Suze Orman on Underwater Mortgages
Home Ownership at 46-Year Low
Couple Threatens to Foreclose on BofA
MORTGAGE RATES » Home Mortgage Loan News
A second commercial mortgage is a loan taken out by a borrower in addition to their first commercial mortgage loan. These loans typically include a term of at least five years and interest-only payments.
Having two commercial mortgage loans can be expensive, so it is important you understand the reasoning behind taking out a second mortgage loan and are sure you can afford payments before you decide to do so. A commercial mortgage calculator is a great tool you can use to help you estimate your budget. 
The mortgage industry has a lot going on this week, including a massive drop in foreclosures and reports of government disappointment with lenders. Despite reports that the foreclosure rate has plummeted, a large number of mortgage servicers are still being held responsible for the foreclosure crisis and the fact that, in time, foreclosures are expected to increase again.
U.S. Foreclosures Reach Lowest Level in 3 Years
If you’ve been following the news lately, you probably know that there are currently two prominent stories circulating in relation to loan modifications. One is that some lawmakers are very disappointed with current loan modification programs and hope to end them. The other is that several modification options are being proposed as a way to pay a $20 billion civil settlement mortgage servicers owe.
With so much going on in the world of loan modifications, there’s plenty of information to explore. So let’s take a look at both of these current issues and how they may affect your own mortgage situation.
A commercial mortgage loan, like a residential mortgage, can be obtained from a variety of lenders. Determining the source of your loan depends upon several factors, such as the size of your business, how long your business has been generating revenue and what your long-term budget is. Consider the following three types of commercial mortgage lenders and how their particular characteristics may best suit your needs.
Financing a Commercial Mortgage Through a Bank
The term “interest only” in interest only commercial mortgage refers to a commercial mortgage loan for which the borrower only makes payments on the interest for a set period of time at the beginning of a loan’s term, and not the principal amount. After this set time period has elapsed, the loan is amortized to require payment on both the principal and interest.
Benefits of an Interest Only Commercial Mortgage
Mortgage payments are taking a back seat to credit card debt according to a new report released by TransUnion this week. The report found 7.24 percent of those who have at least one credit card and a mortgage loan were 30 days late on the mortgage but current on the credit card in the fourth quarter of 2010.
Borrowers Have Chosen Card Debt Over Homes for Nearly 3 Years
U.S. home prices in January fell for the sixth month in a row, according to the S&P/Case-Shiller home price index released on Tuesday. The index, which covers 20 major markets, fell 3.1 percent year-over-year, edging it closer to the reality of a home-price double dip.
90 Percent of the Market Experienced Price Declines
According to the S&P index, 18 of the 20 markets covered by the survey experienced year-over-year price declines. Among the worst declines were:
The Home Affordable Modification Program (HAMP) could be reaching its final days, at least according to a bill passed by the House of Representatives on Tuesday night to shut it down. The program, started to help homeowners with underwater mortgages modify their loans, has faced criticism for months that it is all but effective.
HAMP Not Offering Enough Help
It’s no secret that millions of homeowners around the country are struggling to keep up with their mortgage loan payments, largely due to the massive number of neighborhoods experiencing drops in property value. In fact, as of Feb. 2011, 27 percent of homes were underwater, which means millions of homeowners owe more on their mortgages than their homes are actually worth.
The government offers loan modification opportunities to help borrowers catch up on late payments, but some homeowners can’t take advantage of them because they get turned down by lenders. Could a loan modification attorney help in easing the process?
Even though mortgage interest rates across the nation are sitting at record lows right now, not all lenders are offering affordable home loan products. The interest rates provided by individual lenders vary greatly, as do the loan terms, so finding a mortgage lender like First Choice Bank who can give you both a competitive interest rate and low fees will make a huge difference in whether you can afford to buy a home today.