Mortgages: Expert Guides and Resources

Before you get a mortgage, be sure you understand your personal financial situation. The amount of money a banker is willing to lend you isn't necessarily the amount you can "afford" to borrow given your financial goals and current situation. Maximize your chances for getting the mortgage you want the first time you apply by understanding how lenders evaluate your creditworthiness.

If you talk with others or read articles or books about prepaying your mortgage, you’ll come across those who think that paying off your mortgage early is the world’s greatest money-saving device. You’ll also find that some people consider it the most colossal mistake a mortgage holder can make. The reality is often somewhere between these two extremes.

You've probably heard a lot about reverse mortgages, as they are a popular, safe, simple way to supplement seniors' retirement incomes. Before you get started, you need to understand the benefits and disadvantages of getting a reverse mortgage. If you decide a reverse mortgage may be the right answer for you, follow some planning tips to help make the loan process easier.

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, the monthly mortgage payment is either their largest or, after income taxes, second-largest expense item.When you’re shopping for a mortgage, you could easily waste many hours and suffer financial losses by not getting the best loan possible.

The FICO score evaluates five main categories of information. Some, as you’d expect, are more important than others. It’s important to note the following about your fico score: A score considers all these categories of information, not just one or two. The importance of any factor depends on the overall information in your credit report.

What happens if you find your dream home, but it is less than, well, livable? A remodeling loan might be just what you need.Maybe you find the perfect location, but the house needs significant work. How do you get a mortgage for that kind of property? You might consider a remodeling loan or renovation loan. A home renovation loan can provide the financing you need to buy the home and make the repairs.

Yes, thousands of mortgage lenders are out there. However, not anywhere near that many mortgage lenders are good lenders or the best lenders for you. So, it’s tough to know how to choose a mortgage lender. Although you are encouraged to find the lowest-cost lenders, take caution: If someone offers you a deal that’s much better than any other lender’s, be skeptical.

Most lenders will agree to mortgage rate locks. This means they will hold firm on interest rates and other terms they quote to you (usually for a 30-day period). For a nominal fee or slight interest rate increase, lenders will typically commit to hold rates and other terms firm for up to 60 to 90 days without any upfront lock fees.

The mortgage application process is complicated. For a mortgage lender to make a proper assessment of your current financial situation and process your mortgage application, the lender needs details. Lots of them! Thus, mortgage lenders or brokers ask you to sign a form authorizing and permitting them to make inquiries of your employer, the financial institutions that you do business with, the Internal Revenue Service, and so on.