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Mortgage What is a Mortgage A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property free and clear. Mortgages are also known as liens against property or claims on property. If the borrower stops paying the mortgage, the bank can foreclose. In a residential mortgage, a home buyer pledges his or her house to the bank. The bank has a claim on the house should the home buyer default on paying the mortgage. In the case of a foreclosure, the bank may evict the homes tenants and sell the house, using the income from the sale to clear the mortgage debt. Mortgages come in many forms. With a fixedrate mortgage, the borrower pays the same interest rate for the life of the loan. Her monthly principal and interest payment never change from the first mortgage payment to the last. Most fixedrate mortgages have a 15 or 30year term. If market interest rates rise, the borrower’s payment does not change. If market interest rates drop significantly, the borrower may be able to secure that lower rate by refinancing the mortgage. A fixedrate mortgage is also called a “traditional mortgage. With an adjustablerate mortgage (ARM), the interest rate is fixed for an initial term, but then it fluctuates with market interest rates. The initial interest rate is often a belowmarket rate, which can make a mortgage seem more affordable than it really is. If interest rates increase later, the borrower may not be able to afford the higher monthly payments. Interest rates could also decrease, making an ARM less expensive. In either case, the monthly payments are unpredictable after the initial term. Other less common types of mortgages, such as interestonly mortgages and paymentoption ARMs, are best used by sophisticated borrowers. Many homeowners got into financial trouble with these types of mortgages during the housing bubble years. When shopping for a mortgage, it is beneficial to use a mortgage calculator, as these tools can give you an idea of the interest rates for the mortgage youre considering. Mortgage calculators can also help you calculate the total cost of interest over the life of the mortgage.

What is Mortgage Loan Modification What is "mortgage loan modification"?  This term has become more and more popular recently, but many people do not know exactly what it means.  In a nutshell, mortgage loan modification is a term that is used to describe changes made to an existing mortgage loan that makes it easier for you to continue repaying your loan payments.  Loan modifications rarely used to happen in the past because mortgages are legal contracts that are not usually altered once they are created.  However, modifications to mortgages have become much more common as the foreclosure crisis continues. Common ways to modify your loan for a lower mortgage payment: 1.  Change the terms of the loan.  This can be accomplished in different ways. The lender might agree, for example, to extend the period of time it takes to pay back the loan.  If you have a 30 year loan and get your repayment period extended to 40 years - that automatically reduces the amount of each monthly payment. 2. Refinance the loan with a lower interest rate.  When you have a lower interest rate that is being charged on the loan, which is another easy way to lower the monthly payment. In extreme cases a lender might even cut the overall balance owed on the loan. By reducing the principal balance the lender cuts directly into its own potential profits, but this may be the only way to make the mortgage manageable for the homeowner. 3.  Creatively combine the two.  Some mortgage loan modification professionals use a combination of these methods in creative ways to achieve the same goal - to make the monthly payments easier to manage so that you can make your payments on time and eventually pay off the mortgage.  A professional will contact your lender and request a restructure of your loan that will change the rules of the original contract and legally alter or modify the mortgage so that you can make payments.  Why would a lender be willing to modify your mortgage?  Banks and mortgage companies do not do mortgage loan modifications because of compassion for you.  The motivation lenders have for accepting a modification is to prevent its own financial losses. Foreclosures are expensive for lenders, and often cost them all of the profit that they hoped to earn from lending you the money in the first place. So if your lender can help you avoid foreclosure by agreeing to a mortgage loan modification that gives you payments you can afford, they can still come out ahead. Do you need a professional?  Technically, no... but it is highly recommended that you have help if you have never done this before.  Before agreeing to a modification, the lender must first be convinced that it will enable you to make the mortgage payments on time and continue to successfully repay the loan with the new payment. Convincing the lender that a loan modification is in their best interest is the biggest challenge a homeowner has.  Professionals have experience with overcoming mortgage loan modification challenges and can get things done faster.  Many have previous relationships with lenders that can help them get your modification approved, so you can restructure your loan and lower your mortgage payment quickly. Ken S. Founder, LowRateSearch 2009

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