4. Other mortgage options after divorceThere are a few other mortgage options that may be worth considering amid a divorce.For instance, it is possible to keep the mortgage as-is, but this approach can have drawbacks. Both individuals on the loan are still legally liable for mortgage payments...
The main types of mortgages are conventional loans, government-backed loans, jumbo loans, fixed-rate loans and adjustable-rate loans. There are other types of mortgages for specialized purposes, such as building or renovating a home or investing in property. The right mortgage for you depends...
So if your particular loan scenario had a par rate of say 4.25%, but the mortgage broker or bank could earn two mortgage points on the “back” if he/she convinced you to take a rate of 4.875%, that would be their yield-spread-premium (YSP), or commission. Before this practice was ...
If you’re looking for quick definitions to other mortgage-related terms, check out mymortgage glossary. And if you’re not sure what mortgage to go with, see my article onwhich mortgage is right for me. It could help narrow things down. For many more mortgage basics and even more comple...
Buying your dream home? This handy guide will help you decide exactly how much of your income you can reasonably dedicate to mortgage payments every month.
Interest rate and loan term: These are major elements of your monthly payments and the overall cost of your loan. Cash reserves:Lenders consider the cash reserves you will have after making a down payment when evaluating your ability to handle mortgage debt. Additional funds can help improve len...
Mortgage-backed securities typically offer yields that are higher than government bonds. Securities with higher coupons offer the potential for greater returns but carry increased credit and prepayment risk, meaning the realized yield could be lower than initially expected. Investors may receive higher pa...
There are hundreds of options for where you can get a mortgage. You can get a mortgage through a credit union, bank, mortgage-specific lender, online-only lender, ormortgage broker. No matter which option you choose, compare rates across types to make sure that you’re getting the best de...
If you’re willing to wait, you should take time to improve your credit score and qualify for better mortgage options. Here are ways you can get a mortgage with bad credit. Make a larger down payment If your credit score isn’t great, there are other ways to demonstrate your financial ...
Oasis11- There are many options for a second home mortgage. There are HELOC’s, or a home equity line of credit that is a revolving account that works like a credit card. Once you begin drawing from the account, the payment is set to be due at the end of the month. Here is usuall...