Category: Mortgage Loans

What Does an Alienation Clause Mean?

What Does an Alienation Clause Mean?

An 'alienation clause' is a restrictive clause used in mortgaged property loans, lease agreements, or insurance contracts. Almost all mortgage contracts today contain an alienation clause. A contract is an agreement that is legally enforceable as per the respective laws of the state/nation. Every contract has ...

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Mortgagor Vs. Mortgagee: Know the Difference

Mortgagor Vs. Mortgagee: Know the Difference

Did You Know? The word mortgage is derived from old French words mort, which means death, and gage meaning pledge. With the skyrocketing property prices, it has become almost impossible for the common man to buy a home without availing a mortgage loan. This loan is meant for financing purchase of real estate, ...

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Defeasance Clause Explained

Defeasance Clause Explained

Please Remember: If you are negotiating a real-estate loan please pass on a request to defease your fixed-rate loan. Be aware of all your prepayment options, defeasance being the one on the top. Mortgage deeds and loan contracts are introduced with clauses which state the occurrence of a particular ...

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How to Get Out of an Underwater Mortgage

How to Get Out of an Underwater Mortgage

"You are entitled to have the PMI canceled automatically as soon as your mortgage balance falls to 78 percent of the original value of your home - the purchase price. You are entitled to that regardless of how much your home may have fallen in value, or how far underwater you are on your mortgage." ― Andy Wilson, ...

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6 Recommended Ways to Pay Off Your Mortgage Early

6 Recommended Ways to Pay Off Your Mortgage Early

Did You Know? Opting to give 13 installments of mortgage payment in a year can help you pay off your 30-year mortgage in as early as 22 years. Many people strive to give off their mortgage early to get rid of the liability and payment of interest. Also, if you fail to make even a single mortgage payment, it ...

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Fixed Rate Mortgage Vs. Adjustable Rate Mortgage

Fixed Rate Mortgage Vs. Adjustable Rate Mortgage

Mortgages are loans given by financial institutions or banking firms, after retaining some private property of an individual as a collateral with them. Fixed rate mortgage and Adjustable rate mortgage are the two most prominent types of mortgages. The mortgages offered in the market are varieties within these two ...

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How to Avoid Loan Origination Fees

How to Avoid Loan Origination Fees

The fees which are levied to generate a loan and pool in the huge amount of money for the disbursement of the loan is known as an origination fee. Basically a loan is originated by banks or financial institutes which are designated as 'loan originators'. Such loans are initially just pools or huge sums of money in ...

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How to Calculate Loan Origination Fees

How to Calculate Loan Origination Fees

When we take up a certain loan from a recognized private lender, we incur some or the other costs or fees. This is applicable for most of the long-term loans, such as mortgage loans, student loans and auto loans. Apart from that, home equity line of credit and also some other secured loans which have genuinely ...

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