5 Tips for Purchasing a Foreclosed Property

The procedure of purchasing a typical resale property is quite different from buying a foreclosed property. Most of the cases involve only a real estate agent, and a preapproval letter is needed by the lender for a seller to buy the property. Though there would be some margin for negotiation, in most cases, buyers would…

Wrap Around Mortgages

A wrap-around mortgage is a loan exchange in which the bank presumes accountability for an existing home loan. John pays $5,000 down and borrows $95,000 on a new mortgage. His total return on the $25,000 is about 13.5%. As an example, imagine the $70,000 mortgage in the example has a rate of 6% and the…

Which Mortgage Term Is Right for You?

Many homeowners are used to hearing about various mortgage loan programs on the radio, news or online. With a listed rate and payment amount many consumers sign up for a 30 year mortgage simply because it is the standard thing to do. What many people do not know is that there are additional mortgage program…