Buying a home is not an investment to jump into without research and planning. A home is a major purchase and should be treated as a life changing event. Most first time home buyers plan on financing their home for 30 years on a conventional loan, 30 years is a large portion of ones life. This [...]
Ever wonder how debt consolidation works? Should you use your home as collateral to consolidate debt? With the rising costs of everyday life many Americans are looking for ways to lower debt and reduce their monthly expenditures. Many people are turning to professional help such as debt consolidation loans. One of the most popular ways [...]
A bridge loan is basically a short-term loan pending another loan in the near future. They are often used to close on a property in a short period of time, stop the process of forclosure on a property, or to fill an immediate need for financing to plan for long term financing. A common use [...]
Interest only mortgage loans usually have an interest only period of 5 to 10 years. During this time period the borrower only has to pay the interest on the loan. After the initial interest only time period the remaining balance is amortized for the remaining term of the loan. For example if the initial loan was [...]
A piggyback loan is a mortgage loan in which the financing is handled by two different lenders. The first lender finances a large portion of the loan, usually 80% and another seperate lender finances the remaining balance of the loan. There are three common options of piggyback loans, 80-10-10 loan, the 80-20 loan (also known [...]