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Figuring Out if You Should Refinace Your Mortgage

By:: Kirk Haverkamp - MortgageLoan.com | Sat, 10/31/2009

It's not a question with a simple answer. Whether or not refinancing makes sense for you will depend on the type of loan you have, the interest rate you're paying, your credit score, how much equity you have in the home and a variety of other factors. And some of these will determine whether you're even able to refinance in the first place.

Rates, Home Prices Make 15-Year Mortgage More Attractive

By:: Kirk Haverkamp - MortgageLoan.com | Thu, 10/29/2009

Consider this: right now, you can purchase a home with a 15-year mortgage and end up with a monthly payment that is far less than you would have paid for the same property under a 30-year loan only three years ago. Sound interesting? Read on.

How Do Loan Modifications, Other Measures Affect Credit?

By:: Kirk Haverkamp - MortgageLoan.com | Tue, 10/27/2009

Probably the most confusion surrounds loan modifications. That's when the lender agrees to modify the terms of your mortgage to make it more affordable or perhaps help you get current again on your loan after a temporary financial difficulty.

Should You Use a Mortgage Broker?

By:: Kirk Haverkamp - MortgageLoan.com | Fri, 10/23/2009

One of the questions that pops up when buying a home or refinancing a mortgage is should you use a mortgage broker? A broker can help you find a good deal on home loan and simplify the process of shopping for a mortgage, but often at a higher cost than if you'd obtained the loan yourself. So what to do?

Looking Out for Reverse Mortgage Rip-Offs

By:: Kirk Haverkamp - MortgageLoan.com | Wed, 10/21/2009

Reverse mortgages can be a godsend for seniors who are short on cash but have equity built up in their homes. Unfortunately, they can also be a way for unscrupulous operators to help themselves to some of the hard-earned cash retirees have built up over their lifetimes. So how to tell the difference between a legitimate financial opportunity and a reverse mortgage scam?

Planning for Maintenance Costs When Buying a Home

By:: Kirk Haverkamp - MortgageLoan.com | Mon, 10/19/2009

How much will you need to spend on home maintenance? It's a crucial thing to know when figuring out what you can afford when taking out a mortgage to buy a house, but one that many potential homeowners pay shockingly little attention to.

Locking In a Mortgage Interest Rate

By:: Kirk Haverkamp - MortgageLoan.com | Sat, 10/17/2009

Mortgage interest rates are unusually low right now, but it's not certain how long they'll stay that way. So when applying for a mortgage, either to purchase a home or refinance an existing loan, you'll probably want to lock in the rate when you apply.

Calculating How Much Your Home Is Worth

By:: Kirk Haverkamp - MortgageLoan.com | Thu, 10/15/2009

How much is your home worth these days? The nationwide decline in home values over the past three years has many people worried about how far "underwater" they might be on their own mortgages, i.e., whether they owe more than their home is worth. It's a particular concern for anyone who's thinking about refinancing their mortgage, but just about anyone with a mortgage is probably concerned as well.

Unemployment Insurance Can Cover Your Mortgage Payments

By:: Kirk Haverkamp - MortgageLoan.com | Wed, 10/14/2009

Thinking about buying a home but nervous about doing so in today's economy? Do you already own a home and are worried about what would happen if you lose your job? You may want to consider unemployment mortgage insurance.

Freddie Mac Closing Cost Assistance Ending

By:: Kirk Haverkamp - MortgageLoan.com | Mon, 10/12/2009

Time is rapidly running out on one of the best deals going for homebuyers. No, not the $8,000 first-time homebuyer tax credit - although that's due to expire Nov. 30. A more urgent deadline is the closing cost assistance offered under Freddie Mac's HomeSteps SmartBuy program, which expires at the end of this month.

Should You Pay Discount Points on Your Mortgage?

By:: Kirk Haverkamp - MortgageLoan.com | Fri, 10/09/2009

Mortgage interest rates are unusually low right now, close to all-time lows for a 30-year fixed rate loan. So with rates already so low, is it worth paying points to try to get the rate even lower?

ARMs, Interest-Only Loans Still Available

By:: Kirk Haverkamp - MortgageLoan.com | Thu, 10/08/2009

If you've been following the mortgage news lately, you might get the impression that it's all but impossible to get anything but a standard fixed-rate mortgage these days. But while it's true that many of the so-called "exotic" mortgages that were popular a few years ago have pretty much disappeared, consumers still have other options besides a "plain vanilla" type mortgage, including ARMs (adjustable rate mortgages) and interest-only loans, to name a couple.

Mortgage Pitfalls to Avoid When Buying or Refinancing

By:: Kirk Haverkamp - MortgageLoan.com | Wed, 10/07/2009

Mortgage rates are low, low, low right now - close to all-time minimums. But those low rates can still cost you an awful lot of money if you're not careful to avoid some of the serious mistakes people make on home loans when buying a home or refinancing.

FHA Adopting New Rules for Condo Mortgages

By:: Kirk Haverkamp - MortgageLoan.com | Mon, 10/05/2009

Buying a condo is about to get more complicated, especially if you're thinking about getting an FHA mortgage.

Obtaining A Joint Mortgage or Shared Home Ownership

By:: Kirk Haverkamp - MortgageLoan.com | Fri, 10/02/2009

If you're thinking about buying a home, chances are you're not planning to do it by yourself.So how do you go about getting a mortgage or buying a home by two or more people? There are two main ways to do it - either through a joint mortgage or by joint ownership

Six Bad Reasons Not to Seek Foreclosure Assistance

By:: Kirk Haverkamp - MortgageLoan.com | Thu, 10/01/2009

With the economy in the shape it is, a lot of people need help in obtaining a loan modification or pursing other steps to avoid foreclosure. But while there are a variety of resources to help at-risk borrowers with their mortgages and hold on to their homes, many of them are too intimidated to take advantage of them.