Mortgage Keeper
Wednesday, 28. April 2010
Mortgage Keeper
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Mortgage $14.99 The Mortgage Answer Book answers the most common mortgage and loan questions asked by borrowers today and breaks down the complex mortgage industry with straightforward, easy-to-follow advice on finding the loan that is right for you. |
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The Keeper $64.99 The Keeper Giclee Print by Gary Patterson. Product size approximately 18 x 24 inches. Available at Art.com. Embrace your Space – your source for high quality fine art posters and prints. |
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Mortgage Stressbusters $19.95 Dreaming of being debt free? Wondering what a tumultuous property market will mean for your financial future? Wanting to buy, sell or invest in property without being ripped off or paying a mortgage for the term of your natural life? If you answered ‘yes’ to any of these questions, then Mortgage Stressbusters is a must-read. This plain-English, Q&A guide to mortgages and residential property will help you to end mortgage stress once and for all. Not only will you learn how to save money — and time — on your mortgage, but you’ll also learn the tricks, tips and tactics that will get you ahead in the property game. Inside you’ll discover: how to get the best mortgage deal how to buy property successfully, no matter what the market is doing how to pay off your mortgage — fast what to do if you can’t pay your mortgage. Whether you’re stuck in the mortgage mire or just trying to stay ahead, Mortgage Stressbusters is the book for you! |
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The Mortgage Encyclopedia $19.95 A one-stop reference for in-depth explanations of mortgage topics With the creation of so many new, complex mortgage programs, it’s difficult for consumers –not to mention real estate agents, attorneys, closing agents, and mortgage brokers–to keep track of them all. Written by nationally syndicated real estate columnist Jack Guttentag, The Mortgage Encyclopedia helps readers understand the various mortgage terms, features, and options by offering clear, precise explanations. The alphabetical organization of terms makes it easy to quickly find information on any topic, from FHA, Investor, and No-PMI Loans to Origination Fee and Rate Float. Each entry includes not just a description of the term, but also relevant advice for consumers, such as answers to the questions “Is this loan right for me?” and “Can I negotiate this fee?” Guides readers through the bewildering array of new mortgage programs Features definitions and explanations of common mortgage, escrow, and closing fees and arcane mortgage terminology |
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Mortgage Myths $17.95 In Mortgage Myths, Realtor Ralph Roberts and mortgage consultant Chip Cummings take aim at the 77 mortgage myths that prevent so many would-be homeowners and real estate investors from pursuing their dreams of homeownership. You’ll learn the difference between good and bad debt, how to make mortgage approval easier and simpler, and how to use other people’s money to leverage your investments. This is the ultimate guide to getting the great deal you deserve. |
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Home Buying for Dummies $3.00 This new edition of America’s # 1 best-selling real estate book takes the pain out of choosing, negotiating for, and buying a home. Helping home buyers save time and money, personal finance guru Eric Tyson and real estate maven Ray Brown deliver the up-to-date information people need, showing them how to:* Research neighborhoods and home values* Select the best mortgage-including the latest develo… |
What is a mortgage assumption?
What is a mortgage assumption?
A mortgage assumption is a transaction that takes place when a new home buyer formally takes over the loan obligation of a seller while that seller’s mortgage financing stays in place. Through mortgage assumption, another person “assumes” your loan at its current interest rate and takes over the payments. In some cases the seller will be released from the loan, though in most cases the lender will refuse to release the original borrower (the seller) from the original loan obligation even in cases where the buyer is well-qualified for the mortgage assumption.
Which loans are assumable?
Only a few loans are assumable these days, however it cannot hurt to study your mortgage to determine if it is assumable. There are 2 base forms of mortgage presumption transactions : an easy presumption and a novation agreement. In an easy assumption the loan company is not involved and the purchaser and seller come to a private agreement. In a novation agreement the vendor will notify the bank of their intent to allow a different customer to assume the mortgage. If the mortgage lender agrees to the presumption, generally a customer must meet the lender’s credit and earnings necessities, the vendor will then be released from the liability of the original loan.
Who can do a mortgage assumption?
As we discussed above some mortgages are assumable and some aren’t. You can look through your original mortgage documents or ask your mortgage company to learn more about your loan. Mortgages that were originated before Dec. 1, 1986, use the easy presumption process. Most loans after that date include the “due-on-sale” clause which we’re going to talk about below.
Mortgage assumption and the “due-on-sale” clause
The most important factor limiting the utilization of mortgage expectations is the “due-on-sale” clause that is included in most conventional home loans since 1986. This clause demands that ‘the loan be repaid in full if a property is sold. ‘ Even with the “due-on-sale clause,” mortgage corporations may allow an assumption ( because foreclosure and non-performing assets are high-priced for banks ), but the interest rate will typically be raised to current market rates..
Where you are the buyer or the seller doing the mortgage assignment, you will need to check the loan documents completely. Consult a barrister before proceeding in any real estate exchange so you completely understand the ramifications of the deal and so that you can avoid any pitfalls.