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Recent News

Souring Mortgages, Weak Market Force FHA to Walk a Tightrope - WSJ (1/18/10)


Souring Mortgages, Weak Market Force FHA to Walk a Tightrope - WSJ (1/17/10)


Fixed-Rates Down Slightly While ARMs Are Mixed - FreddieMac (1/15/10)


Walk Away From Your Mortgage! - NYT (1/07/10)


Slightly Lower Rates This Week - FreddieMac (1/07/10)


U.S. Loan Effort Is Seen as Adding to Housing Woes - NYT (1/02/10)


Rising mortgage rates will test housing market - LAT (1/1/10)


Rules to Clarify Cost of Mortgages - WSJ (12/31/09)


Slightly Higher Rates This Week - FreddieMac (12/31/09)


Beyond the Mortgage Payment - WSJ (12/28/09)


Slight Rise in Home Prices Masks Signs of Weakness - NYT (12/28/09)


Proposed guidelines for reverse mortgages spell out potential pitfalls for homeowners - LAT (12/27/09)


No more extensions of tax credit for first-time home buyers - LAT (12/27/09)


Long-Term Mortgage Rates Over 5 Percent - FreddieMac (12/24/09)


Foreclosure Challenges Raise Questions About Judicial Role - WSJ (12/24/09)


Builders Zero In on New Goal of Energy-Neutral Housing - WSJ (12/23/09)


Mortgage Topics

Purchasing A New Home?

Good question! It’s a good idea to think about what you should look for when you purchase a new home before you actually sign on the dotted line and pay. Buying a new home can be a rewarding experience if you do it right. Just make sure you protect yourself from any surprises down the line. You want to know some of the ways you can? Well, you may want to consider these tips before purchasing your new home:

New Home or Resale?

Whether buying new or resale homes, choices abound in today’s home buying market. Buying a newly constructed home may be top of mind as many factors come into play. One reason buyers go the new home route is that they are given plenty of choices and options in the level of customization of their home. These options may range from being able to choose color schemes, upgrades like trim moldings, kitchens finishing’s, selection of flooring options throughout the home, home automation and more.

Understanding Home Equity Mortgage

A home equity loan or home equity mortgage is an effective second mortgage on your home, taken out after you have developed some equity in your home. For example, if you purchase a home for $200,000 and you have paid $40,000 over the years against the loan principal and the market value for the home is now $250,000, you now have equity in the home of $90,000. Theoretically, you could apply for a $90,000 loan against the equity, but in practice, most lenders prefer to keep the loan at 80% loan to value or, in this case $187,500. In this example, a loan for $27,500 could be approved.

Mortgage Broker vs. Banker

If you have ever financed the purchase of a home or refinanced such a loan, chances are that you used the services of a mortgage banker or mortgage broker. What's the difference, you ask? Great question! A mortgage broker is approved with various direct lenders to broker loans to that lender and earns a fee for doing so (usually from the consumer and/or the lender). A mortgage broker does not actually lend any money, they simply arrange the financing.

PMI, An In Depth Review!

PMI is just extra fees and has nothing to do with your principal or your interest. Taking on two mortgages is only about the money you borrow and there are no extra costs such as private mortgage insurance. PMI or Private Mortgage Insurance is normally required when you buy a house with less than 20% down. Mortgage insurance is a type of guarantee that helps protect lenders against the costs of foreclosure. PMI is not additional homeowners’ insurance. It is for the sole protection and benefit of the lender

Loan Refinancing

Here’s a quick guide on choosing the best home mortgage refinance deal! Questions to be asked: As a borrower, there are chances you maybe taken advantage of by unscrupulous lenders. To avoid this you need to ask a few basic questions first and even do a comparison check: What is the type of mortgage being offered? Find out if the interest rate is fixed, adjustable, FHA or conventional.

What is a Mortgage Refinance?

Many of us have heard the term mortgage refinance but a lot of people don’t actually know what this means. A lot of people associate refinancing with financial troubles and others assume that it has something to do with paying off your home. The fact of the matter is that there are a lot of people out there who could benefit from refinancing but because they don’t understand what it is they never even give it any consideration. On the other hand, there are people refinancing that really shouldn’t be! There is a great loan out there for everyone and if you didn’t get it the first time around, refinancing may be a great option!

Adjustable-Rate Mortgage

This handbook explains how adjustable rate mortgages work and discusses some of the issues that borrowers may face. It includes ways to reduce the risks and gives some pointers about advertising and other ways you can get information from lenders and other trusted advisers. Important adjustable rate mortgage terms are defined in a glossary. And the Mortgage Shopping Worksheet can help you ask the right questions and figure out whether an adjustable rate mortgage is right for you. Ask lenders to help you fill out the worksheet so you can get the information you need to compare mortgages.

Post Bankruptcy Mortgage Loan Application

You thought it only happened to others. That it was just reserved for those fiscally irresponsible enough to get themselves in trouble in the first place. First you get one credit card, then another, then another. Then you only pay minimum balances, then transfer balances, then....you're downsized. Or you're sick and can't work. Or something happened to you in such a financially-catastrophic manner that you too, filed for bankruptcy. What's worse, the perfect home you've been keeping your eye on is finally, finally for sale. But you're out of luck because you have a bankruptcy. Right?

Reporting an Installment Sale

Use IRS Form 6252 to report a sale of property on the installment method. The form is used to report the sale in the year it takes place and to report payments received in later years. Also, if you sold property to a related person, you may have to file the form each year until the installment debt is paid off, whether or not you receive a payment in that year.

Interest-Only Adjustable Rate Mortgage

The Interest-only (IO) feature allows you to make lower payments on an adjustable-rate mortgage by offering an interest-only period during the early years of the loan, followed by a fully amortizing period.

Manufactured Home -- A Consumer's Guide

By an act of Congress in 1974, the U.S. Department of Housing and Urban Development (HUD) was designated as the government agency to oversee the Federal Manufactured Housing Program. The area within HUD responsible for the oversight function is the Office of Regulatory Affairs and Manufactured Housing, Office of Manufactured Housing. Most States have a State Administrative Agency (SAA) that administers the HUD program in that State. A listing of the SAAs can be found in the homeowner's manual that is provided with each new home.

Piggyback Loans - Pros and Cons

There are three common types of piggyback loans: the 80-10-10 loan, the 80-20 loan (also known as the 80-20-0 loan) and the 80-15-5 loan. In each of the aforementioned instances, the first number indicates that 80% of the home's purchase price will be financed by a mortgage of lender number one; the second number indicates the percentage amount of a loan secured by a second mortgage with a different lender; and the third number indicates the down payment percentage.

Credit and Homeownership

If you're thinking about buying a home, you should also be thinking about your credit. The first step in the homebuying process is understanding your credit. When you apply for a mortgage, lenders will review your credit report. Your credit report is a history of how you've managed your finances: it's a record of money you've borrowed, your history of paying it back, and how much open credit is available to you.

Becoming a Home Owner

Is buying a home the right decision for you? How do you get started? How much house can you really afford? You will find the answers to these questions in this section provided by Mortgage1A.com...

Hot Topics

Equity Loan

If you decide to apply for an equity loan, look for the plan that best meets your particular needs. Read the credit agreement carefully, and examine the terms and conditions of various plans, including the annual percentage rate (APR) and the costs of establishing the plan. The APR for a equity loan is based on the interest rate alone and will not reflect the closing costs and other fees and charges, so you will need to compare these costs, as well as the APRs, among lenders.

Home Improvement Loan

You finally found the home you want to buy, but the kitchen needs updating. Or, you look around your current home and decide you need to build and finance an addition to keep up with your growing family. For many, the dream home may require a change or even major renovations. So, we worked with our lenders to provide such products like the HomeStyle home improvement loan, designed to provide affordable financing for any repair you may be considering.

Bad Credit

With the current difficulties of the property market, credit crunch and downturn of the property prices, it is no wonder that many young people feel that the prospects of getting a mortgage is getting slimmer and more distant. Applying for a mortgage is no longer a simple duty, many are being rejected and mortgage interest rates are looking to rise. This is then causing people to fall into negative equity and becoming victims of housing repossessions.

Owner Builder Loans

Owner builders save themselves a lot of money by managing the construction of their homes and cutting out the costs of a general contractor. However, for owner builders who have never built before, there is a very important lesson to learn about the owner builder loan timeline before getting too far into the planning process. Owner builders need to be realistic about their planning timeline and the construction loan timeline; or else they can cost themselves a lot of money and headaches.

Finance Your Dream Home

If you have always dreamed of building and living in the home you’ve helped design, it’s time to seriously consider putting your dream into action. In today’s mortgage market, a specially designed loan for just such a homeowner, the construction to perm loan, includes the construction loan to build the house, and the permanent loan to purchase the home. Mortgage lenders used to offer this as a two part process, first financing the construction loan and building the house, then obtaining another mortgage to purchase the home. There were two closings, and two sets of closing costs with this type of loan.

Home Buying Success

There are few purchases in life that carry the financial and psychological weight of buying a home. Whether you are buying your first home, moving up to your dream home, or downsizing your home and your life after the kids have gone, it is important to understand the ground rules for success in the world of buying a home. Making the wrong decision in buying a home can have devastating and long lasting effects, while making a wise decision in home buying can greatly enhance the overall value of the investment. It is necessary to learn all you can about the world of home buying and mortgages before setting out to purchase the home of your dreams.

Got Bad Debt?

Bad credit has reached epidemic proportions in the United States, and as a result many Americans are resorting to bad credit consolidation. Although bad credit occurs for various reasons, such as late mortgage payments or inability to pay school loans, the vast majority of individuals are in trouble due to mismanagement of credit cards. Being late by even one day can result in penalties, perpetuating the cycle of late payments due to high fees and high fees due to late payments.

Credit Card Consolidation

Getting a Debt Consolidation Loan can be a real life saver if you have a lot of credit card debt. It is so easy to get into trouble with credit cards and some times you need help. You should never feel embarrassed or ashamed if you have got into a financial debt situation because there is no guide book on how to use a credit card and there are many people who will find themselves overextended.

Debt Consolidation

Based on some research predictions, a credit refusal will rise to 8.6 million in 2011 from 7 million recorded in 2006 due to the rising of interest rate. If you have debt burdens, now has to be the best time for you to re-examine your debt issues and get it in-control by reducing the interest rate of your debt. Debt consolidation can provides you a perfect solution to bring your debt back to a manageable level by lowering your debt interest burden while you work out to get rid of it.

FHA Closing Costs

Many people want to buy a home but between the down payment and the closing costs many people just cannot afford to buy a home. It is something that has plagued the home loan industry for years, but when you have an FHA loan you will find that you can pay very little to get into your dream home. With a loan that is insured by the Federal Housing Administration you have several things on your side that make the process of getting into a new home more affordable.

Today’s FHA Loans

FHA loans is the most popular consumer mortgage loan you can possibly have today,also FHA bad credit loans are done by the government, basically the government have created these loans years ago and it was actually very popular consumer mortgage loans for many people several years ago, FHA bad credit loans also called FHA hud have their FHA guidelines and FHA requirement and for you to get a consumer mortgage and an FHA approval you need to know them.

Bank Foreclosures

Bank foreclosure real estate also referred to as REOs (Real Estate Owned) is foreclosed real estate that is owned by the bank due to an unsuccessful foreclosure auction. There are several reasons the home may have not sold at the auction. The most common reason is negative equity- the bank foreclosure real estate is worth less than the amount owed to the bank. Of course, the bank seeks to receive the outstanding balance of the original loan. Therefore, the minimum bid for the bank foreclosure real estate is usually the amount of the outstanding balance of the original loan, plus interest and any additional fees. No smart investor or buyer will consider bidding on such a property.

How to Write a Hardship Letter

Do you want to make sure that you get to keep your house? If so, you need to start by learning How to Write a Hardship Letter. When we enter financial difficulties, we often find that we might be watching everything in our life fall over, as though they were stacked dominoes, and one of the things that we most fear falling is our mortgage payments.

First Time Home Owners

For the residents of a trailer park in Olympia Washington the threat of eviction vanishes as they own their homes. The residents of the park in Olympia were soon to be evicted and lose all they had invested in their homes when a large sum of money was demanded to keep their homes; a feat that was out of reach for all of the residents. The 30 College Street Mobile Home Park residents were told they had to pay $95,000 each for their lots or they would be evicted. Unbelievable distress turned into cooperative hope and then unimaginable joy of success when the residents banded together for a common goal.

BALLOON NOTE (FIXED RATE)

The following BALLOON NOTE information is only an example and is not exhaustive in detail or explanation. CONSULT AN ATTORNEY FOR MORE EXACT INFORMATION RELATED TO YOUR SPECIFIC MORTGAGE AND MORTGAGE TYPE!

Becoming a Home Owner

Is buying a home the right decision for you? How do you get started? How much house can you really afford? You will find the answers to these questions in this section provided by Mortgage1A.com...

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    Current Rates

    February 9, 2010 Current Rates 52-Wk High
    Fed Funds: 0% 0%
    Prime Rate: 3.25% 3.25%
    LIBOR: .25% 1.47%
    30-yr Mortgage: 5.34% 5.80%
    15-year Mortgage: 4.75% 5.43%
    5-year ARM: 4.65% 5.88%
    Jumbo Mortgage: 6.31% 7.21%
    Home Equity Loan: 5.26% 5.87%
    * Base rate posted by 75% of the nation's largest banks.
    Source: Reuters, WSJ Market Data Group, Bankrate.com

    Mortgage Calculator:
    Sales Price: $
    Down: %
    Interest Rate: %
    Term: yrs
    Monthly payment: $



    Last Weeks Rates

    • 30-year Conforming 5.125%
      (APR: 5.85%)
    • 15-year Conforming 4.475%
      (APR: 5.15%)
    • 5-year Conforming 4.20%
      (APR: 4.92%)
    Last Updated: February 2, 2010

    Mortgage payment's on $200,000 are as low as $895/mo*.
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