Category: Financial Services > Mortgages
Recent Update: November 3, 2006.
Category Overview

Homeownership is as American as apple pie, with about two-thirds of American households owning a home. As the baby boom generation ages, more Americans will be buying second homes and considering products like reverse mortgages.

So, for most of us, understanding mortgage terminology, finding the right mortgage lender, and making sense of our financing options is fundamental to our financial well-being.

Unfortunately, using the Internet to research your mortgage options can be overwhelming with a seemingly endless supply of information and offers.

The recently updated Moneysmartz Mortgage category offers a place for you to avoid the tangle of offers and find relevant sources of information and reliable providers of services.

Tips for Getting Started

• Get the big picture. Start with Wikipedia’s mortgage page or the Yahoo! Finance Mortgage Center.

• Learn more about the terminology before talking with lenders. Important terms include jumbo mortgages, balloon payments, interest only loans, ARMs, reverse mortgages, and equity loans.

• Don’t forget special programs from the FHA for first-time home buyers, fixer-uppers, and reverse mortgages for seniors.

• Comparison shop for rates before getting serious. HSH Associates publishes mortgage rates and consumer loan information. MortgageLoan.com, Interest.com, Lending Tree, Bankrate, and LoanWeb offer more comparison services and interest rates on a state-by-state basis.

• If you run into a problem, brush up on legal terms at the Legal Information Institute.

• When you are ready to find a lender, consider providers with a lot of experience and a national reputation like E-Loan or Quicken Loans. Don’t overlook local providers who may be able to provide face-to-face assistance when you need it the most.

• If you want to lower your long-term costs, consider bi-weekly payments.

• Beware of fraud, particularly when considering a reverse mortgage.

Featured Custom Searches

• Mortgage Fraud

• Local Mortgage Rates

• Mortgage Refinancing

• Mortgage Calculators

• Downside of Interest Only Loans

These steps may seem daunting, but with a few thoughtful clicks, you’ll begin meeting your mortgage needs and continue pursuing the American dream.