Home Loan Help

Canceling private mortgage insurance (PMI)

Tue, 21 Jul 2009 20:14:38 GMT

Have you built up a fair bit of equity in your home? You may qualify to cancel private mortgage insurance and save hundreds or even thousands of dollars per year. Chances are, if you put less than 20 percent down when you purchased your home, your mortgage lender required you to take out private mortgage insurance (PMI). This insurance protects the lender in t...

Foreclosure 411

Wed, 01 Jul 2009 21:38:50 GMT

What to do if you're worried about losing your home to foreclosure. Foreclosure is a nightmare no homeowner wants to face, but that doesn’t mean you can stick your head in the sand if you’re having trouble making your mortgage payments. Foreclosure costs lenders mon...

Do's and don'ts for avoiding foreclosure

Wed, 01 Jul 2009 21:38:50 GMT

By Brenda Spiering & LendingTree.com Struggling to keep up with your mortgage payments? Worrying about the possibility of foreclosure? Here are seven simple dos and don’ts that can help prevent you from losing your home. One out of eve...

Alternatives to foreclosure

Wed, 01 Jul 2009 21:38:49 GMT

Are you worried about foreclosure? There are alternatives. Repayment plans or restructured terms may help you keep your home. Homeowners who’ve experienced a financial hardship may travel a long road between the first late mortgage payment and the loss of their home through a bank foreclosure. Along that road, though, are s...

When is your mortgage payment late?

Wed, 01 Jul 2009 21:38:49 GMT

It's important to make your mortgage payments on time. But if you're late on a payment, you need to know what certain terms really mean. Most homeowners know a late payment on a home loan can result in a negative item on your credit report. But when exactly is your payment deemed to be "late"? Mortgage payments typically are...

What loan servicing means to homeowners

Wed, 01 Jul 2009 21:38:49 GMT

Don't panic if your lender sells the servicing rights on your mortgage loan. It’s an odd concept to grasp, but the fact is that your lender can split your mortgage into two parts, which then can be sold separately. One part of your loan is the mortgage itself, which includes ...

What happens when you can't pay your mortgage?

Wed, 01 Jul 2009 21:38:49 GMT

A short sale or deed-in-lieu may be alternatives for those who can't manage to pay their mortgage. No homeowner who has a mortgage is ever completely safe from the possibility of foreclosure since few people are immune to financial setbacks such as a major illness, disability or loss of income. Th...

Reassessing your mortgage

Wed, 01 Jul 2009 21:38:49 GMT

You can use your home equity or refinance your mortgage to help make the most of your home and your finances. If you have been in your house for a while and you’re approaching retirement age, and/or you have children going to college, now might be time for you to reassess your mortgage. Keeping your eye on t...

How to read a mortgage statement

Wed, 01 Jul 2009 21:38:49 GMT

Monthly mortgage statements contain important info for borrowers. If you've never read your mortgage statement, you might be surprised at how much important information can be found in this document, which you probably receive every month from your loan servicer. A...

How to manage your piggyback loan

Wed, 01 Jul 2009 21:38:49 GMT

Got a second 'piggyback' loan on top of your mortgage? Here are three options to help you manage your mortgages. Piggyback loans were designed to avoid private mortgage insurance (PMI) premiums, which are usually required with any mortgage exceeding 80 percent of a home’s value. In the most common scenario, the...

How can I cancel private mortgage insurance?

Wed, 01 Jul 2009 21:38:48 GMT

You can cancel private mortgage insurance yourself once you have enough equity, or wait for the lender to do it for you. There are two primary ways to cancel private mortgage insurance (PMI), but both are dependent on your having paid at least 20 percent of the principal on your loan. That’s because lenders worry they ...

Did you make a mortgage mistake?

Wed, 01 Jul 2009 21:38:48 GMT

Worried that your mortgage was a mistake? Find out how to get it back under control. Three years ago, Paul and Lisa (not their real names) fell in love with a four-bedroom house in a leafy neighborhood with rolling lawns and good schools. After winning a bidding war, they took out a ...

Avoid defaulting on your mortgage

Wed, 01 Jul 2009 21:38:48 GMT

Late payments are just one way to violate the terms of a home loan. Mortgages and other types of home loans impose specific duties on borrowers, who are obligated not only to make payments, but also to comply with other requirements. Failure to do so constitutes a &q...