Consejos:

About Mortgage Home Loans

About Mortgage Home Loans - Are you shopping around for a home loan mortgage? Whether it’s a home purchase, a refinancing, or a home equity loan it's a product, just like a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.

Home loans are available from several types of lenders, financial institutions, commercial banks, mortgage companies and credit unions. Different lenders may quote you different prices, so you should contact several lenders to make sure you’re getting the best price. You can also get a home loan through a mortgage broker.

Brokers arrange transactions rather than lending money directly; in other words, they find a lender for you. A broker’s access to several lenders can mean a wider selection of loan products and terms from which you can choose. Brokers will generally contact several lenders regarding your application, but they are not obligated to find the best deal for you unless they have contracted with you to act as your agent. Consequently, you should consider contacting more than one broker, just as you should with banks or thrift institutions.

Whether you are dealing with a lender or a broker may not always be clear. Some financial institutions operate as both lenders and brokers. And most brokers’ advertisements do not use the word “broker.” Therefore, be sure to ask whether a broker is involved. This information is important because brokers are usually paid a fee for their services that may be separate from and in addition to the lender’s origination or other fees. A broker’s compensation may be in the form of “points” paid at closing or as an add-on to your interest rate, or both. You should ask each broker you work with how he or she will be compensated so that you can compare the different fees. Be prepared to negotiate with the brokers as well as the lenders.
 

Mortgage Home Loan Details

Mortgage Home Loan Details - Be sure to get information about mortgages from several lenders or brokers. Know how much of a down payment you can afford, and find out all the costs involved in the loan. Knowing just the amount of the monthly payment or the interest rate is not enough. Ask for information about the same loan amount, loan term, and type of loan so that you can compare the information. The following information is important to get from each lender and broker:

   

HELOC Home Equity Loan Tips

HELOC Home Equity Loan Tips - If you’re thinking about using your home as collateral for a loan, be careful. Unless you can make the loan payments out of current income, you could lose your home as well as the equity you’ve already built up. Some additional tips to remember:
   

Cancellation of PMI Private Mortgage Insurance

Cancellation of PMI Private Mortgage Insurance - If you put less than 20 percent down on a home mortgage, lenders often require you to have Private Mortgage Insurance (PMI). PMI protects the lender if you default on the loan. The Homeowners Protection Act of 1998 which became effective in 1999 establishes rules for automatic termination and borrower cancellation of PMI on home mortgages. These protections apply to certain home mortgages signed on or after July 29, 1999 for the purchase, initial construction, or refinance of a single-family home. These protections do not apply to government-insured FHA or VA loans or to loans with lender-paid PMI.
   

Home Equity Loans The ThreeDay Cancellation Rule

Home Equity Loans: The Three-Day Cancellation Rule - If you’re considering applying for a personal loan and using your home to guarantee repayment, you should know that a federal credit law gives you three days to reconsider a signed credit agreement and cancel the deal without penalty. Your "right to rescind" or "right to cancel" is guaranteed by the Truth In Lending Act. You can rescind for any reason but only if you are using your principal residence whether it is a condominium, mobile home, or house boat as collateral, not a vacation or second home.
   

Types Mortgage Home Loans

Know Your Mortgage - Do you know what kind of mortgage you have? Do you know whether your payments are going to increase? If you can’t tell by reading the mortgage documents you received at settlement, contact your loan servicer and ask. A loan servicer is responsible for collecting your monthly loan payments and crediting your account.
   
Atlanta Georgia Anaheim Austin Texas Albuquerque New Mexico City Arlington Virginia Baltimore Maryland Boston MA Chicago IL El Paso Corpus Christi Texas Dallas Texas Houston San Antonio Detroit Denver Colorado Hartford CT Providence Miami Fort Lauderdale Florida Orlando Tampa Milwaukee Las Vegas Nevada Anaheim Los Angeles San Francisco CA San Diego Sacramento Riverside San Bernardino Phoenix Arizona Tucson Philadelphia PA Nueva York Seattle Washington DC Puerto Rico Nueva Jersey Canada Monterrey Mexico DF Guadalajara Tijuana