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Mortgage Fast Facts
- Average Rate 30-year Fixed:
5.10% as of October 5, 2009. http://www.bankrate.com/ - Average Rate 15-year Fixed:
4.58% as of October 5, 2009. http://www.bankrate.com/ - Average 5/1 Adjustable Rate:
4.18% as of October 5, 2009. http://www.bankrate.com/
- Average Rate 30-year Fixed:
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What is a mortgage?
First, what a mortgage is not. It is not a loan, nor is it a form of debt.A mortgage is the transfer of an interest in property to a lender to securitize a loan, it is the lender's security for a debt; a debt which was normally incurred to purchase the property in the first place.
Once the obligation of that debt has been fulfilled by the borrower, the lien held by the lender on the property is released.
Even though technically, a mortgage is just the instrument by which the home loan is guaranteed for repayment to the lender, in the common lexicon, mortgage and home loan are often used interchangeably.
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Types of Mortgages
30-year fixed rateOften the easiest to qualify for and also the one with the maximum tax advantage in terms of having the greatest interest deduction.
The shorter term usually results in a lower interest rate. You will pay off this mortgage sooner, but your monthly payments will be larger compared to the 30-year mortgage.
The adjustable rate mortgage is structured to have a fixed initial interest rate, most often lower than the comparable fixed rate mortgage, for a predetermined period of time. Beware, as when the initial fixed-rate period expires, the interest rate will be readjusted based on market conditions of the time, often resulting in a higher interest rate.
This is a good option for people planning to stay in their home for a short period of time, less than the period of time during which the fixed rate would be in place.
Equity loans are second in lien position to the existing first mortgage. Borrowers take out equity loans to receive cash from the equity that they have built up in the property, often bolstered by appreciated property values.
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Foreclosure
A lender may foreclose on a property, if the borrower has demonstrated himself to be in non-payment. The foreclosed property may then be sold, and any amount received from the sale applied to the original debt.
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How to get Pre-Qualified for a Home Mortgage Loan
A nice outline on what you need and the steps you need to take to pre-qualify for a home mortgage loan.
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Mortgage News
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US Mortgage Rates Rise to 5.05%, Freddie Mac Says
24 (Bloomberg) -- Mortgage rates for fixed 30-year US home loans increased for a third consecutive week to the highest in three months, ... (December 24, 2009)BusinessWeek -
How to refinance your mortgage
Refinancing accounted for roughly 66 percent of mortgage applications in early October, according to the Mortgage Bankers Association, no doubt driven by ... (December 23, 2009)Salt Lake Tribune -
More mortgage-modification horror stories
Recent evidence suggests housing is rebounding, but many mortgage holders who face financial problems because of the recession have a tough climb to modify ... (December 22, 2009)MarketWatch -
Deciding on paying down a mortgage in retirement
... financial planners advised many pre-retirement and retired investors to invest any free cash in stocks, rather than pay down a mortgage. ... (December 24, 2009)Newsday (subscription)
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Mortgage Links Powered by Google
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Countrywide Financial - Home Loans - Equity Loan Mortgages ...
Countrywide is the nations largest independent mortgage lender offering home equity, HELOC, refinance, mortgages, debt consolidation and other loan options. Countrywide Financial ...my.countrywide.com -
Compare Mortgage Rates | CD Rates | Credit Cards Home Equity Loans ...
Bankrate.com provides cd rates, mortgage loan rate quotes for home loans, mortgages, home equity loan, auto loans, and the best credit cards. Mortgage calculator and tax advice co...bankrate.com -
Mortgage Calculator - Bankrate.com
Bankrate.com provides a FREE mortgage calculator and other loan calculators tools to help consumers compare mortgages and home loans.bankrate.com -
Wells Fargo Home Page
Start here to bank and pay bills online. Wells Fargo provides personal banking, investing services, small business, and commercial banking.wellsfargo.com
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Mortgage Blogs
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Richard H. Neiman: Treasury's Quiet Directive to Mortgage ...
The Department of Treasury yesterday took a critical step that many of us have been calling for. Treasury told mortgage servicers to extend the fast-approaching December 31st deadline for the 375000 families who are in trial ... (December 23, 2009)huffingtonpost.com -
Richard H. Neiman: Treasury's Quiet Directive to Mortgage ...
Yesterday, Treasury told mortgage servicers to extend the fast-approaching December 31st deadline for the 375000 families whose home loans are in trial modifications but whose document requirements have yet to be finalized in order... (December 23, 2009)huffingtonpost.com -
Is a Reverse Mortgage Right for You? | Get Rich Slowly
What is a reverse mortgage? If you own a home and are 62 or older, a reverse mortgage is a way to convert some of your home equity into cash. Rather than make monthly payments to your lender, your lender is making payments to ... (December 24, 2009)getrichslowly.org -
Calculated Risk: MBA: Mortgage Applications Decrease Sharply
The MBA reports: Mortgage Applications Decrease in Latest MBA Weekly Survey. The Market Composite Index, a measure of mortgage loan application volume decreased 10.7 percent on a seasonally adjusted basis from one week earlier... (December 23, 2009)calculatedriskblog.com
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Mortgage Books
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Real Estate Law And Regulations Of The Real Estate Commissioner With O - $33.99
No interior writing or highlighting. No cd. Some coverwear/pagewear scuffing. Real Estate Law and Regulations of The Real Estate Commissioner with Other Pertinent Excerpts from the...www.abellabooks.com
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Mahalo Answers for Mortgage
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What are some tips that you would give to a first time home buyer looking to get a mortgage? 6 AnswersI just bought a condo so I have some experience with mortgages. I would recommend keeping an eye on the rates over time. Sites like bankrate.com will show you... read more -
Where can I find private 1st mortgage money? 1 AnswerSee these web sites http://www.privateloanlender.com/ http://www.myprivatelender.com/ http://www.1stbridge.com/ http://www.privatemortgagesnetwork.com/ Be aware... read more -
If I have a current repo. on my car do I still qualify for the Obama mortgage reduction? 1 AnswerSorry..no ..each car that is being traded in..must not have any liens on it. read more -
What are some of the details of the Mortgage relief plan? 3 AnswersThe Associated Press released a brief article on some of the plan's highlights this morning (see link below). Some of these include: -"$2 billion in competitiv... read more
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