The FHA reverse mortgage program, in situations where a mortgage has been settled in its entirety or with a small balance remaining, allows you to borrow funds against the equity of your home. This facility is provided to homeowners who presently live in the home that the borrowing is going to be made against and …
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Discount points, are points that you can buy when closing on a real estate transaction to lessen the interest on your mortgage. These points reduce the overall interest rate you pay on the mortgage, with a fixed reduction for every point you buy. Unfortunately, more often than not, the cost of buying the discount points …
If you provide false information on your mortgage application, it constitutes mortgage fraud. Most applicants add a white lie or two on their forms, often because they do not know how serious the issue is, or worse, because their real-estate agent suggested they do so and assured them that there is no harm in doing …
A mortgage is not a home loan. Most Americans refer to their home loans as mortgages. However, there is a significant difference between the two. It is a security instrument that you give to the lender, a document that protects the lender’s interests in your property. Here are a few facts about mortgages: There are …
In the second aricle on health insurance options when taking on a mortage, today we look at critical illness insurance. This insurance pays you a lump sum (a one off payment) if you are a victim of a limited number of critical illnesses. If you contract one of these critical illnesses, chances are that you …
This week we will be looking at different types of health insurance that you can take when taking a mortgage, to ensure both payment of your mortgage and to protect you and your family from reposession of your home in the event of a tragedy. In the first of two artciles this week, we look …
Mortgage indemnity insurance is something that comes up for a lot of first home buyers. It is usually based around the loan to value ratio of the mortgage. The loan to value ratio of the mortgage is the ratio between the amount of the loan and the actual value of the property being mortgaged. Generally …