Category Archives: Budgeting Your Project

How Money is Made by Mortgage Lenders

Lenders are in the company of making money from loans. Mortgage lenders lend straight out of their own funds, so they are different from agents who earn money acting as intermediaries between lenders and borrowers. Lenders can utilize depositor’s funds or they may borrow money from larger banks in a preferred interest rate to finance […]

What Affects the Evaluation Value of a Home?

An expert home appraisal is 1 way a mortgage business may be assured that it's not committing too much money on a property. It’s also the way the possible home buyer can be assured that he's not spending more to get a house than it's actually worth. For between $200 and $400, a house appraiser […]

Could You Do a Cash-Out Refinance With an FHA Loan?

A cash-out refinance is a loan which pays for your present mortgage and gives you extra money to spend after all of the loan costs are all paid off. It’s possible to get a cash-out refinance using an FHA loan. FHA cash-out refinance loans compare well with similar private refinance mortgages, usually providing lower interest […]

What to Do If You Get Behind on Your Mortgage Payments

Most mortgage lenders organize their mortgages so the payments are due on the first of each month. Mortgage lenders typically do not asses late penalties until the payment is 15 days late. Lenders will not report a late pay to the credit bureaus until the payment is a full 30 days late. Misconceptions Homeowners fall […]

Do Banks Earn Money?

Many times the bank to which you create your mortgage payment isn’t really the owner of your mortgage. You may have applied for your loan with a bank, closed it with the same bank and today make your payments to that bank, but that bank may no longer own your loan. Banks frequently sell mortgages […]