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The Right Mortgage For You

Learn about the mortgage process including rates, fees, brokers, etc. Also find out what to do if you facing problems with your mortgage.
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Shopping for a Loan
What is APR?
What is loan to value ratio (LTV)?
How much downpayment is required for a home loan?
How important is the loan term?
Why do lenders ask to see recent paystubs?
What is included in each mortgage payment?
What are mortgage points?
What are the advantages and disadvantages of getting a mortgage loan with a bank as opposed to a mortgage broker?
If I have a payed off house under my name and its been a few years since I payed it off, could I ever be considered a first time buyer again?
How do I know I have a great broker? Are there some statistics somewhere that I can look up, about the individual broker that tells me he/she is experienced, or that they are a good fit for my situation?
What is a mortgage?
What is the proper mortgage for my income?
How can I get prequalified for a mortgage?
Loan Types
What is a "piggyback loan"?
What are the benefits of interest only mortgages and why are they so popular?
What is negative amortization?
What is a teaser rate mortgage?
What is the difference in a fixed rate mortgage and an adjustable rate mortgage?
What is a balloon mortgage or balloon payment?
What is an FHA loan?
What is a hybrid loan?
What is an interest only loan?
What are sub-prime loans?
What are jumbo loans?
What exactly is an option arm?
What is a reverse mortgage?
How does the construction loan process work?
Who can qualify for an FHA Loan?
What are VA Loans and how do they work?
Mortgage Troubles
What is a loss mitigation specialist?
My adjustable rate mortgage is about to reset to a higher rate, what should I do?
I have an adjustable rate 1st mortgage and a fixed rate 2nd mortgage. I need to refinance the 1st to a fixed rate. My home value is less than my combined loans. Will the appraisal be a problem?
I am stuck in a adjustable rate mortgage and unable to refinance due to not enough equity. Can I sell my house to my wife who is not on the loan and who would be a first time buyer in order to get a better rate?
I'm facing foreclosure. Can I just give my house back to the bank?
Why did this mortgage crisis happen?
How do i know whether or not i am dealing with a scam company in reference to loan modifications?
What if I decide to just vacate the house and mail the keys to the mortgage bank?
Can anyone tell me how these high risk loans came into being? Who first created them? Was it legislation? Was it just a choice by one huge lender, which then caught on, or several little lenders, slowly creating a standard? I guess what i'm asking is who's big idea was this? thanks for your time
What to do if you cant pay your mortgage?
Securing A Loan
What is a yield spread premium?
How does the mortgage application process work?
I have a friend who thinks that mortgage brokers charge more fees than a bank would. I have to think banks are making money when they fund a mortgage just the same as a mortgage broker. What is the difference in the way mortgage brokers and banks make money off of my mortgage loan?
Whats the difference or relationship between mortgage brokers and mortgage originators?
What is a good faith estimate?
What is a truth in lending disclosure statement?
What is RESPA?
What will a lender look at when I apply for a mortgage?
What is the difference between a mortgage broker, banker and lender?
How do mortgage brokers make money?
What do I do if I get turned down for a loan?
What does it mean to buy down a mortgage?
How long does it take to close on a loan?
Refinancing
How soon after can I refinance after purchasing a house?
HI, I have heard of a refinace mortgage, with the same lender, that forgos many fees, such as appraisal, etc. ..what is the name of this type of loan?
What fees are associated with refinancing a home loan?
Home Equity / HELOC
What are the pros and cons of home equity loans?
Is there a difference between a home equity line of credit (HELOC) and a home equity loan?
If we have equity line of credit is it better to payoff 2 car payments instead of paying 3 different interest rates? Thanks
How and when is the heloc principal paid back on this Mortgage Acceleration?
Can I as a home owner sell my house to a friend and gift them part of my equity as their down payment?? I am from Wisconsin.
I got a HELOC loan 2 yrs ago. It started out at a reasonable interest rate. In the last year it has gone up to 10%. Why is it not dropping now that the interest rates are declining? Is it an oversight of the bank?
What is the difference between a HELOC and a HELOAN?
What is the formula for home equity? Is it fair market value minus amount owed on property?
How do I get the equity out of my home?
What is a home equity loan?
What happens to my HELOC if my bank goes out of business? If the bank that carries my HELOC is on the brink of defaulting should I pull all of my funds out of the HELOC? What happens to the payment schedule?
What is the definition of home equity?
Mortgage Rates
What drives changes in mortgage rates?
Why do mortgage rates vary around the country?
What are the current mortgage rates?
Should I lock my mortgage rate and how does a lock work?
How do mortgage rates work? How are they set?
How does the mortgage rate affect the amount you pay long term?
I am closing on a house I am building in 6 months from today. How early can I lock in a rate?
A previous question is "my mortgage company sold my mortgage, what does this mean?" In the answer, we are told mortgage reselling helps "keep mortgage rates low" and "helps fuel all facets of the ... economy in general." How is this true? Isn't mortgage reselling also helping to fuel the current financial crisis by encouraging an explosion of bad loans that have been resold quickly to unwary investors?
What is APR?
How do Fed rate cuts affect mortgage rates?
If my rate has been locked but the house is not yet closed, and the mortgage rate is less than before (when it was locked), can the lender change the rates accordingly or does it need to be refinanced once we've bought the house?
Where do I find the best Jumbo Mortgage Rates?
As a borrower, what are my responsibilities when I lock a rate for a mortgage? Can I bow out of the lock by just not signing the final loan papers?
How will the Fed buying mortgage backed securities help the economy?
What is a lender talking about when they refer to their rate sheets?
What bonds effect mortgage rates?
What are some tips for rate shopping online and offline?
Why are the two different rates to every mortgage? Why is there an interest rate and a APR rate? What is the difference?
Why is the APR so much higher than the rate?
Mortgage Servicing
My mortgage company sold my mortgage, what does this mean?
What is a mortgage pre-payment penalty?
How do banks or mortgage institutions make money by selling my mortgage?
Why can a mortgage company sell your mortgage without your permission?
How do you make money selling a mortgage?
Who owns my mortgage? Fannie Mae? Investors? A bank? A mortgage lender?
What happens to a home mortgage is a lender goes bankrupt?
What is a portfolio lender?
What is a loan servicer?
How can you find out if your mortgage was bought by either Fannie Mae or Freddie Mac ?
Other Mortgage Questions
Who is the FDIC and what functions do they perform?
Can you pay only to the principal and not on the interest when your mortgage is due?
How does seller financing work?
What are private mortgage investors?
Can closing costs be added to the loan?
How do I write a Mortgage Hardship Letter? Can you provide an example?
Who regulates mortgage companies?
How do banks determine mortgage delinquency?
If I pay down my mortage will my monthly note decrease?
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