There are a lot of FAQs about Home Mortgages. I have defined a lot of Mortgage related terms and I have written articles to explain in more detail several of these terms.
What is Mortgage Insurance?
How Can I get a Home Mortgage Loan Quote?
Should I pay Points on my Mortgage?
Can I get a Home Mortgage Online?
How can I pay off my Mortgage Quicker?
How Can I Prevent a Foreclosure on my Home Mortgage?
What is an Origination fee on my Home Mortgage?
How is a First Mortgage different from a Second Mortgage?
This is actually a very sticky question. Many people refinance for the wrong reason. Often refinancing to just get a smaller payment will cost you more in the end.
Which is Better Fixed Rate or Adjustable Rate Mortgages?
What is an Origination Fee?
What is an Appraisal and who pays the Appraisal Fee?
What is my Amortization Rate?
The amortization rate is the time period your loan would pay off if all the payments were made. Many home loans are amortized over 30 years although 15 year loans are becoming more popular with people who would really like to own their home.
What is the Advantage of a BiWeekly Mortgage?
There are a couple of advantages to biweekly mortgages. If you get a paycheck every two weeks it can be very advantageous for you to make bi weekly payments on your home mortgage. However you may need to have your loan set up for this.
If you pay your mortgage every two weeks you will make 26 payments per year. If you take your regular monthly payment and divide it by two and make this payment every two weeks you will get your house paid of significantly quicker than by just making the standard monthly payment. In effect you will be making one extra payment per year.
With bi-weekly payments you also have a smaller loan balance outstanding so you pay less interest. Most home loans charge interest on the outstanding balance since the last payment. After you make your first payment two weeks into your loan
What is a WrapAround Mortgage?
What is an Assumable Loan?