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CLOSED MORTGAGES / FIXED RATE MORTGAGES
The expression 'closed mortgage' originates from the 1980's when this type of mortgage was literally 'closed'. You contracted to the lender to make your payments for the term chosen, you could not pay anything additional, nor could you pay off the entire amount for any reason except the sale of your property. These days, there are many ways to pay down your mortgage principal quicker, though the name 'closed' mortgage still remains. See pre-payment options ... : CLOSED MORTGAGES / FIXED RATE MORTGAGESMortgage Applications Up Last Week-MBA
NEW YORK (Reuters) - Applications for U.S. home mortgages increased last week as U.S. consumers came out in droves to refinance their existing loans, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity increased 7.3 percent to 706.4 in the week ended Jan. 28, after decreasing 3.6... : Mortgage Applications Up Last Week-MBAFederal Housing Administration Mortgages (FHA)
These are mortgages that are guaranteed against default by the Federal government. Lenders are willing to give mortgages to homebuyers with smaller down payments than under conventional financing because the Federal government guarantees the loan against default. The homebuyer must pay an insurance premium for this privilege and this cost is usually added to the mortgage. In order to qualify for an FHAM the property in question must meet certain requirements. The ... : Federal Housing Administration Mortgages (FHA)Balloon mortgage
A balloon mortgage can be an excellent option for many home buyers. A balloon mortgage is usually rather short, with a term of five to seven years, but the payment is based on a term of 30 years. They often have a lower interest rate, and can be easier to qualify for than a traditional 30 year fixed mortgage. There is, however, a risk to consider. A... : Balloon mortgageThe basics of life insurance
A large number of us purchase life insurance for the simple reason that we want our loved ones to be financially secure after we die, and we don’t want our deaths to be the cause of financial insecurity - whether because of the funeral costs themselves, or the lack of whatever income we provide. When it comes to estate planning, cash accumulation, wealth transfer, and estate tax liquidit... : The basics of life insurance
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