The loan amortization schedule is created with the use of a column with these headings:  payment number, payment date, beginning balance, scheduled payment, extra payments, total payments, principal, interest, ending balance and cumulative interest.  >> more

When you’re comparing interest rates on mortgages, one option your lender will offer you is the adjustable rate mortgage, known by its acronym, ARM.  >> more

As a preventive measure, know the difference between getting pre-approved for a mortgage and getting pre-qualified.  These two might appear synonymous to you, but for a lender or banker, each involves a different level.  >> more

In order to avoid losing money, the refinancing plan should be a decision based on long term issues rather than short term financial stress.  >> more

The next step in saving for a down payment on a house is looking at your monthly budget beyond the bills. Saving your receipts for all the little odds and ends you purchase can give you a more realistic monthly budget.  >> more

Home equity loans are one of the best bets around for a homeowner who has built equity in his house and needs some cash.   >> more

Unlike a regular or traditional mortgage, a reverse mortgage does not require the applicant to make monthly payments.  The loan however must be paid in full once the applicant sells the house or no longer uses it as a principal residence.  >> more

Smart investors will resort to interest-only mortgage payments if they’re confident that their investments will produce a win-win situation and if they have sufficient resources to weather a temporary downturn.  >> more

Another alternative of course is to refinance your first mortgage.  You could increase the amount of the loan based on how much equity you’ve built in.  >> more

One reason we should be making extra payments on our mortgage is because the first five to seven years of payments go towards paying the interest and not the principal.  >> more