Home-mortgages Articles

Posted on January 29   By MLP Lending Guide
Mortgage "points," a payment made to the lender upon closing the loan, is fairly common among US mortgages. Each "point" is equal to one percent of the total loan amount, and generally the more points you pay, the lower your interest rate will be (and vice versa: the fewer points you pay, the higher your rate). Another possibility is that of "negative points," in which the lender actually pays you a percentage of the total loan amount upon closing the loan. For example, in a traditional loan of .... Read More...
Posted on January 26   By MLP Lending Guide
Manufactured homes (also known as prefabricated housing) are residences that are built entirely at a factory and then transported to the site where they will be inhabited. Though these homes are almost completely stationary, they are still sometimes referred to as "mobile homes." Because of this and other negative stereotypes, it is often impossible to obtain a mainstream mortgage to finance a purchase of a manufactured or prefab house. Lenders have a variety of reasons why they choose to not fi.... Read More...
Posted on January 25   By MLP Lending Guide
When taking a mortgage, you must pay back to the lender not only the money directly borrowed, but also interest and other fees this is known as the "cost of credit," just another way of saying "the cost of borrowing money." This seems like a simple concept, but is often confusing and convoluted when borrowers actually need to shop for a mortgage. This is because there are so many potential fees and other costs that could apply to any specific mortgage, so comparing them directly is nearly im.... Read More...
Posted on January 24   By MLP Lending Guide
The lock period is the period during which the lender guarantees the rate and points associated with the mortgage. If the lock period is 30 days, at 3 points and 5.5%, the lender is required to make the loan at that price any time within the 30 days. After that, the lock period may be extended for a small fee if rates haven't raised, or if they have, the new lock period will include a new, higher rate. If you have some difficulty qualifying at today's rates, you will want to lock in a mortgage a.... Read More...
Posted on January 23   By MLP Lending Guide
Sometimes the prospect of purchasing a house can be extremely intimidating. Potential buyers often overlook several options that can ease the process of home purchasing. One of these options is the "rent-to-own" alternative. In a rent-to-own situation, the buyer signs a contract which is a mixture of lease and an option to buy the house within a certain period of time. Then, the buyer lives in the house and pays rent with an additional rent premium that will be credited to the purchase price if .... Read More...
Posted on January 22   By MLP Lending Guide
Nobody truly looks forward to acquiring a mortgage. Besides the cost, there are other hassles that can be frustrating. One of these annoyances is all of the paperwork that must be obtained, given to the lender, processed, etc. For many people, this is the worst part about getting a mortgage, while other individuals may not be bothered by it. That being said, most lenders offer a plethora of documentation options. These options range from "Full Documentation" to "No Documentation" AKA "no-doc" mo.... Read More...
Posted on January 19   By MLP Lending Guide
There are a variety of fees and stipulations that are common with mortgages and other loans, and some seem contrary to common sense. One of these, the "prepayment penalty," is sometimes applied in mortgage markets that are sub-prime. Essentially, the prepayment penalty is a condition of your mortgage contract that comes into effect if you pay off your loan in its entirety. In that situation, you would be required to pay a fee (probably relative to the size of the mortgage). Sometimes, you will.... Read More...
Posted on January 17   By MLP Lending Guide
When a couple decides that the time is right to begin living together, they may wish to purchase a house jointly. While this is usually a happy time in a relationship, some sensitive issues should be dealt with before making the purchase and obtaining a mortgage. These issues are all related to what will become of the house if the couple splits. It may seem trivial at first, especially if the pair is deeply committed to one another, but by dealing with this potential problem at an early stage, i.... Read More...
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