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What is a second mortgage? A second mortgage is a loan guaranteed under which the borrower provides some form of business (eg property, vehicle) as collateral for the loan. This is possible because a property may have more loans on it. First mortgage is a mortgage that was registered with the first county or city registry. Mortgage that was registered after the first is referred to as a second mortgage. Second mortgage is often referred to as a subordinated loan. This is because the first mortgage has priority over the second mortgage if the borrower defaults. First mortgage will be paid first, and only after the second will be paid. This is the second reason mortgages always comes with higher interest rates.

People take out second mortgage for variety of reasons including debt repayment, medical bills payment, financing the education costs, home renovation, buying another home and creating a home equity line of credit. Second mortgage is also referred to as Home Equity Loan. (more…)

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FHA loans are usually easier to obtain than the traditional type that most lenders offer. This is because the requirements are tailored for people with middle income or low income, as well as those who have financial problems and low credit scores in particular causes unpredictable as the country’s economic collapse. The Housing and Urban Development oversees the government agency known as the FHA or Federal Housing Administration. Its main objective is to help citizens of the United States in financial difficulties who need help obtaining a mortgage loan to purchase a home.

For those who are interested in this, one of the first questions that come to mind is “what are the income requirements and other details that the FHA requires from those who apply?” Here is the answer. The FHA does not impose a minimum regarding the gross income of those who apply for the loan. However, one must show that one has at least had steady income before, preferably within three straight years.

This will give them confidence that you will be able to pay all your monthly bills regularly and punctually. What exactly counts as income for the FHA? Unemployment compensation, child support, VA benefits, seasonal pay, retirement pension payments, alimony, military pay, Social Security income, and rent payments are all valid sources of income counted by the Federal Housing Authority. There are also others such as part-time pay, bonus pay, and overtime pay, just if the borrower all regularly gains these things. (more…)

Everyone knows that you should never sign on the dotted line without reading the contract.  This same term applies to loans.  Signing a loan without knowing the terms and what everything means can be detrimental to your finances, credit and future investments.  Before you sign on the dotted line, make sure that you know these terms and how they will apply to you.

1.  Interest rate.  The interest rate is the percentage of your loan that is added on every month.  The percentage will vary according to the economy and will make a difference in your payments.

2.  Fixed Rate.  A fixed rate will be an interest rate that stays at the same percentage throughout the entire period of your loan.

3.  Variable Rate.  A variable rate will change according to the economy and the charts that are stating what the rates should be for interest.  A variable rate usually changes every year and adjusts according to a specific given range of percentages.

4.  Principal.  The principal is what you will be paying on your actual house.  Whatever you pay on your principal is what you will see in the end as your investment.
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