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.
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ARM (Adjustable Rate Mortgage) - A mortgage containing an […]
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 usually cannot be […]
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 in debt, pretty […]
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 […]
