When choosing a good mortgage lender, whether you choose a mortgage broker or a mortgage banker, you’ll want someone who can do the job right. Finding a lender who will take the time to make sure you understand the different loan programs being offered, and will help you decide which loan best meets your needs is key to having a smooth closing. Check out the articles, columns, blog posts, radio shows and videos for more information about mortgage lenders.
Mortgage Company Appraisal Comes In Low
A home seller accepted an offer on her home when the buyer's mortgage company appraised the property at a lower value. The rising level of foreclosures and defaults is forcing mortgage lenders to be more careful about appraisals and making sure homes are really worth what buyers want to pay. It might be beneficial to have another appraiser look at the house.
Unfinished Business From Last Week’s Show
I've received several emails reminding me that I said I was going to talk about the new equity-sharing mortgage that's been unveiled in 9 states. Unfo...
Income Tax Owed On Short Sale
Homeowners sold their home for less than the mortgaged amount, which is known as a short sale. The IRS considers this as a gift from the lender and will collect income tax on the amount forgiven. The forgiven amount of the loan is commonly referred to as "phantom income" simply because it doesn't exist in your pocket or bank account. So, the seller now owes tax on what the IRS views as earned income.
Homeowners Association Dues Required With PUD Rider
When you buy a home it's important to understand all the documents you sign. When you sign a planned unit development (PUD) rider on a mortgage that obligates you to pay dues as a member of a future homeowners association (HOA). When you're a member of an HOA, you also get benefits like the group caring for common areas.
Assuming A Mortgage Under Foreclosure
Should you use a website service to find property listings to assume the mortgage. There is a difference between assuming a mortgage, and buying a house "subject to" the existing mortgage. Lenders' activity is changing in the current real estate market and assuming a mortgage could involve different conditions.
No More 100 Percent Loans?
I was hosting my WSB radio talk show this morning (tune into www.thinkglink.com/radiio to listen or go to iTunes to download it next week) and was tak...
Renting Home Before Closing
Relocating to a new city can be difficult. To save time and money, you might consider moving only once - by renting the home you'd like to buy before the closing. However, a seller may not want to rent the home. But given the current buyer's market, renting before closing could be a possibility. To have the opportunity, you must work with the seller to offer them several assurances that you will go through with the closing.
Understanding Due On Sale Clause
Mortgage lenders often include a due on sale clause in the mortgage agreement. This homeowner would like to transfer his home to an LLC but is concerned the due on sale clause will be invoked. The idea behind the due on sale clause is that the lender was willing to give the loan to a specific owner of specific piece of property and if that owner sells the property, the lender is entitled to decide whether it wants to continue with the loan arrangement.
Mortgage Lenders Use Ratios To Set Mortgage Amount
Are you applying for a mortgage? Mortgage lenders use a variety of ratios including the front-end, back-end and loan-to-value ratios to determine if you can afford the mortgage. Learn how these ratios are used to assess your ability to pay back a mortgage.