The federal government recently unveiled new rules and regulations that are meant to strengthen oversight of the mortgage lending industry, protect consumers from fraud and predatory lending practices, and ensure that the catastrophic subprime mortgage crisis is never repeated.
(more…)
Loan to Value or “LTV” is a term used by mortgage lenders to refer to the amount of money they are willing to loan to customers who put up real estate or other assets as collateral. LTV is a ratio or a percentage; in other words, of what a bank will loan compared with what a borrower’s property is worth.
(more…)
Here are five expert tips on how to navigate the current credit crisis to ensure success when applying for a mortgage.
(more…)
A HELOC or home equity line of credit is a kind of second mortgage that behaves much like a credit card. The line of credit is established based upon the value of your home, so the more equity you have in the property the more money you can borrow. You borrow what you want, when you want it, and pay interest on your outstanding balance. After repaying the balance your line of credit is reinstated so you can borrow it again in the same way. Usually HELOC loans carry not extra fees and they offer rates that are cheaper than those associated with credit cards.
(more…)