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  2. Government policies and the subprime mortgage crisis

    en.wikipedia.org/wiki/Government_policies_and...

    In addition, it promoted the use of low or no-down payment loans and second, unsecured loans to the borrower to pay their down payments (if any) and closing costs. [146] This idea manifested itself in "silent second" loans that became popular in several states such as California, and in scores of cities such as San Francisco. [147]

  3. Second mortgage - Wikipedia

    en.wikipedia.org/wiki/Second_mortgage

    In general, total monthly repayments on the second mortgage are lower than that of the first mortgage. This is due to the smaller amount borrowed in the second mortgage compared to the primary loan rather than the difference in interest rate. Second mortgage interest rates are typically higher due to the related risk of such loans. [10]

  4. Mortgage discrimination - Wikipedia

    en.wikipedia.org/wiki/Mortgage_discrimination

    Loan officers were clearly aware that they were exploiting their customers, in some cases referring to blacks as "mud people" and to subprime lending as "ghetto loans". [ 16 ] [ 22 ] [ 23 ] A lower savings rate and a distrust of banks stemming from a legacy of redlining may help explain why there are fewer branches in minority neighborhoods.

  5. Are second mortgages about to make a comeback? Freddie Mac ...

    www.aol.com/finance/second-mortgages-comeback...

    Second mortgages, which allow homeowners to tap their home equity for loans, have fallen in popularity. Scars from the 2008 financial crisis left both lenders and borrowers cautious.

  6. Down payment assistance: How it works and how to get it - AOL

    www.aol.com/finance/mortgage-down-payment...

    A homebuyer grant is a type of down payment assistance that provides a one-time cash sum, often in the form of a no-interest second mortgage. The funds don’t have to be repaid. The funds don’t ...

  7. Loan modification in the United States - Wikipedia

    en.wikipedia.org/wiki/Loan_modification_in_the...

    Loan modification is the systematic alteration of mortgage loan agreements that help those having problems making the payments by reducing interest rates, monthly payments or principal balances. Lending institutions could make one or more of these changes to relieve financial pressure on borrowers to prevent the condition of foreclosure.

  8. What are non-conforming loans? - AOL

    www.aol.com/finance/non-conforming-loans...

    These loans are for borrowers in need of a bigger mortgage than what’s allowed with a conforming loan. In most areas in 2024, that means a mortgage for more than $766,550 (or up to $1,149,825 in ...

  9. Subprime lending - Wikipedia

    en.wikipedia.org/wiki/Subprime_lending

    This is even more apparent when the lifetime cost of the loan is considered (though most people will want to refinance their loans periodically). The total cost of the above loan at 5.5% is approximately $1,018,891.24 , while the higher rate of 9.5% would incur a lifetime cost of approximately $1,366,390.93 .