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
What Comprises Your Credit Score
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
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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
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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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Mortgage rates fall
Latest News from CNNMoney.com
Fixed 30-year rate slips to 6.33% on market worries of a slowing economy, a weekly report shows.
NEW YORK (CNNMoney.com) -- Fears of a slowing economy over the next few months helped push mortgage rates lower, Freddie Mac reported Thursday.
The government-sponsored loan buyer said the rate on a 30-year fixed-rate loan averaged 6.33 percent for the week ended Oct. 25, down from 6.4 percent last week.
Bankrate.com
Current Mortgage Rates
Type Overall avgs
30 yr fixed mtg 5.87%
15 yr fixed mtg 5.48%
30 yr fixed jumbo mtg 6.53%
5/1 ARM 5.58%
5/1 jumbo ARM 6.01%
Find personalized rates:
Last year at this time, 30-year mortgage rates averaged 6.40 percent.
Continue Reading Full News
NEW YORK (CNNMoney.com) -- Fears of a slowing economy over the next few months helped push mortgage rates lower, Freddie Mac reported Thursday.
The government-sponsored loan buyer said the rate on a 30-year fixed-rate loan averaged 6.33 percent for the week ended Oct. 25, down from 6.4 percent last week.
Bankrate.com
Current Mortgage Rates
Type Overall avgs
30 yr fixed mtg 5.87%
15 yr fixed mtg 5.48%
30 yr fixed jumbo mtg 6.53%
5/1 ARM 5.58%
5/1 jumbo ARM 6.01%
Find personalized rates:
Last year at this time, 30-year mortgage rates averaged 6.40 percent.
Continue Reading Full News
Existing home sales fall more than expected
Latest News from Yahoo Finance
CNNMoney.com
Existing home sales sank 8 percent last month, to the lowest pace on record, according to the latest reading on the state of the battered real estate market released Wednesday.
Sales of existing homes slowed to an annual pace of 5.04 million in September, according to the National Association of Realtors, compared with the revised 5.48 million sales pace in August.
Last month's decline marks the largest since the current measure of existing home sales - which includes multiple-family dwellings - began being tracked in 1999.
Economists surveyed by Briefing.com had forecast that sales would slow to a 5.25 million
Continue Reading Full News
Existing home sales sank 8 percent last month, to the lowest pace on record, according to the latest reading on the state of the battered real estate market released Wednesday.
Sales of existing homes slowed to an annual pace of 5.04 million in September, according to the National Association of Realtors, compared with the revised 5.48 million sales pace in August.
Last month's decline marks the largest since the current measure of existing home sales - which includes multiple-family dwellings - began being tracked in 1999.
Economists surveyed by Briefing.com had forecast that sales would slow to a 5.25 million
Continue Reading Full News
Subprime bailout reality check: Taxpayer toll
Latest News from Yahoo Finance
By Jeanne Sahadi, CNNMoney.com senior writer
Lend a hand to distressed homeowners? No way, say many, who worry the tab will come out of their pockets as taxpayers.
Some proposals, it's true, would be directly financed by taxes. For example, the Senate voted in favor of an appropriations bill that earmarks $100 million to provide housing counseling for those facing foreclosure.
But some proposals would cost taxpayers money only in a worst-case scenario.
Continue Reading Full News
Lend a hand to distressed homeowners? No way, say many, who worry the tab will come out of their pockets as taxpayers.
Some proposals, it's true, would be directly financed by taxes. For example, the Senate voted in favor of an appropriations bill that earmarks $100 million to provide housing counseling for those facing foreclosure.
But some proposals would cost taxpayers money only in a worst-case scenario.
Continue Reading Full News
Hold onto car when filing bankruptcy
Latest News from Yahoo Finance
Terry Jackson
Dear Terry,
I recently filed Chapter 7 bankruptcy and have decided not to keep my car because I'm upside-down on the loan. Although I read that people who file bankruptcy can get a car and a mortgage, how hard will it be? How long before the car company picks up the car? Is leasing a better option than buying? I don't want to end up in worse shape. Please help!
-- Melissa
Dear Melissa,
Don't be fooled into thinking that the moment your debts are discharged, getting new credit will be easy or cheap. While there are lenders who will give you a car loan, the interest rate and terms will likely be brutal. It's doubtful that you will be able to lease a new car, either.
Continue Reading Full News
Dear Terry,
I recently filed Chapter 7 bankruptcy and have decided not to keep my car because I'm upside-down on the loan. Although I read that people who file bankruptcy can get a car and a mortgage, how hard will it be? How long before the car company picks up the car? Is leasing a better option than buying? I don't want to end up in worse shape. Please help!
-- Melissa
Dear Melissa,
Don't be fooled into thinking that the moment your debts are discharged, getting new credit will be easy or cheap. While there are lenders who will give you a car loan, the interest rate and terms will likely be brutal. It's doubtful that you will be able to lease a new car, either.
Continue Reading Full News
ARM resets peaking: Borrowers unprepared
Latest News from Yahoo Finance
By Les Christie, CNNMoney.com staff writer
About $50 billion in adjustable rate mortgages reset this month, driving interest rates up for many borderline borrowers. And despite efforts to raise awareness, it doesn't look like anyone is really prepared for what's to come.
"I don't know if there's anything much [borrowers] can do," said Keith Gumbinger of HSH Associates, a publisher of mortgage related information. "Hopefully, they've been prudent about preparing for it, building a nest egg or refinancing the loan."
But most borrowers are likely to just scramble to pay the higher expenses - some of which will jump by 50 percent and come as a big surprise.
Continue Reading Full News
About $50 billion in adjustable rate mortgages reset this month, driving interest rates up for many borderline borrowers. And despite efforts to raise awareness, it doesn't look like anyone is really prepared for what's to come.
"I don't know if there's anything much [borrowers] can do," said Keith Gumbinger of HSH Associates, a publisher of mortgage related information. "Hopefully, they've been prudent about preparing for it, building a nest egg or refinancing the loan."
But most borrowers are likely to just scramble to pay the higher expenses - some of which will jump by 50 percent and come as a big surprise.
Continue Reading Full News
A Profit Shrivels Amid the Housing Blowup
Latest News from Yahoo News
BySuzanne Barlyn, Special to TheStreet.com
The subprime mortgage crisis that dragged the country's housing market down this year hit our family's pocketbook in a big way.
How big?
We came up $140,000 short of our expectations.
We had braced ourselves before listing our house in a sagging real estate market, knowing we'd have to lower our expectations about the sales price. That didn't stop our stomachs from churning, however, when we finally agreed to a sales price that was substantially lower than where we started.
Our perceptions of property values during 12 years as homeowners were guided by the unrealistic frenzy of a hot seller's market. We sold our first home for the full asking price in 1999, within days of posting the "for sale" sign. But a surprising development unfolded after listing our home in West Windsor Township, N.J., in April: nothing.
Continue Reading Full News
The subprime mortgage crisis that dragged the country's housing market down this year hit our family's pocketbook in a big way.
How big?
We came up $140,000 short of our expectations.
We had braced ourselves before listing our house in a sagging real estate market, knowing we'd have to lower our expectations about the sales price. That didn't stop our stomachs from churning, however, when we finally agreed to a sales price that was substantially lower than where we started.
Our perceptions of property values during 12 years as homeowners were guided by the unrealistic frenzy of a hot seller's market. We sold our first home for the full asking price in 1999, within days of posting the "for sale" sign. But a surprising development unfolded after listing our home in West Windsor Township, N.J., in April: nothing.
Continue Reading Full News
No-money-down loan no more
Latest News from Yahoo News
by: Justin Harelik
Dear Bankruptcy Adviser,
We bought a preconstruction home in Florida. Finishing the home took almost a year, and now loans have changed. We can no longer buy with a no-money-down, non-qualifying loan. We do not have the 5 percent to 10 percent they want. What should we do?
-- Nancy
Dear Nancy,
You are not the first to realize that preconstruction home purchases are a risky proposition. Like most, you probably bought the property during Florida's dramatic property value increase. You probably thought that the market would not go down. Therefore, when you needed to get a loan for that property, it would be easy to get 100 percent financing.
Continue Reading Full News
Dear Bankruptcy Adviser,
We bought a preconstruction home in Florida. Finishing the home took almost a year, and now loans have changed. We can no longer buy with a no-money-down, non-qualifying loan. We do not have the 5 percent to 10 percent they want. What should we do?
-- Nancy
Dear Nancy,
You are not the first to realize that preconstruction home purchases are a risky proposition. Like most, you probably bought the property during Florida's dramatic property value increase. You probably thought that the market would not go down. Therefore, when you needed to get a loan for that property, it would be easy to get 100 percent financing.
Continue Reading Full News
Home sales fall, job market resilient
Latest News from Yahoo Finance
By Glenn Somerville
WASHINGTON (Reuters) - Sales of new homes plunged in August and prices posted their biggest year-on-year drop in nearly 37 years, the U.S. Commerce Department said on Thursday, underlining the depth of problems facing the housing sector.
A separate report from the Labor Department showing new claims for unemployment insurance fell a surprising 15,000 last week to 298,000 implied the drag from housing was not spilling into labor markets. Even so, speculation flared that the Federal Reserve will have to cut interest rates further to counter an economic slowdown.
Continue Reading Full News
New-Home Sales Tumble to 7-Year Low
Latest News from Yahoo Finance
By Jeannine Aversa, AP Economics Writer
New-Homes Sales Tumble in August to Lowest Level in 7 Years
WASHINGTON (AP) -- New-homes sales tumbled in August to the lowest level in seven years, a stark sign that the credit crunch is aggravating an already painful housing slump.
Sales of new homes dropped by 8.3 percent in August from July, the Commerce Department reported Thursday, driving down sales to a seasonally adjusted annual rate of 795,000 units. That was the lowest level since June 2000, when sales clocked in at a pace of 793,000.
The home sales report came on the same day that the government reported a relatively brisk business growth rate in revised figures for the second quarter. But the 3.8 percent GDP figure was less than first estimated and it occurred before the credit crisis and its repercussions across the broad spectrum of the economy had taken hold.
Continue Reading Full News
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