Category: Home Loans

Second Mortgage Vs. Home Equity Loan

Second Mortgage Vs. Home Equity Loan

A primary mortgage lender advances money to a borrower, who uses the funds to finance the purchase of a home. A mortgage is a secured loan, since the home acts as a collateral for the borrowed sum. The homeowner is expected to make principal and interest payments on a regular basis. If the borrower defaults on the ...

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What are Mortgage Rates Based On

What are Mortgage Rates Based On

For an individual who wants to buy a property with a good mortgage deal, interest rate is one of the most important considerations. Before opting for a loan, one should get an idea about what these rates are based on. It helps the investor to carry out a profitable deal by applying for the loan at the right time. ...

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How Does a Second Mortgage Work

How Does a Second Mortgage Work

A traditional mortgage enables a person to buy a house by borrowing money from the mortgage lender. Generally, banks and credit unions are preferred lenders since they are willing to provide loans at relatively low rates of interest. The borrower is expected to make principal and interest payments on the loan, ...

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Mortgage Loan Underwriting

Mortgage Loan Underwriting

The entire financial condition of the applicant is reviewed during the mortgage loan underwriting process. The applicant provides the lender with the documents that support his credibility, and the underwriter, on behalf of the lender, analyzes the prospect of the applicant in being a suitable risk. The process ...

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Types of Home Mortgage Loans

Types of Home Mortgage Loans

Have you decided to buy a new home, but don't know which loan to apply for? A home mortgage loan could be what you are looking for. It is a type of loan that is secured against a property for the repayment of the loan. There are different types available in it to choose from, and you should find the one that will ...

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Disadvantages of a Reverse Mortgage

Disadvantages of a Reverse Mortgage

As the name suggests, reverse mortgage (also known as conversion mortgage) is the opposite or mirror image of the conventional type. Here, instead of the borrower repaying the mortgage for the house that he buys, the house subsidizes it, which is paid to the homeowner by a financial institution. To explain it in ...

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No Credit Check Home Loans

No Credit Check Home Loans

In the aggressively competitive loan industry, financial institutions, independent brokers, government lenders and banks are finding ways to tap all possible customer groups. The newly added group is the one with a poor credit history. In this context they are devising financial aids that are tailored to the ...

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FHA Vs. Conventional Loans: Which Is Better?

FHA Vs. Conventional Loans: Which Is Better?

Did You Know? Till the year 2005, FHA repair demands were so unreasonable that the sellers used to offer additional discount on the list price to home buyers who preferred to avail conventional loans instead. However, these demands have been relatively relaxed today. If you are in the market for buying a home ...

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Basic FHA Loan Requirements

Basic FHA Loan Requirements

FHA (Federal Housing Administration) is not actually a loan. In fact, it is an insurance against the private loan a borrower has taken. The FHA is a government regulated body and provides insurance to private housing lenders as security against the defaulting parties. Once a borrower has met the FHA requirements, ...

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