Mortgage News, Tips and Tools - Page 16

Is a 15-Year Fixed Rate Mortgage Right for You?  Is a 15-Year Fixed Rate Mortgage Right for You?

With interest rates at historic lows, many homeowners or buyers may be tempted to choose a 15-year fixed rate mortgage over the more typical 30-year mortgage. The 15-year enables you to pay off your loan faster and likely lock in a lower interest rate, but will come with higher payments. To make a smart decision, you need to determine what’s most important to you: financial flexibility or paying off your mortgage faster.


Why you should avoid foreclosure  Why you should avoid foreclosure

When you fall behind on your mortgage payments and cannot catch up, you risk allowing your home to fall into foreclosure. Foreclosure is a legal action the mortgage company must take to assume ownership of the property when the required loan payments are not made. Since this can seriously damage your credit, you should explore all other options.


How to Really Get Your Free Credit Report and Why  How to Really Get Your Free Credit Report and Why

Your credit report is really the record of your borrowing and debt repayment history. The report shows where you work and live, how you pay bills, whether you've ever been sued or arrested, or have filed for bankruptcy. The three major credit reporting agencies— Equifax, Experian, and TransUnion - collect all this information and sell it to financial institutions and employers.


HARP Eligibility: Do Fannie Mae or Freddie Mac Own Your Loan?  HARP Eligibility: Do Fannie Mae or Freddie Mac Own Your Loan?

If Fannie Mae or Freddie Mac own your loan, you may be eligible for some government programs created to make your mortgage more affordable for you - namely the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP). But, it's not an easy question for most homeowners to answer - the company that originated your loan, the one you receive monthly statements from, the one you write a check to each month....isn't necessarily the one who owns  your loan.