23rd July 2009
Escrow is a deposit, most typically of funds and/or documents, that is held until paid out upon successful completion of the terms of the escrow instructions. Technically defined, Escrow is a legal arrangement in which a neutral third party holds an asse...
23rd July 2009
A balloon mortgage is one in which monthly payments are made for a pre-determined period of time, with the balance of the loan paid in full at the end of the loan term. Like an ARM, interest rates on a balloon mortgage are typically lower than on a fixed...
11th July 2009
Buying your first home can seem intimidating, especially when faced with many different loan types. When researching general information about the most popular home loan types, remember it is not as simple as finding the cheapest interest rate. At first...
11th July 2009
Refinancing is often considered one of the most beneficial ways to save money on your home mortgage. Refinancing is when you renegotiate the terms of a loan, essentially the refunding or restructuring of debt with new debt, equity, or a combination of bo...
10th July 2009
An increasingly popular alternative to foreclosure is the loan modification, an agreement where the bank and borrowers reduce the cost of the loan for a period of time to allow payments to be made on time. A loan modification is much like a mortgage ...
