Mortgage Basics
Friday, March 27th, 2009
With mortgage rates dropping these days due to the variety of stimulus programs you need to know about the different types of mortgages that are available. Here is a quick summary of mortgage types.
1. Fixed rate mortgage - This is a mortgage where monthly payments remain the same throughout the entire term of the loan.
Note that there are many types of fixed rate mortgages: ten year, fifteen year and thirty year. Generally the longer term that the mortgage is i.e. thirty years, the lower the monthly payment will be. Fifteen year mortgages, on the other hand, help...
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Tags: borrowing advice, Mortgage, mortgage types
Posted in Mortgage | 1 Comment »
Watch Out for Reverse Mortgages
Thursday, February 12th, 2009
With the recession in full swing and unemployment rising, unscrupulous predatory lenders are taking advantage of seniors. One of the areas in which they are particularly insidious is selling reverse mortgages.
There are a host of reverse mortgage scams that are plaguing our senior citizens and steps are being taken to stop it.
According to HUD, deceptive practices and allegations of high-pressure sales tactics are being directed at senior citizens under the guise of a helpful and legitimate reverse mortgage. Borrowers also run the risk of being steered into inappropriate loans and annuities by sales agents and...
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Tags: Mortgage, reverse mortgage
Posted in Mortgage | 2 Comments »
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