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Key an Eye on Your Mortgage Payments
In previous decades, when a borrower missed a payment on a mortgage, the lender would often consider them one month behind until they eventually caught up. Most lenders would impose a late fee and other interest or penalties, tacking them onto the back end of the loan as long as the lender stayed current with the rest of their payments.
With the number of bankruptcy filings creeping higher each year, and with increasing pressure on lenders to return dividends to shareholders, mortgage companies have quietly resorted to creative accounting practices to put pressure on slow payers.
Under new rules, a mortgage lender can ding your credit report every month that you are behind on a payment. In addition, they can impose penalties and late fees during the month you missed your payment. To add insult to injury, if you neglect to catch up with your payments the following month and you don't pay all of your late fees, the lender can impose late fees - on your late fees. You might miss a payment for any number of reasons. It could be something as innocent as a check getting lost in the mail. Or it could be a symptom of a bigger problem like a divorce or a job loss. Either way, you receive equal treatment.
And the news gets worse. Many mortgage lenders have added clauses to their agreements that stipulate they can initiate a foreclosure on your home if you miss a predetermined number of consecutive payments, or if you miss too many payments in a given period. Therefore, you may only be a few hundred dollars behind on your mortgage, but you could find yourself in the same situation as someone who has not made payments on their home in six months. For example, if your March payment arrived one day late, you incur a $50 late fee. Because you use a coupon book to track your loan, you might not even know you were assessed that fee in the first place.
Although your next five payments arrived on time, your lender could charge you a late fee in April for failing to pay your March late fee. They could then charge you two late fees in May, for missing your March and April fees. Before long, the late fees snowball out of control and you have to take drastic measures to save your home. T
herefore, experts recommend that you use secure online banking to make mortgage payments that can be independently traced and verified. Call your lender's automated customer service line at least once each month to confirm that your payment has been received, and that you are current on all outstanding installments and past late fees. A little extra care and recordkeeping on your part can prevent much frustration.
Kevin Adelsberg is a writer for FasteMortgage.com. For additional articles and an extensive resource for everything about mortgages, please visit us at http://www.FasteMortgage.com
Mortgage: For Those Twilight Years
Tracing back, the concept of reverse mortgages began when one good soul, Nelson Haynes of Deering Savings and Loans wanted to help out the widow of his high school football coach. Today that small act has developed into a popular financing option for the senior citizens. With about 6,000 people turning 62 every day, the market is on an upswing.
Home Loans ? Would You Buy a Home Without an Inspection?
The housing market has exploded, with home prices rising beyond all reason in some markets. Home prices have doubled or tripled during the last five years, and in some cities, the asking prices for homes are considered only to be suggested opening bids. Homes often sell in a few days or even hours, and would-be buyers are tiring of losing out to higher bidders. In order to achieve an advantage over other bidders, some people are offering to buy homes without a professional inspection. What do they gain from such an offer? Is declining an inspection an OK thing for a buyer to do?
7 Credit Improving Steps You Must Take Before Applying For A Mortgage
If you think you have good credit, think again. Chances are there is something on your credit report that can effect your credit rating; this type of news is particularly alarming if you are shopping for a loan or applying for credit. You can save yourself headaches as well as thousands of dollars by implementing the following seven credit improving steps.
Change in Texas Law May Make Reverse Mortgages More Popular
Texas was one of the last states to allow homeowners to take out home equity loans. Laws going back to the nineteenth century strictly prohibited home equity lending, as legislators feared that unscrupulous lenders would take advantage of homeowners for the purpose of seizing their homes through foreclosure. This made it impossible for citizens of the Lone Star State to use their equity for home improvements, debt consolidation or paying medical bills, as homeowners in other states may do.
Adjustable Rate Mortgage - How They Work?
How does an ARM work.
Home Equity Line of Credit - Finding The Best Home Equity Lender
Borrowing against the value of your home using a revolving credit account is known as a home equity line of credit. Lenders offer home equity lines of credit in several ways with either fixed or variable interest rates. Information on obtaining a home equity line of credit is available to you from many sources, including online lenders. Make sure you compare loan products and lenders, and review the terms of your loan contract carefully before signing.
Understanding Mortgage Basics
As common as mortgages are, there are a surprisingly large number of us who are under false impressions about the way they function, and what they actually are. For one thing, though we do commonly call mortgages "home loans," this is not at all what they actually are. In fact, mortgages aren't loans at all, nor are they something that have been given to you by lenders. More accurately, it is a security instrument that you have provided to a lender. It is a document that protects your lender's interest with your property itself.
Home Equity Loans Categories
Fixed Rate Mortgages: These loans have a fixed rate of interest over the entire term for which the loan has been disbursed. The term for these mortgages is typically between 10 to 30 years. The monthly interest payment on these loans is fixed and hence there exists a certainty about the repayment of the debt over the entire term of the debt. Another advantage of fixed rate mortgages is that the initial down payment required is very low, generally around 5% of the loan amount to be disbursed.
Buying a Home With Poor Credit Is Easier Than Ever
Buying a home with poor credit is easier than ever with online mortgage brokers. You can easily find sub prime lenders, compare rates and terms, and complete the process on your schedule, not the banks.
Reverse Mortgage Offers Fresh Approach To Income From Real Estate
If you owe 40 percent or less of your original mortgage, there is a great program that is available to you that will generate extra monthly income. It's called a reverse mortgage. The reverse mortgage is similar to a home equity loan, only in the fact that it pays you the equity you have in your house. The differences, though, are many. If you have a large amount of equity in your home, you'll want to consider a reverse mortgage.
This Secret Weapon Will Eanble You To Close Up To 200% more Home Remodel Sales
Many Homeowners are not aware of all the options that are available to them when it comes to Home Loans. As a Home Remodeling Specialist you have a very powerful sales tool that most of your competitors don't even know exists. By using this Sales tool you can overcame the one Major purchase objection and Close up to 200% More Sales.
How To Find A Mortgage With Bad Credit
Shopping online for mortgages ought to be trouble free, even should you have poor credit or no credit score. You can nonetheless find a bad credit lender that can facilitate you. The internet has expanded the international marketplace in a way never before possible, granting people looking for financial products such as loans unlimited choices. Whenever you shop for a loan online you are utilizing the largest marketplace in the world.
Who Could Benefit From A Reverse Mortgage?
What is a "Reverse Mortgage?"
Five Things Never To Tell Your Mortgage Lender When Facing Foreclosure
1. Never discuss your household finances over the phone with the collection department. What you don't know is that you are being qualified and not know it. This is the easiest and fastest way to get a turn down. Request a homeowners assistance package so that you can submit the require information.
When is the Right Time to Refinance Your Mortgage?
You've heard that interest rates are down and you think it could be time to refinance your existing mortgage, but the entire loan application process was so exhausting during the initial loan that you aren't sure it's worth the hassle. You could very well be right, but there are some things you can do to help decide whether it's time to refinance your mortgage.
Save Money on Your Mortgage
You should say goodbye to PMI. You may not notice it in the crush of your monthly mortgage statement, but many Americans pay for a line item called PMI. PMI stands for "personal mortgage insurance," and lenders impose it on customers who have less than twenty percent equity in their homes.
Should You Get a Home Inspection?
It's very important, and in my opinion, mandatory to have a home inspection done before you close on a house. The inspection helps with giving you an objective evaluation of any problems with the home before you move in.
Getting a Home Improvement Loan: What Your Bank Needs
The popularity of stores like Home Depot and Lowe's show how many homeowners are jumping on the home improvement bandwagon. Maybe you're thinking of redoing part of your house as well. Perhaps you want the kitchen of your dreams or an extra bathroom. You know you'll have to take out a loan to finance the project, but if you're just in the beginning stages of the planning, you may not know exactly how to go about it. Whether you're refinancing or taking out a home-equity loan, here's some information on what your bank needs:
Mortgage Elimination- A Horrible and Sure Way to Lose Your Home to Foreclosure
"Own your home free and clear in 3 to 4 months. Note paid in full!"
Home Loans For People With Bad Credit - When you Should Wait and When You Should Get a Home Loan
Home loans may seem like a bad idea for people with bad credit, but there are times when a home loan can help your credit score and your budget. To know if a home loan is best for you, consider factors such as your current financial situation, current rent payment, and future goals.
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