RateMarketplace.com: Home, Mortgage, and Personal Finance Articles

Mortgage Guide: Real Estate Tax Deductions and Credits Explained

Mon, 30 Jun 2008 10:51:00 -0800

Whether it's a million-dollar mansion or a lakeside bungalow, Uncle Sam offers many tax incentives on U.S. real estate that can sharply cut property ownership costs. This mortgage guide explains the various real estate tax deductions available to homeowners including points, mortgage expenses, property taxes, and capital gains credits associated with a home sale.

How Your FICO Credit Score Affects Your Mortgage Loan Interest Rate

Mon, 30 Jun 2008 10:51:00 -0800

Humorist Dave Barry once wrote the true measure of a person these days is his or her credit score. That's never been truer than with home mortgage loan rates, which factor heavily on a would-be borrower's credit history and FICO score. This article explains how a person's FICO credit score is calculated, what is considered a good credit score by mortgage lenders, and how your credit score affects the mortgage loan interest rates you can qualify for.

Mortgage Guide: Adjustable Rate Mortgage Loans Explained

Mon, 30 Jun 2008 10:51:00 -0800

Fixed rate and adjustable rate mortgage loans are both used to purchase a home or refinance an existing mortgage, but their terms are quite different. Fixed rate mortgage loan terms are fairly straightforward; ARM loan terms are anything but. This guide explains how adjustable rate mortgages work, describes the benefits and risks of ARM loans, and outlines how to determine if an adjustable rate mortgage is right for you.

Mortgage Guide: Adjustable Rate Mortgage Loans Explained

Mon, 30 Jun 2008 10:51:00 -0800

Mortgage Guide: Reverse Mortgage Loans Explained

Mon, 30 Jun 2008 10:51:00 -0800

Reverse mortgage loans are an increasingly popular financial tool for older Americans wishing to tap their home equity without the burden of monthly repayments. Senior homeowners are using reverse mortgages to supplement Social Security payments, cover medical expenses, make major home repairs and for general use. This article explains what a reverse mortgage loan is and how a reverse mortgage works. It also provides information on types of reverse mortgage loans and rates, and outlines pros and cons you must consider to avoid potential reverse mortgage pitfalls.

Mortgage Guide: Home Equity Loans and Lines of Credit Explained

Mon, 30 Jun 2008 10:51:00 -0800

Whether you're borrowing money for home improvements, college tuition or debt consolidation, home equity loans and home equity lines of credit (HELOC) offer attractive tax benefits and interest rates compared to most consumer-loan products. This article answers the question, "What is a home equity loan or line of credit?," and compares the benefits and drawbacks of fixed rate home equity loans and variable rate home equity lines of credit to help you decide which is the best option for your financial situation.

Mortgage Guide: VA Home Loans Explained

Mon, 30 Jun 2008 10:51:00 -0800

For more than 25 million Americans, the U.S. Veterans Administration's home-loan program offers mortgages with competitive rates and unique features especially attractive to first-time buyers -- including no down payments, little or no closing costs and lenient credit-history requirements. This article offers a primer on VA housing loans, shares information on mortgage application requirements and credit qualification criteria, and provides links to additional VA mortgage resources.

Mortgage Guide: FHA and HUD Home Loans Explained

Mon, 30 Jun 2008 10:51:00 -0800

FHA loans are sometimes referred to as HUD loans as well. These types of mortgages are federally insured programs designed to provide affordable housing options to first-time homebuyers and low-to-moderate-income borrowers who may not be able to qualify for a conventional mortgage. This article answers the question, "What is an FHA or HUD loan?" and describes various types of FHA or HUD loan programs available to potential homebuyers, including fixed rate, adjustable rate, graduated payment, and reverse mortgages. It also outlines the pros and cons of an FHA home loan compared to a conventional mortgage when considering a home purchase or refinance.

How to Avoid Private Mortgage Insurance (PMI)

Mon, 30 Jun 2008 10:51:00 -0800

Many home buyers find it difficult to provide the required 20% down payment and are forced to pay private mortgage insurance, or PMI, in order to buy a home. Private mortgage insurance solves the down payment problem but creates another two: it increases monthly payments and on top of that it is not tax deductible. Fortunately, there is more than one way to get your desired home without having the 20% down payment and avoid PMI at the same time.