Mortgage and Refinancing Information Channel:

We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
 Please check back frequently as new topics are added and current topics are updated daily.

Home Equity Loans - Research Your Lender Carefully

Real estate prices are rising across the country, and Americans are tapping into their home equity like never before. Americans took out $431 billion in home equity loans in 2004, and that amount may increase in 2005. The reasons vary; some are using the money for home improvement, others are using the money to buy real estate, and some are taking reverse mortgages in order to enjoy a better retirement. With interest rates still near historic lows and the bull real estate market continuing, more and more predatory lenders are entering the lending profession.

Most lenders are honest, and prospective borrowers will probably not have any problems resulting from taking out a loan with a national bank. On the other hand, newer, smaller, and less honest lenders are advertising aggressively and may grab your attention by offering terms that seem more favorable than those offered by the larger banks. Sometimes, these terms sound too good to be true, and they often are. Here are a few things to watch out for when taking out a home loan:

• A promised low interest rate "disappears", only to be replaced with a higher figure on the contract at closing time. The borrowers, who expected to close right then and there, feel pressured to sign and often accept the higher interest rate.
• 
  
  
• Previously unmentioned fees turn up on the application at closing. Again, by presenting these previously undisclosed fees at closing time, the borrower is pressured to sign.
• 
  
  
• Blanks on the application form. It's hard to believe that a lender would present a blank form and assure the borrower that the blanks will be filled in later, but this actually happens, and borrowers actually sign such deals. Remember, your signature on the form constitutes your agreement to the terms, even if the terms are filled in later.
• 
  
  These problems can be avoided by taking a few simple precautionary steps. Ask about the total fees and interest rates ahead of time. Inform your lender that you fully expect to see those same figures on the documents at closing, and make it clear that you will not sign documents that state otherwise. Make certain that you have provided honest information to the lender. Refuse to sign any blank documents. These things may seem obvious, but when closing approaches, borrowers tend to get in a hurry, as they are eager to get the closing out of the way. Borrowing against your home is not something to take lightly; you can lose your home if you unknowingly sign a predatory document. Take your time.

©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and HomeEquityHelp.net, a site devoted to information on home equity loans.

MORE RESOURCES

used office furnishings-supplies-equipment-desks-cubicles-service-counters for sale in Akron Ohio   Die cast model cars for sale in Akron Ohio  
used cars for sale in Akron Ohio   unfurnished homes for rent in Akron Ohio

RELATED MORTGAGE AND REFINANCING ARTICLES: How to Avoid Paying Mortgage Insurance In today's world, a borrower should not be paying mortgage insurance (PMI) on their home mortgage with a few exceptions such as an FHA loan. Mortgage Insurance is a thing of the past. Why You Should Not Get Hung Up on the Interest Rates!! This is what a mortgage can do for you! AND Why you shouldn't get hung up on the interest rate! Let me show you the bottom line or the total dollar amount you will pay when paying a mortgage and paying rent and what the benefits of a mortgage are: Let's say John bought a home and has a $75,000 mortgage @ 10% interest for 30 years on his home with a payment of $750.00 per month. Bad Credit Refinance Loans - Finding a Good Lender Finding a good lender to help you with refinancing your home loan can be tricky if you have bad credit. There are plenty of predatory lenders out there who would like to take advantage of you with excessively high interest rates and fees. Refinance Home Loan and Refinance Home Loans Refinance home loan lenders are eager to lend money to any individual regardless of credit as long as the homeowner has a fair amount of equity in the home and the home itself is in a condition that can be resold. Refinance home loans are different than a second mortgage or line of credit in that the proceeds from the loan disbursement first pay off the original mortgage loan. Interest-only Mortgages Have Their Pitfalls Rising home prices, particularly on the East and West coasts have put the costs of home ownership seemingly beyond the reach of many. And yet, home ownership is up nationwide, and the percentage of Americans who own their homes is the highest it has ever been. Poor Credit? Get a Sub-Prime Mortgage Now, and Refinance to a Conventional Mortgage Later There are great mortgage loans for people with poor credit, and yes, you can still save thousands of dollars. In order to receive preferential treatment for mortgage professionals, you'll need a credit score of 680 or better (this is considered A credit). Adjustable Rate Mortgages Offer Alternatives For Home Buyers When looking for a mortgage to meet your needs, consider these key questions: Is your income expected to increase in the coming years? How long do you plan to live in your new home? And, which mortgage will provide the lowest interest rate?While 15 or 30 year fixed-rate mortgages are the most popular, and Adjustable Rate Mortgage (ARM) offers some interesting alternatives for home shoppers who plan to move again within four or five years. Although interest rates are the lowest they've been in 20 years, an ARM provides even lower interest rates during its introductory period. Mortgage-Refinance Treachery: Avoid Mortgage Bankers and Brokers Biggest Trick -- The Sales Pitch What the average homeowner or home buyer fails to realize is that bankers, loan officers, mortgage brokers, or whatever your lenders call themselves, are salesmen. Certainly, if you purchased your home from a realtor and used her lender, you most likely got a feeling of trust in that person, because the realtor referred him. Escrow Accounts, Do You Absolutely Need One? With escrow accounts the money for your home insurance and property tax is added to your monthly mortgage payment and is paid out each year. With that said, you may think that having an escrow account takes the responsibility off your shoulders because the bank will make the payment for you each year from your escrow savings account. Homeowner Loans - What's Available? It isn't difficult to get a homeowner loan if you own your own home, hundreds of UK lenders will lend up to 95% Loan to Value of your property and some as much as 125% Loan to Value if you find you have little or no equity at all. Homeowner loans are available to those that own or pay a mortgage on their house, bungalow, flat or cottage. Secured Homeowners Loans - In Case You Thought a Home is Worth Few Dollars Money is like music, if managed well, produces a good symphony. One wrong note - one wrong decision - it produces a jarring sound. Essence of Self Certified Mortgages Your search for a mortgage isn't leading results. Check for any impediments. Rates May Be Rising: Mortgage And Refinancing Preparation Made Simple For You Buying a home is probably the single largest investment most people make in a lifetime. By preparing yourself and your credit before a home purchase or refinance, you can ensure a smooth finance process and can potentially save thousands on your loan. A Simple Way to Save Thousands on Your Mortgage Charges How many times do you check you restaurant bill? If not often, I would advise you to do it more, especially when dining on your overseas vacations. Still, much more Americans check their restaurants bill, than the number of homebuyers, who check the charges for their mortgages. Mortgage Soup Looking for home mortgage loans can get confusing with the alphabet soup of mortgage loans programs available today. Most of these programs are just variations of fixed rate and adjustable rate mortgage loans. Zero Down Payment Mortgage - Can It Be Done? "I've been renting for years now; I've always paid my rent on time. I'll start a savings account soon, so I can buy a house": sound familiar? How much is in that savings account now? Just as I thought, not enough, you went on vacation, found a car you had to have, or WOW; look at the flat panel T. A Home Loan Can Help You Own Your Dream Home Owning your dream home need not just be a dream. You can own it with a home loan offered by any number of financial institutions to help meet the shortfall between the purchase price of the home and the down payment that you provide. Secured Loans For Home Improvement - When You Can't Buy A Luxury Home A house is just perfect with chipped walls and broken taps. Is it? If you don't think so, then home improvement loans is what you should be looking for. Option ARM - The World's Most Dangerous Mortgage Home prices have reached record levels, and in many parts of the country, homes have become nearly unaffordable. Real estate has replaced the tech stocks of the late 1990's as the hot investment, and everyone has sold their stocks and jumped into investment property. Mortgage Basics for First Time Home Buyers Anyone planning to take out a mortgage for the first time will most likely find the job a little daunting, not least because the financial jargon can often be very difficult to make sense of. As with any major financial decision, it is essential to fully understand every aspect of a mortgage plan before making a commitment.

HOME | SITE MAP © 2012 - 2025 All Rights Reserved Increase pagerank with HitsSurfer