http://mortgagesanity.com Thu, 04 Sep 2008 18:00:14 +0000 http://backend.userland.com/rss092 en Our Top Recommended Debt Consolidation/Reduction Companies Online: debtsources(); Try Applying With Us Here: Debt Consolidation Quote - Powered By Guide To Lenders Debt consolidation can be very risky business.  There are many so-called debt consolidators that can end up making your financial situation much worse than it already is.  It's ... http://mortgagesanity.com/2007/06/27/debt-consolidators-online/ In the U.S., all VA and FHA mortgages are insured by the federal government. Other types of mortgages, however, typically require some sort of mortgage insurance from a private mortgage insurer if the loan exceeds 80% of the value of the property. In any case, the borrower is ... http://mortgagesanity.com/2007/04/19/private-mortgage-insurance-pmi/ The billboard or TV commercial reads, “cut thousands of dollars off of your mortgage by converting to a bi-weekly payment plan!” Sounds too good to be true, doesn’t it? Well, it’s actually mostly true. A bi-weekly mortgage payment plan restructures your payment schedule. Instead of the ... http://mortgagesanity.com/2007/04/19/bi-weekly-payment-programs/ The word “escrow” has several different meanings, many of the pertaining to real estate and other financial transactions. In this instance, we will be discussing “escrow” as the process of allowing the lender or a third party keep part of your monthly payment in an account and then use ... http://mortgagesanity.com/2007/04/18/should-i-escrow-my-taxes-and-insurance/ Chances are, you’ve seen headlines on the newspaper, stories on TV or video clips and articles on the internet recently about the subprime mortgage “meltdown”. What exactly happened? And more importantly, how is it going to affect you if you were in the subprime mortgage market? Subprime Market Boom There ... http://mortgagesanity.com/2007/04/17/the-subprime-mortgage-meltdown/ gen_mtg(); The Basics If you accept your mortgage quote, it becomes the binding document that either means you keep your house or you lose it. If you break your mortgage and don’t pay your monthly payments, you will lose your home. But if you pay your mortgage on time or even ahead ... http://mortgagesanity.com/2007/04/03/mortgagequote/ homeequity(); Undoubtedly, you’ve seen advertisements for loans that will “utilize” or “tap into” your home equity. The majority of these loans are HELOCs. HELOC stands for Home Equity Line Of Credit and is often times a “junior mortgage” or second mortgage. That means that it stands behind your ... http://mortgagesanity.com/2007/04/02/what-is-a-heloc-and-how-does-it-work/ bc(); Get your estimate in writing early in the loan process When you submit your loan application to your lender, he has by law three days to provide you with a Good Faith Estimate. Make sure your lender doesn’t drag you along for a ride. Get the estimate in writing early on ... http://mortgagesanity.com/2007/03/30/25-things-to-know-before-getting-a-2nd-mortgage-or-home-equity-loan/ First time homebuyers often wonder what a lender is going to look for when determining whether or not you qualify for a mortgage and how much you qualify for. Lenders have many different ways of classifying your loan scenario according to risk. You could be considered “Full Doc”. ... http://mortgagesanity.com/2007/03/28/subprime-mortgages-and-income-documentation/ bc_mtg(); If you are shopping around for a mortgage, you will invariably run into “interest-only” loans. These loans have a set term (e.g., 30 years) just like regular mortgages and can have adjustable or fixed rates. The difference is that in the first years of the loan, you are ... http://mortgagesanity.com/2007/03/28/subprime-or-bad-credit-interest-only-mortgages/