PCHomeloan.com is a free resource for home buyer and sellers that offers all the latest information on the mortgage industry. Topics include information on home mortgages, refinance, reverse mortgage, credit reports, and anything related to the home buying and selling process.

Reverse Mortgage

Reverse mortgages are simply home equity loans that are backed by the equity that you have in your home.  These loans are designed to defer mortgage interest.  If a homeowner pays their property tax, insurance, and homeowner’s association fees, they can live in the home without having to make payments on the borrowed funds.  Reverse mortgages are offered to any United States citizens and permanent residents that are 62  years old or older with a lot of home equity.  The largest loan amount that someone can qualify for depends on the youngest homeowner’s age, current rates, and value of the home.  Fortunately, there are no salary or credit score requirements due to the fact that there are no monthly repayments.  However, those that get a reverse mortgage need to continue to reside in their home as their primary residence.

http://www.investopedia.com/terms/r/reversemortgage.asp

Refinance Mortgage

Mortgage refinancing is a way to restructure your current mortgage obligations during favorable low interest rate environments.  Determining your goal with a mortgage refinance is important.  Lowering your interest expense is one of the more common reasons to do a refinance.  While others do it to extend their mortgage  back to 30 years in order to reduce their monthly payments.  Another reason is for debt consolidation.  For families with a first mortgage and a home equity loan, grouping the two together into one fixed-rate loan makes for a cheaper payment plan over the long haul.  Lastly, there are those that refinance to  move away from a adjustable-rate mortgage.

http://homebuying.about.com/od/financingadvice/qt/92709_Refinance.htm

Buying a Home

Purchasing a home is an exciting time for many people.  However, home buyers need to have a checklist of things to prepare even before shopping for that new home.  The first thing prospective buyers should do is to review their credit.  Since most people need a mortgage loan to purchase a house, making sure that your credit history is good or as good as it will be is very important. This means getting all three copies of your credit report to make sure the data is indeed correct.  If it is not, you will need to fix the problems by giving proof to the three credit bureaus: Transunion, Equifax, and Experian.  Once you have that accomplished, try to determine how much house you can afford.  A quick way to estimate your home buying power is the general rule of 2.5 times your yearly income. Next comes getting financing in the form of a mortgage.

Types of Mortgages

A lot of different types of mortgage loans are offered by mortgage lenders today.  This makes it a requirement for consumers to learn about the differences between the choices in order to obtain the most appropriate home loan for their situation.  The six most common mortgage include:

1. 30 year fixed rate
2. 15 year fixed rate
3. Adjustable-rate (ARM)
4. Hybrid
5. Interest Only
6. Payment Option

There is also a loan called second mortgage.  For people that are more aggressive in buying a higher priced home, they may need a second loan because it exceeds the maximum amount in a jumbo loan.  This is where second mortgages come into play.  The interest rates on these loans will be higher since their is more default risk for lenders.  In addition, consumers will have to buy private mortgage insurance to give lenders confidence in giving you a second mortgage. To get the best mortgage rates, be sure to get mortgage quotes from multiple lenders.

http://www.ehow.com/how_5214590_compare-mortgage-quotes.html

Get a Realtor

Using a good realtor is another important consideration.  They can help home buyers narrow their choices and offer market analysis to determine the right price to bid for a home.  It is wise to learn your realtor’s commission structure to know exactly if they have any additional outside incentives that may create a conflict of interest.  Also, a good realtor can recommend a home inspector before you make purchase.