Although replacement-cost coverage insurance for home owners is designed to replace your valuables and your home, sometimes the payout isn’t equal. To avoid coming out of the situation less than fortunate, MoneyWatch.com recommends staying away from actual cash value coverage, or ACV. ACV includes a deduction for depreciation that typically…
When buying a new home, you will hear the term escrow used over and again. There can be some confusion, as at different points of a real estate transaction, it can have different meanings. The definition describes escrow as “documents or other items of value, held by a neutral third…
Imagine interest rates are dropping but your current mortgage interest rate is several percentage points more than the current average with several years to run on your loan. Several choices are available to you at this point. First you could approach your current lender, and look to get what is…
Once you have lived in your home for a few years you may have the urge to rebuild and make things a little nicer and comfortable. The best option in this case would be to refinance your mortgage. What happens with a refinance is that the lender will look at…
When the time comes for your mortgage to be renewed, your lender will call you and let you know of the fact. In addition, your lender will also make it extremely easy for you to sign the papers to renew the contract with them. However, when your mortgage is up…
Remortgaging is changing your already existing mortgage plan to another because they offer you a better interest rate on your payments. For an example, if you are paying 7.5% on a $100,000 mortgage, and another provider offers you 7% on the same amount, you are likely to save around $9,300…
There are over four thousand different types of mortgages offered by hundreds of different mortgage lenders. Its a crowded market and if you are looking for a mortgage, you will have to compare several types of mortgages before you settle with a particular lender. Its a daunting prospect, but at…
Buying a mortgage can be a tedious and time consuming task, especially if you are new to the field. Therefore, here are a few useful tips that you may be able to use to make your mortgage buying experience a better one. 1. Don’t take the first mortgage you are…
Bad lenders are as easy to come by as any lender. Some will try to use a very small interest rate to trick you in to getting a policy that will have a higher insurance policy premium. Most of these less scrupulous lenders will also tie you in to a…
A fixed rate mortgage guarantees a specific interest rate over a period of time. Many people choose fixed rate mortgages and the most popular plans are 3, 4 and 5 years. However, if you wish you can have a fixed rate mortgage for as long as 10 years or as…