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Home Finance Information and Savings
Home Finance Options for Everyone
Home finance can be an overwhelming topic. The amount of detail involved in home financing can be a dizzying experience. Regardless of if you’re in the market to buy a new home or you’re thinking about using your equity in your current house, Bills.com has all the information and finance options you need.
Bills.com can help you find a quality lender, through our innovative ‘Savings Center’, who will have a loan that fits your needs, whether it is a loan for a purchase, a first mortgage refinance, a Home Equity Line of Credit (HELOC), or a Reverse Mortgage. Don’t move forward on any home finance option without utilizing all of the useful information about home finance at Bills.com
Bill's Expert Advice
Home Finance Success Stories
Read a personal story about home finance and gain a better understanding of what's involved.
Home finance success story
Home Finance FAQs
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Why Is Prepaying A Portion Of My Mortgage Important?
Prepaying some of your mortgage is a great way to save money. You can prepay the principal to reduce the life of a fixed-rate loan; however, when you do prepay, the amount of the monthly mortgage payment remains the same. On the other hand, when you prepay the principal of an adjustable rate mortgage, the life of the mortgage stays the same, but the monthly payments are reduced at the next adjustment date. -
What Is A Prepayment Penalty?
A prepayment penalty is a fee that a borrower pays when the loan is paid off prematurely. The fee is normally a percentage of the amount prepaid or a certain number of months’ interest on the amount prepaid. -
Why Should I Buy A Home Instead Of Rent One?
Aside from being able to say that you're a homeowner, there are other financial benefits to buying instead of renting. For starters, when you purchase property, you’re making an investment that will most likely increase in value over the years. Also, you can deduct your mortgage loan interest costs from your federal income taxes and frequently from your state taxes. As a renter, you can’t deduct renting costs and you never own the residence you reside in.
Home Finance Calculators
Today's News
House Approves Financial Rescue Plan in 263 to 171 Vote
After days of deliberation, the House of Representatives voted
in favour of the Emergency Economic Stabilization Act of 2008 on
Friday in a vote of 263 to 171, allowing the deployment of up to...
mortgagenewsdaily.com
Citigroup Defends Wachovia Takeover After Surprise Wells Fargo Bid
"Citi has substantial legal rights regarding Wachovia and this
transaction `Wachovia's agreement to a transaction with Wells Fargo is in
clear breach of an exclusivity agreement between Citi and...
mortgagenewsdaily.com
Glossary of Home Finance Terms
Co-Signer: an individual who signs on the loan but doesn’t have ownership of the property being signed upon. A co-signer is not named as a primary on the title of the property; rather he/she is leveraging his/her credit to help the primary borrower qualify for the loan. However, the co-signer is responsible for payment of the loan if the borrower defaults on payments.
First Mortgage: the primary mortgage on a property. In some cases, multiple mortgages are obtained to purchase property. Regarding repayment of multiple mortgages, the lender with the first mortgage is paid first.
Loan Servicing: the process of maintaining a loan from the time it’s closed to when the last payment is made and received. Services often include billing the borrower and collecting payments, escrowing tax, and insurance payments.
Average Mortgage Rates
| program | apr |
|---|---|
| 30 Yr Fixed | 6.17% |
| 15 Yr Fixed | 5.88% |
| 30 Yr Fixed Jumbo | 7.33% |
| 15 Yr Fixed Jumbo | 6.79% |
| 3/1 ARM | 5.98% |
| 5/1 ARM | 6.13% |
| 7/1 ARM | 6.34% |
| 10/1 ARM | 6.7% |
| 3/1 ARM (I/O) | 6.01% |
| 5/1 ARM (I/O) | 6.21% |
| 7/1 ARM (I/O) | 6.46% |
Home Finance Articles and Advice
Home Finance Advice - 20 Questions for Your Lender
Home finance has blossomed into an incredibly diverse and complicated industry. Here are 20 questions to ask your lender.
New home financing questions
5 Tips to Slash Your Home Finance Costs
Learn five tips to slashing your home finance costs and saving you a bundle.
Home owner finance costs
Bad Credit Home Finance Options
Have bad credit but still want to purchase a home? Learn everything you need to know for your bad credit home finance.
Finance bad credit home loans
Avoiding Mortgage Mistakes that can Cost You Money
If you are planning to get a mortgage, then you should make sure that you avoid a number of common mistakes that will leave you paying too much money or getting into financial difficulties.
Deadly mortgage mistakes
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