mortgage loan http://www.wisebread.com/taxonomy/term/5750/all en-US Fixed or Adjustable? Choosing the Right Mortgage Loan http://www.wisebread.com/fixed-or-adjustable-choosing-the-right-mortgage-loan <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/fixed-or-adjustable-choosing-the-right-mortgage-loan" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="/files/fruganomics/imagecache/250w/blog-images/house-2281276-small.jpg" alt="house" title="house" class="imagecache imagecache-250w" width="250" height="141" /></a> </div> </div> </div> <p>Part of the home buying process is choosing a mortgage. Most of us can't afford to pay cash for a home, so borrowing to complete the purchase is necessary.</p> <p>However, when you use a mortgage to buy your home, you have options. What you choose depends on how much you can afford each month, as well as what interest rate you want to pay, and how long you expect to be in debt with the mortgage. (See also: <a href="http://www.wisebread.com/5-things-our-realtor-told-us-that-werent-true">5 Things Our Realtor Told Us That Weren't True</a>)</p> <p>Before you begin the process, make sure you understand your mortgage choices, and choose what is likely to work best for you.</p> <h2>Fixed-Rate Mortgage</h2> <p>Fixed-rate mortgages are popular because they allow homebuyers to plan ahead. With a fixed-rate mortgage, you &quot;lock in&quot; your interest rate for the entire period of the loan. When you have a fixed-rate mortgage, the principal plus interest portion of your payment remains the same for the whole term.</p> <p><strong>Shorter Term = Higher Payments</strong></p> <p>Usually, you choose between getting a fixed-rate mortgage for 30 years (most common) or 15 years. Often, you can get a better interest rate if you choose the 15-year fixed-rate mortgage. However, the monthly payments are usually higher. A 30-year loan will cost you more in the long run, but it is also more manageable on a monthly basis. If you are concerned about cash flow, a 30-year loan can be helpful.</p> <p><strong>Plan for Flexibility</strong></p> <p>One strategy is to agree to a 30-year mortgage, but make payments as if it's a 15-year mortgage. There will be a higher interest rate on the loan, but <a href="http://www.wisebread.com/diy-mortgage-acceleration">paying it off faster</a> means that you save overall. The reason some homebuyers go this route is to retain flexibility. If the higher 15-year payment becomes untenable, the borrower can cut back to the agreed upon 30-year payment.</p> <h2>Adjustable Rate Mortgage (ARM)</h2> <p>The other broad category of loan types is the ARM. With this type of mortgage, the interest rate changes periodically. With the changing interest rate, you are also subject to changing mortgage payments. If the market rates rise, then you will end up with a higher monthly payment. On the other hand, if the market drops, you see a reduction in your mortgage payment.</p> <p><strong>Rate Resets Mean Unpredictability</strong></p> <p>Interest rates are usually set by adherence to a particular index. The lender will tell you how the rate is set, and how often it is set. Many rates are set quarterly, semi-annually, or annually. It's common to find an ARM with a rate that sets annually. On a particular day each period, the current rate is used to set your interest charges for the following period. If you are on a semi-annual schedule, your rate will be set for the next six months.</p> <p>ARMs can make it a challenging to plan your finances, especially if the <a href="http://www.wisebread.com/how-to-afford-payments-on-your-adjustable-rate-mortgage">rate changes every quarter or every six months</a>. It can also be difficult if rates begin rising. With the rate going up regularly, you find yourself paying more and more for your home each month. In some cases, if you remain in your home for the full term of the mortgage, the rate decreases (and subsequently lower payments) are not enough to offset increases. An ARM can be more costly over time than a fixed-rate mortgage, depending on the market conditions.</p> <p><strong>Low Initial Payments</strong></p> <p>With an ARM, one of the biggest advantages is that you often start out with an interest rate that is very low. Most ARMs have initial rates that are lower even than a 15-year fixed-rate mortgage. If you think you will move soon, or if you are confident that you can refinance to a fixed-rate mortgage before rates <em>really</em> start rising, an ARM can make sense. You have the advantage of a low rate initially, and as long as you can sell or refinance before a higher rate starts costing you, and ARM can be a good choice.</p> <p>If you decide to use an ARM, make sure that you find out about interest caps. Many ARMs have caps on the interest rate, which means that you have some measure of protection in the event that interest rates rise dramatically.</p> <h2>Hybrid ARM</h2> <p>A subset of the ARM is the hybrid ARM. This type of mortgage is fixed for a set period of time, and then adjusts after the initial period is up. One common type of hybrid ARM is the 5/1 ARM. With this type of mortgage, your rate is fixed for five years, and then the rate is adjusted each year after that.</p> <p>It's also possible to get a 7/1 ARM or a 3/1 ARM and <a href="http://www.wisebread.com/the-7-year-mortgage-take-it-or-leave-it">lots of other ARMs</a>. Realize, though, that the longer you have a fixed rate, the higher your rate will be. With a 7/1 ARM, you will pay a slightly higher interest rate than with a 5/1 loan. The 3/1, on the other hand, usually has a lower initial interest rate. If you want a lower rate, you have to be prepared to give up a certain amount of certainty.</p> <p>Loan caps on hybrid loans also operate a little differently. You are likely to see three different types of caps with a hybrid ARM:</p> <ul> <li><strong>Initial Adjustment</strong>: This cap represents the first adjustment made after your initial fixed term is up. If you have a 5/1 hybrid, the cap might be 5%. This means that the lender can add up to 5% to your initial rate in its first adjustment.<br /> &nbsp;</li> <li><strong>Rate Adjustment</strong>: A rate adjustment cap is the maximum adjustment made each period. If you have a cap of 2%, it means that the lender won't adjust your rate up by more than 2% above your current rate at adjustment time &mdash; no matter what the market indicates.<br /> &nbsp;</li> <li><strong>Lifetime</strong>: Finally, the lifetime cap represents the highest an interest rate can go. Once you hit the lifetime cap, your interest rate won't go higher.</li> </ul> <p>Depending on your situation, a hybrid ARM with a reasonable cap can be a good choice.</p> <p>If you are looking for a low initial rate while you start your career, or a business, or if you have variable income, it can make sense to start with a mortgage that has an adjustable rate. However, you need to be prepared for the possibility of higher interest down the road. It makes sense to save extra money, or to refinance when you can to a fixed rate so your payments are more predictable over time.</p> <p><em>What type of mortgage do you have? Fixed, adjustable, or hybrid?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/miranda-marquit">Miranda Marquit</a> of <a href="http://www.wisebread.com/fixed-or-adjustable-choosing-the-right-mortgage-loan">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/diy-mortgage-acceleration">DIY Mortgage Acceleration</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-build-your-own-amortization-schedule-0">How to Build Your Own Amortization Schedule</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/why-the-affordable-home-really-isnt">Why the Affordable Home Really Isn&#039;t</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/speeding-through-your-mortgage-0">Speeding through your mortgage</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/fha-home-loans-you-can-buy-a-home-even-if-your-finances-arent-perfect">FHA Home Loans: You Can Buy a Home Even If Your Finances Aren&#039;t Perfect</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Real Estate and Housing home loan mortgage loan Wed, 15 May 2013 10:24:31 +0000 Miranda Marquit 974062 at http://www.wisebread.com Why the Affordable Home Really Isn't http://www.wisebread.com/why-the-affordable-home-really-isnt <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/why-the-affordable-home-really-isnt" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="/files/fruganomics/imagecache/250w/blog-images/castle.jpg" alt="castle - exterior view from distance" title="is your home your castle?" class="imagecache imagecache-250w" width="250" height="167" /></a> </div> </div> </div> <p>I've taken a look at home affordability calculators that are available from many reputable sites offering personal finance advice. &quot;Affordability&quot; is based on bank lending guidelines rather than real-life budgets. I'll show you a <a href="#simple_formula">simple formula</a> to help you determine what is truly affordable. And, I'll give you ideas on how your view of affordability may change over the next 15 or 30 years based on typical work/life events.</p> <h3>The Basics of Home Affordability Calculators</h3> <p>Home affordability calculators give a quick-and-dirty estimate of the <strong>highest priced home</strong> you could buy based on 1) the amount of mortgage loan for which you qualify <em>plus</em> 2) the money you've saved as a down payment. <a href="http://cgi.money.cnn.com/tools/houseafford/houseafford.html">CNNMoney.com</a> explains: &quot;To arrive at an 'affordable' home price, we followed the guidelines of most lenders...Before buying, however, you should also factor in other savings needs, including retirement and college.&quot; <em>Translation:</em> you may not have enough money to fund your retirement if you buy an affordable house.</p> <p>Lender guidelines vary but are typically reported as the following:</p> <ul> <li><strong>Housing-to-income ratio (aka front-end ratio) of 28%</strong> &mdash; Your annual obligation for housing (defined as your mortgage payment consisting of principal, interest, property taxes, and homeowners' insurance) should be equal to or less than 28% of your gross income before taxes. If you earn $70,000 per year and have no debt, then presumably, you can afford to spend $19,600 on housing each year. Note that the housing number doesn't reflect all the <a href="http://www.wisebread.com/what-it-really-costs-to-own-a-home">costs of homeownership</a>.<br /> &nbsp;</li> <li><strong>Debt-to-income ratio (aka back-end ratio) of 36% &mdash; </strong>If you are carrying debt of any kind, then the debt-to-income ratio is considered. The amount you have available to borrow on a mortgage is lowered by your outstanding debt so that total debt doesn't exceed 36% of your gross income.</li> </ul> <p>Note that <a href="http://articles.moneycentral.msn.com/Banking/Loan/HomeAffordabilityCalculator.aspx">MSN's home affordability calculator </a>uses a&amp; housing-to-income ratio of .28 (or 28%) for those who have poor credit and increases to .34 for those who have excellent credit. Its debt-to-income ratio is .36 for those with poor credit; .42, excellent credit. As a bonus, this calculator considers closing costs, which improves the realism of the results.</p> <p>These calculators typically consider the entire mortgage payment (principal and interest plus monthly escrow amounts for property taxes and homeowners' insurance).</p> <p>The results produced by home affordability calculators are valuable but only as the <em><strong>starting point for determining affordability</strong></em>.</p> <h3>Work/Life Changes with Impact on Home Affordability</h3> <p>The home affordability calculators are based on your income and debt <em><strong>right now</strong></em>. Over the life of your mortgage, it's likely that your personal and/or family budget will change. I can't foresee the future but I can tell you what may happen to the homebuyer-turned-homeowner. These work/life events may <em><strong>increase or decrease</strong></em> the amount of money you have available for your home as well as regular savings, retirement savings, and other expenses.</p> <p>On the plus side, you might:</p> <ul> <li>get a raise at work</li> <li>get a promotion and accompanying raise</li> <li><a href="http://www.wisebread.com/earn-more-money-by-demanding-it">negotiate a higher salary or hourly pay</a></li> <li>change jobs for higher pay</li> <li>work a part-time job</li> <li><a href="http://www.wisebread.com/make-your-hobby-pay-its-way">turn a hobby into a business</a></li> <li>finish paying student loans</li> <li>pay off your credit card debt</li> <li>pay off your car loan</li> <li>finish school and get a job</li> <li>earn a bonus</li> </ul> <p>On the minus side (financially, not necessarily life-wise), you might:</p> <ul> <li>borrow money to buy a car</li> <li>lose a job</li> <li>decide to retire</li> <li>leave a job</li> <li>have children (who can add to your expenses)</li> <li>take a lower-paying job</li> <li>quit a part-time position</li> </ul> <p><a name="simple_formula">&nbsp;</a></p> <p><strong>A Simple Formula</strong></p> <p>To figure out how much house you can really afford, you'll need the following information:</p> <ul> <li>Your monthly budget for a mortgage loan (principal and interest), after other expenses including taxes, insurance, savings, food, etc.</li> <li>Interest rate</li> <li>Loan term (30-year loan = 360 months; 15-year loan = 180 months, etc.)</li> <li>Down payment (what's left of your house savings after paying closing costs)</li> </ul> <p>Then, you can calculate the <strong>present value</strong> of the stream of mortgage payments and add your down payment to figure out how much house you ought to be able to afford <em>and</em> still <a href="http://www.wisebread.com/11-ways-to-shop-for-food-cheaply-without-a-tedious-grocery-list">buy groceries</a>, <a href="http://www.wisebread.com/america-is-the-no-vacation-nation">take a vacation</a>, and <a href="http://www.wisebread.com/how-to-tell-if-youre-on-track-for-retirement">save for retirement</a>. You can use this formula in Excel:</p> <p><strong>=PV (Interest Rate/12, Loan Term in Months, - Your Monthly Budget for a Mortgage Payment, 0, 0)</strong></p> <p>or use a web-based <a href="http://freeonlinecalculator.net/calculators/financial/present-value.php?action=solve&amp;ratepercent=&amp;nper=&amp;pmt=&amp;fv=0.00&amp;type=1&amp;submit=Calculate">Present Value calculator</a></p> <p>The tricky part is figuring that monthly budget figure for the mortgage loan principal plus interest. Here are expenses to consider:</p> <ul> <li>Income taxes and FICA</li> <li>Retirement savings</li> <li>Property taxes</li> <li>Homeowners' insurance</li> <li>Food</li> <li>Utilities (gas, electricity)</li> <li>Healthcare and dental care</li> <li>Telecommunications / Internet access</li> <li><a href="http://www.wisebread.com/5-websites-for-swapping-your-clothes-and-refreshing-your-wardrobe">Clothing</a></li> <li>Childcare</li> <li>Transportation</li> <li>Home maintenance</li> <li>Life &amp; disability insurance</li> <li>Vacations</li> <li><a href="http://www.wisebread.com/stopping-the-student-loan-debt-stress">Student loans</a></li> <li>Credit card debt</li> <li>Charitable giving</li> <li><a href="http://www.wisebread.com/529-plans-for-college-expenses-what-s-cool-and-what-s-quirky">College savings</a></li> </ul> <p>All of these expenses could easily run $60,000, especially for those who hope to save more than 10% annually for retirement and <a href="http://www.slideshare.net/Wisebread/blog/kids-and-parents-can-track-family-cash-flow-together-with-the-help-of-a-simple-spreadsheet">have children</a>. So, someone making $70,000 per year may have about $10,000 to spend on a home. Using the present value calculator, the affordable mortgage may be $155,000 and the affordable home priced at $175,000, given the assumptions that the buyer has saved at least $20,000 and will be getting a 30-year fixed rate loan with a 5% interest rate.</p> <p>Contrast this number to the home affordability calculators that yield these results (rounded; I've assumed no outstanding nonmortgage loans and annual property taxes/homeowner's insurance to be $3000):</p> <ul> <li><a href="http://realestate.yahoo.com/calculators/afford.html">Yahoo</a>: $278,000</li> <li><a href="http://cgi.money.cnn.com/tools/houseafford/houseafford.html">CNN</a>: $278,000-$332,000</li> <li><a href="http://articles.moneycentral.msn.com/Banking/Loan/HomeAffordabilityCalculator.aspx">MSN</a>: $279,000 (using default settings for property taxes/homeowners insurance, closing costs of 3%, and average credit quality)</li> <li><a href="http://www.bankrate.com/calculators/mortgages/new-house-calculator.aspx?pid=p:wib">Bankrate</a>: $324,000 (this calculator does not give details on its ratios so I am not sure why this figure is higher than the others)</li> </ul> <p>Each of the calculators is designed slightly differently but tended to yield higher results than my simple formula by using income to determine affordability rather than a carefully-planned budget. If you have significant amounts of non-mortgage debt ($1,000 per month, for example), then the calculators yield much more conservative results, below my theoretical estimate, even if you could service this debt and your mortgage loan. (Though if you lowered the amount to spend on the mortgage by $1,000 to $9,000, then my affordable home would be $160,000, below calculator estimates.)</p> <p>Stretching yourself for a home purchase may be fine for some, under certain circumstances, such as a great economy with low unemployment and rising home prices. Long-standing assumptions (that is, those made by people when I was growing up) were that you would hold a steady job and receive merit raises of 2-6% every year during your career; if you happened to move for a better job, then you could sell your home and buy a larger house because 1) you now have a larger down payment using your built-up home equity and 2) you're making more money. More recent assumptions were that the home would appreciate in value and that as long as you could make monthly payments, then you'd reap financial benefits of this appreciation when you decided to sell the house and move to a smaller home in retirement. As for me, having graduated from college during a recession, I opted to be more conservative in my home-buying.</p> <p>If you'd like, share how you will (or did) figure out how much home you can afford.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/julie-rains">Julie Rains</a> of <a href="http://www.wisebread.com/why-the-affordable-home-really-isnt">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-money-moves-to-make-for-tomorrows-mortgage">6 Money Moves to Make for Tomorrow&#039;s Mortgage</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-prepare-for-a-home-purchase-in-2010">How to Prepare for a Home Purchase in 2010</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/3-ways-to-finance-a-tiny-house">3 Ways to Finance a Tiny House</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/six-options-if-youre-underwater-on-your-mortgage">6 Options if You&#039;re Underwater on Your Mortgage</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-reasons-why-youre-too-old-or-too-young-for-a-mortgage-loan">4 Reasons Why You&#039;re Too Old — Or Too Young — For a Mortgage Loan</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Real Estate and Housing home buying mortgage loan mortgages Thu, 03 Dec 2009 14:00:03 +0000 Julie Rains 3867 at http://www.wisebread.com How to keep the low teaser rate for your mortgage http://www.wisebread.com/how-to-keep-the-low-teaser-rate-for-your-mortgage <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-to-keep-the-low-teaser-rate-for-your-mortgage" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="/files/fruganomics/imagecache/250w/blog-images/eagle-on-monument_0.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="338" /></a> </div> </div> </div> <p>Treasury Secretary Henry Paulson gave a speech yesterday, talking about the administration&#39;s plan to &quot;address the challenges&quot; of the housing market downturn and related credit squeeze. Part of their plan is to freeze the low teaser rate on the mortgages of people who have been making their mortgage payments okay, but who would face foreclosure if the rate went up. If you have a mortgage with one of those low teaser rates, you might be interested to know how to keep that lower rate--perhaps even get it back, if it has already reset.</p> <p>Of course, if you were clever enough not to buy a house you can&#39;t afford, nobody wants to help you out. The treasury secretary made it very clear--people like you <a href="http://treas.gov/press/releases/hp706.htm">need no assistance</a>:</p> <blockquote><p>. . . there are four categories of subprime borrowers. There are those who can afford their adjusted interest rate; these homeowners need no assistance. There are also a substantial number of homeowners who haven&#39;t been making payments at the starter rate on their subprime loan and may not have the financial wherewithal to sustain home ownership; some of these homeowners will become renters again. A third category of homeowners might choose to refinance their mortgage - putting them in a sustainable mortgage while keeping investors whole. This is the first, best option. Servicers should move quickly to assist those who can refinance.</p> <p>And the fourth category is those with steady incomes and relatively clean payment histories who could afford the lower introductory mortgage rate but cannot afford the higher adjusted rate. We are focusing on this group, determining who they are and what steps may appropriately assist them. </p> </blockquote> <p>The treasury plan is to help people in categories three and four. Category three people will be helped by changing the rules to make it easier for the people who service loans to renegotiate the loan. As I described over the past couple of days, that&#39;s very difficult right now, because owner of the loan is a trust and <a href="/they-used-to-call-it-loan-workout">the rules often don&#39;t allow such renegotiations</a>. If they do allow them, each one allows them differently, meaning that the renegotiation has to be done one loan at a time, which is difficult and expensive. Paulson spoke of &quot;streamlined&quot; refinance and modification to turn a &quot;fragmented, cumbersome process&quot; into a &quot;coordinated effort.&quot;</p> <p>Perhaps even better than being in category three, though, would be to find yourself in category four.</p> <p>At this stage, there are no rules written to establish who falls into this fourth category. However, it occurs to me that one of the reasons that someone might be able to afford a mortgage at a teaser rate, and yet <strong>not</strong> be able to afford it after a reset, is if someone has too much other debt. If that&#39;s the case, it might be awfully tempting for such someones to take on a big chunk of extra debt and thereby move themselves out of category one and into category four.</p> <p>It seems clear that if you just blow all that money on high living (or, you know, medical bills), that you&#39;d find yourself in category four. (Don&#39;t borrow too much and put yourself into category two. That&#39;d suck.) But maybe there&#39;d be some way to borrow the money and then spend it <strong>not</strong> on high living, but rather something of lasting value. Depending on exactly how the rules end up getting written, it might be something as simple as savings bonds; it might have to be something risky like land or a long-term, interest-free loan to your brother-in-law. Then, once you&#39;d kept your loan from reseting, you could probably get your money back--if whatever you bought really was a thing of lasting value--and pay off that extra loan that put you into category four.</p> <p>There will no doubt be rules to try to prevent that sort of finagling. Depending on exactly what the rules are, it might be difficult or impossible to put yourself in category four. But, whatever the rules are, there will definitely be people who do exactly that. That&#39;s just one reason this sort of thing is a bad public policy.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/philip-brewer">Philip Brewer</a> of <a href="http://www.wisebread.com/how-to-keep-the-low-teaser-rate-for-your-mortgage">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/diy-mortgage-acceleration">DIY Mortgage Acceleration</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-build-your-own-amortization-schedule-0">How to Build Your Own Amortization Schedule</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/speeding-through-your-mortgage-0">Speeding through your mortgage</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-avoid-foreclosure">How to Avoid Foreclosure</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/12-crucial-things-homebuyers-overlook-at-open-houses">12 Crucial Things Homebuyers Overlook at Open Houses</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Real Estate and Housing foreclose mortgage mortgage loan teaser rate Tue, 04 Dec 2007 12:33:03 +0000 Philip Brewer 1463 at http://www.wisebread.com Speeding through your mortgage http://www.wisebread.com/speeding-through-your-mortgage-0 <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/speeding-through-your-mortgage-0" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="/files/fruganomics/imagecache/250w/blog-images/speedingby_cesarstudillo.jpg" alt="car speeding" title="car speeding" class="imagecache imagecache-250w" width="250" height="377" /></a> </div> </div> </div> <p>Now that many of you have crunched the numbers for accelerating your mortgage payoff, I think you are ready for a quick lesson on speeding through your mortgage. Now, I am not saying you <em>should </em>speed through your mortgage <strong>but </strong>there is a program available that helps you pay off your mortgage very quickly (approximately 10 years) so let&rsquo;s see how it works.</p> <p>I thought it would be fun to review the MMA (Money Merge Account) program from <a href="http://www.u1stfinancial.com/" target="_blank"><font color="#800080">United First Financial (UFirst)</font></a>. The company has a website with content that includes the <a href="http://www.u1stfinancial.com/Portals/0/media/mma100.html" target="_blank"><font color="#800080">MMA Intro 101 video</font></a> (note: this video has been removed from the UFirst website) and an <a href="http://www.u1stfinancial.com/Default.aspx?tabid=118" target="_blank"><font color="#800080">FAQ section</font></a>&nbsp;(note: the FAQ section has been updated from an <a href="http://web.archive.org/web/20070110235159/http://www.u1stfinancial.com/Default.aspx?tabid=118">earlier version</a>).</p> <p>Very briefly, the UFirst program involves obtaining an ALOC (advanced line of credit aka HELOC or home equity line of credit) and running all your financial transactions (checking, savings) through the ALOC. That is, you write checks from the ALOC account and designate that account for the direct deposit of your paycheck. You record all of your transactions in the MMA software and then the MMA does its calculations and tells you what actions to take in regard to the timing of payments.</p> <p><span style="font-size: 10pt; font-family: Verdana;">So, let&rsquo;s consider the following question and answer on UFirst&rsquo;s FAQ: </span></p> <p><font face="Times New Roman" size="3">Q. </font><a href="javascript:__doPostBack('dnn$ctr471$FAQs$lstFAQs$_ctl1$Q','')"><em><span style="font-size: 10pt; color: windowtext; font-family: Verdana;">Why can&rsquo;t I make extra principal payments to my primary mortgage and achieve the same results?</span></em></a><font face="Times New Roman" size="3"> </font><span class="subhead1"><em><span style="font-size: 10pt; font-family: Verdana;"><strong><font color="#003366">A.</font></strong></span></em></span><font face="Times New Roman" size="3"> </font><span class="normal1"><em><span style="font-size: 10pt; font-family: Verdana;">Simply put, the mathematics behind MMA present a sophisticated process that has a substantial financial benefit over increasing your monthly payments&hellip; </span></em></span></p> <p><span style="font-size: 10pt; font-family: Verdana;">Here are the assumptions for the Jones (the couple in the video illustration), who have developed a budget with their UFirst agent and discovered that they have $1,000 per month in discretionary income (typically defined as money left over after essentials such as housing, food, and transportation): </span></p> <ul> <li> <div style="margin: 0in 0in 0pt 0.25in; text-indent: -0.25in;" class="MsoNormal"><span style="font-size: 10pt; font-family: Verdana;">Primary mortgage of $200,000</span></div> </li> <li> <div style="margin: 0in 0in 0pt 0.25in; text-indent: -0.25in;" class="MsoNormal"><span style="font-size: 10pt; font-family: Verdana;">30-year fixed rate mortgage </span></div> </li> <li> <div style="margin: 0in 0in 0pt 0.25in; text-indent: -0.25in;" class="MsoNormal"><span style="font-size: 10pt; font-family: Verdana;">6% interest rate</span></div> </li> <li> <div style="margin: 0in 0in 0pt 0.25in; text-indent: -0.25in;" class="MsoNormal"><span style="font-size: 10pt; font-family: Verdana;">Monthly mortgage payment of $1,199.10</span></div> </li> <li> <div style="margin: 0in 0in 0pt 0.25in; text-indent: -0.25in;" class="MsoNormal"><span style="font-size: 10pt; font-family: Verdana;">Extra monthly payment on principal of $1,000</span></div> </li> <li> <div style="margin: 0in 0in 0pt 0.25in; text-indent: -0.25in;" class="MsoNormal"><span style="font-size: 10pt; font-family: Verdana;">Program cost of $3,500.00</span></div> </li> </ul> <p>According the video (approximately 20 minutes in), the Jones&rsquo;s can pay off their mortgage loan in 10.417 years.</p> <p><span style="font-size: 10pt; font-family: Verdana;">However, if you speed through your mortgage Julie&rsquo;s way (apply the MMA program fees to the principal payment in the first month and then apply the $1,000 to the principal every month), you can pay off the loan balance in 9.917 years. </span></p> <p><span style="font-size: 10pt; font-family: Verdana;">Check out the attached <a href="/files/fruganomics/Speedy%20Mortgage.xls" title="http://www.wisebread.com/files/fruganomics/Speedy Mortgage.xls">amortization schedule</a> (enhanced based on recommendations from reader Jim). </span></p> <p><em><span style="font-size: 10pt; font-family: Verdana;">Edited December 27, 2008 to reflect changes in UFirst website.</span></em><span style="font-size: 10pt; font-family: Verdana;"><br /> </span></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/julie-rains">Julie Rains</a> of <a href="http://www.wisebread.com/speeding-through-your-mortgage-0">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/diy-mortgage-acceleration">DIY Mortgage Acceleration</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-build-your-own-amortization-schedule-0">How to Build Your Own Amortization Schedule</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-keep-the-low-teaser-rate-for-your-mortgage">How to keep the low teaser rate for your mortgage</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/12-crucial-things-homebuyers-overlook-at-open-houses">12 Crucial Things Homebuyers Overlook at Open Houses</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/five-reasons-not-to-apply-for-a-loan-modification-in-the-home-affordable-modification-program-hamp">5 Reasons Not to Apply for a Loan Modification in the Home Affordable Modification Program (HAMP)</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Real Estate and Housing finance MMA Money Merge Account mortgage mortgage acceleration mortgage loan Fri, 08 Jun 2007 05:56:29 +0000 Julie Rains 713 at http://www.wisebread.com DIY Mortgage Acceleration http://www.wisebread.com/diy-mortgage-acceleration <p><img alt="woman pausing from paint project" title="woman pausing from paint project" width="225" height="337" align="absbottom" src="/files/fruganomics/wisebread_imce/womanpainting.jpg" /></p> <p><span style="font-size: 10pt; font-family: Verdana">Do-it-yourselfers who are weary of yet another trip to the home improvement store may like this DIY project. It has the possibilities of increasing home equity just as quickly as a bath remodel or new deck. </span></p> <!--break--><!--break--><p><span style="font-size: 10pt; font-family: Verdana"> </span><span style="font-size: 10pt; font-family: Verdana">You may have already built your own amortization schedule using a <a title="guide" href="/how-to-build-your-own-amortization-schedule-0">guide</a> I posted earlier. And, you may have been figuring out how to accelerate your mortgage payoff by entering amounts in the monthly payment column that are higher than the standard payment. </span><span style="font-size: 10pt; font-family: Verdana">Just to make DIY mortgage acceleration really easy, I&rsquo;ve created three schedules in <a title="one file" href="/files/fruganomics/DIY_acceleration.xls">one file</a>: </span></p> <ul> <li> <div style="margin: 0in 0in 0pt 0.25in; font-size: 10pt; text-indent: -0.25in; font-family: Verdana">Original Amortization Schedule</div> </li> <li> <div class="sub-heading" style="margin: 0in 0in 0pt 0.25in; font-size: 10pt; text-indent: -0.25in; font-family: Verdana">$100-a-month Accelerated Amortization Schedule (for disciplined DIYers who have committed to paying an extra $100 per month beginning with the very first payment)</div> </li> <li> <div style="margin: 0in 0in 0pt 0.25in; font-size: 10pt; text-indent: -0.25in; font-family: Verdana">Real-life Accelerated Amortization Schedule (with semi-random extra-payment amounts based on financial life events such as 1) having extra $600 per month for 2 years between car loans from year 5 to year 7; 2) using $300 of a yearly tax refund 3) applying year-end bonuses, ranging from $100 to $2,100).</div> </li> </ul> <p><span style="font-size: 10pt; font-family: Verdana">The mortgage-loan givens or assumptions for all three scenarios are: </span></p> <ul> <li> <div style="margin: 0in 0in 0pt 0.25in; font-size: 10pt; text-indent: -0.25in; font-family: Verdana">$200,000 <a href="http://www.wisebread.com/redir/mortgagerates">mortgage loan</a></div> </li> <li> <div style="margin: 0in 0in 0pt 0.25in; font-size: 10pt; text-indent: -0.25in; font-family: Verdana">30-year fixed rate loan</div> </li> <li> <div style="margin: 0in 0in 0pt 0.25in; font-size: 10pt; text-indent: -0.25in; font-family: Verdana">6% interest rate</div> </li> </ul> <p><span style="font-size: 10pt; font-family: Verdana">Here are the results of paying according to the Original, $100-a-month Accelerated, and Real-Life Accelerated Amortization Schedules: </span><span style="font-size: 10pt; font-family: Verdana"> </span></p> <p><span style="font-size: 10pt; font-family: Verdana"><strong>Original</strong> (Use &ldquo;edit,&rdquo; &ldquo;go to,&rdquo; &ldquo;ORIGINAL&rdquo;)</span></p> <ul> <li> <div style="margin: 0in 0in 0pt 0.25in; font-size: 10pt; text-indent: -0.25in; font-family: Verdana">Number of Years for Payoff: 30 years</div> </li> <li> <div style="margin: 0in 0in 0pt 0.25in; font-size: 10pt; text-indent: -0.25in; font-family: Verdana">Total Interest Paid: $231,676.38</div> </li> <li> <div style="margin: 0in 0in 0pt 0.25in; font-size: 10pt; text-indent: -0.25in; font-family: Verdana">Total Payments Made: $431,676.38</div> </li> </ul> <p><span style="font-size: 10pt; font-family: Verdana"><strong>$100-a-month Accelerated</strong> (Use &ldquo;edit,&rdquo; &ldquo;go to,&rdquo; &ldquo;ACC&rdquo;)</span></p> <ul> <li> <div style="margin: 0in 0in 0pt 0.25in; font-size: 10pt; text-indent: -0.25in; font-family: Verdana">Number of Years for Payoff: 24 years, 7 months</div> </li> <li> <div style="margin: 0in 0in 0pt 0.25in; font-size: 10pt; text-indent: -0.25in; font-family: Verdana">Total Interest Paid: $182,537.97</div> </li> <li> <div style="margin: 0in 0in 0pt 0.25in; font-size: 10pt; text-indent: -0.25in; font-family: Verdana">Total Payments Made: $383,234.81 (payments will be slightly less as last payment will not be a full payment)</div> </li> </ul> <p><span style="font-size: 10pt; font-family: Verdana"><strong>Real-Life Accelerated</strong> (Use &ldquo;edit,&rdquo; &ldquo;go to,&rdquo; &ldquo;<span style="text-transform: uppercase">Random</span>&rdquo;)</span></p> <ul> <li> <div style="margin: 0in 0in 0pt 0.25in; font-size: 10pt; text-indent: -0.25in; font-family: Verdana">Number of Years for Payoff: 21 years</div> </li> <li> <div style="margin: 0in 0in 0pt 0.25in; font-size: 10pt; text-indent: -0.25in; font-family: Verdana">Total Interest Paid: $152,555.51</div> </li> <li> <div class="MsoNormal" style="margin: 0in 0in 0pt 0.25in; text-indent: -0.25in"><span style="font-size: 10pt; font-family: Verdana">Total Payments Made:</span><strong style="font-size: 10pt; font-family: Verdana"> </strong><span style="font-size: 10pt; font-family: Verdana">$353,173.46 (payments will be slightly less but I didn&rsquo;t want to change the flow of the amortization schedule)</span></div> </li> </ul> <p><span style="font-size: 10pt; font-family: Verdana">You can download the file and enter information from your own life: your mortgage amount, your term, and your interest rate. Then, have fun figuring out how fast you can accelerate your mortgage payoff. </span><span style="font-size: 10pt; font-family: Verdana"> </span><span style="font-size: 10pt; font-family: Verdana">If you decide to accelerate, make sure that your mortgage servicing company knows that the extra amounts you are paying each month are to reduce the principal.</span><span style="font-size: 10pt; font-family: Verdana"> </span><span style="font-size: 10pt; font-family: Verdana"> </span></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/julie-rains">Julie Rains</a> of <a href="http://www.wisebread.com/diy-mortgage-acceleration">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-5"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-build-your-own-amortization-schedule-0">How to Build Your Own Amortization Schedule</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/speeding-through-your-mortgage-0">Speeding through your mortgage</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-keep-the-low-teaser-rate-for-your-mortgage">How to keep the low teaser rate for your mortgage</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/12-crucial-things-homebuyers-overlook-at-open-houses">12 Crucial Things Homebuyers Overlook at Open Houses</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/five-reasons-not-to-apply-for-a-loan-modification-in-the-home-affordable-modification-program-hamp">5 Reasons Not to Apply for a Loan Modification in the Home Affordable Modification Program (HAMP)</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Real Estate and Housing amortization schedule MMA mortgage mortgage acceleration mortgage loan Wed, 30 May 2007 19:03:47 +0000 Julie Rains 685 at http://www.wisebread.com How to Build Your Own Amortization Schedule http://www.wisebread.com/how-to-build-your-own-amortization-schedule-0 <p><img src="/files/fruganomics/wisebread_imce/couplereadyforproject.jpg" alt="project-ready couple" title="project-ready couple" width="225" height="336" align="top" /></p> <p>Looking for a dull, but financially eye-opening home project? Great! Today, we&#39;re going to build an amortization schedule. All the tools you need are: 1) an electronic spreadsheet with PMT (payment calculation), addition, subtraction, division, and multiplication capabilities (I use Excel) and 2) this guide. </p> <p>Let me go ahead and answer the questions you may have after reading this guide and completing your project:</p> <p>Hey, I have a 30-year fixed rate (6%) mortgage loan of $200,000, but why is my payment so much higher? <br />This schedule does not include amounts paid to escrow, such as homeowner&#39;s insurance and property taxes.</p> <p>Won&#39;t I have more equity built up over time?<br />For the purposes of this demonstration, equity is based on principal paid down; in real life, equity is calculated as the value of your home less the amount of outstanding loans (payoff amounts). </p> <p>Can I put my numbers (mortgage loan amount, interest rate, etc). in this spreadsheet and figure out my own mortgage amortization? <br />Yes, though you will need to make adjustments if you do not have a fixed rate loan. </p> <p>Where the heck is the PMT function? <br />In Excel, go to &quot;Insert,&quot; click on &quot;Function,&quot; select &quot;Financial&quot; from the categories, and then click on &quot;PMT.&quot; You can also click on that E-looking key on your tool bar. </p> <p>Why bother? <br />This guide is the first step in a series to show you how to pay down your mortgage faster than the original schedule (with a discussion of whether you should pay it down to follow in a subsequent post). It also mirrors an explanation given by UFirst in regard to its MMA (Money Merge Account) program (again, with further explanations in subsequent, equally intriguing posts), which a reader has asked about.</p> <p>So.... (the following information is also in the attached spreadsheet, which has the full schedule to Year 30, Month 360 -- <a href="/files/fruganomics/How_to_Build_Amortization_Schedule.xls">http://www.wisebread.com/files/fruganomics/How_to_Build_Amortization_Schedule.xls</a>)</p> <p><a href="/files/fruganomics/How_to_Build_Amoritization_Schedule.xls"></a> <p>Given the following: <br />Primary Mortgage $200,000 <br />Term in Years 30 (360 months) <br />Annual Interest Rate 6.00% (.50%/month or .005/month) </p> <p>Payment $1,199.10 PMT(6%/12,360,-200000,0,0) <br />Annual Interest Rate/Number of Months in a Year, Number of Payments, Mortgage Balance (note: don&#39;t use commas to separate thousands) <br />Value at the End of the Term, Payments Are Made at the End of the Month </p> <p>Build the Spreadsheet </p> <p>Enter Formulas into Spreadsheet in this Order</p> <p>Month 1 </p> <ul> <li> Balance= Primary Mortgage...1</li> <li> Payment= Payment (PMT)...2 </li> <li> Principal= Payment - Interest...4</li> <li> Interest= Balance x (Annual Interest Rate / Number of Months in a Year)...3</li> <li> Equity= Principal...5</li> <li> Total Interest= Interest...6</li> <li> Total Payments= Payment...7</li> </ul> <p> Months 2-360</p> <ul> <li> Balance= Prior Month&#39;s Balance - Principal...1</li> <li> Payment= Payment (PMT)...2</li> <li> Principal= Payment - Interest...4</li> <li> Interest= Balance x (Annual Interest Rate / Number of Months in a Year)...3</li> <li> Equity= Principal...5</li> <li> Total Interest= Total Interest from Prior Month + Interest from Current Month...6</li> <li> Total Payments= Total Payments from Prior Month + Payment from Current Month...7 </li> </ul> <p>Month Balance Payment Principal Interest Equity Total Int. Total Pmt<br />1 200,000.00 1,199.10 199.10 1,000.00 199.10 1,000.00 1,199.10<br />2 199,800.90 1,199.10 200.10 999.00 399.20 1,999.00 2,398.20<br />3 199,600.80 1,199.10 201.10 998.00 600.29 2,997.01 3,597.30<br />4 199,399.71 1,199.10 202.10 997.00 802.40 3,994.01 4,796.40<br />5 199,197.60 1,199.10 203.11 995.99 1,005.51 4,990.00 5,995.51<br />6 198,994.49 1,199.10 204.13 994.97 1,209.64 5,984.97 7,194.61<br />7 198,790.36 1,199.10 205.15 993.95 1,414.79 6,978.92 8,393.71<br />8 198,585.21 1,199.10 206.17 992.93 1,620.96 7,971.85 9,592.81<br />9 198,379.04 1,199.10 207.21 991.90 1,828.17 8,963.74 10,791.91<br />10 198,171.83 1,199.10 208.24 990.86 2,036.41 9,954.60 11,991.01<br />11 197,963.59 1,199.10 209.28 989.82 2,245.69 10,944.42 13,190.11<br />12 197,754.31 1,199.10 210.33 988.77 2,456.02 11,933.19 14,389.21</p> <p>13 197,543.98 1,199.10 211.38 987.72 2,667.40 12,920.91 15,588.31<br />14 197,332.60 1,199.10 212.44 986.66 2,879.84 13,907.57 16,787.41<br />15 197,120.16 1,199.10 213.50 985.60 3,093.34 14,893.17 17,986.52<br />16 196,906.66 1,199.10 214.57 984.53 3,307.91 15,877.71 19,185.62<br />17 196,692.09 1,199.10 215.64 983.46 3,523.55 16,861.17 20,384.72<br />18 196,476.45 1,199.10 216.72 982.38 3,740.27 17,843.55 21,583.82<br />19 196,259.73 1,199.10 217.80 981.30 3,958.07 18,824.85 22,782.92<br />20 196,041.93 1,199.10 218.89 980.21 4,176.96 19,805.06 23,982.02<br />21 195,823.04 1,199.10 219.99 979.12 4,396.95 20,784.17 25,181.12<br />22 195,603.05 1,199.10 221.09 978.02 4,618.04 21,762.19 26,380.22<br />23 195,381.96 1,199.10 222.19 976.91 4,840.23 22,739.10 27,579.32<br />24 195,159.77 1,199.10 223.30 975.80 5,063.53 23,714.90 28,778.43 </p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/julie-rains">Julie Rains</a> of <a href="http://www.wisebread.com/how-to-build-your-own-amortization-schedule-0">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-6"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/diy-mortgage-acceleration">DIY Mortgage Acceleration</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/speeding-through-your-mortgage-0">Speeding through your mortgage</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-keep-the-low-teaser-rate-for-your-mortgage">How to keep the low teaser rate for your mortgage</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/12-crucial-things-homebuyers-overlook-at-open-houses">12 Crucial Things Homebuyers Overlook at Open Houses</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/five-reasons-not-to-apply-for-a-loan-modification-in-the-home-affordable-modification-program-hamp">5 Reasons Not to Apply for a Loan Modification in the Home Affordable Modification Program (HAMP)</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Real Estate and Housing amortization amortization schedule interest MMA mortgage mortgage acceleration mortgage loan Sat, 26 May 2007 18:05:06 +0000 Julie Rains 683 at http://www.wisebread.com