QuickTips Index

Refinance Home Loans
Tips to consider before doing a mortgage loan refinance. How to recoup mortgage loan refinance costs, comparing rolling costs into the loan and scrutinizing amortization periods to accelerate loan payoffs. The drawbacks to refinancing that a lender won't tell you.

FHA Loans - Reasons Home Buyers Love FHA Loans
FHA Loans are rebounding with home buyers. Find out why FHA loans are popular for first-time home buyers and the benefits to obtaining an FHA loan.

Stopping Trigger Leads - How Mortgage Loan Applications Result in Trigger Leads
Stopping trigger leads. How mortgage loan applications result in trigger leads. Preventing credit bureaus from exploiting your credit through trigger lead phone calls and direct mail solicitation.

Using Land Contracts on Homes For Sale
How to sell your home on a land contract. Tips for putting your home up for sale on a land contract; negotiating land contract terms, protecting seller's rights under a land contract and making your land contract saleable on the secondary market.

Home Equity Loans
Junior loans and encumbrances secured to real property such as home equity loans, home equity lines of credit (HELOC) and bridge loans. The differences among the loans, advantages and drawbacks to such financing.

Understanding Option ARM Loans
Definition of Option ARMs as used for mortgage financing. Features of Option ARM loans: terms, start rates, indexed rates, payment options, loan recasting and negative amortization.

Low Appraisals - How to Deal With a Low Appraisal
Both sellers and buyers can get blindsided by low appraisals. If an appraisal comes in low, here are available options. A low appraisal doesn't mean the transaction will blow up. You can still close and salvage the deal.

3 Things to Know About Mortgage Refinancing
Mortgage refinancing is popular among serial mortgage refinancers, but it's not always a good time to consider mortgage refinancing. Here's what you need to know about mortgage refinancing.

Mortgage Loan Types
Mortgage loan types. Differences among conventional, FHA and VA mortgage loan types. Interest Only Mortgages, Adjustable-Rate Mortgage Types, Fixed-Rate Mortgages, Combo / Piggyback Loans, HELOC, home equity, reverse mortgages and bridge loans.

Benefits of Reverse Mortgages
Would you tell your mother to get a reverse mortgage? What are the benefits of a reverse mortgage? Definition of how reverse mortgages are funded. The costs and risks involved with obtaining a reverse mortgage.

Fixed Rate Mortgages - Benefits of Fixed Rate Mortgages
Fixed rate mortgages and the reasons behind obtaining mortgage loans that do not adjust. About points, costs of the loan, lender guarantees, impound accounts for taxes and insurance and how prepayment penalties can cost a borrower extra.

How to Get an FHA Streamlined 203K Loan for Fixers
How to get an FHA Streamlined 203K loan when buying a fixer. Benefits to a Streamlined 203K loan over a 203K FHA loan. How to apply for a Streamlinde 203K loan to fix up a house you are buying and roll the costs into your mortgage.

Mortgage Buydowns - How to Buy Down a Mortgage
How buying down the interest rate gives buyers lower monthly mortgage payments. Mortgage buydowns such as 1-2-3 Buydowns or 2-1 Buydowns allow home buyers to qualify for loans that might otherwise be out of their financial reach.

Loan Locks - When is the Best Time to Lock a Loan?
Loan locks, when is the best time to lock a loan? Should buyers / borrowers lock loan rates? What does it cost to lock a loan? What happens if you don't lock a loan? Is there risk involved?

Impound Account Shortages - How to Handle Impound Account Shortages
Are impound accounts beneficial to home buyers? What is an impound account? Is it the same thing as an escrow account? What happens when taxes and insurances go up? How do you handle impound account shortages?

Lease Options - Lease Purchase Sales
Difference between lease options and lease purchase sales. Benefits to home buyers to do a lease option. Understanding lease options.

Comparing Combos to a Loan with Private Mortgage Insurance (PMI)
The 2006 tax bill makes mortgage insurance premiums tax deductible, but the rules to qualify are restrictive. How do interest rates compare to those of a combo or piggyback loan? Which is better for a borrower: two loans or one loan with mortgage insurance?

How to Order Free Credit Reports & Get FICO Scores
There is only one place to order your free credit report online. Don't be mislead by companies charging you a fee for ordering your credit report.

How a Land Contract Works
Seller financing via a land contract, which is sometimes called an Installment Sale Land Contract or contract for deed. The benefits and drawbacks to using land contracts to buy or sell a home. The differences between wrap-around and straight land contracts.

Mortgage Fraud - How to Avoid Mortgage Fraud
Types of mortgage fraud. How do borrowers commit loan fraud? Mortgage loan fraud pitfalls and penalties.

Buyer's Closing Costs - What Does it Cost to Close Escrow?
Definition of closing costs, including recurring and non-recurring (prepaid) fees. Addresses seller credits to buyer for closing costs and explanation of lender's requirements for such credits.

Owner Financing in Real Estate
Owner financing, using seller financing to buy a home. Types of owner financing and creative financing instruments. How to negotiate owner-financed real estate sales.

Beneficiary Demands for Paying off a Mortgage Loan
Explanation of beneficiary demand statements from mortgage lenders. How beneficiary demands are different from beneficiary statements. Figuring loan payoffs to the date lenders receive the funds, including reconveyance and recording fees.

Bridge Loans - What are Bridge Loans?
Bridge loans and how they work. Why a home buyer might consider a bridge loan when buying a home and selling a home. Bridge loans are temporary financing for bridging the gap between the sales price of a home and the new mortgage.

What is an Interest Only Mortgage?
Definition of interest-only mortgage. Understanding mortgages with an interest-only option.The pros and cons to obtaining and interest-only mortgage. Why some interest-only loan features are advantageous for borrowers.

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