When you take out financing to buy a home, it’s a purchase money mortgage. The bank provides you with some (or all in some cases) of the money to buy a home. If you are making a down payment, you combine the proceeds of the purchase money mortgage with your down payment to pay the seller. In exchange for the funds, the bank puts a lien on the property. If you were to sell the … [Read more...] about What is a Purchase Money Mortgage?
When you buy a home with a mortgage, you have several factors that go into that payment. You’ll obviously pay the principal and interest on the loan. But, you may also see charges for real estate taxes and homeowner’s insurance. Many loan programs require that you set up an escrow to pay for these charges.Get Matched with a Lender, Click Here.Hazard insurance is … [Read more...] about What is Hazard Insurance on a Mortgage?
Second mortgage lenders have a distinct disadvantage in the face of default. If you don’t make your second mortgage payments, the second lienholder must wait to see how much money the first lienholder gets before the second lienholder receives anything.Get Matched with a Lender, Click Here.Typically, the second mortgage lender walks away with nothing because of the lack … [Read more...] about Statute of Limitations on Second Mortgage Debt
A reverse mortgage can help a senior live comfortably by drawing on the equity of his/her home without making mortgage payments. A reverse mortgage provides the borrower with equity funds upfront or on a monthly basis. The mortgage accrues interest, but no payments are necessary until the owner(s) die or moves out of the home.Get Matched with a Lender, Click Here.In the … [Read more...] about What Happens When a Reverse Mortgage Owner Dies?
Are you considering making energy improvements to your home? You aren’t alone. As a matter of fact, there is a government program that helps you do just that. It’s called the PACE or Property Assessed Clean Energy program.Get Matched with a Lender, Click Here.The program provides borrowers with the money to make clean energy changes to their home. Homeowners then pay … [Read more...] about What is the PACE Loan Program?