The 100 percent mortgage programs are really popular right now. This mortgage is a loan program which requires no down payment. Therefore, trouble may be brewing. Now on the surface a 100 percent mortgage this seems like a great idea. Since most surveys show the number one reason for not buying a home is no [...]

Bad credit mortgage loans are for borrowers who have credit issues and do not fit traditional mortgage credit standards. Bad credit mortgage programs are also known as B paper or subprime loans. Bad credit mortgage lenders create loan programs with their own riskier underwriting standards combined with higher rate structures and then pool them for [...]

An amortization schedule tells you how much of your monthly payment is going to pay down your principal and how much is going to pay the interest. This can be very eye opening. In the beginning of your mortgage, your payment is almost all interest with very little going toward paying down the balance. Towards [...]

A recording fee is a fee required on every mortgage. It does not go to the broker, loan officer, or lender but to your county. Each county’s fees are different. The recording of your mortgage is the last thing done to complete the process making it part of the public records. You will see this [...]

The Silver State Bank failure is the 11th this year and in typical fashion the FDIC announcement came after trading Friday blaming the bank’s overexposure to commercial and real estate development mortgage loans in the two most depressed markets in the US, namely Arizona and Nevada. The FDIC also stated depositor assets will transfer to [...]

Down payment amount is very important in the approval of your mortgage. The amount of equity you have when you buy is an indicator of who will default on their mortgage or not. Down Payment Definition Down payment is the amount of money put toward the purchase price to lower the mortgage amount. If your [...]

A junk fee is a fee that is charged to the borrower but serves no purpose other than to increase the revenue to the originator. There is quite a bit of confusion on legitimate fees and junk fees on the Good Faith Estimate but more often than not, fees are not junk. Junk fees mortgage [...]

The 40 year mortgage is sold to folks who want or need a lower payment. Many home owners are seeking a monthly payment even lower those provided on standard 30 year fixed loans. A 40 year mortgage is less in monthly payment because the loan is amortized over 40 years instead of 30…at least in [...]

I’m constantly getting bombarded with questions about exactly how the meltdown was allowed to happen by readers, reporters, and consumers. So I thought I’d take a minute and explain just how the hedge funds used subprime mortgages and how they got caught with their pants down in the last few months causing the mortgage meltdown [...]