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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.

3 Ways You Can Deal With Missed Mortgage Payments Financial hardships can bother anyone, even those people who have been working for many years and saving every month. A sudden illness in your family, loss of employment or any other contingencies can lead to monetary hardships. Such adversities may prick you even more if you miss your mortgage payments. There are several people in the US, including Americans as well as Arab speaking Americans who have problems making mortgage payments due to dearth of funds. So, if you are experiencing any such hardship, here are some of the things you can do to improve your situation. 1. Take Action without Delay Its no use waiting till the time your situation improves; instead act promptly when you have failed to make payments and realize that financial crisis is intimidating. Consult with the loan provider, discussing your situation. If the savings are not enough to pay the bills, find ways to reduce other expenditures. It will help you save more and make cash last longer. By delaying, the outstanding amount will keep accumulating, adding to your hardships further. This means that you need to stay current when it comes to paying the dues. Again, it depends on the understanding between you and your lender to prevent a home foreclosure, provided you have a plan to stay current. 2. Refinancing for a Reduced Interest Rate Financial experts opine that lessening the interest even by an insignificant 1 percent can help you save $2000 every year. Timing also matters when it comes to refinancing for a reduced rate. Here are the 2 things you can do to refinance for a lower rate: Try the middle of any week because interest rates are generally lower during the mid week, i.e. from Tuesday to Thursday. On the contrary, rates are higher on a Monday or Friday. Again, you can switch from a variable rate to a fixed rate, and its suitable if you are looking for lower rates. 3. Modify Your Loan If you are unemployed currently or had to accept a cut in your pay, its difficult making mortgage payments. In such a scenario, you may opt for a loan modification, implying that there will be adjustments or alterations to the terms and conditions of the original agreement. Any modification will result in: The change of interest rates The extension of the period of the loan And, when one of the two things happens, the amount you are required to pay on a monthly basis will lessen. However, these options may not be available to all or getting them is not always easy. Then, you can always discuss with your provider if you are unable to make regular payments. As far as loan modification is concerned, you will generally have to pay more for the total price of your home. However, people plagued with financial crisis and looking for a short-term solution, this is the right choice for them. To be candid, lenders are always eager to cooperate with homeowners to get rid of the problems. Even lenders do not like going through a foreclosure process as much you hate it. So, its prudent to consult an Arab speaking mortgage loan agent immediately you sense trouble. It will help you keep your home and avoid a foreclosure. Author Bio: Albert Hanna is a real estate specialist who has negotiated lots of home purchases and related deals. He is well connected with Arab speaking mortgage loan agents Santa Ana and nearby areas. Besides assisting people in great financial mess, he also loves writing about property loans, mortgage loans and foreclosures.

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