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Mortgage Refinancing Articles
Mortgage Glossary
September 12, 2008
Annual Percentage Rate (APR) is an interest rate that factors in costs and fees for your mortgage loan in addition to the mortgage rate. APR is expressed as a yearly rate of interest and was intended to give you an idea of the total cost of borrowing. Annual Percentage Rate is not the mortgage rate [...]
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September 11, 2008
Cash out mortgage refinancing is a less expensive option for tapping into your equity than home equity lines of credit or second mortgages. Here is the basic definition of a Cash Out Refinance. Suppose for example, your home is valued at $350,000 and you owe $150,000 on your existing 30 year, fixed rate mortgage. It [...]
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September 4, 2008
Mortgage Insurance, also known as Private Mortgage Insurance (PMI) can add hundreds of dollars to your monthly payment amount with no benefit to you, the homeowner. Here are the basics you need to know about mortgage inurance whether you are purchasing your home or refinancing an existing loan. Mortgage Insurance is a policy you pay [...]
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September 3, 2008
When you take out a mortgage the appraisal is part of the package sent to underwriting at your lender. It doesn’t matter if the mortgage is to purchase your home or to refinance, you must have a recent appraisal in order for the lender to approve your home loan. Your home’s appraisal is an estimate [...]
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September 3, 2008
FHA mortgages are a type of government backed home loan. While FHA mortgage loans have been around for some time, the program was recently expanded to include FHASecure loan offerings to assist homeowners with adjustable rate mortgages that they can no longer afford. Here is the basic definition of FHA Mortgage Loans. FHA Mortgage Loans [...]
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My name is Robert Regehr and I’m a personal finance blogger with a chip on my shoulder for banks and mortgage brokers that take advantage of my friends and neighbors.
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