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 Lender Minimally Raises Mortgage Payment
Why would your monthly mortgage payment increase by a small amount? It's possible that property taxes and homeowners insurance may be the cause of a small increase to your monthly mortgage payment. Talk to your mortgage lender to find out for sure.
Lender Baiting And Switching Mortgage Rate
A lender agreed to give a homeowner a certain interest rate when they signed a good faith estimate. Now the rate is higher and the borrowers are being told they never locked in the low rate with the lender. The lender may have pulled a bait-and-switch with the interest rate.
Reverse Mortgage for Elderly Parent
A reverse mortgage can be a good option for an elderly parent who has equity in her home but not much cash. If the parent is over 62 and owns her home, she would be eligible. The money would be doled out in a lump sum or monthly payments that would be paid back when the house is sold. A reverse mortgage is a good way for a parent to use her home's equity to enjoy her retirement.
House Foreclosed On Seller Prior To Closing
A home buyer was due to close on a house and the lender foreclosed on the seller. Can a deal be saved on a foreclosed home? The buyer should be sure to understand what is going on with the seller and the foreclosure before attempting to move forward.
New Home Loans From The FHA Made Easier
New FHA home loans may offer a better alternative than loans from sub-prime lenders. These loans offer some important and specific benefits to first-time buyers with less than perfect credit, or who may need to borrow more and have a higher debt-to-income ratio than conventional lenders will accept. Plus, if you've got loan troubles, FHA now offers cash to lenders to help prevent foreclosure.
Mortgage Lender May Modify Mortgage Loan
Many homeowners mistakenly believe that if their mortgage lender knows they're in trouble, their loan will immediately be put into foreclosure. In reality, the Department of Housing and Urban Development requires lenders to develop a strategy that can help you keep your home. Your lender may be willing to discuss modifying your home loan with you.
“No Source, No Seasoning” In Mortgage Lending
"No source, no seasoning" is a term used in the underwriting process of mortgage lending. The mortgage lender's underwriter must make sure the prospective borrower has properly obtained the funds to buy a home. The mortgage lender also must ensure the home-buying funds have been in an account for some time.
Learn The Basics Before Buying First Home
Buying your first home is big step, and first-time home buyers should make sure they're well educated before hitting the market. First-time home buyers actually have a lot of choices to make when purchasing a home. It's important for first-time home buyers to research rates and lenders to get the best deal.
Where To Get Lowdown on Mortgages
The best way to find the right home loan or refinance deal for you is to start searching for information on various mortgage lenders, interest rates and products. Then comes the hard part: sorting out which loan is right for you. Consider checking out these sources to find the best information on mortgage programs and interest rates.
Financing A Mortgage On An Investment Property Without U.S. Citizenship
Financing a mortgage for an investment property where one of the owners is not a U.S. citizen can be tricky. Most mortgage lenders are reluctant to finance a mortgage on an investment property to an immigrant who does not have a long-term visa or has become a resident of the United States. Ilyce and Sam help this reader figure out the best way to finance a mortgage on an investment property where his potential co-owner does not have U.S. citizenship.