Home Equity The reverse mortgage is also an adjustable rate mortgage, but is unique because the homeowner (who must be 62 years or older) is at no time obligated to make monthly payments on the loan. The amount of the equity on the home is made available to the owner in full, in monthly advances or as a line of credit, only to be repaid after the life of the owner through the sale of the home or by the family if they would like to keep the home. 1 2 3 4 5 6 7 8 9
Bad Credit Refinance Debt consolidation can help you get from under the stress and pressure of collections calls and the mountain of bills that come to you each month in the mail. Refinancing all of your small loans into one larger one will allow you to have one monthly payment. This will help you pay off your debt more easily, generally with a lower interest rate and often lower monthly payments. Also, lenders understand that applicants looking for to refinance in order to consolidate debt usually have damaged credit and so the requirements for this type of refinancing would be more lenient. 1 2 3 4 5 6 7 8 9
Home Equity A home equity line of credit is like a home equity loan in that the house is used as collateral. However, home equity lines of credit allow borrowers to set up a credit line that can be used much like a credit card. During a period of time, usually five to ten years, the homeowner is able to take large or small amounts from the account until the drawing period ends or the amount of the loan is exhausted. This type of loan is an adjustable rate mortgage, which varies with the market. 1 2 3 4 5 6 7 8 9
Land Loan Usually, the homebuyer places a down payment on the lot and uses a line of credit to finance the construction of the home. As construction moves along, the buyer borrows from the line of credit to finance the building. Once the construction is finished, the land loan and the line of credit are rolled into a single mortgage to be paid by the homeowner. 1 2 3 4 5 6 7 8 9
Mortgage Calculation Mortgage calculation can help you foresee any snags that could occur in the future and also help you double check that the repayment schedule makes sense. Some borrowers have fallen prey to loan terms that cause negative amortization. Negative amortization occurs when the monthly payments of a loan do not adequately pay off the principal and accruing interest. In this case, the outstanding balance will increase instead of decreasing as you make your monthly payments. When this happens, it is generally with dishonest and, perhaps, questionable lenders. Though the odds are against this happening to you, it is a good idea to be aware of negative amortization and to take an interest in the make of your mortgages amortization. 1 2 3 4 5 6 7 8 9
Mortgages Online These days mortgages are as diverse as the people seeking them. There are loans for people with good credit or bad credit, and loans specifically geared for those trying to consolidate debt, for families wanting to build their new homes, for Veterans, even for explicitly for police officers and teachers. Finding the right mortgage has never been easier. Fill out our free short form to contact a mortgage expert. 1 2 3 4 5 6 7 8 9
Reverse Mortgage Once the borrowing period has ended, which does not occur during the life of the homeowner unless he or she decides to sell, the home does not necessarily have to be sold. The homeowners heirs can take out a regular mortgage in order to keep the home. Also, if the house is sold and the selling price does not cover the amount of the loan, the loss is covered by insurance, and not through the borrowers estate.
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