage Mistakes

By:

Greg Mischio - MortgageLoan.com | November 17, 2006

The musician, Sting, once accurately crooned, "History will teach us nothing." His lyric particularly applies to the mortgage refinance market, where generations of consumers repeat the same mistakes. However, if you can break away from the pack and learn from the miscues of others, you'll avoid costly mistakes on your home loan.

Four Tips for Using the 125 Percent Home Equity Loan

By:

MortgageLoan.com | November 16, 2006

In the land of power shopping, our willingness to spend has exceeded the size of our wallets. Debt is now a way of life, and more and more people are digging deeper into their home's equity by using the 125 percent home equity loan.

Manifesting Cash with a Second Mortgage

By:

Greg Mischio - MortgageLoan.com | November 16, 2006

It's easy to understand why people are attracted to the lottery: Instant money, and usually lots of it. If that's your motivation, then you may be overlooking a source of cash that has a much higher likelihood of paying off than your weekly lottery ticket. The equity in your home is a great source of money, and can be tapped rather easily with a second mortgage.

Using Realtor Relationships to Generate Mortgage Leads

By:

Tom Kerr - MortgageLoan.com | November 15, 2006

Free mortgage leads are especially valuable when the mortgage business goes through a seasonal slowdown. By teaming up with people who have direct access to buyers and sellers, mortgage lenders can reap the rewards of professional networking

Mortgage Marketing Tips for Lenders

By:

Barbara Eisner Bayer - MortgageLoan.com | November 15, 2006

With home sales dropping and mortgage rates rising, customers are becoming fewer and farther between. Now is the time to dip into the mortgage marketing toolbox, and pull out a few strategies to bring you more recognition and, hence, more new clients.

Boost your Home's Equity with a Mortgage Refinance

By:

MortgageLoan.com | November 15, 2006

By restructuring your loan through a refinance, you can drastically increase the amount of money that goes toward the equity in your home. And you'll simultaneously shrink the amount of interest that you're required to pay. A mortgage refinance can provide a twofold strategy for increasing your net worth.

The ABCs of Bad Credit Mortgages

By:

MortgageLoan.com | November 15, 2006

Bad credit won't necessarily keep you from getting a mortgage, but it will mean paying higher interest rates in the subprime mortgage market. Predatory lenders lurk in these waters. Learn how to recognize them, and you'll be able to swim out of harm's way and freely shop for the best deal.

Student Debt Consolidation

By:

MortgageLoan.com | November 14, 2006

Virtually from the moment that you threw your mortarboard into the air and framed your college degree, you started receiving notices about repaying your student loans. The good news is that it's possible to streamline your loan repayment through a student loan consolidation.

Refinancing in Spite of Bad Credit

By:

Greg Mischio - MortgageLoan.com | November 14, 2006

Overcoming bad credit is the financial equivalent of scaling Mt. Everest. No matter what the reasons for your bad credit-overspending, medical bills, divorce, loss of job-your life is a struggle compared to A-credit friends and family. But there's a way out-a mortgage refinance can get you back on your feet, despite how risky you are to creditors.

Choosing a Subprime Lender: Four Tips

By:

MortgageLoan.com | November 14, 2006

Having bad credit doesn't mean you can't qualify for a mortgage. In fact, there are reputable mortgage lenders, called subprime lenders, who actually specialize in bad credit loans. Here are some tips on selecting a subprime lender.

An Historical Look at Mortgages

By:

Greg Mischio - MortgageLoan.com | November 13, 2006

A home loan is an aspect of modern society that we simply take for granted. Most people probably don't give much consideration to the origins of home loans, or even how long mortgage companies have been around. But an historical look at home mortgages reveals some interesting facts about a relatively young industry.

Are all Second Mortgages Created Equal?

By:

Greg Mischio - MortgageLoan.com | November 13, 2006

If necessity is the mother of invention, we can thank her for giving birth to two types of second mortgages. While both the home equity line of credit and the fixed-rate home mortgage loan are second liens on a property, each has different attributes. Unlike the men and women who they were intended for, these two financial instruments were not created equal. Their differences are the lending industry's attempt to provide loans that are attractive to a wide range of borrowers.

Mortgage Rates in a Buyer's Market

By:

MortgageLoan.com | November 09, 2006

Interest rates for home mortgage loans are rising, putting downward pressure on real estate prices. Economists expect the housing market slump to continue. Meanwhile, buyers are trying to decide whether to buy now, or hold out for a better deal. What's right for you?

Appraisals for Second Mortgages

By:

Jan Lindsey - MortgageLoan.com | November 08, 2006

Real estate prices have soared in many areas in recent years. If you're thinking about pulling some of the equity out of your home with a second mortgage, consider having your home appraised. You'll get a solid idea of the amount of money that's available for borrowing.

Is it time for Debt Consolidation?

By:

Greg Mischio - MortgageLoan.com | November 08, 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 Great Mortgage Rates for Non-Traditional Loans

By:

Tom Kerr - MortgageLoan.com | November 07, 2006

Unconventional mortgages, like interest-only or no-documentation loans, can be time-consuming. But by following these tips, you can find great mortgage rates and speed up the process of getting your loan, so that the money can find it's way more quickly into your pocket.

Cash out and cash in with a HELOC

By:

Jan Lindsey - MortgageLoan.com | November 07, 2006

A home equity line of credit can give you the flexibility and the cash you need to make improvements to your home. If you make the right improvements, the value of your house will climb. Wouldn't it be satisfying to use equity to create equity?