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Home-mortgages Articles

Posted on February 19   By MLP Lending Guide
When brokers negotiate with borrowers, they will sometimes employ tricks that effectively raise the price of their services, a cost which must be borne by the borrower. There are dozens of such tricks, but the result of each is the same: the borrower spends more money while obtaining a mortgage. It is very difficult for the average borrower to avoid such tricks, as the borrower can rarely match wits with the broker in matters concerning mortgages and real estate. Therefore, it is a simple fact t.... Read More...
Posted on February 09   By MLP Lending Guide
It is imperative to closely examine your mortgage or loan contract before agreeing to it or signing it. The language may seem difficult, and at times impenetrable, but when your money is what's at stake, it is extremely important to understand what you are agreeing to by signing your mortgage contract. The Truth in Lending Act was signed into law for the explicit purpose of making lending arrangements and terms extremely clear to the borrower. One of these terms is the existence of a "demand fea.... Read More...
Posted on February 08   By MLP Lending Guide
In the world of mortgages, there are primarily three parties at work: the lender (usually a bank), the borrower (the individual who takes out the mortgage), and the broker (an intermediary who guides the borrower through the mortgage-obtaining process). While using a broker is not necessary to acquire a mortgage, more and more consumers are utilizing them because the mortgage industry can seem confusing and competitive at times. However, as with all businesses, the goal is usually to make a prof.... Read More...
Posted on February 07   By MLP Lending Guide
Many individuals do not qualify outright for a standard Fixed Rate Mortgage (or FRM). Sometimes, creative methods must be found so that the lender's risk will be lessened in allowing a particular borrower to take out a loan. For many potential borrowers, the problem lies in an inability to make the regular monthly payments associated with FRMs. One way to ease this financial burden at first is through the use of a Graduated Payment Mortgage (or GPM). With a GPM, the regular monthly mortgage pay.... Read More...
Posted on February 05   By MLP Lending Guide
Balloon loans may be hard to understand at first, but the principle is relatively simple. With a balloon loan, you don't pay off the loan gradually at a steady rate of payment each month until the period is up (usually 15 or 30 years with most FRMs or ARMs). Instead, balloon loans work much like an FRM for 5 or 7 years, with the borrower making regular payments each month, but then something very different happens at the end of the 5 or 7 year period. At the end of a balloon loan period, the bor.... Read More...
Posted on February 02   By MLP Lending Guide
Some brokerage firms might offer you an option to pay back your mortgage faster. The claim is that by making biweekly payments, instead of monthly payments, you'll actually somehow end up paying an extra month's balance every year. This is because, instead of making 12 payments a year, you'll be making one every two weeks, which adds up to 26 payments a year the equivalent of 13 months. You don't need a broker to do this sort of thing for you, however. If you are interested in paying back y.... Read More...
Posted on January 31   By MLP Lending Guide
There are several factors one must consider when deciding between getting a fixed rate mortgage and an adjustable rate mortgage. Who should get a fixed rate mortgage (or FRM)? An FRM is ideal for someone who needs the guarantee of payment stability that the fixed rate offers since the rate is "fixed," it will not increase and therefore you won't have to worry about your payments skyrocketing or putting an extra, unanticipated strain on your finances. That being said, FRM's usually have a hig.... Read More...
Posted on January 30   By MLP Lending Guide
If you have large amounts of cash available, you may wish to consider purchasing a home with all cash. The best way to examine this situation is to look at it like an investment. However, the investment is not the house you would enjoy any appreciation of the house's value whether you obtained a mortgage or used cash. The investment is in the mortgage you would be escaping if you paid for your house with all cash. If the house you wish to purchase is priced at $500,000 and you have that amo.... Read More...
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