A home loan, more commonly referred to as a mortgage, is simply a loan that is taken out to purchase a property, to be repaid over a predetermined amount of time. The lending institution will charge interest on the home loan, so that it is to the...
Information about mortgages is confusing to many people because there are so many different types of mortgages with different terms. Two very important types of mortgages are fixed interest mortgages and adjustable rate mortgages (ARMs). Fixed...
Sometimes, especially in times of economic trouble, house payments seem to grow. They can become a larger percentage of our income as our income shrinks. One option for home buyers is to lower monthly payments by refinancing the house. There...
It used to be that if you had poor credit, there was no use in applying for a mortgage--you would not qualify. Today, however, loans are often open to those with less-than-perfect credit scores. If you have poor credit and want a mortgage to buy a...
Subprime mortgage rates are interest rates that are charged for home loans to people who do not qualify for standard home loans. The primary reasons people are turned down for standard mortgages are poor credit scores, which are typically below...
Most mortgages are "fixed-rate" loans: The interest rate you get when you sign the papers is the rate you will pay for the life of the loan. An alternative is the adjustable-rate mortgage, or ARM. The ARM has a rate that fluctuates, rising and...
Refinancing a home mortgage can be a wise financial move for many homeowners. Refinancing can result in significant savings over the life of the loan, or can provide immediate cash to cover expenses or pay off debt. Your reasons for refinancing...
The home loan program for veterans was instituted in 1944 through the Servicemen's Readjustment Act, otherwise known as the G.I. Bill. The bill provides veterans with the ability to receive a federally guaranteed mortgage with no down payment,...
VA loans are home loans for veterans that are guaranteed by the federal government. The VA Loan Guaranty Service within the Department of Veterans Affairs administers the Veterans Administration loan program. The mission of the program is to help...
The Department of Veteran Affairs' home loan program, frequently referred to as VA loans, was instituted at the end of World War II as a way to help returning soldiers readjust to post-war life. VA loans offered members of the armed forces the...
APR means Annual Percentage Rate. It might be used when discussing any kind of loan including a mortgage, or a credit card, or an interest bearing bank account. When someone takes out a loan from a bank or mortgage company, for instance, they...
