Mortgage Shopping Secrets! (Part 2 of 2)
December 30, 2009 by Rob Spring · Leave a Comment
Mortgage Shopping Secrets! … PART 2
Once you are satisfied that you are working with a top-quality professional mortgage advisor, here are the rules and secrets you must know to “shop” effectively.
First, IF IT SEEMS TO GOOD TO BE TRUE, IT PROBABLY IS. But you didn’t really need us to tell you that, did you? Mortgage [...]
Mortgage Shopping Secrets! (Part 1 of 2)
December 22, 2009 by Rob Spring · Leave a Comment
SHOPPING AROUND?
Here are some secrets most lenders don’t want you to know!
First: make sure you are working with an experienced, professional loan officer. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that [...]
How To Reduce Your Mortgage
December 22, 2009 by Rob Spring · Leave a Comment
How to Reduce Your Mortgage
One Additional Mortgage Payment a Year
There’s a simple trick to significantly reduce the length of your mortgage and save you thousands of dollars. The trick is to make one extra mortgage payment a year and apply that payment toward your loan’s principal.
This is the method being used by “Bi-Weekly Mortgage Reduction [...]
Tapping Into Your Home’s Equity
December 9, 2009 by Rob Spring · Leave a Comment
Reverse Mortgages
Reverse mortgages (also called home equity conversion loans) enable elderly homeowners to tap into their equity without selling their home. The lender pays you money based on the equity you’ve accrued in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment is not necessary until the borrower [...]
The Truth Behind Bi-Weekly Mortgages
December 8, 2009 by Rob Spring · Leave a Comment
Bi-Weekly Mortgage
If you search for “bi-weekly mortgage” with an Internet search engine, you will be overwhelmed by the number of companies offering “Bi-weekly Mortgage Reduction Services” or “Bi-weekly Savings Programs.” Beware, you are entering dangerous waters.
Beware of Bi-Weekly Mortgage Reduction Services and Savings Programs
These “Reduction Services” and “Savings Programs” are charging you fees to “make [...]
What is a Mortgage Servicer?
November 29, 2009 by Rob Spring · Leave a Comment
Mortgage Servicing
Your monthly mortgage payments are handled by what is known as a mortgage servicer. The mortgage servicer is responsible for collecting your monthly payments and handling your escrow account.
Your escrow account is a special account held in your name to pay obligations such as property taxes, insurance premiums, and other escrow items. The mortgage [...]
Mortgage vs. Deed of Trust
November 24, 2009 by Rob Spring · Leave a Comment
Mortgage vs. Deed of Trust
Many of us incorrectly call our home loan a mortgage, but in fact, a mortgage is not what your lender gives you to buy a home. A mortgage is actually the formal document proving the legal claim or lien on a piece of property that you give to the lender who [...]