By Mortgage Foxes | Loan , Mortgage
The other term for a balloon payment mortgage is a partially amortized loan. Balloon payment mortgage is when your liability or obligation is only partially amortized, leaving the rest to be paid upon the completion of the term. Because the initial interest rates and monthly payments are lower, a balloon payment mortgage is paid off […]
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By Mortgage Foxes | Mortgage
People are asking if home loans showing astonishingly low rates are for real. These ads are what we call adjustable-rate mortgage payments. Loans with an adjustable-rate mortgage payment type usually have low rates only for a short time. Rates of adjustable-rate mortgage payment are adjusted on a regular basis, usually after the first year is […]
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By Mortgage Foxes | Mortgage
There are only two things people should keep in mind before taking on an interest-only mortgage. The name interest-only mortgage is misleading. If truth be told, there is no such thing as an interest-only mortgage. In an interest-only mortgage, you will still have to pay for the loan principal. When you get an interest-only mortgage, […]
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By Mortgage Foxes | Mortgage
There are several types of mortgages offered by lenders in the market. The most common of these types is fixed rate mortgages. Fixed rate mortgage loans are characterized by fixed rates and monthly payments that are generally for a 15-year or 30-year period. Fixed rate mortgages are popular in the consumer market because of its […]
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By Mortgage Foxes | Closing
What is a Title Company? Let’s first start off by identifying what a Title Company actually is… According to the “text book” definition, a Title Company is: A company that checks the property’s title for any liens, fixes any problems, and facilitates a smooth closing of the property while ensuring that the purchase is processed […]
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By Mortgage Foxes | Down Payment , Loan , Mortgage
There are plenty of reasons you should buy a home and the same for not buying one. The economy is tough today but the housing market seems to be easing up some and this is the time to make one of the biggest decisions of one’s life. Here are some quality tips on buying a […]
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By Mortgage Foxes | Credit
As part of the loan process, your borrower may be required to provide an explanation for derogatory credit such as late payments, bankruptcy, or judgments. This is a very important step and may make the difference in the loan program and interest rate that your borrower is approved for. While some borrowers are sophisticated enough […]
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By Mortgage Foxes | Credit
A good or bad credit score is a direct representation of you and your financial status. Your credit can also be a window into your personality. That is why some major companies nowadays have started to utilize credit reports as a basis for new hire. With this in mind, it is important to know exactly […]
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By Mortgage Foxes | Mortgage
When it comes to getting a Mortgage we know interest rates play a very important part. A good lender will let you know all your options so you can choose the best mortgage package for you. This includes telling you about different interest rate options. Do not hold back from asking your lender about Fixed […]
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By Mortgage Foxes | Down Payment
When you buy a house you have to have enough money upfront to put down which is called a down payment. Now days be prepared to pay 3% to 20% of the sale price for a down payment. However, those people who fall into the excellent credit score category and have a score range of […]
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