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This Week in BlogTalkRadio, 11/30-12/6

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newloan44

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Mortgage Loan Resources  

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    Date / Time:

    balloon mortgage

    The mere mention of the words "balloon mortgage" is enough to make some people's hair stand on edge. They have likely been burned by one in the past, or at least know someone who has. To most people, balloon mortgages are a dangerous risk to avoid.

    I don't know how their reputation was soured, but I suspect it was from an overreaction of a few good people who were hurt by them.

    Is there any risk involved in a balloon mortgage? Of course there is. But any mortgage has a degree of risk to it if you can't afford to make the payments. I will balloon mortgages are typically more risky than a standard mortgage, but it also has its advantages.

    So how exactly does a balloon mortgage work? Let's compare it to a standard mortgage so we can see the differences.

    With a standard, fixed rate mortgage, you pay a specified amount each month for a fixed term (usually 30 years). The interest rate stays the same throughout the loan, though some loans have rates that adjust periodically.

    Either way you're looking at about thirty years of pretty steady payments.

    But with a balloon mortgage the term is much shorter. You only have to pay a lesser amount for a shorter period of time. The term of most balloon mortgages is about five to seven years, though it can be as low as three or as high as ten.

    For More Information On Balloon Mortgages Please Visit:   CLICK HERE

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  • Date / Time:

    Biweekly Mortgage

    If you own your own home and pay a mortgage, you probably receive all sorts of offers from banks who want you to take out a home equity loan, refinance your current loan, or convert your mortgage into a biweekly mortgage.

    The paperwork explaining the biweekly mortgage says that it can cut between five and seven years off your mortgage and save you thousands of dollars in interest. Sounds pretty good, huh? It works quite simply. Instead of paying your mortgage monthly, you pay half your monthly bill biweekly. By paying the bill every other week, you end up making an extra payment each year.

    For example, let's say your monthly mortgage payment is $1,400. If you make 12 monthly payments, you will have paid $16,800 at the end of the year.

    If you pay biweekly, you'll end up making 26 payments each year. So if you pay $700 every other week, you will have paid $18,200 at the end of the year. The end result is that you made one extra payment, which reduces your loan balance and interest charges.

    To Read More On Biweekly Mortgages Visit Here:   CLICK HERE

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  • Date / Time:

    Helocs

    HELOC stands for a home equity line of credit. HELOCS are a special type of loan that allows you to tap into the equity you have built up in your home without refinancing your entire mortgage. In other words, it's basically a second mortgage.

    How much money you can borrow through HELOCS depends on how much your house is worth and how much equity you have. Your equity is simply the difference between the current market price and how much you owe on it. If your house is worth $325,000 and your outstanding mortgage is $150,000, you have $175,000 in equity.

    Having a lot of equity in your home is a good thing. But if you are faced with a sudden need for cash, having all that money tied up in the house won't do you much good.

    To Read More On HELOCS Please Visit Here:   CLICK HERE

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  • Date / Time:

    Interest Only Mortgages

    An example of who can benefit from interest only mortgages are salesmen or executives who are paid mostly in commissions or bonuses. The lower payments can help get them through the dry times. And they can pay extra toward the loan principal when the bonus checks come in.

    Others choose interest only mortgages so they can use the money saved for investing. They believe the return on their investments will be high enough to justify the risk. Of course if their investments don't turn out as planned they could find themselves in trouble.

    To Read More On Interest Only Mortgages Please Visit:   CLICK HERE

    If none of these situations apply to you (and even if they do), be wary of interest only loans. Even if it is the only way to buy the house of your dreams, you must remember that it can turn into a nightmare if you miscalculate.

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  • Date / Time:

    Interest Only Mortgage loan

    The Interest only mortgage loan has soared in popularity in recent years. As housing prices skyrocketed, many buyers found that the only way they could afford to get into the house of their dreams was to choose an interest only mortgage loan. This was especially true in regions of California and the Northeast US, where housing prices are among the highest in the country.

    An interest only mortgage loan is pretty self explanatory. You only pay the interest on your loan for a specified period of time (usually around five to seven years). Then you can either refinance at current interest rates, pay off the balance as a lump sum, or begin paying off the principal via significantly higher monthly payments.

    The risks of an interest only mortgage loan should be obvious. For several years you will be making payments without gaining any equity in your home. There's a chance you may not be able to afford the higher payments after the initial term is up. And if housing prices drop, you could find yourself owing more than the house is worth.

    To read more on Interest Only Mortgage Loans please visit here:  CLICK HERE

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  • Date / Time:

    Reverse Mortgage information

    A reverse mortgage allows a homeowner to cash out part of the equity in their home without having to pay it back until they sell the house, permanently move out, or die. They have been around since the late 1980's and people are starting to get more reverse mortgage information.

    The amount you can borrow depends on your age, the value of your home, your current equity, and the current interest rates.

    You can take the money as a lump sum payment, a monthly payment, a credit line, or any combination of the three.

    My parents took a lump sum payment to pay off all of their outstanding debt and then kept a line of credit in case of emergency. Now that they are free of the old mortgage, home equity loan, and credit card debt, their modest pension and Social Security money is enough for them to live on.

    For all the reverse mortgage information visit this site:   CLICK HERE

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  • Date / Time:

    Mortgage Loan Rate

    Buying a home can be an overwhelming experience. You don't want to worry about your mortgage loan rate being too high.

    If you're not careful, you can lose thousands of dollars in unnecessary closing costs and interest. It's worth the extra effort to find a lender that will give you a low mortgage loan rate, and help you through the lending process with professionalism and respect.

    With all the different types of mortgages, and terms associated with home loans, it's very easy to get confused. This site addresses some of the most common questions that potential homeowners have when seeking a mortgage loan.

    Here, you'll learn all about the different types of loans available, how to find the best rates, and how to ensure that your lender isn't taking advantage of you.

    Be sure to check out the mortgage resources. They contain valuable information that can save you thousands of dollars! Visit here for all the mortgage loan rate information you will ever need:

    CLICK HERE

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