Category Archives: Mortgages

Main Reasons to Refinance

main reasons to refinance

Refinancing: there are three reasons to refinance. 1. Lowering the cost of your housing, 2. To shorten the term of your mortgage loan and pay it off quicker, or 3. To use the equity in your home for another purpose like paying off credit card debt or home renovations. In today’s market, you can replace […]


Advice on Mortgage Forgiveness

mortgage forgiveness

A decade ago, some homeowners lost their homes to foreclosure or set up a short sale to get out from under the debt during the mortgage meltdown that caused the Great Recession. Lenders forgave all or part of the debt owed them in most cases. Again, in the early ’90s we had the Savings & […]


Scams to Steal Your Mortgage Closing Money

scams to steal your mortgage closing money

Willie Sutton was an American bank robber and he was asked why he robbed banks. He answered, “because that is where the money is!” He stole about $2 million during his 40-year career. However, internet scammers are stealing much more by using phishing schemes and preying on unsuspecting home buyers. These scammers know where to […]


Mortgage Shopping for Better Rates

mortgage shopping for better rates

Lower rates on mortgage loans not only help you amortize your loan faster you will also have a lower monthly payment. A $250,000 mortgage at 4.5% for 30 years will have a $1,266.71 combined monthly payment.  At 4%, the same loan will have $1,193.54 combined monthly payment saving you $73.18 a month and at the […]


Why Put More Down

Why Put More Down

When people are thinking of buying a home the most attractive option is to fork over the least amount as a down payment. Most people want to have cash available to furnish their new home and as a base for any unexpected expenses that might arise after purchase. Some buyers won’t have these options because […]


Understanding Reverse Mortgages

reverse mortgages

A reverse mortgage loan allows the homeowners to borrow money against their home while they still retain the title to the property. There are no monthly payments required on a reverse mortgage loan. However, once the homeowner moves out of the home or passes away, the reverse mortgage becomes due and payable. With no monthly […]





Mortgage Among Friends & Family

Any lender and any borrower can agree on a set of rates and terms, but the IRS does have certain rules that control this type of transaction specifically when the parties are friends or family. Some of the applicable rules are that the loan must be done in a business-like manner as a written note […]