There are many different steps to getting a mortgage. Even after you find a lender you feel comfortable working with, you’ll have to decide what type of mortgage product best fits your needs. The two most important aspects of your mortgage will be the term of your loan and its interest rate. But interest rates on home mortgage products are always changing, and it can sometimes take several months or more from the time when you find the home and when you actually close on the transaction. Many borrowers find this degree of uncertainty to be unsatisfactory. If the rates...

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Buying a new home is generally one of the most significant financial decisions that a person makes in their life. It’s extremely rare to pay the entire purchase price in cash, so we are all familiar with the concept of getting a mortgage loan, and having to pay interest on that loan. But there are other costs and fees related to buying a home. There are a number of different fees relating to the home buying process, as well as numerous fees and costs associated with applying for the mortgage loan itself. Applying and getting approved for your mortgage can...

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The process of buying a house or a condominium is different than buying just about anything else. It’s possible to save up and pay cash for new home appliances, a new car or just about anything else, but it’s usually not possible to buy a home with cash. Instead, home buyers generally need to take out a mortgage. Unfortunately, the process by which a home mortgage gets paid down may not be entirely clear to first-time buyers (or even to those who have purchased a home before). While there are a variety of home mortgage types, a common element of...

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There’s a good chance that you probably already know a little bit about the process of obtaining a mortgage loan to purchase a home. Perhaps you’ve even gone through it a few times yourself, so you know about what to expect with regard to down payments, fees and other closing costs. But so-called “jumbo” mortgages are somewhat different. Jumbo mortgages are mortgages that exceed the maximum value set by Fannie Mae and Freddie Mac for so-called “conforming” loans. For homes in most parts of the United States, the current threshold is $417,000, although the number is higher in more...

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In years past, the getting a mortgage to buy a new home would involve going to your local bank and meeting with a loan officer who, chances are, you might have already known personally. Today, there are many other options for getting a home loan, and it’s actually possible to apply for a mortgage online without ever having to visit a bank or meet with a loan officer. Even though the mortgage application process can occur online, the structure of the transaction, and the documentation that you’ll need to provide, is fairly similar to the traditional process. The differences arise...

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There’s been a lot of activity in the residential real estate and real estate lending markets over the past few decades. Home prices have spiked and fallen in many parts of the country, while foreclosures and similar proceedings are at or near record levels. Another significant development has been the rapid decline in interest rates, sending mortgage loan rates to all-time lows. There is also a fair amount of misinformation surrounding many of the financing vehicles and programs available for residential real estate. Second mortgages in particular are a common source of confusion. Here is some information and advice on...

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Owning a home is a goal that many of us share. But it’s not as simple as choosing a house and laying down the money. Unless you have plenty of money saved up, you’ll have to get a mortgage first. Many prospective homeowners will qualify for a mortgage. But comparatively few get the best possible deal on one. Most simply go to the nearest lender, fill out an application, and proceed with whatever kind of deal they’re offered. But if you shop around, you’ll find that different lenders offer vastly different terms that could make a huge difference in how...

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When interest rates drop, homeowners tend to flock to mortgage lenders hoping to refinance. In good economic times, they are usually looking to not only take advantage of lower interest rates, but tap into their home equity for some extra cash. But in the face of dropping home prices, many are simply hoping to lower their monthly payments or pay down their mortgages more quickly. Sometimes refinancing is a good idea. But surprisingly, getting that lower interest rate can sometimes cost you more than staying with your current mortgage. Here is advice on some things to consider before you refinance...

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There are a number of reasons that people may want to review their current mortgages and consider moving to refinance. Understanding the cost versus the benefits can be the best step in moving in the best direction for each individual need. Some of the questions to consider are have interest rates fallen? Do you expect them to go up? Has your credit score changed so that you might be eligible for a lower-rate mortgage? Would you like to switch into a different type of mortgage? How you answer these questions will influence your decision to refinance your mortgage. But...

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Each month we read about more and more homeowners facing the prospect of a mortgage foreclosure. Many cannot afford to pay rent and are terrified of the prospect of moving out to nowhere. If you are finding yourself in this situation, there are ways to delay the foreclosure of your home, sometimes even for a year or more. By living rent and mortgage-free for that time, you could be able to get back on your feet, save up a rent deposit and get moved on your own terms. Even without using any delay strategies, you will have a few months...

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