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Mortgage ? What, Why, When, and How?
What is a mortgage? Here's what The New Merriam ? Webster Dictionary definition is: "a transfer of rights to a piece of property usu. as security for the payment of a loan or debt that becomes void when the debt is paid." That's as plain and simple as it gets, you pledge the property that you're buying to the lender until your home loan is paid off then the mortgage is released and you own the property free and clear. The term "Mortgage Loan" usually pertains to the loan used to purchase a home.
Why and when would you need a mortgage loan? If you're going to enter into a real estate purchase transaction (land, residence, or commercial) and you don't have the funds available then chances are you'll need a mortgage loan. In times when mortgage rates are low and return on your investments are high; you might consider a mortgage loan to pull the equity from your home to invest. If you're paying a higher mortgage rate than what's available on the market you might consider using a new mortgage loan to pay off your old mortgage loan therefore lowering the amount of time to pay off your home or lower your monthly mortgage payment. Maybe you need to take cash out of your home for reasons that are nobody else's business a new mortgage loan would be a great tool for accomplishing this.
How do you obtain a mortgage loan? This used to be a relatively difficult process but with today's technology is has become a pretty simple process. First find a mortgage consultant or lender that you're comfortable with (you might need to talk to two or three); that particular individual should be able to step you through the process of obtaining a mortgage loan without to much difficulty. The most difficult part of this is finding the type of mortgage loan that makes sense to you as there are several types available, read the fine print and make sure the mortgage loan you pick is right for your wants and needs.
Author Marc Sisk; Marc has been originating all types of mortgage loans since 1998. His web site's title is Mortgage Calculator | Refinancing Home Loan | Mortgage Lender. By being an affiliate branch of a large mortgage lender Marc is able to originate mortgage loans in most of the United States, visit his web page to see if we're licensed in your state.
This article may be reprinted or reused please email me a link to the posted page of this article.
Bad Credit Loans Authenticate What Is Positive About Bad Credit
This might not be the front page news but it is now out in the open! 'Bad credit is getting loans ? all kinds of loans'. Lending institutions, banks and other financial constitutions are coming forward to provide loans for bad credit. There is a new rescue programme for people with bad credit - bad credit loans.
Home Equity Loans - Are They Right For You?
The bills are out of control and you need a new car. "Maybe we can get a new carpet and paint the house", you say to yourself. These are just a few reasons why home equity loans can seem like the solution to all your problems and are so popular.
A Guide to Direct Homeowner Loans
Are you considering applying for direct homeowner loans? Perhaps you're simply wanting more information on direct homeowner loans so that you'll be able to make an informed decision?
Refinancing Your Home Mortgage Loan With Bad Credit
There are numerous reasons a person has bad credit. Late or partial payments, missing payments, and too many outstanding debts could all be factors that have left you with a poor credit rating. If you want to refinance your current mortgage but are afraid a poor credit rating will disqualify you, be aware that there are mortgage lenders that can help you qualify for a loan. Refinancing your home with bad credit is not impossible. Mortgage lenders can help you be approved for a home refinancing loan and will offer you advice on how to improve your credit rating.
Buying a Home With Bad Credit - Why a Recent Bankruptcy Will Not Stop You From Getting Approved
Buying a home with bad credit is possible with the help of a subprime lender even if you have a recent bankruptcy or foreclosure. These mortgage lenders specialize in financing home loans for people with poor credit.
40-Year Mortgages: An Alternative to Interest-only Loans?
Interest-only loans are quickly becoming a mainstream loan product. Borrowers who were initially turned-off by the perceived risk associated with an "interest-only" loan are now starting to see the benefits: Lower payments, less money tied up in equity, more flexibility, etc.
Buying a Home With Bad Credit - Get Approved With a Recent Bankruptcy or Foreclosure
A few years ago, if you had a bankruptcy or a foreclosure on your credit report, you could forget about trying to get a mortgage loan. If you were lucky enough to find someone who would finance you, your interest rate would be through the roof and plan on putting 10-20% down.
Getting a Home Improvement Loan: What Your Bank Needs
The popularity of stores like Home Depot and Lowe's show how many homeowners are jumping on the home improvement bandwagon. Maybe you're thinking of redoing part of your house as well. Perhaps you want the kitchen of your dreams or an extra bathroom. You know you'll have to take out a loan to finance the project, but if you're just in the beginning stages of the planning, you may not know exactly how to go about it. Whether you're refinancing or taking out a home-equity loan, here's some information on what your bank needs:
Top 5 Methods to Manage Your Home Equity
As your home appreciates in value, you gain equity. You can look at this equity, as a portion of the value of your home, which becomes an asset that is not burdened by debt. Therefore, this is a critical financial vehicle that cannot be ignored.
Think You Cant Get a Mortgage?
You've finally found that dream home that you have always been searching for, but you are afraid to apply for a mortgage because you have bad credit or less than perfect credit.
Secured Loans ? Making the Most of Your Home as Collateral
My visit to the lender was interrupted with my wife demanding a reason for my preference for secured loans. Though I hushed up the matter then, it kept on ringing in my mind hours later. Actually, I didn't know of options other than the secured loans that are available. The various instances of people that have lost their homes to lenders that she used to supplement her contention refused to leave my thoughts.
Securing a Cheap Home Improvement Loan
Finding a cheap home improvement loan can be a challenge at times, but the extra work involved can pay off by saving you money in the long run.
Avoiding Foreclosure Scams
If your mortgage company is threatening foreclosure, there are things you can do to avoid it (see my article titled "How to Avoid Foreclosure"). However, you should be aware of scams. If there are solutions to your problems that seem too good to be true, they probably are.
Guide to Mortgage Terms
Listed below is a guide to mortgage terms. It is a useful list of definitions of mortgage terms that may or may not be familiar to you.
Home Owner Loans Explained
How To Release Equity Locked Up In Your Home For Immediate Use.
Remortgage Debt Consolidation - The New Recourse For Credit Crunch
Shakespeare once said about human nature 'with nothing shall be pleased, till he be eased with being nothing'. It is human nature to not be satisfied with anything for long. With the expansion of technology, so many multi-utility items are available which everybody wants to accumulate. The real issue is that our relationship with these modern gadgets is short and we need to make purchases frequently. But little do we realize that there is a limit to our credit cards. Resort to debt consolidation when your credit card payments become unmanageable. A very common process by which one can procure debt consolidation is remortgage.
Home Equity Loans
Home equity loans are a popular way for homeowners to borrow money using the equity in their home as collateral. With this type of loan you can use the equity in your home to finance a multitude of things, from home improvements to large purchases and more. If you're considering a home equity loan you should gather information from several lenders to find the loan program that is the best fit for you.
Essence of Self Certified Mortgages
Your search for a mortgage isn't leading results.
Mortgage Glossary of Terms
A brief list of some of the most common Mortgage terms.
Financial Rebirth Through Remortgage
Seldom in ones life do we get a chance to alter the mistakes we made in the past. Remortgage offers a once in a life time opportunity to change from a mortgage to another that is more desirable.
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