Top Questions

1. >Basics of Mortgage Refinancing

Most homeowners take out mortgages to pay for their homes, and sometimes people struggle to make their mortgage payments. These payments can top thousands of dollars each month and can be a major burden for 15 to 30 years. Fortunately, mortgages can be refinanced to either save you money in the long run or put more money in your pocket each month. If you refinance your mortgage during a time when interest rates are low, the savings can shorten the life of your mortgage by years. However, most people don't know the basics of mortgage refinancing, or they're unclear of when they should con...

2. >Getting Preapproved Mortgages Online

Getting preapproved mortgages online is the easiest and fastest way to begin the process of buying a home. In order to qualify for preapproved mortgages, consumers need to research and choose the best lending company for their needs. These lending professionals deal with sensitive information, evaluating credit reports, credit scores, and income histories in order to determine how much of a home loan that customers can financially carry. A preapproval letter issued from a mortgage lenders puts consumers first in line as serious buyers of available homes, especially in this competitive ma...

3. >Hard Money Second Mortgages

When a home is worth more than someone owes on it, they can pull this equity out of their home through a second mortgage. There are many different second mortgage loans out there, so learning about the various types can help a person hone in on the type of second mortgage that is right for them. Many people do not know what a hard money second mortgage is, and as such, may not consider one when they are looking to take equity out of their home. Here are several frequently asked questions about hard money second mortgages and the answers. This should help to educate more people about thes...

4. >Reverse Mortgage Lenders

In a world where economic times are getting harder with every passing day, retirement benefits are hardly enough to meet daily living expenses. When long-term medical care costs are added to this, retirees have a difficult time meeting these needs. Reverse mortgage is a financial product that was developed to allow homeowners aged 62 and above to convert the accumulated equity in their home into cash. In this way, they can use such extra income in meeting their monthly expenses as well as pay for long-term health care in case they need it. Unlike traditional loans where the borrower has ...

5. >Second Mortgage Options

A second mortgage, or home equity line of credit, is a great way to finance a child?s education, pay off debt, cover the cost of home improvements or even use for a down payment on a second home. Through property appreciation over the years, many homeowners have built up substantial amounts of equity in their homes. A second mortgage provides an excellent way to tap into that equity. But before incurring more debt, and placing another lien on their property, homeowners should investigate all of their options. They should consider current interest rates, loan terms, types of loans availab...

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