Archive for the ‘Mortgage’ Category
Home Loans and Mortgages – Time to Consolidate Loans?
Home equity loans and lines of credit are useful tools for homeowners. They allow the homeowner to borrow against the value of his or her home for all kinds of purposes ‘ home improvement, debt consolidation, vacations, and more. The loans, backed by the value of the house itself, come with attractive interest rates and the added bonus of tax deductible interest. That interest, however, is often variable, adjusting up and down with changes in market conditions. At the moment, conditions are such that interest rates for adjustable rate loans are increasing while rates for fixed-rate loans are still fairly stable. This is probably a good time for homeowners with variable rate equity loans to consider consolidating their primary mortgage and home equity loan into a single entity.
The ideal candidate for such a consolidation would be a homeowner who has a variable rate home equity loan, rather than a line of credit or an equity loan at a fixed rate. A line of credit is sort of a revolving loan, with an amount that may be drawn, as needed, time and again, much like a credit card loan. A home equity loan would represent a fixed amount of money borrowed for a specific length of time. To consolidate a home equity loan and a primary mortgage, the home would have to be refinanced with a new mortgage issued for the combined amounts of both loans. There are costs associated with this, so homeowners should consider the following:
Mortgage Broker Bond – All about Countrywide Finance Corporation
There comes a point in time when a situation would present itself that you would need to get additional financial aid through the form of a mortgage bond. Getting a mortgage bond with a reputable company is extremely important since it you guarantee you that you would not only be able to get the financial assistance you need. A highly reputable financial institution such as Countrywide Finance Corporation would provide you flexible mortgage programs which you can choose from based on your needs and ability to pay back the amount you have taken out in the form of a mortgage.
Countrywide Finance Corporation
Countrywide Finance Corporation is the largest home mortgage creditor in the United States. About 20% of the total home mortgages in the country, which account for about 3.5% of the Gross Domestic Product of the United States, have been attributed to Countrywide Finance Corporation. In July 2008, Countrywide Finance Corporation was acquired by the Bank of America.
Mortgage Glossary of Terms
Mortgage Glossary of Terms
A brief list of some of the most common Mortgage terms.
Adverse Credit The term used if the borrower has a poor credit history. This could include previous mortgage or loan arrears, bankruptcy or CCJ’s. Other terms used to describe an adverse credit mortgage include:
Bad credit mortgage Poor credit mortgage Non status mortgage Credit impaired mortgage No credit mortgage Low credit score mortgage
APR (Annual Percentage Rate) The interest rate reflecting the cost of a mortgage as a yearly rate. The APR provides home buyers with the ability to compare different types of mortgages based on the annual cost of each.
Arrangement Fee The fee you pay your Lender in return for them providing you with a mortgage. Usually paid on completion or with your application, these fees usually apply when you take out a fixed rate, discount or cashback mortgage.