You probably know that if you miss a mortgage payment, your mortgage will enter into default. If your mortgage is in default, then this can lead to foreclosure. But what does mortgage default mean, and how will it affect you? …Read More
Are you feeling overwhelmed by your mortgage payment? If you are, then you are not alone. In a recent study that looked at how stressed Americans feel about money, Rhode Island ranked the 13th most stressed state. Further, there is …Read More
As the saying goes, there’s no place like home for the holidays. However, if you are having difficulty making your mortgage payment, you may feel so much stress about your financial situation that it takes away from your holiday. You …Read More
Purchasing a first home is a dream for many new families. However, homes are expensive, and many young families simply do not have enough money to put a large down payment on a home. This results in monthly mortgage payments …Read More
Mortgage interest rates are currently rising across America. They are the highest that they have been since 2011. Further, the rates are predicted to continue to rise into 2019. Rising mortgage interest rates aren’t necessarily a bad thing. Rising interest rates …Read More
If you are a homeowner and are having a hard time making your mortgage payment, you may have options. For example, you may be able to refinance your mortgage. However, refinancing is not available to everyone. In order to refinance …Read More
Another way that a mortgage may be modified is through a principal reduction. The principal amount is the amount that was borrowed to purchase the home. This is the amount that needs to be paid back. The principal amount does …Read More
One way that a homeowner may modify the mortgage is by receiving a term extension. Every mortgage is for a set number of years, or a term. Conventional mortgages usually have a term of 30 years, but a mortgage can …Read More
One way that a mortgage may be modified is through a rate reduction. A rate reduction is when a mortgage company agrees to lower a homeowner’s interest portion of the mortgage payment to a lower percentage. The rate reduction will …Read More
Although the term “short sale” is commonly used, not everyone knows what it actually means. If a homeowner finds themselves not being able to pay the mortgage, the homeowners may be encouraged to enter into an agreement for a short …Read More