You usually have to start repaying the principal after three to five years. At that point, your monthly mortgage cost could jump by 50 percent to 200 percent ready or not. On both a new purchase and a refi, the best buy today is a fixed-rate loan, says Jack Guttentag of mtgprofessor.com, a top site for mortgage calculators and advice. After the grace period, a deferment or forbearance can also temporarily suspend repayment. (See explanations below.) And if other lenders see you have a defaulted loan, they may deny you a mortgage, car loan, credit card, or personal loan--or charge a significantly higher interest rate. That's about the same as the rate on the popular seven-year hybrid ARM, which is fixed for only seven years and then floats with the market. Many defaulted loans are sent to collection.
Home loans
Bank profits up; problem home-loans, too
Boston Globe - WASHINGTON -- Profits at federally-insured banks and thrifts jumped 8.8 percent last year, to a record $145.7 billion, but slumping home prices and rising interest rates pushed banks' writeoffs of home mortgage loans to a three-year high in the ... Read more...
Home Lenders Hit by Higher Default Rates
Ledger - The toll is mounting for lenders that operate in the riskiest, and until recently, the fastest-growing, segment of the mortgage business. Shares of NovaStar Financial, which makes loans to people with weak credit, fell almost 43 percent yesterday ... Read more...
Home loans
Home Loans - Equity, Refinance, Mortgage & Auto | LendingTree
Online loan center featuring mortgage, auto loan/lease, home equity, credit card, personal loan, and debt consolidation services.
Quicken Loans - Home loans, Refinancing, Interest-only options
Compare, pre-qualify, and apply for home loans, home equity, and mortgage refinancing.
E-Loan: Mortgage, Refinance, Home Equity, Auto Loans, Savings, CDs
New and used car financing also available..Offers refinancing for home loans, first and second mortgages, home equity loans, and lines of credit
Freddie Mac's Homepage
Stockholder-owned corporation chartered by Congress to increase the supply of money that mortgage lenders can make available to homebuyers and multifamily investors.
Home Loans, Refinancing, New Home Financing: GMAC Mortgage
With information on refinancing, reverse mortgages and first time home buying.
Ditech.com - Official Site
Offers first mortgages, fixed rate second mortgages, variable equity lines of credit, and no closing cost option equity seconds.
Mortgage: Quotes, Rates, Loans & Refinance by National Mortgage
Also offers mortgage guides and calculators..Provides quotes from mortgage companies in your local area
Mortgage, Refinance, and Home Equity Loans - GetSmart.com
Resources and referral services for mortgages, debt consolidation, credit cards, auto and student loans, and business financing.
Home Equity, Refinance & Purchase Loans at HomeLoanCenter.com
Check rates & get a free personal quote.Close your loan in as few as 10 days.Our goal is to find a home loan that's perfect for you..Home loans for all credit profiles
Mortgage Refinance and Home Loans - Ameriquest
Specializing in refinancing and home purchase loans with branch offices nationwide.