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Category | Mortgage Basics

Title Insurance: Is it Necessary and Why?

Title insurance protects you from problems relating to the title or ownership of your home. Most properties have passed through many different hands, involving many different contractual agreements. It only takes one of these to have been sloppily researched for somebody to lay claim to your home because their great-grandparents were cheated out of it […]

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Mortgage Point Basics: Why Paying Points is an Investment

Mortgage points, also referred to as ‘discount points,’ are payable at closing. Each point is charged at 1% of your mortgage loan and reduces your interest rate by a certain amount.  The amount by which the rate is reduced for each point varies according to your mortgage and your lender, though an average is 0.25% […]

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Financing Closing Costs: Is it Worth it?

Financing closing costs might save you having to come up with a lot of cash, but is it worthwhile doing? Here we shall discuss closing costs and the pros and cons of financing them in full or in part. Closing costs include items such as loan-origination fees (0.5% – 1.5% of loan amount,) credit check fees, […]

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Mortgage Amortization and Mortgage Repayments

Mortgage amortization is designed to allow you to pay the same monthly mortgage repayments for the entire term of your mortgage loan. The interest on a mortgage is a large part of your monthly repayment. However, it reduces each month – why is that when your payment remains the same? Briefly, the relative amounts you […]

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Mortgage Loans: Types of Mortgage Lenders and Loan Officers

Mortgage loans are available from different types of mortgage lenders. Many people are confused by the differences between types of lender, and also by the role played by loan officers. Here is a brief explanation of the parts played by those that may be involved when you apply for a mortgage. Mortgage Brokers Mortgage brokers […]

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Joint Mortgage and Joint Ownership: Which is the Better?

A joint mortgage means nothing more than that two people are sharing the responsibility for paying the mortgage loan. Both names are included on the loan agreement, and both are equally responsible for ensuring that the mortgage loan is repaid as contracted.  It does not infer that each has a share in the ownership of […]

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The FHA 203(k) Loan Program: Mortgages for Distressed Homes

The FHA 203(k) loan program is an ideal platform to receive mortgages for distressed homes. If you have a new home in mind, but it requires a great deal of renovation, a 203(k) mortgage would be ideal for you. First, let’s discuss what the term means, and then how it would help you to save […]

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Ability To Repay a Mortgage: New 2014 Mortgage Rule

The ability to repay a mortgage has always had inherent importance as a factor in the success or otherwise of a mortgage loan application. In January, legislation helped mandate such a requirement. It is intended to protect borrowers from themselves, and to measure as far as is possible that they are able to repay their […]

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Mortgage Qualification: What is a Qualified Mortgage?

Mortgage qualification is a process carried out by lenders to ensure that the borrowers can meet the monthly repayments. Lenders have traditionally used the term in an informal way. However, a ‘Qualified Mortgage’ has now become a defined term.  A requirement of the 2010 Dodd-Frank Act, a qualified mortgage is fundamentally one that the borrower […]

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Loan Modifications: Their Purpose and Eligibility

Loan modifications often become necessary when borrowers are unable to maintain the terms of their mortgage loan. It is also referred to as a mortgage loan modification or restructuring. A loan modification would typically be offered if a borrower’s mortgage payments were in excess of 38% of their income and they had missed 3 monthly […]

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