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Mortgage Professor about borrowing:

Second Mortgage Versus 401K Loan
July 10, 2000 "I need $10,000 for a home improvement. I can either take out a home equity loan or I can borrow from my 401K retirement fund. Would the tax benefits on the home equity loan outweigh the advantage of ... more...

Save With a Large Payment at Closing?
March 10, 2003 "I read two books that suggested making a large payment on your mortgage the day you close. They said it saves you many months of payments and thousands in interest. They also said that the lender will try to discourage you and would ask why you just don?t reduce ... more...

borrowing related definitions

Second Mortgage, Home Equity Loan
Second Mortgage, Home Equity Loan A secured loan (mortgage) that is subordinate to another loan against the same property. More specifically, the second loan in sequence. Generally, second mortgage hass a higher interest rate and with shorter terms than a ... more...

Home Equity Loan
Home Equity Loan A home equity loan is borrowing against the equity you have acquired in your home. Lets suppose your original mortgage was $175,000.00, but your house is worth $225,000.00. The difference is $50,000.00. ... more...

More about borrowing

Get Free borrowing Quotes and Estimates
Get instant on-line mortgage rate quote and closing cost estimate. Only put your loan numbers. No contact info required. Compare offers from top mortgage lenders... more...

Get Your Annual Free Credit Report Why Pay For It?
You can get an annual free credit report from any of the three major credit bureaus. If you have ever had credit, then there is a report on your borrowing and repaying at one of these bureaus maybe all three. The Fair Credit Reporting Act is a law saying that every person is entitled to receive ... more...

7 Consumer Credit Laws You Should Know if You are Trying to Repair Your Credit
There are seven consumer credit laws you should be aware when dealing with your credit.1. The Truth in Lending ActThe customer had to be told the true cost of borrowing, so they could figure out exactly what the charges would be. You must be informed, in writing of the finance charge and the APR ... more...

Reduce Your Debt With These 5 Tips
It's never pleasant to realize that you're in financial hot water, but pretending the situation doesn't exist is NEVER the way to deal with the problem. If you're having trouble meeting monthly payments, find yourself borrowing or using credit cards to meet daily expenses, or have one or more of ... more...

Free Home Equity Loan Information
Home equity loan information can sometimes be confusing and misleading. I have written this article to properly explain home equity loans. Basically equity is the difference between your home's appraised -- or fair market value and the outstanding mortgage balance you owe on your home. Borrowing ... more...

Guide to Home Equity Loans
Here is a useful guide to home equity loans. A home equity loan is quite simply a loan against your house. Another term for a home equity loan is a mortgage or second mortgage. Home equity loans are also known as equity release schemes.You are borrowing on what your house is worth. If your house is ... more...

Mortgage Insurance Leads
The term mortgage can be defined as the legal device used in securing a property. A mortgage is also the method of using property as security for the payment of a debt. Mortgage insurance protects the lender against borrower default. If anyone is purchasing a home and is borrowing more than seventy ... more...

Home Equity Loan - With a Reverse Mortgage, Your Home Pays You!
The home equity loan has become quite popular in the last five years, and Americans have tapped into the equity of their homes in record numbers. The reasons vary, although home improvement and debt consolidation are the most common reasons for borrowing against a homes equity.In the last fifteen ... more...

Guarantees are Legal
What is a Guarantee? A guarantee is a written promise by you (the guarantor) that the person who is obtaining credit (the debtor or borrower) will keep to all the terms and conditions of their contract (the credit contract, or loan agreement). The guarantee means that if the person borrowing the ... more...

Home Equity Loan With a Reverse Mortgage, Your Home Pays You!
The home equity loan has become quite popular in the last five years, and Americans have tapped into the equity of their homes in record numbers. The reasons vary, although home improvement and debt consolidation are the most common reasons for borrowing against a homes equity.In the last fifteen ... more...

When Not To Agree To A Home Equity Loan
Before you borrow money on your home's equity, think twice so you don't end up paying more than you expected.According to the Federal Trade Commission, homeowners-particularly elderly, minority and those with low incomes or poor credit should be careful when borrowing money based on their home ... more...

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