http://www.robhenry.com/content/blog.htmMortgages by Rob Henry Bloghttp://www.robhenry.com/content/buydowns_-_interest_rate_reduction_28.htmA buydown is basically paying a fee (buying) to reduce (down) the interest rate and/or payments on a mortgage. For example, a Lender may offer a rate of 6.75% with no "points," with the option of paying 1 "point" (each point is represented by 1% of the loan amount) to receive a rate of 6.375%. Ask your mortgage broker about buying down your interest rate and see what sort of savings you will receive in the long run.http://www.robhenry.com/content/bad_credit_loan_801.htmThere are many programs available for individuals with bad credit. Typically, the interest rates are higher than other programs for people with good credit. A competent mortgage broker should be able to give you your options.http://www.robhenry.com/content/credit_rating_153.htmIn general, the higher your credit rating, the lower the interest rate you'll pay on your mortgage. The main factor in obtaining a high credit rating is to pay your bills on time. Even one missed payment can drop your credit score significantly.http://www.robhenry.com/content/comparing_loan_offers_412.htmI've received various offers from different lenders. Why is there such a difference between all of them? What should I look for to help me select the best loan for me?http://www.robhenry.com/content/home_improvement_351.htmIncrease home value vs marketabilty When contemplating a home improvement project it is important to understand the difference between improving the marketablity of your home versus actually increasing the value of your home. While any improvement to your home inexpensive or expensive can increase the likelyhood of a faster sale, they do not necessarily increase the value of your home. The actual value of your home is determined by an appraisal. The appraisal takes many things into consideration when determining the value of your home. Some important factors are condition, age, square footage, number of bedrooms and baths and location. Then he/she compares your home to other like properties in the surrounding area that have sold.http://www.robhenry.com/content/the_fixed_period_on_my_arm_loan_is_expiring_841.htmWhen the two or three year period on most ARM mortgages from "subprime" type lenders expire, your interest rate and payment will very likely go up here in 2006. The method used to calculate the new interest rate and payment is specified in a document called the Adjustable Rate Rider, however most work basicly the same.http://www.robhenry.com/content/creative_ways_to_buy_a_house_277.htmOne way to buy a house creatively would be to have the seller hold back a 2nd mortgage. For instance, if you're buying a $100,000 house and your mortgage company approves you for 90% financing, you'll still need to come up with $10,000. You could have the seller "loan" you the money, and you would pay them back in monthly payments just like any other mortgage. Check with your loan officer to find out if this type of solution would work for your situation.http://www.robhenry.com/content/frequently_asked_questions_about_loans_340.htmWill I need an appraisal? Most loan programs will require a new appraisal. Sometimes, with good credit borrowers, the bank will waive the appraisal requirement but usually, the bank will want a new appraisal done to get a current value estimate.http://www.robhenry.com/content/how_to_read_your_credit_report_999.htmOne of the sections on your credit report will contain all the inquiries made within the last 90 days to a year. You'll want to carefully look at these inquiries and make sure they are accurate. Too many inquiries can lower your credit score.http://www.robhenry.com/content/how_to_hold_title_649.htmTitle to real property may be held by individuals, either in Sole Ownership or in Co-Ownership. Co-Ownership of real property occurs when title is held by two or more persons. There are several variations as to how title may be held in each type of ownership. The following brief summaries the more common examples of Sole Ownership and Co-Ownership. http://www.robhenry.com/content/selling_my_home_quickly_951.htmThere are several ways to help sell your home quickly even in a difficult market. One way is to stage the home. It is worth the extra expense of paying for a professional to stage your home. Another way to sell your home quickly is to sell it 1% lower then the market value. Often homes don't sell because homeowners simply overprice the house.http://www.robhenry.com/content/sources_of_down_payments.htmSome people use their 401K money for a down payment. Normally, when someone takes money out of their 401K, the government imposes a 10% penalty for early withdrawal. However, when it's used by a first-time homebuyer as a down payment, the government does not penalize the borrower for this transaction. This is one of the exceptions.http://www.robhenry.com/content/illegal_house_flipping_456.htmThis often involves a collaborative effort between a real estate investor, an appraiser, and the title company. The house typically is appraised for a much higher than market value and the loan is made based on this figure. Many of these loans are going bad, and the parties involved are facing criminal charges.http://www.robhenry.com/content/credit_after_bankruptcy_269.htmNot all creditors react the same way to bankruptcy, but your credit will be hurt. This does not mean that you will not be able to obtain credit. A mortgage professional can advise you on what credit you need to get a mortgage after bankruptcy. http://www.robhenry.com/content/combining_your_1st_and_2nd_mortgages_540.htmOne way to simplify your monthly bills is to combine your first and second mortgages together into one loan.http://www.robhenry.com/content/3rd_mortgages_89.htmSometimes, people can have more than 2 mortgages on their home. Typically, this is done by a private party lender who doesn't have the underwriting guidelines of institutional lenders.http://www.robhenry.com/content/mortgage_lates_500.htmMortgage lates is a term sometimes used by loan officers. It is used to describe how many times a borrower has been late on their mortgage. For example, 3x30 means the borrower has been 30 days late 3 times.