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The mortgage industry has become action-packed these days. With historically record low mortgage rates and rising volume of mortgage applications, time is indeed ripe for home mortgage refinancing. However, in the rush of applications and intensified competition in the mortgage market, you need to really stand out tall so that your mortgage application gets accepted.

Whether you are a first time mortgage buyer or an experienced buyer, you have several mortgage options to pick from. In order to select the right mortgage, it is very much important that you must be well aware of the benefits and drawbacks of different mortgage types.

When you take out a mortgage, you will have to deal with the question of rate lock. The rate lock might be the most complicated issue mortgage borrowers need to understand while taking out a loan. Here are five major questions related to rate lock and their answers which will help you understand it better:

What is rate lock?

Buying a home may be the biggest investment decision in your life. It not only involves money but it also involves emotions, personal satisfaction and sheer delight. If you are planning to buy property, you need to take into consideration various factors. Purchasing a home is indeed a very big decision in your life. You should not make it go haywire by making wrong moves. You need to look into the following factors before making the purchase.

Your finances

Foreclosures levels are quite high still now. As a result, those home-owners who are facing foreclosure remain quite stressed and scared. This makes them vulnerable and they fall prey to scams easily. Various non-profit organizations and government agencies are working together to notify consumers of the danger of mortgage relief scams and how to avoid them.

Hi All,

It’s my pleasure to announce that MortgageFit is coming out with its new look very soon. In order to augment our services, to reach out to more and to remodel ourselves to changing mortgage scenarios, we continue our efforts towards excellence.

Veterans, who are interested in home buying, are more interested in taking out VA mortgages. It should also be noted here that VA loans remains as one of the mortgage options which don't require the borrowers to pay a down payment. Around 22 million veterans and active military members have taken out VA loans. The loan is partially guaranteed by the Veteran Affairs Department and is made through a private lender.

Here are some of the things that you should know about VA mortgages before applying for it:

If you take out a mortgage loan, the first and the foremost thing that you need to take into consideration that you have to repay the loan. You have to repay the principal loan amount along with the interest amount. Usually you make monthly payment to repay your mortgage loan. It is very important not to default in making payments. In case you default in making payments, you may have to face the negative consequences of filing for bankruptcy.

When you plan to remodel your home, you should take help of a good contractor. In order to get a good professional home contractor, you will have to do your own homework. You can contact BBB for getting the required information about your home contractor.

Check out some of tips to find out the right home contractor for yourself:

Freddie Mac has extended its relief policies for borrowers whose homes have been affected by Hurricane Isaac and are located in Louisiana and Mississippi jurisdictions. These areas have been declared as “Major Disaster Areas” by the President. In these areas, the President has made federal Individual Assistance programs available to affected individuals and households.