You are probably well aware that unless you provide a down payment for your mortgage loan of at least 20% of the property’s value, you will have to pay each month PRI which stands for Private Mortgage Insurance. This means that anything above 80% of financing will cost you significantly more. However, with 80/20 mortgage loans you can save on mortgage insurance.
80/20 mortgage loans are actually two loans in one. Read Full Article
If you are a homeowner and are in need of some extra cash, you may want to consider getting a home equity loan. Equity is the amount of value you have paid off on your property. For instance, if your home mortgage is worth $150,000 and you have paid off $50,000 of your mortgage, you have $50,000 in equity on your home. With this equity you have in your home, you can take out a home equity loan on this money.
Currently on the market, there are many varieties of mortgage loans available. Sometimes it can be difficult to tell which mortgage loan is suitable and applicable to you.
I will discuss the 3 main types of mortgage loans on the market. Most banks and lenders offer mortgage loans that belong to one of these categories.
1. Fixed Mortgage Loan
Fixed mortgage loans are the most popular a Read Full Article
You keep hearing about home equity loans.
The bills are out of control and you need a new car. “Maybe we can get a new carpet and paint the house”, you say to yourself. And, you keep hearing about home equity loans.
These are just a few reasons why home equity loans can seem like the solution to all your problems and are so popular.
Home Equity Loans: The Upside and Downside
Home equity loans can be Read Full Article
A home equity can be a great way to to get some money fast. Home equity loans are also sometimes called second mortgage. They allow a homeowner to borrow money from the equity they have in their home. Home equity loans can be for as much as $100,000 allowing homeowner to borrow to do renovations, pay off debt, etc. The interest on a home equity loans is tax deductible which has made this type of loan quite popular in the 1990s. Read Full Article
