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Bring your mortgage into the 21st century
By Michael
D. Larson • Bankrate.com
 If
you're buying a home and borrowing to do it, or if you already own
one, chances are you're just as confused as the next guy this time
of year. Questions about escrow accounts, market conditions and
mortgage rate trends are no doubt dancing around in your head with
the sugarplums, and that's why now is the perfect time to review
the basics -- and the details -- of home loans.
We've combed through our archives and recent
stories to pull together many of the things we have published that
can make borrowing and house hunting a little easier. Assuming the
world doesn't fall apart at midnight on New Year's Eve, stopping
by will leave you better prepared in 2000.
- New
year, new rules -- Every year, the regulations for mortgages
change. We take a look at what's new on Jan. 1 and what to do
about it.
- Fixed
rate doesn't mean fixed payments -- So your monthly payment
changes every year even though you have a fixed-rate mortgage?
Welcome to the wonderful up-and-down world of escrow, which can
raise or lower your house payments.
- Mortgages:
The Basics -- Buying a house is a complicated process. But,
like most big tasks, it's much easier to understand -- and accomplish
-- if you break it down into smaller chunks. That's what we've
done here. We start with the three phases of getting a mortgage
for a house: First, figuring out what kind of mortgage you want,
determining how much you can afford and anticipating what other
steps are involved; second, learning how to shop for a mortgage
and deal with lenders and loan brokers; and third, determining
what's involved in finalizing the deal.
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