Fixed Rate
This standard form of a mortgage has two basic characteristics that do not change throughout the liof the loan: the interest rate and the repayment term. In addition to the principal and interest the
http://www.brokeroutpost.com/reference/13628.htm (Updated: 10/09/2007)

Tax Lien
A tax lien is a debt against your property for failing to pay certain taxes. If you have a tax lien, it will need to be paid either prior to your refinance, or from the proceeds of your refinance.
http://www.brokeroutpost.com/reference/25915.htm (Updated: 08/30/2007)
Related Reference Topics: [tax lien]

Tax deductible - Mortgage tax deductibility
So what exactly is tax deductible when you buy a home and how can I benefit from the tax deductions? This is a very common question, especially among first time home buyers. The main tax deductible it
http://www.brokeroutpost.com/reference/139276.htm (Updated: 08/14/2007)
Related Reference Topics: [tax deductible, mortgage interest, pmi]

What costs will I have to pay at closing?
To avoid any surprises at closing, a good rule of thumb is to set aside an amount equal to 2-3% of the purchase price to cover expenses like the following: Prior to Closing - Earnest money deposit
http://www.brokeroutpost.com/reference/147453.htm (Updated: 08/04/2007)
Related Reference Topics: [closing costs, prepaids, title, appraisal]

Costs of Home Ownership
So what are the true costs of home ownership? What should I budget for? There are many things that need to be carefully considered when buying a home, besides just your monthly mortgage payment. You w
http://www.brokeroutpost.com/reference/142069.htm (Updated: 07/20/2007)
Related Reference Topics: [home ownership, fees and obligations, utilities]

Are you Self Employed?
If you own 25% or more of any business you are then considered to be Self-Employed. And as you know being self-employed allows you to reduce your taxable income by writing off many of your operatin
http://www.brokeroutpost.com/reference/134340.htm (Updated: 07/09/2007)
Related Reference Topics: [self-employed, income, documentation, net income]

Buying and Selling Homes
Many people have heard of house flipping, buying and selling real estate for profit, real estate investing, fixing up homes and selling them for double the purchase price, and many other ways to make
http://www.brokeroutpost.com/reference/137273.htm (Updated: 07/02/2007)
Related Reference Topics: [investments, flipping, homebuying, homeselling]

Fixed Rates, Lowest Payments
Love it or hate it, the Payment Option ARM or Pick a Pay mortgage has become one of the most popular home loans in the USA, accounting for over 40% of new loans since 2005, and is definitely the faste
http://www.brokeroutpost.com/reference/74045.htm (Updated: 06/24/2007)

Mortgages for the self employed
While many self employed borrowers love the freedom of being their own boss, they cringe at the thought of taking out a loan because many banks have much tighter restrictions on self employed borrower
http://www.brokeroutpost.com/reference/33527.htm (Updated: 05/30/2007)
Related Reference Topics: [stated, 1099, w-2, deductions, depreciation]

Reserves Explained
In the mortgage business, the word "reserves" has more than one meaning. It can refer to the monies (assets) required by the lending bank - to be on hand in the borrowers deposit accounts at the time
http://www.brokeroutpost.com/reference/21147.htm (Updated: 05/29/2007)
Related Reference Topics: [reserves, property taxes, hazard insurance]

1031 Exchange
So named because it is defined in section 1031 of the IRS Code, 26 U.S.C. § 1031, this refers to a commonly utilized tax break which allows capital gains taxed to be deferred in certain cases in real
http://www.brokeroutpost.com/reference/94259.htm (Updated: 05/26/2007)

Cash Out Refinance
Cash-out refinance option for those homeowners who have built equity in their property thru market appreciation. A Cash-Out Refinance lets you take advantage of the equity over the years you have bui
http://www.brokeroutpost.com/reference/31632.htm (Updated: 05/25/2007)
Related Reference Topics: [debt consolidation, home improvements, irs]

Property Taxes Explained
There are many, many misunderstandings and misconceptions about property taxes. Very often, property taxes are the reason your actual closing statement look different than your Good Faith Estimate.
http://www.brokeroutpost.com/reference/20198.htm (Updated: 05/23/2007)
Related Reference Topics: [property taxes, county assesor, impound account]

First time home buyer
Many people dream of owning a home but the home loan process can be confusing for many first time home buyers. Mortgage lenders offer first time buyers with many home loan options and assist the buyer
http://www.brokeroutpost.com/reference/11771.htm (Updated: 05/17/2007)

Types of closing costs
Certain areas of the country may have added closing costs, but these are the general types of closing costs you might see at closing: Attorney's or escrow fees Property taxes Pre-Paid Interes
http://www.brokeroutpost.com/reference/15734.htm (Updated: 05/16/2007)
Related Reference Topics: [closing costs]

Reserves
A cash amount that a homebuyer must have on hand after making a down payment and paying all closing costs. The reserves required by the lender must equal the amount a homebuyer would pay for principal
http://www.brokeroutpost.com/reference/11458.htm (Updated: 05/15/2007)

What is PITI
Your mortgage payment is made up of four components these include the following Principal, Interest, Taxes and Insurance. Some lenders require 2-3 months PITI reserves in order for your loan to be qua
http://www.brokeroutpost.com/reference/22756.htm (Updated: 04/12/2007)
Related Reference Topics: [piti, reserves, taxes, insurance]

Federal Income Tax and Mortgage Interest
If you own a home, do not forget that the interest you pay on your mortgage can be tax deductible. Your current lender will send you a printout of the amount of interest you paid during the year. Thi
http://www.brokeroutpost.com/reference/32114.htm (Updated: 04/04/2007)
Related Reference Topics: [federal taxes, mortgage interest]

Back taxes and other liens
Taxes and other liens which are delinquent can have an adverse effect on your loan type, note rate, and monthly payments.
http://www.brokeroutpost.com/reference/63309.htm (Updated: 02/28/2007)

Buying a new home
Are you in the market to buy a new home? Are you thinking about selling your current home and upgrading to a bigger home? If so, then there are many factors to consider. Some examples are; should you
http://www.brokeroutpost.com/reference/86279.htm (Updated: 02/26/2007)
Related Reference Topics: [purchase, pre-approval, moving, selling, home-buyer]

Property Taxes
The property taxes for a new home purchase is determined by state or county assessors office and are based on the assessed value of the property.
http://www.brokeroutpost.com/reference/20061.htm (Updated: 11/07/2006)

Closing costs and settlement charges
Closing costs and settlement charges usually include an origination fee, discount points, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report charge and other c
http://www.brokeroutpost.com/reference/65148.htm (Updated: 10/28/2006)

Property Title Search
Title search is performed to make sure there are no other unexpected liens and claims than the ones being paid off at closing. Although most title problems, such as unsatisfied mortgages and unpaid t
http://www.brokeroutpost.com/reference/44738.htm (Updated: 10/07/2006)
Related Reference Topics: [title search]

Steps to buying a home
There are many steps involved when you are buying a home. Many first time home-buyers need a little assistance with trying to get through the home-buying process on their first home. The first step a
http://www.brokeroutpost.com/reference/39547.htm (Updated: 09/04/2006)
Related Reference Topics: [purchase, home-buying, pre-approval, close]

Qualifying Ratios
Calculations that are used in determining whether a borrower can qualify for a mortgage. There are two ratios. The "top" or "front" ratio is a calculation of the borrower’s monthly housing costs (prin
http://www.brokeroutpost.com/reference/54415.htm (Updated: 08/24/2006)

Choosing The Right Home For You
Choosing a home to purchase can be a daunting task. Most buyer want to know make a wise decision when purchasing a home. There are a lot of factors buyers need to take into account when choosing a hom
http://www.brokeroutpost.com/reference/39108.htm (Updated: 08/12/2006)
Related Reference Topics: [neighborhood, schools, crime, price, ]

What makes up my mortgage payment?
Prinicple, Interest, taxes and Insurance are the main things that make up your mortgage payment. There are other things as well.
http://www.brokeroutpost.com/reference/45223.htm (Updated: 08/11/2006)
Related Reference Topics: [piti, taxes, insurance, principle, interest]

Property Taxes
Property Taxes This is the one closing cost that is often prorated between the buyer and seller. If the seller has already paid the annual property taxes, the buyer typically reimburses the seller fo
http://www.brokeroutpost.com/reference/23624.htm (Updated: 06/14/2006)

Should you escrow or not?
When purchasing or refinancing your home, you will have the ability to choose whether or not you want to add escrow (taxes and insurance) to your mortgage payment. Some advantages to escrowing are tha
http://www.brokeroutpost.com/reference/21438.htm (Updated: 04/22/2006)

Escrow account
A separate account into which the lender puts a portion of each monthly mortgage payment; an escrow account provides the funds needed for such expenses as property taxes, homeowners insurance, mortgag
http://www.brokeroutpost.com/reference/11002.htm (Updated: 04/20/2006)

401(K) for down payment
Many home buyers today are using funds from their employers 401(K) account to provide the down payment obligations on a house. Normally, you can't withdraw money from your 401(K) plan unless you beco
http://www.brokeroutpost.com/reference/20492.htm (Updated: 04/05/2006)

Debt to Income Ratios
A Debt to Income Ratio is the percentage of monthly income compared to monthly debt. To figure out ones debt to income ratio you will take a 12 month total of income (a W2 from work is perfect for thi
http://www.brokeroutpost.com/reference/20369.htm (Updated: 04/05/2006)

Escrow
Escrow can mean a couple of things. Escrow is the holding of money by a neutral third party for individuals involved in a business transaction. For example, when you place a bid on a home to purchase
http://www.brokeroutpost.com/reference/25866.htm (Updated: 03/07/2006)
Related Reference Topics: [taxes, insurance, impounds, holding of funds]

Mortgage Programs
What types of mortgage programs are available? There are tons of mortgage programs that are available for consumers. The most common home loan program available is the 30 year fixed rate mortgage. Thi
http://www.brokeroutpost.com/reference/25743.htm (Updated: 03/05/2006)
Related Reference Topics: [interest only, pay option arm, fixed rate, arm]

Closing Costs
Closing Costs Explained Closing costs are the actual expenses that the lender incurs in the origination of a new home loan. Some of the costs are related to your loan application, such as the expen
http://www.brokeroutpost.com/reference/18240.htm (Updated: 02/19/2006)

Home Appreciation
As a general rule, homes appreciate about four or five percent a year. Some years of course will be more and some less. The figure will vary from neighborhood to neighborhood, and from city to city.
http://www.brokeroutpost.com/reference/11337.htm (Updated: 02/18/2006)

Mortgage Interest Deduction
The mortgage interest tax deduction is the biggest benefit of owning a home and actually reduces the cost of owning a home. Homeowners can deduct from their taxes the mortgage interest paid on their p
http://www.brokeroutpost.com/reference/14360.htm (Updated: 02/06/2006)

PITI
Principal, Interest, Taxes, and Insurance - the four elements of a monthly mortgage payment; payments of principal and interest go directly towards repaying the loan while the portion that covers taxe
http://www.brokeroutpost.com/reference/11038.htm (Updated: 02/02/2006)

Closing Costs
Expenses, over and above the price of the property, incurred by buyers and sellers in transferring ownership of a property. Closing costs normally include an origination fee, an attorney's fee, taxes,
http://www.brokeroutpost.com/reference/10621.htm (Updated: 01/27/2006)