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A mortgage is a method of using property (real or personal) as security for the payment of a debt.

The term mortgage (from Law French, lit. dead pledge) refers to the legal device used for this purpose, but it is also commonly used to refer to the debt secured by the mortgage, the mortgage loan.

In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than other property (such as ships) and in some cases only land may be mortgaged. Arranging a mortgage is seen as the standard method by which individuals and businesses can purchase residential and commercial real estate without the need to pay the full value immediately. See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property.

In many countries it is normal for home purchases to be funded by a mortgage. In countries where the demand for home ownership is highest, strong domestic markets have developed, notably in Spain, the United Kingdom and the United States.

Courtesy of Wikipedia

Contents at a Glance

What Comprises Your Credit Score
The Onyx Visa® Card
Foreclosures: Tips and Warnings
Stop Foreclosure! Know What To Do
Junk Fees: How To Avoid It When You Buy...
The Keys to a Happy Retirement

In the simplest terms your credit score is your credit history calculated in figures. There are many methods which can be used to calculate your credit score but the most common method is the FICO. FICO was developed by the Fair Isaac Company and is the preferred method used by most lending companies. Your credit score determines whether a lender will approve your application or not or whether a lender will give you less rates on your payments or not.

Credit scores or FICO scores generally range form a low of 340 to a high of 850. Ideally, you should aim for a score of at least 700 or more. If you get a score of 600 and below, creditors will likely consider you as a high risk borrower.

Knowing how your credit score or your FICO score is calculated will help you become more aware of your spending and your payment habits. Let's consider the break-down of categories used to sum up your credit score.

Continue Reading What Comprises Your Credit Score

The Onyx Visa® Card

The Onyx Visa® card is the newest Black card on the market, and gives a credit limit of $300.00 to $5,000.00. This is a secured card and can be used anywhere that Visa® is accepted! Not only do you receive a Visa® card, you receive Free Airline Tickets, Free Long Distance calls, Free Credit Report, and many discounts by using The Black Onyx card.

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Foreclosures: Tips and Warnings

First of all, you need to be aware that a mortgage lender can foreclose your home for two reasons. The first one is defaulting on your payments. Generally, lenders will issue a Notice of Default if you miss three mortgage payments consecutively. Another possible ground for foreclosure would be a violation on a major regulation or policy of the lender.

What You Can Do

However, in most cases, the reason for a home foreclosure is due to a default in payments. For some home owners, they waited too long before taking any appropriate action that would have prevented foreclosure of their property. If you currently have a mortgage loan, it is important to be constantly aware of your payments. If for some reason, you miss one of your payments, speak with your lender right away and inform them the cause of your delay. Don't wait until the second or third delay on your payment or for a Notice of Default before taking the initiative to contact your lender.

Continue Reading Foreclosures: Tips and Warnings

See Home Loans Financing

Stop Foreclosure! Know What To Do

Stop Foreclosure! Is it possible? Yes, you can stop foreclosure if you take the appropriate actions immediately. Consider the following steps you can do to stop lenders from foreclosing your home:

Call your lender right away and request to speak with someone from the Loss Mitigation Department. This is the department that particularly handles foreclosure properties. Explain why you have missed on your monthly payments especially if you've been through difficult circumstances.

Know your options.

Usually, you may request for some options to stop foreclosure. One option would be to ask for Forbearance. This is where your lender can waive some fees on your debts to help you keep up with the payment.

Continue Reading Stop Foreclosure! Know What To Do

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Junk Fees: How To Avoid It When You Buy Your House

Surveys on mortgage loan borrowers show that most Americans are paying more than the actual costs of their homes. Additional fees or what are called "junk fees" burden most home owners on their home loans.

If you will not go out of your way and do your research, lenders will not give you any discount. Lenders are good at offering low rates at the start just to get you to sign up but once you're in, they can impose unreasonable costs on your loan at closing time. Here are some tips to avoid unnecessary mortgage fees:

Compare all fees, not just interest.

To avoid paying mortgage junk fees, don't just compare interest rates of each lender. Instead, compare all the fees involved in the loan, including initiation fee, administrative fees, processing fees, closing fees, etc.

Continue Reading Junk Fees: How To Avoid It When You Buy Your House

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The Keys to a Happy Retirement

Retirement is something that most people look forward to. The chance to take a break, to have all the time for yourself, to enjoy life after many years of hard work is indeed a very inviting prospect. However, financial instability makes the future of retirement a little bleak.

The Bleak Reality of Retirement

For many retirees, having an investment and savings can make a big difference when retirement arrives. In fact, recent surveys show that retirees today are only counting on their personal savings for support. Although the government gives Social Security, not all companies or employers provide traditional pensions for their employees. According to the Boston College Center for Retirement Research, in 2003 there were only 19% of workers who have traditional pensions to support them. This percentage continues to decline as more and more employers cut back pension plans for their employees.

Continue Reading The Keys to a Happy Retirement

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Home Loan after Bankruptcy - Is it Possible?

After the crisis of bad credit and filing for bankruptcy, perhaps you may feel intimidated of starting up new transactions. For instance, you may feel disheartened about purchasing a new home because of your bad credit history. However, even if you have a record of bankruptcy in your credit report, there is still a chance to make a new start.

Today, there are mortgage companies who are willing to grant home loan approvals for those who filed for bankruptcy in the past. Tough competition among lending companies in the market drives these lenders to give special home loan packages for those who have been through bankruptcy. As long you have been discharged from your debts, you can go right ahead and submit that home loan application.

Will Lenders Accept Your Application?

Continue Reading Home Loan after Bankruptcy - Is it Possible?

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Home Loans Financing Resources

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Khalid-Osman Nov 12, 2007 @ 8:57 am | delete

WOW, good shot Annie,

I wish you great great ventures with it.

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Pierce_This_2 Nov 2, 2007 @ 3:51 pm | delete

Very helpful information. You presented a 5 star lens. How to measure a belly button ring size

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Christopher_Scott Oct 31, 2007 @ 11:26 pm | delete

Great lens on financing. Keep up the hard work!

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ShortSaleRealtor Oct 17, 2007 @ 6:11 pm | delete

great lens 5 stars 4 u

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tplus Oct 16, 2007 @ 7:41 am | delete

Thanks for submitting your lens to Get Ratings, Give Ratings! but you have not fulfilled the rules by rating the required number of lenses. Please do so as soon as possible so that I can accept you into the group. DON'T FORGET TO LEAVE A BLURB! Thanks!

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ShortSaleRealtor Oct 12, 2007 @ 7:14 pm | delete

great lens 5 stars 4 u

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Pancakes Oct 11, 2007 @ 3:09 pm | delete

the Onyx card is indeed an interesting one ah...thanks

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Mark-Nehs Oct 9, 2007 @ 1:45 pm | delete

Saw you over at the Useful Information group. Great lens. 5 stars. All the Best, Mark Neh

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franke1 Sep 30, 2007 @ 2:09 am | delete

Hi, nice blog. Pretty informative. But,before you start signing papers with a broker, it is important to discuss fees. Brokers work on a commission basis and often receive lender fees. The broker is usually paid by the buyer or lender. You can pay the broker with cash, rebates, or proceeds from your loan. The fees are added to your total amount.

thanks, john http://www.thejohnbeck.tv

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Loyalis Sep 27, 2007 @ 6:27 am | delete

Great article, 5*. Welcome to the Financial Success Group!

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dock13sl Sep 25, 2007 @ 10:18 pm | delete

very nice lens very informative,great work!

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MCStylin Sep 24, 2007 @ 10:44 am | delete

Great lens here, very informative and comprehensive, 5 stars!

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Wayne_Long Sep 23, 2007 @ 8:47 pm | delete

Good lens. I gave you 5 stars. Check out my Real Estate lens.

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Loyalis Sep 22, 2007 @ 12:01 pm | delete

Great lens, 5 stars!

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ronpass Sep 19, 2007 @ 2:02 pm | delete

Hi Annie - a very informative lens particularly in the light of the current mortgage crisis in the US impacting worldwide, including here in Australia. You could use a lot more tags to boost your traffic.
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riff999 Sep 1, 2007 @ 2:29 pm | delete

Well organized lens. I enjoyed your style of writing and the articles themselves.
Best wishes ~Jane
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