Tag Archives: first mortgage

Taking Out Your First Mortgage

Taking out your first mortgage will most likely be the most significant financial decision you have ever made. Mortgages have steadily become more expensive over the past six months as the home market has weakened, supply far outrunning demand. The … Continue reading

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A Refinance On A First Mortgage Will Typically Cost You $2,000 To $4,000

Those are upfront fees. It’s usually not a good idea to refinance your mortgage to pay off student loans. Such loans have a lot of flexibility and fewer penalties than other types of loans. If you can get a Home … Continue reading

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Basic Reasons To Refinance

* Cut your monthly payment * Pay off your mortgage more quickly * Reduce your interest rate * Combine two mortgages into one Here’s more: If you have sufficient equity, you can merge your first and second mortgages, and then … Continue reading

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‘Real Estate Finance’

Jack Cummings writes: Whenever a seller anticipates holding secondary financing to facilitate the transaction, and the buyer will take out a new first mortgage to cover all or part of the balance due, that seller should be specific on the … Continue reading

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Why Didn’t These Mortgages Need Insurance?

From DallasNews.com: WASHINGTON — If the problem threatening to take down the economy is bad mortgages, then why isn’t mortgage insurance taking care of it? In the 1980s and 1990s, most homebuyers could not get a mortgage with a down … Continue reading

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Federal Housing Administration Single Family Mortgages

Julie Garton-Good writes in her 2008 book "All About Mortgages": FHA loan rates are lower than conventional rates. Low down payments on FHA loans and liberal undewriting guidelines make FHA loans particularly popular, stimulating demand. Lenders are insured against borrower … Continue reading

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One Couple’s String Of Foreclosures

From the New York Times: This is a tale of sex, lies and foreclosures. Simply renting out the house was a violation of the terms of their mortgage, but the lender, Countrywide Financial, evidently did not notice. A month after … Continue reading

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Alameda City Council Tossing Lifeline To Struggling Home Owners

California has been devastated by the  subprime crisis. Real estate values, which had boomed for a decade, are now crashing. Thousands of homeowners owe more on their homes than they are worth. Most of them are fighting on. Now they’ll … Continue reading

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What Is A Second Mortgage?

The Washington Post has an excellent real estate glossary, including this: · A mortgage with a lien position subordinate to the first mortgage. That means if the borrower defaults and the house is foreclosed upon, the second-lien holder will be … Continue reading

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What’s A Cash-Out Refinancing Loan?

Cash-Out Refinancing means refinancing your house for more than you owe, so you get a pack of cash. Here’s an excellent analysis of cash-out refinancing from bankrate.com: Homeowners today treat their houses like piggy banks, readily transforming their equity into … Continue reading

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