Finance Bulletin

2008/5/2

Choose the Right Mortgage for Your New Home

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@ 12:24 PM (4 months, 6 days ago)

http://img73.imageshack.us/img73/2601/homemortgageloanyr3.jpgWe all are very much aware that buying a home is one of the major and big dreams of our entire life and mortgage plays a vital role when we are up to buying a home. So while shopping for your new home you always got to know that which type of mortgage or home loan is perfect for you and match your affordability. Because if the mortgage type you choose does not suit your affordability level then you might be into big risk with the interest rate and other stuffs. So find below few mortgage or home loan types which are normally best suited for everyone. However for the best loans in the industry check out lån.

A. FRM (Fixed Rate Mortgage): The specialty of this particular type of mortgage loan is you will get a locked in or fixed rate of interest (for example: 6.0%) along with a set monthly installment scheme here in this type of mortgage.

B. ARM (Adjustable Rate Mortgage): Adjustable Rate Mortgage is best suited for home buyers who have flexible funds or financial resources to pay off their mortgage. Because here in this mortgage type the rate of interest reacts with the ups and downs in the industry. Means you will have to accept the current rate of interest of the market. Doesn't matter whether it’s high or low.

C. Negative Amortization Mortgage: If you opt for this type of mortgage loan then you will be allowed to pay a monthly installment which will be not more than the total amount of interest. However the amount of interest which remains unpaid and the balance of the principal amount will rise in this specific type of mortgage loan.

D. Interest Only Mortgage: In this type of mortgage loan buyers generally pay for 5 to 10 years on the interest amount of mortgage loan.

So the bottom line is while selecting a loan option for your new home the pros and cons or merits and demerits of that particular mortgage or home loan type needs to be taken care of. So that you won't find yourself into any kind of trouble while paying it off.

2008/2/29

Breathtaking Case of Mortgage Fraud

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@ 12:01 PM (6 months, 8 days ago)

Now a days people are frequently getting cheated in the mortgage industry and day by day the business of mortgage fraud is spreading all over the country like anything and taking a gigantic shape. People are found being misguided by the cheaters by different ways and tactics. Below is an example video of a breathtaking mortgage fraud case, have a look:


So what do you feel after seeing the video? I hope you will remember this when you will have a mortgage.

2008/2/27

Stay Away From Mortgage Scam

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@ 12:22 PM (6 months, 10 days ago)

In recent period’s scams or frauds in the mortgage industry is noticed being rose in a steady pace. People are applying for different types of mortgages without knowing the pros and cons of that particular type of mortgage, without knowing the hidden clauses and other stuffs like that and later on finding themselves in fraud mortgage cases or scams. So before applying for a mortgage loan make sure that you know all the clauses and other important things related to your mortgage application very well. Otherwise you might find yourself in a scam.

Below I have shared a video regarding how you can keep yourself away and defend yourself from mortgage scams. Have a look at the video:



So did you get how dangerous a mortgage scam can be and how you can make yourself stay away from it. I hope the video looked helpful to all of you.

2007/12/18

Overview of Mortgage

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@ 03:16 PM (8 months, 21 days ago)

http://tbn0.google.com/images?q=tbn:up73J6bBQcyrtM:http://www.frompayingtwosavings.com/images/intrate1.jpgOnce you have decided to purchase a new home, the first step towards achieving this goal is financing. But the rising cost of home and the lack of monitory power may deprive you of executing this desire. But to convert your dream into reality, a mortgage can help you to provide the financial support and make the purchase possible.

A mortgage is basically a home loan that is used to purchase a residential or commercial property by keeping the same property as security. Over the term of the mortgage, you need to pay off the amount you borrowed to buy the property including the interest charged on the loan.

There are basically two types of loan in the market that you can avail. One is the Fixed Rate Mortgage in which the interest rate remains fixed throughout the term of the loan. And the other is the Adjustable Rate Mortgage in which the interest rate and monthly payments are adjusted frequently based on a particular economic index. You can get these types of loans either from a bank, credit unions, private lenders or from any brokerage firms. All you need is to shop around with them and choose a reasonable loan program depending on your affordability and needs.

Now, to approve you for a mortgage, the lender will consider your credit score, the amount of don payment and your debt-to-income ratio. Then to qualify for the mortgage, you need to provide the lender with information related to your income, assets and currents debts. The lender, in turn, will give you an idea of the maximum loan amount that you can borrow.

After you are being approved for a loan, the lender will decide upon the date of closing. It involves the signing of all legal documents at the office of the Register of Deeds. You will have to pay certain closing costs at that time.

Thus, a mortgage gives you the chance to build up or to have an asset of your own.