Mortgage Reduction Plans

Many homeowners who have taken mortgage loans for their homes are thinking of increasing their savings by applying for mortgage reduction in their loans. Those who have chosen options like 20 or 30 years payment periods are usually the ones making such plans. Because the interest being paid to these long term loans could accumulate to thousands of dollars or more over the years, people are thinking of cutting their losses and taking initiatives to shorten their loan terms. Mortgage reducti...
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Refinance Loans – Using Your Home to Pay Off Your Debt

To many of us, a home is a special place where we can simply relax and be ourselves, and spend quality time with loved ones. But a home is more than just a roof above your head. You can actually use the value in your home to improve your financial standing. This is through the concept of refinance loans. A refinance loan is basically acquiring a new mortgage loan in order to pay off an existing mortgage loan. Usually, this is done to lower the loan’s interest rate, to switch between a fi...
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Getting a Second Mortgage

Most people apply for a second mortgage to carry out their financing needs. They take this as an option in buying other properties such as a new house, car, commercial buildings and other good assets. Some grab second mortgages to fund a luxury trip in another continent or to pursue a dream vacation in another country. People sometimes come up with unsound decisions that later lead them to some troubles of getting drowned to debts. So before resorting to this option; an individual must learn to ...
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Reverse Mortgage Information

Age doesn't prevent the elderly from applying for loans. People who are aged 62 or more can actually apply for a home loan through a reverse mortgage. Known as lifetime mortgage in other parts of the world, a reverse mortgage is a kind of loan available only to seniors. This loan is used to release the property’s home equity either as one lump sum or payments through installment. The repayment obligation is deferred until the home is sold, the owner leaves (for care homes) or if the owner dies. ...
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What to Watch Out For in Home Equity Loans

Most people don’t realize that their homes can actually be a means to financial gain. There is equity in your home and you can use this equity to take the cash value from your home when you need it. Simply put, it’s just like borrowing money from your home, which you can repay over an agreed period of time, and at a certain interest rate. Especially in economic crisis, a homeowner can make use of home equity loans to borrow a huge amount of money. This is often only used for major financ...
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FHA Loans

An FHA loan is a mortgage loan in the United States insured by the Federal Housing Administration. The loan may be issued by federally-qualified lenders. FHA loans have been helping people become homeowners since 1934. FHA's mortgage insurance programs help low and moderate income families become homeowners by lowering some of the costs of their mortgage loans. The FHA does not make home loans--it insures them. If a home buyer defaults, the lender is paid from the insurance fund. To get an FHA ...
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