Mortgage Sanity

Shopping for a new mortgage loan online can be confusing. There are so many companies competing and it’s difficult to tell which companies are legitimate and can really provide what they advertise.
Here are some things you can look for when you shop for a new mortgage loan on the internet:
1. Compare Rates - Before you […]

Our Top Recommended Debt Consolidation/Reduction Companies Online:
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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 important to choose a debt consolidation company that is reputable.

We have researched and listed some of our most recommended debt consoldators […]

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 responsible for paying for the insurance in […]

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 the money accumulated in that account […]

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?

- Bad Credit OK
- New Purchase, Home Equity & Refinance
- […]

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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 of […]

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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 primary mortgage in lien position […]

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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 […]

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�. �Limited Doc�, �Lite Doc�, �Stated Self-Employed�, �Stated […]

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When you are in the process of looking for a mortgage, whether to purchase a home or re-finance an existing mortgage, you will most likely be working with either a mortgage broker or a loan officer working for a lender. So, what is the difference?

- Bad Credit OK
- New Purchase, Home Equity & […]

You may have noticed recently that more and more lenders are advertising loans with terms of 40 or even 50 years. The reason for the longer term is simply to stretch out the payments, and thus lower your monthly payment. You will certainly be paying more in interest, but that really only applies if you […]

Lenders have been introducing more and more loan products recently to attract buyers by giving them more purchasing power. The traditional mortgage, whether fixed or adjustable, has a term of 30 years. Many other terms (5, 10, 15, 20, 25 years, etc.) are available, but when comparing lender quotes, a 30 year term is pretty […]

- Bad Credit OK
- New Purchase, Home Equity & Refinance
- Get up to 4 offers
- Short Application
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There are several factors that contribute to the final interest rate offered to you on your mortgage. Here are the main components that contribute to your interest rate.
Loan-to-Value Ratio
This is the amount of money a lender will […]

We Recommend 2nd Mortgage Lenders Who Can Give You:
� Up To 4 Loan Offers
� Some of the Lowest Interest Rates Available
� Safe & Secure Applications Online
We have researched some of the most reputable mortgage lenders online and provide a list of the most popular mortgage companies to apply with for competitive rates and terms.

- Bad […]

We Recommend 2nd Mortgage Lenders Who Provide:
• Up To 4 Loan Offers
• Some of the Lowest Interest Rates Available
• Safe & Secure Applications Online
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When seeking a second mortgage loan, try doing these things:
Get More Than One Mortgage Quote - Shopping around can save you money and when you apply online, your credit is […]

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Obtaining approval for a mortgage loan with an interest rate of Prime is actually not difficult. In today�s economy, bank interest rates are at an all-time low, and those applicants with who meet the criteria for the best possible programs are actually getting rates well below Prime. Currently, the Prime interest rate is […]

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With steadily increasing property values in this country, as well as the fact that mortgage interest rates are at historic lows, the number of homeowners applying for second mortgages has increased exponentially over the past several years. The appeal of using the equity in one’s property for debt consolidation, home improvement, or other miscellaneous […]

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A Discount Second Mortgage is a type of contract that has a lower �introductory� interest rate for a specified period of time. This concept is extremely similar to the credit card solicitations that consumers receive in the mail all the time, where the credit card company is attempting to entice the consumer to […]

We Suggest Bad Credit Lenders That Provide:
� Up To 4 Competing Offers
� Some of the Lowest Interest Rates Available
� Safe & Secure Online Applications
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If you have equity in your home and have past credit problems, you may be surprised how easy it can be to get approved for a home equity loan. The […]

We recommend HELOC lenders that can provide:
� Some of the Lowest Interest Rates Available
� Up To 4 Competing Offers
� Safe, Secure Applications
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A HELOC or Home Equity Line of Credit can have many advantages. It comes with a lot of flexibility for the borrower. If you have bad credit, but do have equity in […]

We recommend bad credit home equity lenders that provide:
� Up To 4 Competing Offers
� Some of the Lowest Interest Rates Available
� Quick Applications
� No Credit Check
� Safe, Secure Applications
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Ways To Improve Your Chances of Getting Approved With Poor Credit -
Pull Your Own Credit Report and Check For Inaccuracies - If you skip this […]

We recommend home equity lenders that provide:
� Up To 4 Competing Offers
� Some of the Lowest Interest Rates Available
� Quick Applications
� No Credit Check
� Safe, Secure Applications
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There are many types of mortgages available for people who want to cash in on the equity building in their home. There are fixed rate second mortgage […]

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• Your current lender may be able to provide you the best refinance option. If your payment record has been good, certain risk-control fees (such as the credit report, property appraisal, title search, etc.) may be waived in order to keep your business in-house.
• Conversely, your current lender also may not be your best […]

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Owning property has countless benefits, and perhaps one of the most powerful is the simple fact that you are the legitimate owner of a tangible item that is potentially worth hundreds of thousands of dollars. This one simple fact is commonly the primary factor that will assist an individual in obtaining additional credit […]

An unfortunate fact is that there are an overwhelming number of individuals and organizations without high moral values or ethics, and for the rest of the population this presents a potentially significant threat. The mortgage seeker is one of the most popular targets for schemes and scams, so any potential applicant should perform his […]

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Although a home mortgage is designed to be a long-term debt instrument secured by real estate collateral, there are very few homeowners who actually keep their initial mortgages to the very end of the contract. In today’s economy and constantly fluctuating interest rates, more and more homeowners are investigating and taking advantage of various […]

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What is it?
There is a notable difference between a mortgage pre-qualification and a mortgage pre-approval, and it is important to understand these differences so that a potential home buyer is not misled or confused. Very simply, a mortgage pre-qualification indicates that a buyer initially appears to meet the lender�s criteria for funding. This […]

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Home equity lines of credit (HELOCs) can be powerful tools when in the hands of homeowners who understand the benefits as well as the risks associated with such financial instruments. For those homeowners who failed to complete their due diligence and obtained HELOCs simply because they were drawn to the perception of available money […]

What exactly is PMI?
PMI stands for Private Mortgage Insurance. It is a type of insurance policy that�s required by lenders during the time that the outstanding mortgage loan balance is greater than 80% of the home�s appraised value. This insurance policy provides no benefit to the home owner because it is intended only to repay […]

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The Soft Second Mortgage is an unconventional method of helping low-income families purchase homes that would otherwise be outside the range of their available budget. These loan products are created and maintained by a combination of government assistance organizations and private lending institutions. Plus, a great many Soft Second Mortgage have provisions stipulating […]

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The term �Silent Second� is used relatively loosely in real estate and mortgage circles, and therefore no official or standard definition exists. However, most descriptions and uses of the term have one thing in common, and that is a Silent Second Mortgage is one that is invisible to the primary lending institution.
Why […]

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Bill consolidation with a second mortgage can save you thousands of dollars on interest charges and help you get out of debt faster. But before you sign for that home equity loan, make sure you have looked at all of your financing options. Only by researching loan quotes and knowing your legal rights, can you […]

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A �Stand Alone Second Mortgage� is a generic term for any type of additional mortgage loan on a property that is not used for the specific purpose of initially buying the property (often referred to as a Piggy Back loan). These additional loans are most often used by the home owner for personal consumer […]

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Mortgage lenders typically have several requirements that are necessary before an approval can be issued to an applicant. The lender needs to analyze the borrower�s complete situation to determine their level of risk, and the appropriate interest rate to accompany such risk. There is standard paperwork and several documents that lenders request from […]

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These two terms are used interchangeably, and each one represents the same type of financing and scenario. Only a miniscule fraction of polled lenders indicate they actually have separate definitions for Home Equity Loans and Second Mortgages, and such definitions vary only slightly. Therefore, it is easiest to remember that both borrowers and […]

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Both a Home Equity Line of Credit (HELOC) and a Home Equity Loan are methods used by home owners to obtain funds for their own purposes, and such lending arrangements are secured by the borrower’s property. Many Home Equity Loans are referred to as Second Mortgages, and the majority of lenders, brokers, and borrowers […]

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What is it?
What�s considered acceptable and appropriate is very different for everybody, therefore this question does not have a simple answer. However, there are some important aspects of this scenario that should be considered by all potential borrowers before they sign on the dotted line.

Very simply, a no-closing-cost-mortgage is one into which the […]

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The Basics
The “cash out mortgage refinance” is a concept that home owners are using more and more in the last few years. The cash out mortgage refinance loan is most easily understood by describing it as a combination of a Home Equity Loan (Second Mortgage) and a Refinance Loan. With this idea, the […]

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� The Home Equity Line of Credit is a revolving (or open-ended) credit line that, in principle, operates in much the same way as a credit card. However, where credit cards are unsecured, the HELOC is secured (usually as a second mortgage) by your home. Defaulting on a HELOC can, therefore, result in foreclosure.

� HELOCs […]

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Although the majority of today’s mortgage lenders are honest and reputable, there are still some unscrupulous individuals out there who will do whatever they can to separate you from your money. Even among good institutions, the loan that’s offered may not always be the best one for you; and though legal, it could actually […]

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One of the best things about applying for a mortgage loan online is that you can find many leading lenders that provide multiple, competing loan offers for one application. You can quickly compare lenders’ offers and do all of this with no obligation to commit to any one lender.
Whether you are looking to refinance, […]

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1. Number of open credit accounts - Lenders always look at the number of open lines of credit that an applicant has, and analyze this information to determine the potential risk they face. Their computer software is able to calculate the remaining available balances on those open lines, as well as the likely […]

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The definition of a �Jumbo Mortgage� is a mortgage loan whose total amount is higher than the standard conventional limits.� Of course, with the ever-increasing cost of real estate in our country, it is becoming more and more difficult for consumers to purchase homes that are below this threshold.� This is also not […]

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There is no real or definite way to guarantee that you�ve gotten the best possible interest rate on your mortgage. There is no database or website that is available that will show the general consumer a report or grid of each company�s offerings and the interest rates associated with their various programs. At […]

The variables effecting interest rates in general are too numerous to list, mostly due to the fact that there are so many different types of accounts, products, and scenarios that have an interest rate attached to them. However, there are a few factors in common that affect all interest rates, regardless of the type or […]

The number of loan programs that any particular mortgage broker will have at his disposal will depend entirely on the number of relationships he has with lenders, as well as the quality of his relationships with such institutions. Some brokers only have a few key lenders who they work with on a consistent basis, therefore […]

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How long after my bankruptcy is discharged do I have to wait to get a mortgage? - Typically, the majority of lenders refuse to consider an application from someone who has had a bankruptcy within the preivous two years. However, more and more lenders are beginning to consider applications from people who have had […]

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The two riskiest types of mortgages a borrower can get are Balloons or Interest-Only loans. With both of these loan types, the lender is given a short period of time where payments are very low and easier to afford. However, the interest-only loans also contain provisions that permit the lender to significantly increase […]

Without a doubt, the �safest� type of mortgage to get would be a 30-year fixed rate loan. This type of loan leaves the borrower with nothing to question and no concerns about rising interest rates or rising payments. The borrower�s monthly loan payment minimum is static for the entire duration of the mortgage, […]

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There is no �one size fits all� answer to this question. Since every borrower�s situation is different, the appropriateness of an Interest-Only loan must be evaluated on a case-by-case basis.
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For the average borrower, however, an Interest-Only loan is probably not a great idea. Most borrowers are looking for nothing other than […]