The World of Investments and Money

Saturday, June 9, 2007

Mortgage loan guide

I was reading a blog post by Deepak Shenoy the other day in which he mentioned some terms in the US that are unique and not used elsewhere. One of the terms mentioned was Mortgage. It's used when a person applies for a loan to buy a house in the US. It is pretty expensive to buy a house and so most people would find it impossible to pay the price in cash. Not to mention, the tax man would come calling if someone did pay cash.

Mortgage is a common term used in the US for house loans. There's a useful website with links to many useful articles to learn more about mortgage. Mortgage Loan Place has articles ranging from FHA loans to Reverse mortgage to Mortgage insurance and Refinancing. Some of these are complicated terms (e.g. Reverse mortgage) and there are many articles in the guide to make you understand them better. I found the articles interesting to read even though I went to the page to do this review.

The guide gives information on any policy changes and housing market. Buying a house is a dream for most people and one of the most important decisions in their life. Being well aware of the current situation in the market is a must for anyone. The articles in Mortgage Loan Place are one of the easiest way to learn more about loans. The articles are free to read and updated regularly. Anyone interested in knowing more about the housing loans can go read them.


terry said...

Credit scores are used by mortgage lenders so they can decide whether someone is capable of making payments on a mortgage. There are good credit scores and bad credit scores. Someone can receive good credit if they have borrowed money and have made all the payments on time. When making loans, a person with good credit will be seen as an advantageous customer because there will be a better chance that the customer will pay back the loans. With good credit, trying to get a mortgage loan should be approved faster and with a better interest rate.
Bad credit scores are given to the customers who were not capable to make there payments on time or they have declared bankruptcy. Bankruptcy can effect your credit score for a long time. With bad credit, there are many companies out there that will still give you a loan, but your interest rate will be sky high. There are lenders that work with people who have bad credit, but be careful when choosing these lenders.
A credit score is created by using information from a person’s previous loans. To create a credit score they use a mathematical formula. The information and formula creates a persons credit history. Then it is evaluated with the credit history of other people. This makes what is called a risk assessment for potential lenders which can have a positive or negative effect on loans that a person would want to make in the future.
A credit score is based on fluctuating factors. Though one may have bad credit now, it is possible for them to change there credit score for the better. This will all happen over a period of time but they will need careful financial management. Making repayments on time, checking their financial statements often so they can know where they stand, and paying off their debts will help raise their credit score so making a home mortgage loan is easier with lower interest.
You can obtain your credit score information. Be sure to check over it carefully to make sure all the information is correct.

Bank of America Online Banking said...

There are good credit scores and bad credit scores. Someone can receive good credit if they have borrowed money and have made all the payments on time.

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