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Mortgage Archives

What happens if you don't pay your mortgage?

When a mortgage becomes delinquent, there are a few things that happen depending on the length of the delinquency. There are a few stages of delinquency with the first at 30 days, the second at 60 and the third at 90. After 90 days pass without a payment, the lender begins the process of foreclosure.

Protect your home's value after a storm with these tips

Any kind of natural disaster can affect your mortgage since it affects the overall value of your home. After a disaster, you'll look into ways to repair your home, but making a decision on which repairs to make and who to work with can be complicated. That's why the Better Business Bureau has tips for people in your situation.

Mortgage rates are on the rise in the United States

As someone interested in purchasing a home, one of the most important things to understand is your mortgage rate. Shopping for a good mortgage rate is vital, because even a percent difference on a loan can mean thousands of dollars spent on interest that you'd rather spend on your loan's principal balance. Over time, you could end up spending $20,000 or even $30,000 in interest alone.

Mortgage rates drop again in April

Mortgage rates play a major role in how many people take out mortgages and when. When mortgage rates are low, you can purchase a home with less interest, making it more appealing. When they're high, it's harder to get a mortgage with lower interest rates, making it less likely for people to buy at that time.

You can find a copy of your deed if it's been lost

If you want to sell a home but have lost the deed, don't despair. There are a few steps you can take to find a copy of the deed so that you can begin preparations for the sale. Recorded deeds are part of the public record, which makes it possible for anyone to obtain a copy.

Mortgage costs rise under Trump administration

With any new presidency, there are a number of things that change. Recently, the Trump administration reversed a cut in the Federal Housing Administration that had been implemented by former President Obama. This cut had been intended to decrease monthly payments for thousands of borrowers, which would potentially have helped boost the American economy.

Home sales fall in November following presidential election

Since the election of President-elect Trump, pending home sales have fallen by 2.5 percent across the United States. The number of pending home sales fell to the lowest level in close to a year in November after the election, according to the National Association of Realtors.

Mortgage underwater? Here's some tips to help

When you owe more on your mortgage than your home is worth, it's called being underwater. This problem has affected many Americans since the recession and continues to affect people all over the United States. According to Zillow, of those who purchased homes in the last five years, 29 percent owe more on those homes than the homes are worth.

What is a Federal Housing Administration loan?

If you're considering obtaining a Federal Housing Administration loan, you should understand exactly what it is. The Federal Housing Administration lends to borrowers who obtain mortgage insurance. The insurance protects the lender from a loss if the borrower defaults, which is why FHA loans are issued with lower interest rates and more flexible qualifications.