Archive for: December 2006

Well there are four elements.

There is the principle which is the amount you wish to borrow and which must be repaid.

Next is interest.  That is the cost that the lender will charge you to use their money while you pay …

Many people do not live in their original first home forever.

Some sellers will let you buy their home and then once you sell your home you can finish the purchase or you can rent a place after you sell your …

Debt consolidation is taking many different loans from different lenders (which often have high interest rates) and having one loan from one lender to pay off these debts.

One way you can do this is by obtaining a home equity loan.  …

Try to pay off large credit card balances in full each month.  This starts a strong payment pattern.  Make sure you set aside money to pay for any credit card purchases you make in the month.  Pay off your balance …

First of all choose carefully where you want to live.  Remember the old line - location, location, location.

Is where you are going to live economically stable?  Do the local people work in the area?  Is there a nice mixture of …

It is now very common to have sellers pay the closing costs for buyers purchasing a home.

This gets financing for your closing costs. 

For conventional loans this means the seller can pay non-recurring closing costs. 

If it is a VA loan you …

Escrow/Settlement Fee - they vary from state to state

Title Insurance - This lets you know you have clear title to the property you are purchasing. 

Notary Fees - Loan documents should be notarized.

Recording Fees - Certain documents will be recorded with …

A mortgage refund is paid to the home buyer for using a particular mortgage company broker.

Different mortgage brokers offer different incentives.  Most offer pay structures that offer higher refunds for higher mortgages.

Refunds help the mortgage broker get repeat business and …

A commercial mortgage is basically the same as any other mortgage except you are purchasing commerical property.

The lenders want to make sure that the money is repaid.  The lender will want to make sure the commercial property is worth their investment …

There are two types of mortgage insurance, a lender’s mortgage insurance and a borrower’s mortgage insurance.

A lender mortgage protects the lender if the borrower defaults on the home loan.  The insurance will protect the lender from any losses.

This is required …