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A Short History Of The Mortgage
July 07, 2014 - Mortgages

(VMS Source)In the beginning, a mortgage was just a conveyance of land for a fee. The buyer paid the seller a set rate, with no interest, and the seller would sign over the land to the buyer. There were usually conditions that had to be met before the land would be the property of the buyer, just like today, but usually it was based upon the assumption that the land would produce the money to pay back the seller. So, a mortgage was written due to this fact, and the mortgage stayed in effect no matter if the land produced or not.

But this old arrangement was very lopsided in that the seller of the property, or the lender who was holding the deed to the land, had absolute power over it and could do whatever they liked, which included selling it, not allowing payment, refusing payoff, and other issues which caused major problems for the buyer, who held no ground at all. With time, and blatant abuse of the mortgage system, the courts began to uphold more of the buyer's rights so that they had more to stand on when it came to owning their land. Eventually, they were allowed to demand the deed be free and clear upon the payoff of the property. There were still steps taken to ensure that the seller still had enough rights to keep their interest safe and make sure that their money was paid.

In the U.S., some states have created their own version of the mortgage, which is why they are referred to as ìlien statesî. In England and Wales, the Law of Property Act of 1925 created a close parallel to the U.S.'s stance on mortgages. In 1934, mortgages began to be widely used again in the U.S., and the Federal Housing Administration helped to lower the down payments on homes to make it easier for buyers to purchase a home. During that time, around 40% of people in the United Sates owned homes. Now, that number is closer to 70%, due to the lower interest rates.

Although mortgages today have evolved into many different forms, they are still basically the same essential contract that they were in the beginning. Now, there are many more laws and regulations to help protect the buyer, seller, and creditor. There are also many different ways to lock in a low interest rate, you just need to talk to your mortgage broker about what the rates are now and what kinds of programs they offer to keep those interest rates low throughout the life of your loan.

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Consolidate 1st And 2nd Mortgages Into One Low Payment
July 07, 2014 - Mortgages
Refinancing both your first and second mortgages will result in one low monthly payment that could save you thousands in interest charges.

Strategies To Lower Your Mortgage Payment

You have a couple of options to lower your mortgage payment when refinancing. The first choice is to find a low rate mortgage. So even if you choose the same length for your loan, you will still see a savings in your monthly mortgage bill. Adjustable rate and interest only loans will give you the lowest payments, at least at the beginning of your home loan. But a fixed rate loan can also give you reasonable rates with security that they won't rise in the future.

The other option is to extend your loan term, especially in the case of your second mortgage which usually is for five to ten years. By consolidating your loans to a thirty year loan, you lengthen your payment schedule for principal, so you have a smaller payment. However, your interest rate and charges will be higher than with a shorter term.

Getting The Best Loan

Once you determine the type of loan and terms you want, do your shopping for a good lender to save even more money. Lenders will vary in how much they charge for closing costs and interest rates. The APR will tell you how loans compare overall, both in terms of rates and closing costs.

But if you are planning to move or refinance again in the future, then be wary of paying high closing costs. Even if they secure you a lower rate, you will only see a savings if you keep the mortgage for several years.

Don't base your lender decision based on posted loan rates. Ask for a personalized loan quote based on your general information. With more accurate numbers, you can make an informed choice as to who has the best financing for you.

If you would like to speak with one of the LifeandHomes Premier Mortgage Sponsors concerning a personalized loan quote, please fill out the form below.

 
Locating a Home Mortgage
July 07, 2014 - Mortgages
When it comes to a home mortgage, mortgage companies are very competitive, they want and compete for your business, so let them.

When it comes time for you to acquire a home mortgage for your first home or for a second home, or perhaps you are just looking to refinance. Whatever the case may be, it is important to shop around for a home mortgage.

There are many places these days to track down a home mortgage, the easiest being the internet. If you are a person with a good salary and excellent credit looking for a standard home mortgage, you shouldn't have much trouble tracking one down. It would be as easy as walking into your local bank branch and asking the branch manager to set up an appointment with someone in their mortgage department.

On the other hand, if you are a person whose credit is a little bit challenged, tracking down a home mortgage may prove to be a little bit more challenging. This is where the internet comes into play. There is a wealth of information to be found and people to help you achieve your dream of obtaining a home mortgage. The people that are capable of helping you if your credit is damaged or challenged are called mortgage brokers.

Mortgage brokers are not actual lenders. Their job is to shop around for a mortgage for you. Mortgage brokers easily have access to hundreds of wholesale lenders who lend to people with credit issues and unique situations. So, if your situation is unique, or you have credit issues, a broker may be ideal for you.

If your situation is unique, or your credit is challenged, it is still important to shop around for a home mortgage. By shopping around you will be doing yourself a huge favor, and you could possibly save yourself a bundle of money in closing costs and interest fees.

Allow for up to four brokers or loan officers to assess your situation, then wait for them to come back at you with an offer. The one that offers you the best deal within reason, should be the one you give most of your consideration to. Good luck.

If you would like one of the LifeandHomes Mortgage Sponsors to contract you, please fill out the form below.
 
Can your Mortgage be your Savings Account?
February 07, 2014 - Mortgages
It is becoming increasingly popular to use a mortgage in lieu of a low-interest savings account. Is this a good idea?
 
Considering a Mortgage Refinance
February 07, 2014 - Mortgages
If you are looking for a mortgage refinance, it never hurts to shop around for the best rate and deal. Shopping around could mean the difference between paying or saving thousands of dollars in closing costs, and interest fees.
 
Tips On Home Mortgage Refinancing
January 24, 2014 - Mortgages
Home mortgage refinancing can be a sound financial move for any homebuyer, most especially if the interest rates are ideal.
 
How to Pay off Your Mortgage Early
January 06, 2014 - Mortgages
A mortgage is generally one of the biggest debts that a person faces in life, and a large part of that expense is due to the interest that is added on as time goes by.
 
Understanding Credit Scoring or Second Mortgage Loans.
July 09, 2013 - Mortgages
For years, lenders have utilized credit scoring to determine whether or not an individual is a good credit risk. Credit scoring has recently become a hot topic, due in large part by the mortgage lending industry and willingness to use the process to evaluate one's likelihood of repaying home mortgage refinancing or second mortgage loans.
 
Save Thousands On Your Mortgage
June 07, 2013 - Mortgages
Interest on the average home mortgage will cost the homeowner nearly TWO TIMES the cost of the home.
 
Loan Process Steps
May 02, 2013 - Mortgages
The adventure begins. As you enter into a loan process, be diligent in expressing your concerns with questions you need answers to. Fining out your plans, and the results you want from refinancing your home is our beginning point.
 
Locating a Down Payment
May 01, 2013 - Mortgages
There are many of us out there that have not had the luxury to save as much as we would have liked for various reasons. With this challenge at hand, we will need to track down a source for a down payment
 
Looking For An Adjustable-Rate Mortgage?
April 19, 2013 - Mortgages
An adjustable rate mortgage is called as ARM in short and it is a type of mortgage where the interest rate is linked with economic index, in this adjustable rate mortgage your payment and interest rate are adjusted accordingly when there is an ups and down in the changes of the index.
 
3 Terms Every Mortgage Holder Should Know
April 16, 2013 - Mortgages
Getting a mortgage can be a very confusing process. There is a lot of paperwork to sign, documents to read and procedures to be followed. You'd think you were applying to go to Harvard or Yale, except they don't require that much paperwork for you to be admitted!
 
Tips for Locking In the Lowest Mortgage Rate
April 15, 2013 - Mortgages
Whether you are a first time home buyer, or you have been purchasing real estate for years, one of your main goals other than finding the perfect piece of property is to make sure that your mortgage rate is as low as possible. Anyone who has had to navigate the tricky waters of the mortgage markets knows that rates can vary day by day and knowing when to lock in the rate can save you thousands over the life of the loan.
 
100 Percent Mortgages
February 22, 2013 - Mortgages
A 100 percent refinance will be more expensive then a typical refinance. This is because one is borrowing against the full value of their home.
 
Keep Your Home Warm and Safe
January 07, 2013 - Mortgages
Low-cost and no-cost ways homeowners can save money this winter.
 
Need A Style Lift For Your Home?
August 03, 2012 - Mortgages
Homeowner trend moves toward home makeovers instead of upgrading to a new one.
 
Tips on Buying and Financing Your First Home
May 09, 2012 - Mortgages
Tips for first time home buyers.
 
Pros And Cons Of Modifying Your Mortgage
November 02, 2011 - Mortgages
What you need to know before deciding on mortgage modification.
 
FHA Loan Limits Could Effect Buyers and Sellers
August 29, 2011 - Mortgages
Lawmakers are discussing changes to the FHA that could have a significant effect on home buyers and sellers, as well as the future of the real estate market.
 
What You Should Know About Strategic Default
August 01, 2011 - Mortgages
What happens when you walk away from your mortgage commitment?
 
Tips To Pay Down Debt and Avoid Bankruptcy
June 08, 2011 - Mortgages
If you're struggling to pay your bills it's critical to act quickly to avoid bankruptcy,
 
Finding the Right Mortgage and Lender
March 18, 2011 - Mortgages
Information and terms you need to know as you enter the home buying (or refinancing) market.
 
Three Steps to Ensure You Get the Best Deal When Buying a House
February 28, 2011 - Mortgages
How to ensure you're well positioned to take advantage of the current buyers' market.
 
What You Need To Know About Getting A Mortgage
February 02, 2011 - Mortgages
New rules make securing a mortgage more challenging.
 
Ten Important Questions To Ask Your Mortgage Broker
January 03, 2011 - Mortgages
What to ask before you sign for a mortgage.
 
Mortgage Payments Sending You Reeling?
August 30, 2010 - Mortgages
How to help save your home, and how to recognize and avoid foreclosure scams
 
Upside-Down In Your Mortgage?
August 03, 2010 - Mortgages
Choosing to default on your mortgage will take a significant toll on your credit rating
 
Avoiding Default and Foreclosure
June 02, 2010 - Mortgages
Consider discussing the following prevention options with your loan servicer
 
Too Much House?
January 26, 2010 - Mortgages
How much house is too much? Your mortgage payment should not be more than 25% of your take-home pay. Do the math.
 


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