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GEM-Growing Equity Mortgage: A type of mortgage where the payments increase overtime, but the extra money is applied to the principal of the loan in order to pay off the loan faster.
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Second Mortgage: Another loan on the equity of a home. The second mortgage takes secondary authority to the first mortgage on the lien to the home. When the home is sold or foreclosure upon (in the case of a default), the first mortgage lien holder is pai
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PMI- Private Mortgage Insurance: If borrower puts down less than 20% of a down payment when purchasing a home, the lender usually requires mortgage insurance until the amount of equity is built up to or surpasses 20%. Related Article: A Lesson for Vets: U
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Bridge Loan: If you find the home you want to purchase before you have sold your current home, you can take out this type of loan in which the equity in your current property is used as the downpayment on the new property you are purchasing. Once your cur
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Introduction to Refinancing Home Tips in the past to handle difficult financial time For food Grow a Garden Continue reading “Introduction to Refinancing Home – video clips tips”
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All about equity loans Quick Financial tips Keep Good Records Continue reading “All about equity loans – video clips tips”