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Conventional Mortgage
Most mortgages are conventional, the terms just vary. A conventional mortgage to most people is a 15 or 30 year fixed rate mortgage with at least 20% down.... : Conventional Mortgagereverse mortgage
A reverse mortgage is a loan against the equity in the home that provides tax-free cash advances, but requires no payments during the term of the loan. Since there are no monthly payments during the life of the loan, the balance grows larger and the equity gets smaller.The loan is not due and payable until the borrower no longer occupies the home as a principal residence, e.g. the last surviving borrower sells, moves out permanently or passes away.You must be at least 62 and own you... : reverse mortgageMortgage Applications Fell Last Week-MBA
NEW YORK (Reuters) - Applications for U.S. home mortgages declined last week as refinancing activity fell and mortgage rates were little changed, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage activity fell 1.0 percent to 689.0 in the week ended Dec. 10, partly offsetting a 3.4 perc... : Mortgage Applications Fell Last Week-MBAClosed Mortgages
In a closed mortgage, the interest rate is locked in for the full term of the mortgage and you must pay compensation, known as pre-payment charges, to the mortgage lender to renegotiate the interest rate or pay off the balance prior to the end of the term. Closed mortgages are usually the better choice for buyers who suspect that interest rates may be on the rise and for those who are not planning to move in the short te... : Closed MortgagesFor more information about conventional mortgage: Looking for video?
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