Articles & News About Mortgage Loans

Do You Know These 6 Mortgage Terms? You Should

Do you recognize these mortgage terms? If you don't, you should get to know them now. These terms might help you recognize risk in your mortgage loan terms and mortgage process. They will also be beneficial in helping you decide if you are getting the right loan for your situation.

ARM (Adjustable Rate Mortgage) - A mortgage containing an interest rate that, after an initial period, can be changed by the lender. The majority of these contracts handle rate changes by evaluating a pre-determined interest rate index over which the lender has no control.

Due-on-sale clause - A provision of a loan contract that stipulates when the property is sold any outstanding loan balance must be repaid. This prevents the seller from transferring responsibility for an existing mortgage to the home buyer.

Equity grabbing - An unethical type of predatory lending where the loan provider purposely attempts to put the borrower into a loan that will result in a relatively quick default, so that way the lender can ?grab? the borrower?s equity.

Good faith estimate - The standard form from a lender that details any and all anticipated settlement charges that the borrower should expect to pay at closing. The lender is required to provide this document within three business days of their receipt of a loan application. Pay close attention to these details and make sure you understand completely all of the anticipated fees.

Negative amortization - An increase in the outstanding loan balance, resulting from multiple monthly payments that are less than the interest due. Watch out for this type of loan. This kind of mortgage loan is very risky.

Rate protection - Protection for a borrower against the danger that rates will rise between the time the borrower applies for a loan and the time the loan closes. This could help your loan be safer for you and more secure, long term.

http://mortgagesanity.com/2007/01/29/do-you-know-these-basic-mortgage-terms/

Other Article Sites

findabook.com moneycd.info a-mortgage.info about-lemon-laws.info aboutstudentloans.info
all-about-publishing.info auctions-articles.info bestcollege-university.com bestispconnection.com
biblefolder.com blogger-website.com books-used.info brokers-guide.info buywindows.info cable-dsl.info
career-miner.com carpel-tunnel.info cashinaflash.info cashloanreviews.info casinobell.com chat-house.info
clearmycredit.info collegeloantips.info crones.info depression-articles.info dirnic.net dishguides.info
divers-below.com expodog.info financewizz.com fire-insurance.info getgood.info handleit.net it-idea.info
health-supplies.info hosting-right.com insidealert.com insurance-facts.info jobs-employment.info
justgood.info lookgold.net lowcost-travel.info money-source.info myhostzone.info numisblog.com
peoplesearchfinder.info pr-articles.info realeas.com refinancing-guides.info spyware-remove.info
telelot.info the-law.info toppaid.info travel-deals.info travelcorrect.com wedding-guide-site.com
your-blog.info your-credit.info

MORE ARTICLES:

Home Mortgage Refinancing ? How Can This Help to Reduce Cost
Home mortgage refinancing can be a significant cost benefits to homeowners who have too much credit card debt In addition to reducing the interest cost, you can reduce your obligations even further by careful loan shopping

Is A 640 Fico Credit Score High Enough To Get A Low California Home Loan Mortgage Rate?
?Over 30 million people in the U.S.A. have FICO credit scores low enough, that?s less than 640, to make shopping for low mortgage loan rates very difficult at best,? states George Lincoln, Vice President of FreeFinancialConsulting.com

Avista Solutions’ Implements Web-Based Loan Origination and Product & Pricing Systems to Power Thornburg Mortgage’s New Wholesale Chan
Avista Solutions, a leading provider of web-based mortgage origination software, announced today that it has implemented a new Web-based Wholesale Mortgage Loan Origination and Product & Pricing System for Thornburg Mortgage’s Wholesale Channel. The new B2B system, based on the Avista Accelerator™ Loan Origination System and Avista Advantage™ Product & Pricing Engine, went into production use on June 1, 2006.

What Are The Advantages And Disadvantages Of A Reverse Mortgage?
Michigan is under a great financial challenge and it?s important for seniors to be aware of their options There has been a lot of talk lately about Reverse Mortgages in Michigan

Check Your Mortgage Application Rights
Consumers looking to buy homes should know that they have certain rights under the law. The more commonly known laws are The Equal Credit Opportunity Act (ECOA), the Fair Housing Act, and the Fair Credit Reporting Act (FCRA). These federal laws prohibit discrimination and provide consumers with the right to obtain certain credit information.

Life Insurance Critical For Mortgage Holders
Home cover is the second most important insurance for consumers, it comes just behind car insurance which is a legal requirement.

Mortgage Leads, Buying Real Time Quality
If you are a mortgage broker or loan officer on the market for internet mortgage leads, you will have quite a variety of mortgage leads and mortgage lead companies to choose from.

When Is A Self-Certification Mortgage Appropriate?
A self-certification mortgage is a home loan product designed for borrowers who may not be able to prove their income through traditional means such as tax records and pay slips They were first made available to self employed individuals who could not produce the documentation required for a standard mortgage product from a high street lender

Basics Of Private Mortgage Insurance
Basics of Private Mortgage Insurance (PMI)

LienExchange.com Teaches the Novice and Allows the Experienced to Invest in Tax Lien Certificates and Mortgage Notes Online
The World’s First One-Stop Shop For Tax Lien and Mortgage Note Investors - Complete - With FREE Education - and all Online.

Matt Martin Real Estate Helps Northern Virginia Couple Escape from Upside-Down Mortgage
Jordan and Holly Santiago, a middle-income couple in the suburbs of Washington, DC, were caught in the squeeze of a reverse amortization loan. Their mortgage payments went up and the value of their home went down when the real estate bubble burst last year. They owed more to the bank than their house was worth. Matt Martin of Matt Martin Real Estate (http://www.mattmartinrealestate.com) arranged a short sale for their house. Now they are in a new house with an affordable mortgage.

Your Mortgage Amortization Schedule May Contain Shocking Details
When many first-time homebuyers get their mortgage amortization schedule for their proposed loan, they file it away with all kinds of other paperwork they never intend to look at. This can be a huge mistake for several reasons. The biggest, perhaps, is the simple fact not paying attention to this important document can cost you a ton of money.

Direct Mortgage Wholesale Announces Revolutionary Loan Software That Simplifies Choosing a Mortgage Loan Product
Direct Mortgage Wholesale, a wholesale mortgage bank, has released a revolutionary version of its proprietary loan origination, processing and underwriting software that makes finding the right loan and collecting the closing conditions the easiest steps in the origination business. This software makes choosing a loan product easy, reduces the broker's workload and speeds up the loan process.

Learn The Basics Of A Mortgage
Learning more about the basics of mortgages can help consumers better understand the home loan process and possibly keep some from getting into trouble.

Commercial Finance- The Mortgage Meltdown
Commercial Finance- the Mortgage Meltdown explores the history of the mortgage meltdown of 2008, and the likely consequences to the public. The article looks back at the savings and loan crisis of the late 1980s for comparisons. The effects on commercial finance, purchase order financing and accounts receivable financing are also discussed.