http://www.velocityfinance.com/home-loans/ There are lenders who will tweak your home loans simply for a bigger profit. We show you what to look out for so you you are guaranteed positive, efficient, and reliable home loans. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 There is more than one way to skin a cat, get crazy on some white water, or free-climb that face of El Capitan. There is also more than one way for a lender too get wicked crazy with your home loans, creating situations where your financial security is put into jeopardy much more intense than any high rate ever could. Distorting your home loans Some lenders will do anything for a buck - including lie to you. Luckily, most predatory lenders are not clever enough to devise their own form of mortgage scam, and your home loans might only be affected by a few dangerous lending practices. Yet they are dangerous, and the only way you to protect yourself is get some Velocity and know what to look out for: as you saw in our section on the adjustable rate mortgage, there may come a time when refinancing your mortgage loans will be almost financially necessary. While lenders are required to give you whatever information you ask for on your loan, they are not required to walk you word-by-word through your mortgage agreement. A common scam is to place a limit on your refinancing options - or barring it altogether. If this happens you are pretty much done for - you signed the contract and are therefore responsible. A close reading of your contact with a lawyer will guarantee you against such a case. Also, lenders might not tell you about any prepayment penalties they might have. Prepaying your home loans is a great way to decrease the overall amount of interest you're charged, but if there is a prepayment penalty you will pay much more than you could save. Ask your lender before signing anything about prepayment penalties, and then ask to see that agreement in writing. The "bi-weekly mortgage payment plan" is an increasingly common trend in the mortgage industry, and in itself is not really a scam. Savings from a bi-weekly mortgage payment come from the fact that two months out of every year you'd be making 3 payments, and therefor pay an additional months worth of your mortgage every year. The scam is that people actually charge you for this when you can just as easily do it yourself. If you get paid every two weeks, calculate 1/2 of your monthly mortgage payment and send that in with each paycheck - 2 months each year you'll get 3 paychecks, making up for that extra month. If you get paid once or twice a month, divide a monthly mortgage payment by 12 months and send in that extra amount with each mortgage payment Lenders will also try to limit your search for better, more affordable home loans by telling you that your credit will go down with each application you fill out. This is simply NOT TRUE! By law you are allowed an unlimited number of mortgage inquiries within a 14-day period without affecting your credit in any way. when taking out second mortgages against your home equity you've to be be careful at alltimes - be sure your lender is working for your better interests and be sure you can handle the additional financial weight and pressure of a second monthly mortgage payment. In general, if a lender tells you that something will either limit your home loan or home improvement search or your flexibility, you'd better look into it. Some say that Countrywide home loans are the best. Sat, 26 Jul 2008 15:00:00 EDT http://www.velocityfinance.com/home-loans/countrywide-home-loans.html Countrywide home loans are considered to be excellent loans from an excellent company... Look into countrywide home loans when you really need a good deal. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 http://www.velocityfinance.com/home-loans/home-loan.html A home loan is getting cheaper than ever because of low interest rates. Current interest rates are ideal for obtaining a home loan! en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 http://www.velocityfinance.com/home-loans/home-improvement.html Home improvement is a great option... Instead of moving, invest in home improvement plans and enjoy the benefits of reinvesting in your primary investment. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 http://www.velocityfinance.com/home-loans/home-equity.html Home equity carries incredible investment and lifestyle potential. But it is potential, and the benefits of home equity will only come when you use it wisely. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0