Ditech : Mortgage Refinancing: Using a Mortgage Calculator

A mortgage calculator is a useful tool to help you budget for your new mortgage. A good mortgage calculator allows you to calculate your monthly payments based on your desired interest rate, taxes, and insurance. Here is how this useful tool can help you avoid common mistakes when refinancing your mortgage.

Mortgage calculators can provide you valuable information about your mortgage. A good mortgage calculator will show you monthly payment information and amortization tables to help you understand how your mortgage works. Amortization with a mortgage calculator describes the process of paying interest and principle graphically; using a mortgage calculator can help you get your head around a complicated financial concept like amortization.

To use a mortgage calculator you will need to provide the amount of the mortgage principle, your interest rate, the amount of your property taxes, and private mortgage insurance if you pay it. The calculator will figure your payment amount and show how the interest is paid over time. Mortgage loans are front loaded with interest; at the beginning almost all of your payment is pocketed by the mortgage lender for the interest due. As time passes, the ratio of interest to principle gradually reverses and more of your payment goes to pay back the loan.

If you are in the process of refinancing our mortgage a mortgage calculator can help you budget to avoid taking out more mortgage then you can afford. There are dozens of free mortgage calculators available online for you to use; your mortgage lender of choice will probably offer one on their website as well. To learn more about refinancing your mortgage and how to avoid costly mortgage mistakes.

Ditech : Remortgage Shop

The Remortgage shop offers various mortgage options such as lower interest rate, bi-weekly mortgage, additional mortgage payment, and more. It is a long list of mortgage options. With the right situation, the borrowers save money to pay their mortgage.

Remortgage is a popular term in UK. Basically, Remortgage means mortgage refinancing. Mortgage refinancing is a process to switch from one mortgage to another. It can be on the current mortgage lender, or different mortgage lender. Mainly, the borrower switches mortgage to save money on mortgage.

Mortgage interest rates lift or dive at any given time. To fully see the advantage and disadvantage of switch, the borrowers must take annual percentage rate, mortgage insurance, and mortgage closing costs into consideration. Like any mortgage, remortgage comes with a price such as penalty, discount points, application fee, title search fee, and appraisal fee.

A popular way to remortgage is bi-weekly mortgage payment, or additional mortgage payment. Bi-weekly mortgage is a mortgage option in which the borrower pays every two weeks. The total mortgage principal which is the amount to be paid goes down faster. The idea is to pay the mortgage principal sooner and more times.

Additional mortgage payment is mortgage option in which the borrower pays a certain percentage additional of regular payment without mortgage penalty. The percentage depends on the terms and conditions. With this mortgage option, the total number of years to pay the mortgage cuts short by several years or months.

Nowadays, it is easier to shop for mortgage. There is good quality online remortgage shop. The websites contains many mortgage lenders. And, the mortgage lenders compete for potential customers.

To switch from one mortgage requires tremendous amount of time of self evaluation. The self evaluation involves many aspects of most current financial situation. The borrowers must make sure that the switch is a change for the better. Using the mortgage options to your advantage, the borrowers frees up equity and capital for personal expenses like wedding, vacation, cars, and more.

Ditech : 80/20 Mortgage Basics

If you are a prospective homeowner wanting to secure financing to purchase your home but do not have the 20 percent down payment required by most mortgage lenders, an 80/20 mortgage could be your answer. Here is what you need know about financing your home with an 80/20 mortgage loan.

In many parts of the country the average price for a home has gone up significantly over the past few years. This makes it difficult for many people to qualify for the financing they need using a traditional mortgage lender. Many of these individuals have turned to 80/20 mortgages to secure 100 percent of the mortgage financing they need.

What is an 80/20 Mortgage?

An 80/20 mortgage is actually two loans. You will have a first mortgage for 80% of your homes value and a second mortgage for the remaining 20%. By using this 80/20 mortgage you will avoid paying Private Mortgage Insurance which can add hundreds of dollars to your monthly mortgage payment. In addition to your 80/20 mortgage some lenders offer financing for 103% of the asking price on your home. This allows you to finance your closing costs and minimizes the cash you will need out of pocket to close on your home.

How to Get an 80/20 Mortgage

A good place to start shopping for an 80/20 mortgage is a mortgage broker. Mortgage brokers have access to a variety of unconventional mortgage lenders and programs to help get people qualified to purchase their homes. If you use a mortgage broker be sure to shop from a variety of offers and read all of the small print. You will need to do your homework to avoid overpaying for your mortgage. To learn more about your mortgage options and how to avoid common mortgage mistakes that can cost you thousands of dollars, register for a free mortgage guidebook using the links below.

Ditech : Mortgage Lending

Mortgage lending has become a thriving business with more and more mortgage borrowers relying on mortgage lending institutions to get loans. The Internet has made comparing and studying different lending institutions easier for the mortgage seekers. Mortgage lending companies can now get in touch with the potential buyers right away. All in all, mortgage lending has become fast-paced. The term ‘mortgage lead’ often appears while discussing mortgage lending. Mortgage lending firms act on the basis of mortgage leads. Mortgage leads are basically mortgaging applications redirected to the mortgage lending companies through mortgage lead generation companies.

If you are a mortgage seeker, all you need to do is check out some leading mortgage lead generation companies on the web and fill out an online application form to let them know the type of mortgage loans you need. After verifying your application, they will send your application to mortgage lending companies. The lending companies will treat your application as a mortgage lead. They will in turn contact you with loan offers. You can then compare all the loan offers to go for the most suitable one. The role of mortgage lending companies assumes greater significance, as they have to come up with customized loan plans to suit the borrowers’ requirements.

Mortgage lending has opened up an opportunity for the loan seekers to go for the best mortgage loan. Builders, real estate professionals and individual homebuyers can utilize the mortgage lending service to realize their dream. As a borrower you can always consult mortgage-lending experts to get better ideas on the recent trend. You should always go for those mortgage-lending institutions that have got the experience and expertise to offer you some fabulous mortgage deals. Mortgage lending requires a focused approach to recognize what borrowers actually want. Mortgage lending companies always look for better lending opportunities.

Ditech : Should I Buy Mortgage Protection Insurance?

There are two types of mortgage insurance. With one, you might not have a choice as to whether you have it. Private mortgage insurance is insurance that will protect your lender should you default on your loan. If your down payment is less than 20 percent of your property’s value, you likely won’t have a choice about whether you have private mortgage insurance; it’s required. But with mortgage life insurance, you get to decide.

Private Mortgage Insurance

Private mortgage insurance is required in just about any circumstance in which more than 80 percent of the value of the home would be under a mortgage loan. Private mortgage insurance is there to protect the lender. The cost of private mortgage insurance is typically 0.5 percent of the amount of your loan.

Mortgage Life Insurance

Mortgage life insurance is a mortgage insurance that can protect you instead of your lender. This type of insurance covers the amount of your mortgage if you should die, obtain a disability, or acquire a debilitating illness.

In most cases it doesn’t make much sense to have mortgage life insurance. The chance that you will become unable to pay the mortgage is generally small. And if that happens, your family or the others in your household will have to find other ways to pay all the bills—not just your mortgage.

Instead, you may wish to consider disability insurance. Disability insurance would help you pay all your bills—not just your mortgage—should you become disabled. For about the same amount you’d pay to take care of your mortgage, you could pay an insurance premium to cover more of your expenses.