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For years, an FHA loan was the choice of first-time home buyers with little cash for a down payment, a low credit score or too much debt. Now it’s also a great way for homeowners struggling to keep up with their payments to refinance into a more affordable mortgage. Rules have been changed to make [...]
If you’re shopping for a home with a bargain-basement price, a short sale could be the answer. This is where a lender allows a borrower who can’t keep up with the mortgage payments to sell their home for less than they owe on the property. The bank or mortgage company takes whatever you pay to [...]
Just because you can get a mortgage doesn’t mean you can get private mortgage insurance. Obtaining PMI has become a serious new hurdle for borrowers who don’t have enough cash for a 20% down payment and can’t get a home loan without it. During the binge of reckless lending that led to the mortgage crisis, [...]
If you’re in the market for a house and you have good credit, you’re in the driver’s seat right now. The market is flooded with homes, sellers are eager and fixed-rate mortgages are going for interest rates your grandparents would have been tickled to get. But that doesn’t mean you should jump into just any [...]
Interest is a fee paid on borrowed assets. It is the price paid for the use of borrowed money,[1] or, money earned by deposited funds.[2] Assets that are sometimes lent with interest include money, shares, consumer goods through hire purchase, major assets such as aircraft, and even entire factories in finance lease arrangements. The interest [...]
An unsecured loan is a loan that is not backed by collateral. Also known as a signature loan or personal loan. Unsecured loans are based solely upon the borrower’s credit rating. As a result, they are often much more difficult to get than a secured loan, which also factors in the borrower’s income. An unsecured [...]
Mortgage calculators are used to help a current or potential real estate owner determine how much they can afford to borrow to purchase a piece of real estate. Mortgage calculators can also be used to compare the costs or real interest rates between several different loans, determine the impact on the length of the mortgage [...]
The average last week, assuming a 20% down payment, rises to 5.02% from 4.89% the previous week, the Mortgage Bankers Assn. says. Applications for home loans decline. The average rate on a 30-year fixed-rate home loan edged back above 5% last week as mortgage applications fell, the Mortgage Bankers Assn. said Wednesday. The average rate [...]