Experts offer 10 resolutions for homeowners
Tune up your mortgage. Check to see if your taxes and insurance are being paid correctly. Get a carbon monoxide detector.
These are some of the mortgage- and housing-related New Year's resolutions offered by experts. You don't have to tackle them all now, but as a homeowner, you would benefit by doing most or all of these things at some point in 2005.
(more)
What length mortgage should you get?
Shopping for a mortgage is like buying a suit: One size does not fit all.
When it comes to choosing the length of a mortgage, consumers have more choices than ever. The most popular loans are still the 15- and 30-year fixed mortgages, but few buyers realize that they can also shop fixed-rate loans in other five-year increments that span 10, 20 or 25 years. Or they can adjust the length of their mortgage by paying additional principal as they go along. And some elect a 40-year mortgage to capture the house of their dreams.
(more)
Don't lie about your down payment's source
Honesty is the best policy when getting a mortgage. Watch out for anyone who asks you to withhold information from the lender.
Some home buyers might be tempted, for example, to fudge the facts about the source of their down-payment money. A lender will assume that the down payment comes from savings. If the money comes as a gift or a grant, that fact has to be disclosed -- even if it means the borrower has to pay a higher interest rate or shell out for mortgage insurance.
(more)
What to Do If Your Loan is Denied
Sometimes it's not a question of getting turned down. It's just that the loan you applied for may not be the loan you are ultimately approved for. The mortgage lender may offer a different program or a counter offer. Or, the lender may grant the loan, but with certain conditions to be met prior to closing.
(more)
Choosing the Right Loan
Purchasing a home is the single largest expenditure you will make. Therefore, the financing of your home should be managed with great consideration.
There are many different loan products available today and it is often difficult to pick the one best suited toward your financial goals. By answering the following questions, you'll get a feel for the best loan for your financial situation.
(more)
The Two Basic Types of Mortgages
Once you know some of the basics about mortgages, you can more closely examine the different types. You should familiarize yourself with two basic kinds of mortgages before we get to some of the more exotic variations.
(more)
Additional Types of Mortgages
Within the broader mortgage categories of fixed and adjustable-rate, there are plenty of other variations, such as COFI, Hybrid, and Balloon loans, several of which combine aspects of the two main types. Let's take a look.
(more)
How Advisors Get Paid
Making sense of the sometimes-complex mix-and-match compensation system.
When it comes to hiring a financial planner, it pays to screen carefully. It's important to understand exactly how planner candidates are paid so that you can make an informed market decision. But remember -- not many worthwhile pros work for peanuts. (Don't get so ruthless about cost that you end up with worthless advice.)
There are four basic ways that planners get paid. (For a truncated explanation, jump right over to our advisor comparison table.)
(more)
welcome to folksyloan.com
welcome to folksyloan.com
learn more about Mortgage ,Auto loan,Home Equity and credit Basics
