Mortgages and Loans Overview

Few things are more exciting than owning a home! Purchasing a home and obtaining financing for the mortgage, however, is long road. Each step of the way demands patience, flexibility, persistence and concentration. Knowledge doesn't hurt either! From the real estate agents to the bankers, home inspectors and closing attorneys, every person involved plays some role in the financing. If you sit back and let those professionals take over, your home may cost you much more in the long run than it should. Arm yourself with the information you need to find the best mortgage for your situation by learning what these articles have to teach you.

• Trying to Refinance a Mortgage? HARP 2 Might Be the Answer

  Before the housing bubble burst, many people achieved the American dream of home ownership. However, the way in which these dreams became a reality wasn’t always ideal, as unknowing consumers accepted risky mortgage structures or even mortgages they ultimately couldn’t afford. So when the economy tumbled and millions watched their home values similarly plummet, many people missed making their mortgage payments or simply struggled to find the money needed to make those payments on time.

• Understand the Tax Implications of “Forgiven” Mortgage Debt

  With housing prices tumbling nationwide, many homeowners are faced with owing more than what their house is worth. Others are finding that their adjustable rate mortgage that seemed so affordable when they first moved in is no longer manageable now that it has adjusted. If you find yourself in a similar situation, be sure to understand the tax implications involved before making any major decisions like letting your home go to foreclosure, selling your house for less than you owe, or restructuring your loan through a loan modification.

• Mortgage Relief May Be on the Way

  When you break something, you clean it up. And that’s just what the federal government is attempting through its recent foreclosure settlement: clean up the mess left behind from the mortgage crisis and hold accountable those responsible for enabling it.

• Use Caution When it Comes to Payday-Style Loans

  Mainstream banks are moving into the business of offering payday-style loans with triple digit interest rates. To get out of debt faster, avoid them.

• Managing Your Credit Wisely

  Whether you're a first-time buyer or a seasoned homeowner looking to move up to a bigger or better house, how you have managed your consumer credit rating can have a real impact on both the amount and terms of your next mortgage.

• Adjustable Rate Mortgage May Be Perfect For You

  The lower interest rate of an Adjustable Rate Mortgage (ARM) may be enticing. Just make sure you know all the details before you make a decision.

• Taking Advantage Of The Equity In Your Home

  Are you wondering how you are going to pay for the leaky roof ... or your child's braces? A home equity loan could be the answer.

• A Home Inspection Can Save You Thousands

  Purchasing a home is probably the single largest purchase you will make in your lifetime. Protect your investment by hiring a professional home inspector to examine the house before you buy.

• The Power of Pre-Approval

  If you are thinking of buying a house, gain some bargaining power before you start house hunting by first getting pre-approved by a mortgage lender.

• The Mortgage Loan Process

  So you have found the house of your dreams. Now what? Know the mortgage process before you apply for a loan and avoid any unpleasant surprises.

• Is A Fixed Rate Mortgage Your Best Bet?

  Understanding and Selecting the right mortgage to fit your circumstances can save you thousands of dollars. Many people consider a fixed rate mortgage the safest way to go.

• Understanding Closing Costs

  Avoid surprises! Be prepared for closing costs when it's time to finalize your loan.

• When Should You Refinance?

  Is this the right time to refinance? It may be if you consider all the reasons to do it.

• Avoiding Mortgage Foreclosure

  If you own a home, one of your biggest concerns is making sure you can make your mortgage payment each month. If you fall behind on payments, whether it's because of a loss of income or unexpected expense, you could risk foreclosure. You may be surprised to learn that lenders are willing to work with borrowers to help keep their homes-as long as you keep the lines of communication open and are willing to ask for help. There are some steps you should take as soon as you realize that making your mortgage payment could be a problem.

• 10 Ways to Protect Yourself From the Mortgage Meltdown

  Mark Twain once famously advised, "Invest in land-they're not making it anymore." But for millions of U.S. homeowners, these hardly seem like words of wisdom. Over the past few years, a record number of foreclosures, plummeting property values, and the sub-prime loan fiasco have all combined to create a nationwide housing crisis.

• How to Decide if Refinancing is a Good Option For You

  These days, making the decision to refinance can be somewhat intimidating. Does it really make sense? Will I even qualify? How much money can I really save? Sometimes it is easier to take a step back and start from the beginning.

• Government Allocates New Funds for Foreclosure-Prevention Programs Aimed at Unemployed Homeowners

  Whatever your version of what homeownership looks likes, many people envision finding that perfect home, signing off on a loan and dutifully promising to make monthly mortgage payments. If you've followed a similar path, you're living the America Dream - or are you?

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