Mortgages

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How to Decide Whether to Refinance a Fixed-Rate Mortgage

If you have a fixed-rate mortgage and interest rates drop, you may want to refinance the same mortgage loan to reduce your monthly payments. The following table shows monthly payments for 15- and 30-year [more…]

Choosing between a Fixed- and Adjusted-Rate Mortgage

How do you choose between a fixed-rate mortgage and an adjustable-rate mortgage (ARM)? Conventional wisdom has been that if you can obtain a fixed-rate mortgage at about 6 percent or less, you should lock [more…]

Choosing the Term of a Fixed-Rate Mortgage

Assume that you plan to stay in your new home indefinitely and are most comfortable selecting a fixed-term mortgage. You may be wondering whether you should take out a 15-, 20-, 30-, or one of those new [more…]

Tips for Comparing Mortgage Lenders

Even if you elect to get quotes from various mortgage providers online, you can also check local mortgage providers. Your local newspaper most likely provides quotes for some of the most competitive mortgage [more…]

How and Why to Get Preapproved for a Mortgage

Before you get serious about making an offer on a new home, obtain from your mortgage lender a prequalification letter at minimum, or better yet, a preapproval letter. A preapproval letter from a lender [more…]

Should You Refinance Your Mortgage?

You might want to refinance to lower your mortgage payment or to access equity you have in your home for an important expense. When you’re considering refinancing a mortgage, you look at many of the same [more…]

Loan Modification Questions to Ask Your Mortgage Lender

When seeking a loan modification, you first contact your mortgage lender or servicer (who collects and processes your monthly mortgage payments). To increase your chances of modifying your mortgage, ask [more…]

Applying for a Mortgage Loan Modification: Documentation Checklist

If you’re worried about home foreclosure, obtain a loan modification application packet from your mortgage lender and provide everything your lender requests. Most lenders require the following before [more…]

Questions to Ask a Mortgage Loan Modification Expert

When facing home foreclosure, you may want to discuss your options with a loan modification expert. Screen candidates carefully to make sure they have what it takes to successfully modify your mortgage [more…]

Five Traps to Avoid When Modifying Your Mortgage Loan

When your mortgage lender presents an offer in response to your request for a loan modification, step carefully through the minefield to avoid these common traps: [more…]

Loan Modification For Dummies Cheat Sheet

When you receive a home foreclosure notice, your first instinct may be to panic. Instead, take a deep breath and contact your mortgage lender to discuss modifying your loan. Ask for a loan modification [more…]

Teaming Up with an Investor to Stay in Your Home

Real estate investors are sometimes willing to team up with homeowners to help them keep their homes — either permanently or temporarily. Although these investors normally purchase properties with the [more…]

Documenting Your Property's Market Value

Lenders want to know about the market value of a property before approving a loan to purchase the property. The lenders want to make sure that the collateral is sufficient to secure the repayment of the [more…]

How to Prepare a Hardship Letter for a Mortgage Lender

When applying for a home loan modification, a key component of the application is the hardship letter, the homeowners’ description of the financial setbacks they’ve experienced that resulted in their inability [more…]

Creating Financial Statements for the Mortgage Lender

When you apply for a home loan modification, you will need to prepare financial statements for the mortgage lender that list your household income and expenses. The decision of whether your lender agrees [more…]

How to Document the Mortgage Loan Modification Process

When you’re trying to negotiate a loan modification, you should document the entire loan modification process. Use a log to document all communications. Even people with photographic memories have a difficult [more…]

Dealing with Lender Delays in a Loan Modification

While some lenders expedite the loan modification process, others lenders don’t (whether intentionally or unintentionally). They delay the loan modification process until the option falls through the cracks [more…]

Considering Alternatives to Foreclosure on Your Home

Facing foreclosure, homeowners often assume they have only two options for dealing with the foreclosure — pay up or move out. However, there are several alternatives to consider. [more…]

Hiring a Loan Modification Professional for Home Mortgage Expertise

Loan modification for a home mortgage is a team sport. You either work with your lender or through a third-party representative, a loan modification expert. Which option is best for you? Read on to find [more…]

Discussing a Loan Modification with Your Home Mortgage Lender

Lenders have many policies for rejecting a loan modification request. Some of the lender's restrictions are reasonable. You'll likely be rejected for a loan modification if you’re not gainfully employed [more…]

Knowing Your Homeowner's Rights during a Foreclosure

As a homeowner, you have rights during the foreclosure process, but those homeowner's rights can vary a great deal depending on your jurisdiction and situation. Your rights during a redemption period can [more…]

The Pros and Cons of a Reverse Mortgage

A reverse mortgage can be a valuable retirement planning tool that can greatly increase retirees income streams by using their largest assets: their homes. A reverse mortgage allows homeowners to borrow [more…]

Mortgage Payment Calculator

To calculate your monthly mortgage payment, simply multiply the relevant number from the table below by the size of your mortgage expressed in (divided by) thousands of dollars. For example, on a 30-year [more…]

Mortgages For Dummies Cheat Sheet

If you own or want to own real estate, you need to understand mortgages. Unfortunately for most of us, the mortgage field is jammed with jargon and fraught with fiscal pitfalls. For typical homeowners, [more…]

How to Pay Less Interest on Your Mortgage

Hate having a big mortgage? Join the club. Canadians want to get out of debt, but according to the Canadian Association of Accredited Mortgage Professionals, 75 per cent of Canadian borrowers failed to [more…]

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