Understanding the basics behind your mortgage payment
If you’re shopping for a mortgage loan, you may want to start by learning the basic components behind your mortgage payment. Understanding what goes into your mortgage payment, can help you make a smart decision about the mortgage loan that’s right for you.
What’s in a mortgage payment?
Your mortgage payment consists of more than just principal and interest. In fact, there are several different components that factor into your mortgage payment. Mortgage payments are made up of four different parts – principal, interest, taxes and insurance (collectively known as “PITI”). Read the rest of this entry »
The Mortgage Process from Countrywide
Understanding the Mortgage Process
At Countrywide, we strive to make the process of securing a mortgage loan simple. But before you start the mortgage application process, learn about the basic steps involved in obtaining a purchase, refinance or home equity loan. Read the rest of this entry »
Mortgage Information and FREE Mortgage Resources from Countrywide Home Loans, a Division of Countrywide Bank, FSB
If you’re shopping for a mortgage, whether it’s for a home purchase, refinancing your existing loan, or getting a second mortgage, you’ll probably start by researching your options to find the best choice for your needs. Countrywide provides FREE resources to help educate consumers on mortgage topics to help consumers make the right decision. Read the rest of this entry »
Want to Lower Your Payments? Start by Improving Your Credit
Credit and interest rates are closely related. In addition to other factors, lenders look at a potential borrower’s credit to assess the risk of lending. Lenders typically offer more favorable interest rates to borrowers with high credit scores. So if you’re thinking of obtaining a mortgage or refinancing your existing home loan, you may want to consider ways to improve your credit and credit score. Read the rest of this entry »
Interest Rate FAQs
Interest rates can be a confusing topic for many consumers. We’ve put together a list of frequently asked questions on the topic of interest rates. Learn about the difference between interest rates and APR, the difference between the LIBOR index and the Prime rate and learn about the Federal Reserve’s role in setting certain rates. Read the rest of this entry »
Credit and Interest Rates
Your credit plays a big part in influencing the interest rate on your loan. Lenders typically price loans according to credit risk. A poor credit score warns there’s a higher risk the lender won’t be repaid. A high credit score suggests a smaller risk of default, and the borrower typically will be offered a better interest rate. Read the rest of this entry »
Home Equity Loans and Closing Costs
When you’re looking to obtain a home equity loan, whether it’s a fixed rate second mortgage or a home equity line of credit (HELOC), you’ll probably encounter many of the same types of closing costs as your original home loan. But before you start shopping for a home equity loan, you might want to familiarize yourself with the closing costs involved to choose the right loan and closing cost solution to meet your needs. Read the rest of this entry »
Frequently Asked Questions About Home Equity Loans
1. What is home equity?
Home equity is the difference between what a home is worth in the current market and what is owed on the mortgage(s). Read the rest of this entry »
Understanding Home Equity Loans: Overview of home equity borrowing options
Home equity loans allow homeowners to access the available equity in their home by taking out a “second loan” on their home. Home equity is basically the difference between the current fair market value of the home and what is owed on the mortgage. If you’re shopping for a home equity loan, it’s important to understand the difference between a fixed rate second mortgage, often called home equity loan, and home equity line of credit, also referred to as a HELOC. While both are a form of equity borrowing, each loan works very differently. Read the rest of this entry »
Home Equity Loan Rates
When shopping for a home equity loan, many people start by comparing home equity loan rates. But before shopping for rates, it is a good idea to decide which type of loan you want – home equity loan or a line of credit (HELOC). Once you’ve decided on the type of loan you need, keep these features in mind when you’re comparing home equity loan rates. Read the rest of this entry »
