The Mortgage Professor

When it comes to obtaining a mortgage, having no credit score or limited credit history can pose challenges. However, there are mortgage products available that cater to such situations.

https://www.mortgageretirementprofessor.com/can-i-get-a-mortgage-with-no-credit-score/

The Home Equity Conversion Mortgage (HECM) is an ingeniously constructed financial instrument that can meet a wide variety of needs of homeowners 62 or older. In addition to its versatility, HECMs are also extremely flexible, permitting changes in the ways in which seniors receive funds as their needs change over the years.

Inevitably, however, the HECM is also very complicated, which prompts the need for this article. It is organized around the 21 questions that I receive most often from seniors.

https://www.mortgageretirementprofessor.com/how-do-hecm-reverse-mortgages-work/

Will a Weekly, Bimonthly or Biweekly Really Save Me Money? Lenders who offer mortgages with shorter payment periods than the standard monthly payment mortgage usually claim that they will save the borrower money. But they seldom explain how.

Will a Weekly, Bimonthly or Biweekly Payment Mortgage Really Save Me Money? Lenders who offer mortgages with shorter payment periods than the standard monthly payment mortgage usually do claim that they will save the borrower money. But they seldom explain how.   The Sources of Borrower Savings There are only three possible sources of savings to the borrower from incre

The Professor's comprehensive set of free online Mortgage Amortization Calculators https://www.mortgageretirementprofessor.com/mortgage-amortization-calculators/

There are 100's of online calculators that tell you how much you'll have at the start of retirement if you adopt a savings plan. Only The Professor's transforms this into something truly useful: what your lifetime monthly spending could be https://mortgageretirementprofessor.com/ext/retirement/RFI-Saver-Chart-m.aspx

The Fannie Mae Family Opportunity Mortgage: a good option for families of low income seniors
https://www.mortgageretirementprofessor.com/the-fannie-mae-family-opportunity-mortgage/

Mortgage Payoff Calculators - The Professors calculators indicate how different extra payment plans affect the payoff date, the total amount of interest paid. and the borrower’s equity in the property.

Mortgage Payoff Calculators The truth about plans to payoff your mortgage faster The calculators here indicate how different extra payment plans affect the payoff date, the total amount of interest paid. and the borrower’s equity in the property. Many mortgage borrowers want to pay down their debt before term, and are intere...

What Recourse Does a HECM Applicant Have on the Property Appraisal?
https://www.mortgageretirementprofessor.com/what-recourse-does-a-hecm-applicant-have-on-the-property-appraisal/

Borrower Guide to Adjustable Rate
https://www.mortgageretirementprofessor.com/borrower-guide-to-adjustable-rate-mortgages/

Does it make sense to ? The Professor's refinance calculator compares the total cost of retaining your current to the cost of refinancing over a specified future period. It also shows the period the new loan must be held to break even
https://mortgageretirementprofessor.com/calculators/Calculator3a.html

https://www.mortgageretirementprofessor.com/mortgage-points-a-powerful-option-that-is-often-neglected/

Mortgage Points: A Powerful Option That Is Often Neglected What Are Points?  Mortgage points are an upfront payment to the lender, expressed as a percent of the loan amount. For example, one point on a $210,000 loan is $2,100. Points are part of the price of a mortgage, along with the interest rate. For a specific mortgage product, the more points yo

Is Making Extra Mortgage Payments Better Than Refinancing?
https://www.mortgageretirementprofessor.com/is-making-extra-mortgage-payments-better-than-refinancing/

https://www.mortgageretirementprofessor.com/mortgage-amortization-how-does-it-work/

Mortgage Amortization: How Does it Work? "After reading several of your articles on paying off mortgages early, I came to the conclusion that I really didn't understand the basic rules of mortgage accounting. Can you explain them in a simple way?" I'll try. While mortgage amortization accounting is not the eas

https://www.mortgageretirementprofessor.com/should-you-pay-off-your-home-mortgage-with-your-401k/

Should You Pay Off Your Home Mortgage With Your 401K? “My current 401K balance is about the same as my mortgage balance. I am 45. Would it make sense to pay off the mortgage with the 401K?” Bad idea! Looking ahead to retirement, your objective should be to accumulate a 401K nest egg of financial assets as large as possible, and pay off your mortgag...

https://www.mortgageretirementprofessor.com/outliving-your-money-the-4-percent-rule-versus-asset-annuity-combos/

Outliving Your Money: The 4% Rule Versus Asset/Annuity Combos Retirees with limited assets face the specter of outliving them. The only assurance offered by investment advisors that this will not happen is application of what is called the 4% rule. The rule says that if the retiree draws 4% of his assets every year and increases the draw amount by 4% every yea

How To Protect Mortgage Borrowers – And How Not To

https://www.mortgageretirementprofessor.com/how-to-protect-mortgage-borrowers-and-how-not-to/

Our newest lender - NEXA Mortgage - does business in 48 states (all states except NY and MA)
Borrowers can shop for a mortgage here: https://mortgageretirementprofessor.com//steps/ListOfSteps.html

Many readers, for reasons of their own, want to know how to calculate the monthly payment and loan balance on amortized mortgages. Here are the formulas:

Mortgage Formulas Monthly Payment and Loan Balance Many readers, for reasons of their own, want to know how to calculate the monthly payment and loan balance on amortized mortgages. Here are the formulas: The following formula is used to calculate the fixed monthly payment (P) required to fully amortize a loan of L d

How Senior Homeowners Can Hedge Property Value Risk

How Senior Homeowners Can Hedge Property Value Risk Part of the motivation to be a homeowner is the opportunity to accumulate growing equity in a home. Equity growth, however, is heavily influenced by market changes over which the owner has little   control. House prices appreciate much more in some areas than in others, and there are some

Try our ChatGPT-4 based chatbot - based on The Professor's extensive writing and other carefully curated content https://www.mortgageretirementprofessor.com/chatbot/

Mortgage Borrowers Thinking About Paying Down Their Loan Balance Should Know How Mortgage Amortization Works

Mortgage Borrowers Thinking About Paying Down Their Loan Balance Should Know How Mortgage Amortization Works I get a lot of mail from mortgage borrowers asking about amortization. Most are considering whether to pay down their loan balance more rapidly, and have suddenly realized that they don’t know how best to do that, or even whether it is a good idea because they never fully grasped how mortgage amor...

The Professor's famous "Calculator 2a" has consistently been the most visited page on our website - it shows you how making extra payments changes your payoff date
https://www.mortgageretirementprofessor.com/calculators/Calculator2a.html

The professor’s 54 tested calculators cover refinancing, payments, points, term, early payoff, amortization, cost comparisons, APR, mortgage insurance, retirement, and more.

The Mortgage and Retirement Professor Calculators The professor's 54 tested calculators cover refinancing, payments, points, term, early payoff, amortization, cost comparisons, APR, mortgage insurance, retirement, and more. Retirement Calculators (Retirement Funds Integrator, 19a, 19b.) The major question faced by retirees is how much spe

https://www.mortgageretirementprofessor.com/cfpb-strikes-out-where-it-is-most-needed/

CFPB Strikes Out Where It Is Most Needed Can the Consumer Financial Protection Bureau (CFPB), a Federal Government agency, protect unsophisticated consumers transacting in complex markets? It can but it doesn’t. I will illustrate with one of the most complicated financial instruments a consumer is likely to encounter: a HECM reverse mort...

Converting A Horrendous Market Structure Into The Best In micro-economic textbooks, the main factor assumed to affect the quality of a market is the number of sellers. A single seller, termed a monopolist, is the worst because that seller has maximum power to affect price. At the other extreme, a market with so many sellers that no one of them could aff

https://www.mortgageretirementprofessor.com/cfpb-strikes-out-where-it-is-most-needed/

CFPB Strikes Out Where It Is Most Needed – Mortgage & Retirement Professor Can the Consumer Financial Protection Bureau (CFPB), a Federal Government agency, protect unsophisticated consumers transacting in complex markets? It can but it doesn’t. I will illustrate with one of the most complicated financial instruments a consumer is likely to encounter: a HECM reverse mort...

We are happy to announce the addition of NEXA Mortgage to our network of mortgage lenders. Borrowers can shop for a mortgage here: https://www.mortgageretirementprofessor.com//steps/ListOfSteps.html

https://www.forbes.com/sites/jackguttentag/2024/01/03/converting-a-horrendous-market-structure-into-the-best

Converting A Horrendous Market Structure Into The Best A new online marketplace - the Certified Mortgage Network - promises to benefit borrowers by creating close to perfect competition