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Why use a mortgage broker?
A mortgage broker has access to dozens, if not hundreds, or different financial companies. A loan officer usually only has access to one. Mortgage Brokers also get paid s...
2 Answers | 3690 Views
Interesting Question?   (5)   (13)
How big of a mortgage can i afford?
That's an easy one. You should probably not pay more than 31% of your gross income for your mortgage. Now that includes not only the mortgage payment but also the payment...
2 Answers | 2176 Views
Interesting Question?   (6)   (14)
How to prequalify for a mortgage?
Actually this question is probably mis-worded. Many people who are contemplating buying a house will first go their bank or some other mortgage lender and have them take ...
2 Answers | 2120 Views
Interesting Question?   (8)   (10)
When should i apply for a mortgage?
Before you start shopping for a house. In the good old days there were lots of different types of mortgages so you could be reasonably sure that you a lender would have s...
2 Answers | 2115 Views
Interesting Question?   (11)   (17)
How to shop for a mortgage?
The government makes it very easy to shop for a mortgage. The problem is most consumers don't know how to read the document that tells them the difference between various...
2 Answers | 1991 Views
Interesting Question?   (4)   (11)
What is a Mortgage Interest Rate Calculator?
This calculator helps you know how much you would be paying each month given an interest rate or a change in the rate. It can also show you how extra payments can acceler...
1 Answers | 1009 Views
Interesting Question?   (5)   (11)
What is a Cooperative Housing Mortgage?
It is a type of mortgage loans that you get from cooperatives, instead of banks. Coop is system of ownership wherein the residents of a particular housing building like c...
1 Answers | 765 Views
Interesting Question?   (7)   (7)
What is a line of credit home loan?
A line of credit home loan is an equity loan, usually in second or third position, that allows you to borrow against the equity on your house a little at a time, much lik...
1 Answers | 750 Views
Interesting Question?   (6)   (6)
What is a Chattel Mortgage?
A chattel mortgage is a loan wherein a movable asset is used as collateral. After the mortgage has been paid in full, the collateral or movable asset would be returned t...
1 Answers | 718 Views
Interesting Question?   (11)   (5)
What are subprime mortgages?
During the housing boom the goal was to get as many people as possible into homes. The challenge was that there were many home buyers that wanted to buy but did not meet ...
1 Answers | 629 Views
Interesting Question?   (4)   (10)
How to move mortgage to another bank or lender?
In the United States, this is called refinancing wherein the borrower pays off the original mortgage with a new loan from the same lender or new company. The process is a...
1 Answers | 604 Views
Interesting Question?   (5)   (7)
What is a Blanket Mortgage?
It is a type of financing that creates lien on two or more real estate properties. Instead of taking a mortgage on each property, the buyer can take out one mortgage on t...
1 Answers | 556 Views
Interesting Question?   (11)   (5)
What affects mortgage rates?
Mortgage rates is affected by supply and demand. Meaning, as the demand of mortgage loans increases, the interest rates increases too. Inflation can also affect the rate ...
1 Answers | 527 Views
Interesting Question?   (2)   (2)
What is a Home Renewal Mortgage?
This is the process of refinancing or renewal of your existing loan with new payment options or mortgage terms right for your budget. It could be with the same lender or ...
1 Answers | 523 Views
Interesting Question?   (1)   (8)
What is a Multifamily Mortgage?
Is a kind of loan for properties that can accommodate more than four families like apartment buildings and complexes. In most cases, the financing is almost the same as w...
1 Answers | 518 Views
Interesting Question?   (1)   (8)
What do mortgage lenders look for?
Bottom line, particularly these days, is that lenders look for the borrowers ability to pay the monthly payments. While this is extremely simplistic and obvious, one whol...
1 Answers | 515 Views
Interesting Question?   (5)   (8)
Can a student get a mortgage?
1 Answers | 515 Views
Interesting Question?   (5)   (3)
What are the different types of mortgages?
Although a mortgage is fundamentally a loan secured against your home, there are many variations to the type of mortgage for various needs. It can fall into three main ca...
1 Answers | 502 Views
Interesting Question?   (7)   (7)
What are mortgage exit fees?
This is the fee you pay your lender when you either pay off a mortgage early or switch to a new mortgage with a new lender. It covers staff, legal, and admin costs.
1 Answers | 501 Views
Interesting Question?   (9)   (4)
What is a Mortgage Pre-Approval?
A mortgage pre-approval happens when a borrower is guaranteed by a lender with a certain amount he can loan. The borrower gets a pre-approval letter which he can show whe...
1 Answers | 498 Views
Interesting Question?   (4)   (6)
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