You may be well-acquainted with traditional home mortgage loans. Anyways, there is another type of mortgage known as the second mortgage which is secured against the same property as that of the original mortgage loan. The term second signifies that second mortgage loan is the subordinate to the original home mortgage loan. In the event of default, first mortgage loan receives the first priority and the first mortgage loan is paid off first and the second mortgage loan is taken care once the first mortgage loan is paid off.
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Sometimes, an applicant of a home mortgage loan may not fulfill all the criteria required to become eligible for the loan. The applicant may be found lacking in respect of required credit score, income, credit history etc. In such case, one way to get the mortgage loan is to take the help of a co-signer so as to become eligible for the loan. Here we discuss about some cases, where a co-signer can indeed come very handy and can help the applicant to get the home mortgage loans.
The Federal Housing Administration (FHA) loans, which came into vogue in the aftermath of the Great Depression of 1930s, have become indeed very popular. The FHA loans are aimed at promoting home ownership. FHA loans are the loans issued by private lenders and backed by the Federal Housing Administration. FHA loans do not give much importance to credit score and moreover it does not require you to make big down payment.
4 Common mistakes that you commit while purchasing a home
Submitted by admin on Fri, 04/20/2012 - 21:35
While purchasing a house, you need to take into consideration, various legal, financial and emotional issues. You often commit various mistakes while purchasing your own home. However, you must learn from the mistakes and must educate yourself on different issues of home buying. Here we discuss about some common mistakes that you commit while purchasing a home.
Not consulting a real estate agent
It is said that credit report is one document which reports everything pertaining to you. But is it correct? Well, not really. Though it is true that your credit report will mention various personal details like name, address, Social Security number birth date, etc. but it does not include certain details. Here is a check list of items which is not mentioned on your credit report:
New FHA rule: Many homebuyers cannot take out a mortgage now
Submitted by admin on Tue, 04/10/2012 - 03:35
On April 1st, 2012, FHA has brought a "little" change in their mortgage giving criteria. This small change can create immense problems for quite a large number of homebuyers. The change in rule will affect every homebuyer who has one or more collection accounts mentioned in his/her credit report. The collection account may range from retail, medical bills, student loan etc. irrespective of whether or not they are reported correctly.
Mortgages play a key role in personal finance. Mortgages are used to make some real purchases. Countless mortgage lenders are also available at the market place. Before taking out a mortgage loan, you need to however ensure that you will be able to repay the loan. Anyways, here we discuss about some important sources of mortgage loans.
Mortgage brokers
3 Important things to consider before taking out a home mortgage loan
Submitted by admin on Sun, 04/08/2012 - 23:54
Owning a home is a long-cherished dream of many of you. But while taking out a home mortgage loan to finance your home purchase, you should not go beyond your financial capacity. You must be well aware of the amount of the mortgage loan that you can bear. Anyways, before approving you a home mortgage loan, lenders will check your credit score. The amount of the loan that you are eligible to take out is also determined by the lenders. Here we briefly discuss about few things which are very important while taking out a home mortgage loan.
4 Basic stock investing tips that all categories of investors must follow
Submitted by admin on Sat, 04/07/2012 - 03:08
No other form of investment can match the returns generated by the stock market. It however requires some smart investing strategies so as to emerge out as a successful stock investor. The success stories of the legendary investors such as Warren Buffet or Wilbur Gross are built around stock market investing. However, it is to be noted that like the opportunities, the risks of investing in stocks are quite high too. In a nutshell, the stock market has the potential to make or break the fortune of an investor in a very quick span of time.
Forced retirement has grown quite common these days. A large number of baby boomers are facing this situation and can be equally traumatic as divorce. A forced retirement may lead to myriad financial problems and may also impact your goals for the future.
In a recent survey, it has been found that around 45% of retirees had stopped working earlier than they expected. The main reasons cited for forced retirement were: