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.
Thursday Is Column Day
I'm often asked how I choose topics for columns. Honestly, sometimes I'll read something in a newspaper, magazine or online and it sparks an idea. Or...
Metrocities Mortgage
Many real estate firms have brought mortgage lending inside the four walls of their office. But finding a good fit between a real estate broker and mortgage lender isn't always easy. Here's how in-house mortgage lenders work and how to be a smart buyer when negotiating with mortgage lenders.
Mortgage Fraud
One of the black spots in the decade long housing boom has been the rise in mortgage fraud. There are all kinds of mortgage fraud out there: * Bad a...
Closing Canceled at Last Moment
A young couple was on the way to owning their first condo. On the morning of the closing, the lender calls to say they will not be able to make the loan because the building is a condominium conversion. Ilyce and Sam give the reader advice on how to recover their many expenses and how to avoid this homebuyer nightmare.
Research Overpayment Of Closing Costs
A homeowner purchases a vacation home in another state and has realized that some of the closing costs were paid by both the bank and the escrow company. Now the buyer is wondering if she was double billed, if it was an expensive lesson, or if she can get her money returned. Before the buyer accuses the lender of double-billing, she needs to make sure she understands the closing statement and fees and understands what she paid for at closing and what she paid for prior to closing.
Buying A Home After Bankruptcy
A "no doc" loan simply means that the lender doesn't require documents from you to verify certain information, like your income, place of employment, or other information that you've put on your application. No doc loans are legitimate loans, offered by some of the biggest lenders around. Typically you'll pay a quarter of a point more in interest rate for a "no doc" loan.
Slow Lenders May Not Be Enough To Cancel Contract
These home buyers wonder if they can cancel a contract with a builder because the builder's affiliated lender is moving too slow. The buyers will have to look at the details in their contract to determine if they can cancel it. Most contracts would require you to give the sellers written notice that you didn't get financing and tell them that you are terminating the deal.
Paying Points When Refinancing
When taking out a first mortgage or refinancing, you may want to consider paying "points." A "point" is one percent of the loan amount, typically paid in cash to the lender as a fee. There are several different kinds of points. There are "discount points," where every point you pay lowers your interest rate by a certain amount. The lender may charge you a point or two as a flat fee as well.
Reverse Mortgages Versus Conventional Loans
Reverse mortgages differ from a regular mortgage in that instead of making monthly payments to the lender - the lender makes payments to you.
High Mortgage Rate Signals Trouble
A home buyer is purchasing a three-family home and a lender has offered a two part loan with unusually high interest rates. Being offered an interest rate so high above conventional rates doesn't seem right. This buyer should shop around lenders to see about getting a better interest rate on the purchase.