Latest Mortgage Articles

Can You Stop Home Foreclosure?

The latest headline news is inundated with reports that home foreclosures are reaching an alarming all time high. Bad mortgage practices in recent years appear to be the driving force behind this problem. With skyrocketing gas prices and a steadily rising cost of living, families who were ecstatic about that great adjustable interest rate that moved them into their dream home are now struggling to make ends meet. When faced with the choice of heat and groceries or making the mortgage payment, the basic needs of life are winning out, putting their homes and their credit at risk. When you buy more house than you can really afford, it usually involves using a mortgage with terms that benefit you at the time of purchase with less desirable requirements as time goes on. This leads to a mortgage payment that eventually exceeds the amount of income you have available. If you fail to make your house payment for more than a month or so, your creditor will become aggressive and begin harassing you daily by phone wanting answers. Your bank or mortgage company seems to think that threatening you will somehow improve your financial situation. They are not going to offer...
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Build Equity with Shorter Term Loan

With interest rates decreasing, refinancing your home mortgage loan may have a better interest rate than your current long-term loan. Short-term loan refinancing is achievable with low equity and a less than perfect credit score. Monthly payments will increase in amount, but the loan will be paid off sooner and less interest will be paid out. Mortgage refinancing allows applicants to find the best and most affordable interest rates. More interest is paid out on long-term loans and interest rates may be higher. Average mortgage loans have a 30-year repayment schedule. A 15-year loan produces significant savings over the loan duration. Provided that you have a solid monthly cash flow, a short term refinance can be a wise move. This is due in no small part to the increased monthly payment amount. On the plus side, many short term refinance loans have the same interest rate as their long term counterparts, so you will pay the same interest for a shorter period of time resulting in saving a nice amount over the life of the loan. The goal is to create equity. Short-term mortgage refinancing makes this goal possible. Equity builds quickly because more is applied to the principal amount...
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