by maria | Aug 31, 2016 | Exclusive QA |
It is a mortgage in which the entire unpaid principal becomes due and payable on a given date, five, ten, or any number of years in the future. The borrower must pay up, refinance, or lose the property. Interest rates on balloon mortgages are lower than for fixed-rate...
by maria | Aug 23, 2016 | Exclusive QA |
B, C and D paper loans are types of subprime loans. There was a time when they were hard to find; however, when the housing market took off, so did the number of lenders offering them. Not so today. High default rates on subprime mortgages made to high-risk borrowers...
by maria | Aug 23, 2016 | Exclusive QA |
A shared equity mortgage, or partnership mortgage, can be a good way to purchase a home with little or no money down. In such an arrangement, the borrower/homebuyer has an absentee partner who, as the investor, provides all or some of the down payment. Equity sharing...
by maria | Aug 23, 2016 | Exclusive QA |
Not to be confused with a biweekly mortgage, this type of home loan is also known as 5/25s and 7/23s. It has one interest rate for part of the life of the mortgage and a different rate for the remainder of the loan. Two steps are 30-year mortgages. They can either be...
by maria | Aug 23, 2016 | Exclusive QA |
The biweekly mortgage has become increasingly popular as more people favor paying off their home loan early and reducing interest charges. Monthly payments on these loans are split in half, payable every two weeks. Because there are 52 weeks in a year, you actually...
by maria | Aug 23, 2016 | Exclusive QA |
It is a mortgage held by the seller that can be taken over by the buyer when a home is sold. Such loans are hard to find because most lenders stopped voluntarily writing them many years ago. Most new assumable loans today are adjustable rate mortgages. An assumable...