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A mortgage is a loan that is secured by real property (land, buildings).

1 vote

Are online mortgage lenders as good as local brick-and-mortar ones?

At least five of my co-workers are currently re-financing through Amerisave. Four have had a wonderful experience. The fifth has been dealing with a representative who constantly misunderstands him, …
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17 votes
4 answers
1k views

What criteria should I use to determine if I should become a home owner?

Currently my spouse and I rent a small apartment. Eventually we'd like to expand the family, and a one bedroom rental won't cut it forever - even if we continue renting we'll be expanding to a detach …
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5 votes

Put money in savings or pay towards mortgage?

Do you have any other debt besides your mortgage such as credit card debt, student loans, or a car payment? Unless those are lower interest than your mortgage, pay them off first. … There are a lot of other considerations besides just mortgage and emergency fund. …
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6 votes

Is it worth it to pay extra on mortgage payments if I am not planning to stay in the house f...

Another option is to save up a chunk of money and recast your mortgage, paying down the principal and having the resulting amount re-amortized to provide you with a lower monthly payment. …
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3 votes

First time homeowner and getting a mortgage?

First of all, think of anyone you know in your circle locally who may have gotten a mortgage recently. … is called a Good Faith Estimate of their final fees), if pre-payment of the loan is allowed (required to re-finance or for paying off early), alternative schedules (such as bi-weekly or what a 20 year mortgage
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1 vote

Does size of down payment affect chances of home loan approval?

One thing that a high down payment does is improve the chance that the seller will accept your offer. Sellers also want to know that your offer is a serious one, and the closer you are to an all-cash …
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3 votes

How to compare current mortgage to re-finance?

Here's a refinance calculator which tells you how many months you will need to be into your new mortgage before you break even (and after which point you come out ahead). …
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7 votes

First Time Home Buyer - How much down payment? Where to go for Mortgage?

With regards to mortgages, the cheapskate way that I found information that I needed was to get books from the library that explained the mortgage process to me. …
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10 votes

Should I take money out of an old 401(k) to put a down payment on a house?

Unless that 401K has very low expense ratios on its funds, you should roll it into an IRA and choose funds with low expense ratios. After rolling it over you should not take the 10% penalty and use i …
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