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Tag: mortgage loan

Refinance Balloon Mortgage Before Balloon Payment Is Due

When I bought my home, I expected to be retiring within seven years and relocating to Florida. As a result, I chose a balloon mortgage option for a low payment and interest rate for seven years, with a large balloon payment due at the end of that period.

I am a year away from when the balloon payment kicks in, but my circumstances have dramatically changed and relocating is no longer an option at this time. As a result, I need to refinance my balloon mortgage in the next few months to avoid the huge payment that is otherwise due.

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Assuming A Mortgage Loan

Very few mortgage loans are assumable and yet people still try to assume them either by breaking the rules outright or finding ways to go around them. To be able to understand more of assuming mortgage loans, I have prepared this discussion on the ways to assume mortgage loans and some ways people go around mortgage loan restrictions.

More often than not, it is the buyers of a property that is subject to the loan that are eager to assume the mortgage loan. Strictly speaking, assuming mortgage loan means that a person, usually the buyer of the property, takes it upon himself to pay the mortgage loan either with just the consent and agreement of the original mortgagor (usually the seller of the house) or with the consent of the both the mortgagor and the mortgagee( the lender).

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Acquiring Home Loans Even With Bad Credit

The most important factor that determines whether a person is can procure home loans for himself or not is the fact, whether is past credit history is stable enough or not. All factors depend on his past record of handling credits.

A bad credit history implies that his appeal for a loan would be rejected and won’t be met in most of the places. And the worst part is that, if the concerned individual in his past has ever been declared as bankrupt or had a foreclosure, then for sure the borrower would face difficulties when he tries to get a financing for a home mortgage purchase, home equity or second mortgage loan.

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