9 Tips on Applying for a Second Mortgage

People usually apply for a second mortgage or home equity loan when they need money for debt consolidation, to pay large expenses or for home remodeling and home improvement. What type of mortgage loan you select, depends on your needs, but the application and approval process is similar for both. These nine tips will help your loan process be as hitch-free as possible. Consider the second mortgage terms, pre-payment penalty for early pay off, and of course the interest rate & closing costs.

Read more
Mortgage Rate: What Makes Them Tick?

A mortgage rate is a price tag that is flying from the smoke stack of your home. It is the cost that you will be charged, on top of the principle amount of the homes value that you will be charged for borrowing money to pay for your home. Buying a home does not have to be just a dream anymore because rates of interest on homes are very low. Yet, will they stay that low? And, what else helps to contribute to the overall cost of the interest?

Read more
Home Equity Loans The Best 2nd Mortgage for Financing Home Improvements

Tired of looking at those avocado green kitchen appliances? The wood paneling and shag in your family room? The worn fiberglass tub enclosure in the guest bath? Home improvement is sweeping the country. Approximately half of fixer-uppers are do-it-yourself, while the other half is contractor driven. People are financing these improvements with home equity loans.

Read more
Mortgages. The Pitfall Of Interest Only Mortgages.

In the first three months of 2002, just 9% of all new mortgages were taken as interest only – but by the last quarter of 2005, the figure had risen to 23%. And amongst first time buyers, the figures rose from 6% to 15%. (Source: Council of Mortgage Lenders.)

The reason is obvious. It’s down to family economics. With an interest only mortgage, the monthly repayments only repay the ongoing interest so your monthly repayment is low. Repayment of the capital borrowed is delaye…

Read more
Facebook Auto Publish Powered By : XYZScripts.com