Mortgage Loan Articles
Nationwide publishes home loan and refinancing articles that provide mortgage news and tips for consumers and lending professionals. We post exclusive articles about second mortgages, home equity loans, refinancing, debt consolidation and home purchase loans for consumers with good and bad credit. The mortgage articles below are published by Nationwide Mortgage Loans and authorized for use by the authors.
Best Time to Refinance – Timing the market is difficult, so get advice from the pros.
When to Refinance a Home – Borrowers should refinance if they can save money without extending the term of their mortgage.
How to Refinance with No Closing Costs – Stop wasting money and learn some tips for eliminating closing costs, lender fess and paying points.
Second Mortgages Behind Pay Option ARM Neg-Am Loans
Time may be running out for thousands of homeowners in Southern California. A few years ago when housing prices shot through the roof an estimated 50% to 70% percent of all home purchases used hybrid loans such as negative amortization and interest only loans.
Benefits of Debt Consolidation from a Secure Home Equity Loan
Debt consolidation loans mean that instead of paying a number of companies a monthly payment each month you will only have to pay one company. While there are quite a few pros and cons for debt consolidation loans, many people choose to take out a second mortgage or home equity loan to pay their bills down or completely off.
Refinancing Credit Card Debt with a Debt Consolidation Loan Secured with a Second Mortgage
The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), passed in October 2005, has made it significantly more difficult and expensive to file for bankruptcy and doubled the minimum payment requirements for credit card debt.
Difficulties Doing a Home Equity Loan Behind a Negative Amortization Mortgage (Payment Option Loans)
If you need a home equity loan to refinance debt and currently have a negative amortization loan as your first mortgage, you may find the Neg am can hold you hostage.
Should I Cash In on My Home Equity and Refinance My Current Mortgage Loan Before the Bubble Bursts?
A report in the Los Angeles Times shows, "When the price of houses in California soared 17 percent in 2003 and 22 percent in 2004, a curious thing happened: Instead of homeownership decreasing because fewer people could afford houses, it rose to record levels."
Second Mortgage Versus CCC
It is not uncommon these days to for a person or family to let credit card debt get out of control. We live in a credit driven society, and to survive the pitfalls of revolving credit and economic cycles you need to create an attainable budget and follow through with your fiscal plans.
Mortgage Refinancing Versus a Loan Modification
The foreclosure crisis has created a new opportunity for homeowners with bad credit or late mortgage payments to restructure their mortgage. Unlike a qualifying for traditional refinance loan, the loan modification has a different path but offers similar results as home refinancing. Article was written by Bryan Dornan.
Comparing Second Mortgage Loans
Many people think of a second mortgage as a fixed interest, lump sum loan. However, that is only one form of a second mortgage.
Home Equity Loans for Lower Payments
All debt is bad debt right? Wrong! Although it may sound counter-intuitive, there is such a thing as good debt.
10 Considerations for Refinancing a Home Equity Loan
Making the decision to refinance a home equity loan is an important choice which should involve a great deal of consideration. The following are ten key points for homeowners to consider when making this important decision of securing a second mortgage loan:
Bad Credit Mortgage Tips: Is it Wise to Consolidate Debt with Home Equity Loans?
Some may argue that the easiest way to put your home in jeopardy is to try to consolidate credit card debt by taking a home equity loan to pay off your credit card debt. While financial institutions will advertise the advantages of paying off high interest credit card debt with a home equity loan they may not inform you of all of the ramifications of using your home as collateral. Lately, FHA home mortgage loan options have been a popular alternative for subprime refinancing.
Bad Credit Mortgage Tips: Bankruptcy Versus Debt Consolidation Loans
In the past, struggling debtors behind in payments with no solution in sight could file a Chapter 7 bankruptcy and eliminate any unsecured loan. With the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 now in effect, filing a bankruptcy is not the easy answer it used to be.
Financing a 2nd Home with a Second Mortgage or Refinance
If you have equity and good credit, your second home may be easier to finance than you think.
Refinance? Home Equity Loans? Personal Unsecured Loan?: Best Loans for Homeowners to Cash Out
People need or want extra cash for a variety of reasons. For some, the extra cash provide them with a feasible way to pay off high-interest debts and loans, for others the extra money offers them a way to improve or build onto their primary homes, or buy second homes for investment properties or vacation homes.
Equity Loans to 125% - Debt Consolidation Solutions
Have you ever wished that you could get more than you home is worth through a 2nd mortgage? Well, you can. It's called a home equity loan to 125% loan. When you choose to obtain a home equity loan to 125%, you will receive a loan in the amount of 125% of your home's worth.
Second Mortgage Tips - Useful Refinance Loan Advice
With mortgage interest rates rapidly rising, now may be the time to refinance your variable interest rate home equity line of credit (HELOC) or adjustable rate mortgage (ARM) home equity loan into a fixed interest rate second mortgage. By refinancing your existing home equity loan or line of credit you could save a lot of money in the long run.
Refinance Loan Tips: Debt-to-Income Ratio?
Your debt to income ratio compares the amount of your debt (minus your mortgage payment) to your gross income. The first step in calculating your debt-to-income ratio is figuring your gross monthly income, which is the amount you earn prior to all deductions
Debt Consolidation Loans: Home Equity or Unsecured Loan? - By Maria Ny
Debt consolidation loans are a popular way for people to free up money each month by consolidating several monthly credit card payments into a single lower interest loan. But, the question is whether it's best to consolidate those debts into a home equity loan or an unsecured debt consolidation loan.
Home Equity Loan Advice: Why Home Equity Rates Are Higher Than 1st Mortgage Interest Rates - Katharine Norman
If you are looking for a home equity loan - most likely a fixed-term second mortgage, or a line of credit - maybe you're starting to wonder why home equity rates are generally higher than all those great first mortgage packages? There are quite a few reasons. For a start, you're comparing apples and oranges -they're different breeds of loan, and the interest rates reflect the different features offered by each.
40 Year Fixed Rate Mortgage or Interest Only Mortgages? Pros & Cons of these Controversial Loans - By Justin Levine
The modern mortgage market has tried to accommodate all varieties of potential mortgage seekers through options. Whether you're a first time buyer, a dual property owner, or seeking to invest, the right mortgage for you is available. Many homebuyers are choosing 40 Year Mortgage loans, Interest Only Mortgages, and other mortgage options in order to obtain the home that may have seemed unattainable.
Benefits and Risks of the 125% Home Equity Loan - By Lynda Nelms
There are many great benefits of the 125% home equity loan and it appears that this financing legend is making quite a comeback. Mortgage Lenders across the country are reporting an increased volume for home equity loan transactions. Let's examine these non-conforming 2nd loans that don't require you to have any equity and consider the pros and cons of these popular second mortgages.
When Is The Best Time For A Home Equity Loan?
Home equity loans can be efficient tools for financing home improvements, investments and consolidating credit card debt. Home equity lines of credit can improve cash flow, and provide flexibility for investing. Having an equity line of credit can provide a safety net of cash reserves for family emergencies and investment opportunities. We suggest getting approved for a home equity loan when you need it least.
Should I Get a Home Equity Mortgage With a Fixed or Adjustable Rate? By David W. Johnson
The second mortgage choices of which kind of loan are easy. It really comes down to two home equity options: a fixed rate loan or an adjustable rate loan.
Should I Get a Refinance Loan With a Fixed or Adjustable Rate? By Carolyn Staggs
Home equity can be converted into money through one of several different instruments. The chore is to find out which one loan is right for your situation.
Benefits of an Equity Line of Credit - (second mortgage) By Justin Levine
Many consumers have welcomed the ever-increasing trend of an Equity Line of Credit as one of their primary credit options. An equity line of credit allows you to use the existing value contained within your property to access additional funds via a lender.
Should I Finance a Second Home for Investment Purposes with a Fixed or Adjustable Rate Mortgage? By Rebecca O Connor
A recent survey done by the National Association of Realtors (NAR) demonstrated that the second home market is much larger than anyone suspected. In fact 36 percent of all homes purchased last year were second homes.
Refinance or Second Mortgage? by Lynda Nelms
Combining first and second mortgages into one loan can be challenging, but sometimes it makes sense financially as well as being practical. In my borrower's case, the best option was to leave his first mortgage alone, and simply refinance his 125% home equity loan with a 95 or 100% second mortgage to lower his monthly payments.
125% Second Mortgage Loan Still Survives By Barry Donavan
Many mortgage industry experts believed the 125% Second Mortgage would never perform in the market. It been over 10 years since the advent of the 125% home equity loan, and as the real estate market begin to decline, the 125% second mortgage may be destined for a comeback. The 125% loans are innovative second mortgages because they allow homeowners to borrow up to 125% of their homes' value.
Are Second Mortgages Hips Again? By Barry Donavan
In the last 3 years, millions of homeowners were fortunate enough to lock into thirty year fixed rate mortgages at 5.5%. With the market shifting and the rates climbing, it's time to consider second mortgages for getting cash. There is no reason to refinance your great rate on a $300,000 mortgage to get $40,000 in cash.
The 2nd Annual Second Mortgage Awards By Barry Donavan
It was a great night for home equity loan insiders to see how their second mortgage products were performing. Brendon Daly, a key note speaker for the evening said, "It's a night when the second mortgage finally gets to stand at center stage, un-shadowed and clearly not worried about what the big brother first mortgage thinks."
Fixed Rate Second Mortgage or Variable Home Equity Line of Credit? Home Equity Report 2006 By Barry Donavan
Examine the features and benefits of the latest home equity loan products of 2006. Understanding the differences between fixed rate second mortgage loans and variable rate credit lines can help you make the right decision with your home's equity.
Ask Linda? Financing Commentary - Volume 3
Are you still on the fence for a Refinance? Lynda answers refinancing questions from homeowners.
Ask Linda? Financing Commentary - Volume 4
Fixed Mortgage vs. Adjustable Rate Mortgages: Find out which type of mortgage is best for your financial needs.