A mortgage loan, or a home loan, can come in many different forms. A 30-year fixed rate, a 15-year fixed rate, an adjustable rate mortgage, a jumbo loan. And what about prepayment or foreclosure? The articles, blog posts, videos and radio shows on this page will answer all your mortgage loan questions and help you find the right mortgage loan for you.
Early Mortgage Payoff With Money Merge Account
Many people want to pay off their mortgages early. One option to pay off a first mortgage early may be to use a home equity loan or line of credit. Is this a good idea? A money merge account or money merge mortgage is a similar idea, where home owners pay all bills out of one account and they may be able to pay off their mortgages early. The catch to a money merge account is the upfront fee, which is not worth it. You can pay off your mortgage early without getting a money merge account or using a home equity line of credit.
Mortgage Interest Tax Deduction Without Name On Mortgage
A mother-in-law passed away and her son and his wife took over the mortgage payments including mortgage interest. Can they deduct mortgage interest on their taxes even though their names are not on the mortgage? Yes, because they will use the property as a primary residence. Consult the IRS web site for more information on mortgage interest tax deductions.
Commercial Real Estate Liabilities After A Divorce
When you own commercial real estate with a former spouse and decide to remarry it may require clarifying the assets you hold. To resolve who's liable for paying the mortgages, it may mean signing a quit claim deed or other documents. But before signing anything about your commercial real estate holdings, you should consult with an attorney to understand what you're signing. And before getting married, inquire about a future spouse's financial obligations.
PMI Claims After Foreclosure
A homeowner who went into foreclosure a few years ago is paying a private mortgage insurance (PMI) claim as part of a forbearance agreement with a new lender. Homeowners who purchase property and obtain a loan that exceeds 80 percent of the purchase value must pay for PMI, which protects the lender, not the buyer. The original lender will file a claim with a PMI company and a new lender has the right to collect the full loan amount under a forbearance agreement.
Quit Claim Deeds And Mortgage Loan Cosigners
Can a quit claim deed be used to remove a cosigner on a mortgage? No, quit claim deeds affect property ownership interest only. Quit claim deeds will not take away responsibility for mortgage loan debt.
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Lien Protects Personal Loan For Home Financing
If you're considering lending money to someone for help with home financing, is a lien on the property the best choice? By placing a lien on the home, or obtaining a mortgage from the home buyer, you can protect your loan during times of uncertainty. When the loan is repaid in full, the lien will be released.
Credit Crisis: Low Home Values Lead to Foreclosure
Home values continue to decline and home owners are losing income. These factors affect home owners' ability to sell homes and make mortgage payments. Some home owners may be considering giving their homes to the bank through foreclosure and moving on. Those who can afford to keep their homes have negative equity -- they may owe more than the current home value. The credit crisis continues to impact home values, mortgages and the housing market as a whole.
Real Estate Market: Improvement Through Employment, Refinancing, And Avoiding Foreclosure
What steps can we take with the economy to improve the real estate market? Keeping people employed, changing refinancing rules and encouraging people to stay in their homes and avoid foreclosure are some possibilities to improve the real estate market. If you have suggestions for how to improve the real estate market, send Ilyce an email.
Pay Estate Tax with Mortgage Loan
In settling an estate, the administrators have to pay any taxes due, if the estate has a large enough monetary value per the IRS requirements. In some cases, the estate will have enough cash on hand to pay the taxes due. An estate administrator asks about paying taxes on a $5 million estate. The estate lacks the money to pay the taxes but the administrator wants to take out a mortgage on a $2 million property that's part of the estate.Chances are good that a bank would grant a mortgage loan on such a property and that the administrator should look for a bank with an interest in the property's location.