Q: My mortgage broker said that my credit score was poor (and the interest rate I had to pay was high as a result) because of a number of credit card delinquencies I had during the last year. So I paid off all the delinquent accounts and consolidated the remaining balances into 2 cards. But when I reapplied, my score was lower rather than higher! What is going on?
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Mortgage applications increase last week
NEW YORK (Reuters) - Applications for U.S. home mortgages increased last week amid a robust uptick in purchasing and refinancing activity, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity increased 9.4 percent to 781.0, adding to the 0.2 gain in the previous week. "Strong support for home sales has been provided by a recent decline in interest rates, a strong jobs market, ... : Mortgage applications increase last week
graduated-payment mortgage
a mortgage loan which provides for initial lower monthly payments, with payment amounts increasing gradually over a period, usually up to 10 years, under the assumption that the borrower's income will also rise during the period. ... : graduated-payment mortgage
Closed Mortgage
(1 to 5-year terms are most common but can go as high as 10+ years):These types of mortgages have structured repayment schedules with specific amounts due on a weekly or monthly basis. They usually have the lowest interest rate available but cannot be prepaid or discharged before the end of the term without ... : Closed Mortgage
April durables orders jump
WASHINGTON (Reuters) - New orders for U.S.-made durable goods jumped more than expected in April, but after a big rebound in transportation orders was stripped out, they registered a surprise drop, a government report showed on Wednesday. A separate report showed new home sales jumped to a record high last month on a recent dip in already-low mortgage interest rates. That report followed data showing bumper existing homes sales in the month am... : April durables orders jump
House Mortgage Refinance Resources
Check out our great house mortgage refinance information.
An adjustable rate mortgage, or ARM, is different from a traditional fixed rate mortgage because the interest rate changes during the life of the loan in accordance with movements in the index rate. If you can take advantage of a low mortgage rate when applying for a mortgage, then a fixed rate mortgage might be the way to go. But there are many reasons to consider an adjustable rate mortgage. Adjustable rate mortgages generally have lower initial interest rates than fixed rat... : When to Consider an Adjustable Rate Mortgage
Second Mortgages
Secondary financing obtained by a borrower. They can be fixed in amount or take the form of a Home Equity Line of Credit, which is simply a revolving credit line secured by a house.Homeowners use these forms of financing to consolidate bills, do home renovations, put their kids through college, etc. They are tapping into the equity they have in their house to use for other things.This is not necessarily a great idea. You must take firm control of your finances whe... : Second Mortgages
Private Mortgage Insurance
What is Private Mortgage InsurancePrivate mortgage insurance (PMI) is a policy that protects lenders who make loans to individuals who want to buy or refinance a home, but are unable to come up with the required 20% down payment.Private Mortgage Insurance Facts:PMI plays a valuable role in expanding home ownership.With PMI, families can purchase homes with as little as 3-to-5 percent down payment on a home.N... : Private Mortgage Insurance
Closed Mortgages
In a closed mortgage, the interest rate is locked in for the full term of the mortgage and you must pay compensation, known as pre-payment charges, to the mortgage lender to renegotiate the interest rate or pay off the balance prior to the end of the term. Closed mortgages are usually the better choice for buyers who suspect that interest rates may be on the rise and for those who are not planning to move in the sh... : Closed Mortgages
Coping with new bankruptcy law
Coping with new bankruptcy law 5 Tips: Consider filing now; don't add risk to your home; more... April 18, 2005: 1:47 PM EDT By Gerri Willis, CNN/Money contributing columnist NEW YORK (CNN/Money) - President Bush is soon expected to sign into law a bill that will make it difficult, if not impossible, for many consumers to wipe away their debts through bankruptcy. With 1.... : Coping with new bankruptcy law
