The meaning of the word "mortgage" stems from the French word "mort" which means "death" and the word "gage" which means a "wager or pledge." In other words, it is a death pledge.

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     There are a variety of mortgages to choose from, but increasingly, the hybrid ARMs are gaining popularity. When homeowners can lock in low interest rates, they use a fixed-rate loan. Hybrid ARMs allow flexibility to potentially lock in a lower rate down the road. These types of loans are attractive to individuals who think they will be moving to another house in the ensuing years as well as buyers who want to be able to count on a fixed yearly payment amount for the initial fixed period.

     Hybrid ARM's provide a fixed rate for five, seven or ten years. These hybrids allow you to pay less for a fixed-rate loan, although you would pay more if you decide on an adjustable rate loan. After the fixed term of the ARM expires, the loan reverts to the adjusted annual interest rate. There even exists a 30-year hybrid fixed-rate mortgage which will allow for a fall in interest rates so your rate can drop to a fixed lower level.

     Also popular is the no-down payment loans. These are popular with those trading up from a previous home and also appealing to the first time home buyer with an eye on preserving his current assets. For the first-time home buyer to qualify for this type of loan, he or she will need a strong employment history and credit rating. This type of loan generally costs up to 1 percent more.

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 Points: One point equals 1% of the total mortgage loan amount. They are upfront mortgage interest fees, prepaid interest, used to reduce the initial interest payment. Generally, if you keep the loan for more than 4 years or if the interest rate is not declining (if it is declining you'll want to consider refinancing) you'll be able to recoup the cost and points make sense.

     You should look into the way you pay your mortgage. Check with your lender and find if you have the legal right to pay extra on principle every month, even weekly, biweekly or yearly payments. It can save you $50,000 to $100,000 or more as well as knocking off 9-12 years of payments! Be sure the extra payment is credited against the principal and not against the interest by getting a new amortization schedule.

     Title Insurance: Since the lenders require you to pay for title insurance for them, you can shop around and pay it for yourself. Title insurance protects you from:
       - forged deeds or wills
       - a spouse selling without the other spouse involvement, secret marriages
       - undisclosed heirs
       - conveyance by minors
       - liens against the property, property tax bills

     You can save money (around 20-25%) if you buy title insurance at the "reissue" rate. To qualify for this rate the previous policy must have been issued within 10 years, there can not be a break in ownership and the property must be of the same description. You or your lawyer should request a copy of the current title policy from the present owners to apply for the reissue rate.

     Private Mortgage Insurance (PMI) is paid for by the buyer and protects the lender in case of buyer default. It costs up to $75/mo. for a $100,000 loan and is included in the monthly mortgage payment. Depending on the terms of your mortgage, usually, if you have a 20% equity in your home, you can drop PMI.

     You have to initiate a request. Some lenders require that you have a clean payment record for a year prior to your request to drop PMI. You'll need a certified appraisal of the market value of your home (costs $100 to $200) sent to the lender. Maybe you've made improvements and/or value of real estate has gone up since you bought the house. If you owe less than 80% of the appraised value you'll be free to drop the extra PMI expense.

     Conditions vary among lenders. Fannie Mae or Freddie Mac currently insist you carry a mortgage with them for at least five years to get PMI waived at 80%; two years if you prove the mortgage is 75% or the houses current market value.

     PMI is automatically dropped and canceled by the lender when at the half-life of the loan. On a 30 year loan the PMI is canceled after 15 years.     

      Refinancing: If you are refinancing, be sure to calculate all the costs: Appraisal fees, prepayment costs, credit report, title fees, lawyer's fee, etc. Look at your loan agreement to see what costs are required and really necessary so you do not get stuck paying extra unnecessary fees when refinancing. LoanWeb Refinancing