Mortgage Sanity Articles » Archive: January 2007

Archive for January, 2007

Do You Know These Basic Mortgage Terms?

Acceleration - A provision that allows the lender to demand repayment of the entire outstanding loan balance in the event that the borrower violates one or more clauses in the note.
ARM (Adjustable Rate Mortgage) - A mortgage containing an interest rate that, after an initial period, can be changed by the lender. The majority of […]

13 “Junk Fees” Your Mortgage Broker Might Be Adding To Your Loan

I asked my mortgage advisors, “What are the fees that a broker might charge you that are either inflated or completely bogus?”
Here are the answers:
Processing fee -
Not only does the mortgage broker receive a fee from the lender, but the borrower is also charged a fee for “processing” the loan. This fee […]

The 50 Year Mortgage

Take a look at this: http://www.thesimpledollar.com/2007/01/22/how-bad-of-a-deal-is-a-50-year-mortgage/
I knew that people were starting to look into 40 year mortgages, but 50??!! I understand that people want to have everything they want RIGHT NOW, but really. This is just sad. The fact that it only saves such a small amount of money but puts you […]

Before You Refi or Get a Home Equity Loan - Do You Know These 50 Things?

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1. Your home is the collateral for the loan - If you are unable to make the monthly loan payments, you could be in danger of losing your house.
2. Not all loan repayment schedules are arranged to pay off the loan by the end of the term - Many arrangements leave the borrower with thousands […]

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