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::: Mortgage Articles :::



Mortgage Soup

by J.Stewart

You have permission to publish this article electronically or in print, free of charge, as long as the bylines are included. A courtesy copy of your publication would be appreciated.

Mortgage Soup

Looking for home mortgage loans can get confusing with the alphabet soup of mortgage loans programs available today.
Most of these programs are just variations of fixed rate and adjustable rate mortgage loans. These loans can be structured to meet your financial needs, and most are available in 15 or 30-year terms. Your long-term plans play an important part in selecting the right type of loan, use
these general guidelines to help you as you shop for home mortgage loans.

Fixed Rate Mortgage - If you’re going to be staying in your home for at least 7 years, consider a fixed rate. This
loan’s interest rate is fixed for the life of the loan or term – 15, 20 or 30 years. Usually the shorter the term,
the lower the interest rate. This type of loan is amortized – both the principle and the interest are paid off at the end of the loan term.

Adjustable Rate Mortgage - If your only planning on living in your home for a short period of time you may want to
consider an adjustable rate. Your interest rate can adjust – up or down. The rate is tied to an index like treasury bills or prime rates. The initial rate usually starts out
low, but can adjust after a set period of time. If you choose this type of loan and then decide to stay in your
home, you may want to refinance after two years to avoid any upward rate adjustments.

Combination Fixed and Adjustable - Going to be in your house for just a few years? This type of home mortgage loan can start out as a fixed rate for a set number of years, keeping
your rate and payments low, and then the loan adjusts. Like the adjustable rate, the amount of the adjustment is tied to an index that can go up or down. This loan is sometimes
called a two-step or convertible ARM. Just remember, these loans usually go up after a set period of time, or if you have to convert after a few years it can cost you money. Be sure you understand your loan and when your payments could go up to avoid paying more than you have to.

Balloon - An interest only loan. You would only want to use this loan if you were only staying for a short time in your home. Because you’re only paying interest, and nothing towards the principle, you don’t build any equity. At the end of the loan term, you have to pay the balance off all at once, but few people ever keep these loans for the entire term.

Having an understanding of these basic types of loans and combinations of them is the key to finding the mortgage loan
that is right for you.

About the Author

J.S.Stewart is the author of "Mortgage Soup." Visit his
site to shop for mortgage loans at
http://www.2applyforloan.com



::: Mortgage News :::

Mortgage - Google News
Mortgage - Google News
Mortgage - Google News

BofA provides $8.4B mortgage break as part of Countrywide deal - Bizjournals.com
6 Oct 2008 at 2:31pm

Maktoob Business (press release)

BofA provides $8.4B mortgage break as part of Countrywide deal
Bizjournals.com, NC - 41 minutes ago
Bank of America Corp. has agreed to provide up to $8.4 billi...



FHA Will Take on Subprime Loans Shunned by Lenders (Update1) - Bloomberg
6 Oct 2008 at 10:21am

ABC News

FHA Will Take on Subprime Loans Shunned by Lenders (Update1)
Bloomberg - 4 hours ago
The rewritten mortgages may not be enough to stem rising defaults, said David Olson, a 40-year veteran o...



Treasury moves quickly to beef up staff for mortgage rescue - MarketWatch
6 Oct 2008 at 12:37pm

Boston Globe

Treasury moves quickly to beef up staff for mortgage rescue
MarketWatch - 2 hours ago
By Greg Robb WASHINGTON (MarketWatch) -- The Treasury Department released Monday some guidelines fo...



Financial crisis: Woman, 90, shoots herself to avoid foreclosure - Telegraph....
6 Oct 2008 at 12:41pm

Javno.hr

Financial crisis: Woman, 90, shoots herself to avoid foreclosure
Telegraph.co.uk, United Kingdom - 2 hours ago
Fannie Mae, the US mortgage giant, is to forgive the mortgage debt of a 9...



Many pieces go flying from mortgage implosion - Dallas Morning News
5 Oct 2008 at 8:35am

TopNews

Many pieces go flying from mortgage implosion
Dallas Morning News, TX - Oct 5, 2008
The value of the mortgage-backed securities the federal government is set to buy is hard to decipher ...



Mortgage Loan Applicants Are Welcomed at Family First Federal ... - MarketWatch
6 Oct 2008 at 9:03am

Mortgage Loan Applicants Are Welcomed at Family First Federal ...
MarketWatch - 6 hours ago
"Family First has not been out there buying mortgage-backed securities as investments or making bad ...



Lawsuit Filed Against Home Equity Mortgage Trust 2006-5 and Others - MarketWatch
6 Oct 2008 at 12:21pm

Lawsuit Filed Against Home Equity Mortgage Trust 2006-5 and Others
MarketWatch - 2 hours ago
Home Equity Mortgage Trust 2006-5, Credit Suisse First Boston Mortgage Securities Corporation, Andrew A....



Treasury confirms Kashkari to head mortgage rescue plan - MarketWatch
6 Oct 2008 at 12:46pm

Rediff

Treasury confirms Kashkari to head mortgage rescue plan
MarketWatch - 2 hours ago
By Greg Robb WASHINGTON (MarketWatch) -- Treasury Secretary Henry Paulson has tapped a close advisor, Neel Ka...



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::: Mortgage Blogs :::

Mortgage - Google Blog Search
Google Blog Search Results: 6,131,879 results for Mortgage - showing 1 through 10

Medical causes of home mortgage foreclosures
6 Oct 2008 at 1:32pm
Altogether, these findings suggest that the standard account of mortgage foreclosure is missing a large portion of the story. Mortgage foreclosures are not just the results of bad loans, bad propertie...

FHA Sets National Loan Limit for Reverse Mortgage Program at $417000
6 Oct 2008 at 6:37pm
If you are 62 or older and have been considering a reverse mortgage, the FHA and HUD just approved a new national limit of $417000 for HECMs. The new limit is not set in stone yet as there are no set...

National Mortgage Originator Launches Green Program
6 Oct 2008 at 1:54pm
1st Metropolitan Mortgage, a national mortgage originator, committed to be more environmentally friendly through its new BrightGreen Mortgage program, according to Market Watch. The company estimates ...

CNN Actively Reporting On Reverse Mortgages
6 Oct 2008 at 5:33pm
For the past week CNN has been actively promoting reverse mortgages during their programming. I have access to their transcripts through Dow Jones and they continue to report on how they can help seni...

Did antidepressants cause the mortgage crisis?
6 Oct 2008 at 4:16pm
In today's beta issue of Tina Brown's new web newspaper, the Daily Beast, is this surprising and well-reported essay by Adam Hanft: "Did Anti-Depressants Cause the Mortgage Crisis?" He writes:. What e...

The Incentives of Mortgage Servicers: Myths and Realities
6 Oct 2008 at 12:24pm
... DC As foreclosure initiations have soared over the past couple of years, many have questioned whether mortgage servicers have the right incentives to work out troubled subprime mortgages so that b...

The Nonrefundable Mortgage Crisis
6 Oct 2008 at 3:44pm
The low Interest rates were necessary so that Mortgages could be refinanced under difficulty, with the doubtful Mortgage could be Paid and replaced with another doubtful Mortgage at greater cost, and ...

Fannie Mae Forgives Mortgage After Homeowner Shoots Self
6 Oct 2008 at 4:37pm
Like a scene from a scary movie, gunshots from a little white house in Akron, Ohio, jolted Capitol Hill Friday. The culprit? Foreclosure. Ninety-year-old Addie Polk, in a stunt to prevent eviction aft...

Thank You Reverse Mortgage Daily Sponsors
5 Oct 2008 at 5:48pm
1st Reverse Financial Services - 1st Reverse Financial Services offers a complete Wholesale Correspondent Lending Program, featuring a wide assortment of Reverse Mortgage Products including HECMs, jum...

FANNIE MAE EASES CREDIT TO AID MORTGAGE LENDING By STEVEN A. HOLMES
6 Oct 2008 at 7:52pm
The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals who...


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