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Here’s What You Need To Know About Blanket Mortgage
Mortgage

Here’s What You Need To Know About Blanket Mortgage

There are many different types of mortgages in the finance and real estate market. However, one of the most popular types of mortgage loans is a blanket mortgage. What does a blanket mortgage mean? The idea behind a blanket mortgage is quite simple – get a single loan by putting up more than one piece of real estate as collateral.
Here’s What You Must Know About No Documentation Mortgage
Mortgage

Here’s What You Must Know About No Documentation Mortgage

A no documentation mortgage is a kind of mortgage that does not require mortgage lenders to note down or document the mortgage borrower’s assets or incomes. In the present times, no documentation mortgages are no longer issued. In fact, these mortgages are sometimes considered illegal as they completely violate the primary requirement of lending, i.e.
Here’s How To Use Junior Mortgages Effectively
Mortgage

Here’s How To Use Junior Mortgages Effectively

Any mortgage that you take after a primary or first or senior mortgage is called a junior mortgage. If your house faces a foreclosure, you will be required to pay the senior mortgage first. How a second mortgage works A second mortgage or a junior mortgage is a type of loan that is granted to you against a house that already has a loan on it.
Here’s How To Qualify For Non-Conforming Mortgage
Mortgage

Here’s How To Qualify For Non-Conforming Mortgage

Once you have found the right home for yourself, you need the right type of mortgage. There are two types of mortgages: conforming and non-conforming. Conforming mortgages conform to standard guidelines of banks. Mortgages that do not conform to standard loan criteria or that do not meet the guidelines of government-sponsored enterprises (GSEs), and therefore cannot be sold to them are called non-conforming mortgages.
Here’s How Mortgage Insurance Can Be Useful
Mortgage

Here’s How Mortgage Insurance Can Be Useful

Mortgage insurance is an insurance policy to protects lenders in the case of defaults on payments by the borrower or in the case of death of the homeowner. Mortgage insurance can be paid in two ways. It can be paid in the form of a lump sum payment at the start of the mortgage term or can be paid during the term of the mortgage loan.
What Is An Underwater Mortgage
Mortgage

What Is An Underwater Mortgage

The market is an extremely unreliable place. We have witnessed its decline for the past several years. If we are to consider the real estate market alone, it has faced a lot of criticism for being a highly unreliable marketplace. Fortunately, we have experienced nothing but growth in the real estate sector for over a decade now.
What Is A Balloon Mortgage And Ways To Pay It Back
Mortgage

What Is A Balloon Mortgage And Ways To Pay It Back

Everybody knows about the Adjustable Rate Mortgage (ARM) but not many know about a balloon loan and how it can help individuals manage their financial needs without getting into the EMI hassle. This type of mortgage has been around for decades now but it is not as advertised and used as other types.
Useful Ways To Avoid And Lower Private Mortgage Insurance
Mortgage

Useful Ways To Avoid And Lower Private Mortgage Insurance

There are many types of mortgage insurances, but the one that most borrowers worry about the most is private mortgage insurance (PMI). This insurance is basically to protect lenders in case borrowers fail to pay them back. The reason you need to pay private mortgage insurance (PMI) If you as a borrower pay less than 20% of the cost of your house as down payment, it poses a higher risk to your lender.
The Various Types Of Subprime Mortgages
Mortgage

The Various Types Of Subprime Mortgages

A subprime mortgage is a loan given to individuals who have a credit score below 640 or do not have a credit score at all. Federal Deposit Insurance Corporation defines these individuals as ‘borrowers who have been delinquent, bankrupt, have a low credit score or have a low income’. The people who have defaulted on two or more payments in last one year are also included into this category.
The Difference Between Fixed And Adjustable Mortgage Loans
Mortgage

The Difference Between Fixed And Adjustable Mortgage Loans

Many home buyers are tempted to get the 30-year fixed rate mortgage. However, you can get a lower interest rate with an adjustable rate mortgage. The fixed rate mortgage loan provides security but is more expensive while the interest rate on the adjustable mortgage may fluctuate. Let us try to lay it all out on the table and see what is a good fit for you.
The Advantages And Disadvantages Of A Wraparound Mortgage
Mortgage

The Advantages And Disadvantages Of A Wraparound Mortgage

A mortgage is a formal agreement between an issuer and a borrower, wherein the issuer agrees to pay a certain amount of money to the borrower for buying a property. A wraparound mortgage is a smaller mortgage that is granted to a borrower. It is a secondary mortgage accompanied by the primary one, which helps the borrower to make the full payment of the property.
Steps To Take If Your Mortgage Application Is Declined
Mortgage

Steps To Take If Your Mortgage Application Is Declined

If your application for a mortgage has been denied, the first thing you need to do is find out the reason why it was denied, the period you need to wait before applying again, and the things you need to make sure of to prevent the decline from happening again.

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