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Key an Eye on Your Mortgage Payments
In previous decades, when a borrower missed a payment on a mortgage, the lender would often consider them one month behind until they eventually caught up. Most lenders would impose a late fee and other interest or penalties, tacking them onto the back end of the loan as long as the lender stayed current with the rest of their payments.
With the number of bankruptcy filings creeping higher each year, and with increasing pressure on lenders to return dividends to shareholders, mortgage companies have quietly resorted to creative accounting practices to put pressure on slow payers.
Under new rules, a mortgage lender can ding your credit report every month that you are behind on a payment. In addition, they can impose penalties and late fees during the month you missed your payment. To add insult to injury, if you neglect to catch up with your payments the following month and you don't pay all of your late fees, the lender can impose late fees - on your late fees. You might miss a payment for any number of reasons. It could be something as innocent as a check getting lost in the mail. Or it could be a symptom of a bigger problem like a divorce or a job loss. Either way, you receive equal treatment.
And the news gets worse. Many mortgage lenders have added clauses to their agreements that stipulate they can initiate a foreclosure on your home if you miss a predetermined number of consecutive payments, or if you miss too many payments in a given period. Therefore, you may only be a few hundred dollars behind on your mortgage, but you could find yourself in the same situation as someone who has not made payments on their home in six months. For example, if your March payment arrived one day late, you incur a $50 late fee. Because you use a coupon book to track your loan, you might not even know you were assessed that fee in the first place.
Although your next five payments arrived on time, your lender could charge you a late fee in April for failing to pay your March late fee. They could then charge you two late fees in May, for missing your March and April fees. Before long, the late fees snowball out of control and you have to take drastic measures to save your home. T
herefore, experts recommend that you use secure online banking to make mortgage payments that can be independently traced and verified. Call your lender's automated customer service line at least once each month to confirm that your payment has been received, and that you are current on all outstanding installments and past late fees. A little extra care and recordkeeping on your part can prevent much frustration.
Kevin Adelsberg is a writer for FasteMortgage.com. For additional articles and an extensive resource for everything about mortgages, please visit us at http://www.FasteMortgage.com
Mortgage after Bankruptcy - Bankruptcy Discharged Yesterday? Purchase a Home Today!
So you have been through a bankruptcy and surely have been told to wait at least two years before applying for a home loan. Waiting two long years without any guarantee of being approved for a mortgage after bankruptcy can be disheartening.
How To Turn Disadvantages Of A Reverse Mortgage To Your Advantage
When it comes to a reverse mortgage, wise consumers weigh the advantages and disadvantages prior to signing on the dotted line.Let's start on a positive note, you could do what most borrowers do and opt for the reverse mortgage line of credit.
Home Equity Can Create a Never-ending Money Cycle
What could you do with $10,000? Well, you can have it, now in a new home equity loan! Did you know that if you have been in your home for just one full year, you may already have the opportunity to take out huge dollars in equity from your home -- tens of thousands, even! Did you also know that you can get this money with no closing costs, use it any way you like, and, best of all, it will cost you as little as the price of your cable bill each month, and you can create an amazing money cycle that will give you an endless supply of cash.Unlike conventional mortgages, home equity loans are paid back with interest-only payments, and have no taxes or insurance added, which make for extremely low payments.
Doing a California Refinance Online
Californians are passionate people. I know.
Unlock your Home Loan Piggy Bank
With the recent sharp increase in property values your current home could be a pot of gold.Property prices have increase about 20% - 30% over the past year but according to economists this current boom will not continue or much longer despite recent changes in property taxes announced in the budget speech.
What Your Mortgage Lender Is Not Telling You About Accelerated Mortgages
For years, mainstream banks and financial advisors have been recommending that you pay extra cash into your mortgage account in order to cut down the huge interest amount and reduce the period over which you pay back the loan.For example, if you borrow $200,000 over 30 years at a rate of 5%, your monthly repayments would be around $1074.
High Risk Home Mortgage Lenders Online
Online high risk home mortgage lenders specialize in offering loans to people with adverse credit due to bankruptcy or other financial problems. By analyzing online quotes, you can find a reasonable mortgage loan even with poor credit.
Refinance Your Mortgage to Rebuild Credit
Refinancing your mortgage is one way to rebuild your credit, particularly if you have recently declared bankruptcy. With a poor credit history, you can find refinancing through a sub prime lender.
Buying a New Home - Home Buying Tips
If you in the process of looking for your first home, there are some essential steps that you should be aware of. Many times, people fall in love with a home and rush into the deal-not considering some important issues.
Financing a Home With Bad Credit
Financing a home with bad credit is a common problem for people. Over 25% of homes in the US are financed through sub prime lenders, who offer financing to high-risk borrowers.
Kings Bay Saint Marys & Kingsland Georgia - Affordable Home Mortgages
Buying a home is usually the largest purchase any of us will make in a life time. When choosing a home, you want to find one that suits your families needs best.
Refinance After Bankruptcy
Refinancing your mortgage after bankruptcy is actually the same as replacing it with an entirely new mortgage. The most common reason for refinancing your mortgage after bankruptcy is to get a lower interest rate and save money over the length of your mortgage.
The Truth About Shopping for Mortgage Rates
With so much lender advertising focusing just on rates, you may not be aware of the importance in choosing an experienced, reliable loan professional who can match you with the appropriate loan program. Good loan officers and mortgage brokers may quote today's rate when asked, but they will quickly add they need to know more about you to determine the best program for your individual situation.
Choosing The Right Buy-To-Let Mortgage
Buy-to-let took off during the 1990s with the increasing availability of specialist mortgages tailored towards the sector.For most people investing in buy-to-let schemes, mortgages are a vital component for funding the investment.
Home Equity Loan - Still a Better Idea Than a 401(K) Loan
Anyone who borrows money is always looking for the cheapest source of funding. That makes sense; no one wants to pay more in interest than is absolutely necessary.
Adjustable Rate Mortgages - Understand the Benefits Compared to a Fixed Rate Mortgage
Adjustable rate mortgages can be very tempting to home buyers, yet they carry a great deal of uncertainty. Fixed rate mortgages offer rate and payment security, but they are more expensive.
How to Get a Cheap Homeowner Loan
If you're looking for a cheap homeowner loan, you might be wondering what you can do to reduce the amount that you have to pay.The simplest answer lies in two things? shopping around to find the lender that offers the lowest interest rates on a cheap homeowner loan, and maximizing the value of your loan against the equity in your home that's being used as collateral.
Option ARM Mortgage Loan - Is This Really for You?
What happened to the days of a 15 or 30 year fixed rate mortgage loan? Ultimately this is the safest and most popular mortgage loan product in our industry, but new mortgage products are hitting the market, and we in the mortgage business are using them to our advantage; ever heard the radio advertisement saying, "buy a $200K home for $643.28 per month; call XYZ Mortgage Company to apply"? The product used in this ad is called an Option ARM, and I feel it's my duty as a mortgage professional to tell you what this product is in case you happen to meet up with that loan officer whose only concern is to make a fee, and not have your best interest in mind.
No Money Down Home Loan
Are you in the market to purchase a home but are concerned about not having enough money for the down payment? No down payment home loans or 100% financing for your mortgage loan used to be only advertised during late night infomercials and in obscure real estate publications. The good news is that if you want to buy a house but have little or no money available for the down payment, there are mortgage lenders who are offering no money down home loans in your area.
Top 10 Things to Consider on Home Loans
Here are our Top 10 most important things to consider when shopping for a Home Loan, Equity Line of Credit, or Refinance, courtesy of Loans-Directory.Org:Down-PaymentFixed Versus Adjustable RateAPRLoan TypesLoan Amount Qualification, IncomeLoan Amount Qualification, ExpensesEmployment and Credit HistoryPointsSub-Prime LoansShort-Forms1.
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