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.
IRS Liens And Loan Prospects
Most lenders will run a lien check from the IRS. Lenders require the lien to be paid off prior to lending you any money. The IRS has first dibs, even before a mortgage lender, to any proceeds available when you sell your home.
Reverse Mortgage Information
Reverse mortgages are often a good option for seniors who live on a fixed income. There are two kinds of reverse mortgages - one from HUD and the other from Fannie Mae. You should only use a reverse mortgage lender who is legitimate and watch out for scams. There are several websites and books that offer a wealth of information on how to pick the right reverse mortgage lender.
Mortgage Pay Off Amount Too High
At the end of the calendar year you may receive a statement from your mortgage lender that shows your remaining pay off amount. What if you took out an FHA mortgage and the pay off amount is now too high? You should call your mortgage lender to get clarification on the mortgage pay off amount.
Buying Your First Home
When you apply for a loan that exceeds 80 percent of the value of the home, you will have to pay private mortgage insurance (PMI). PMI protects the lender from the increased risk associated with low-down payment loans. So should you use your saved cash to put down on a home to avoid paying PMI?
Many Options Available For Mortgage Loans
Do terms like adjustable rate mortgage, 30-year interest rate, and other mortgage loan terminology make your head spin? You are not alone. Know what your options are when shopping for a mortgage so you find the loan that best suits your needs.
Lenders Review All Of Your Debt
A homeowner wants to refinance but is having trouble finding a lender that approves of their substantial medical bills. The homeowner might try to get a home equity loan from a local bank and pay off the original loan instead of refinancing the mortgage.
Calculating Monthly Income On A Home Loan Application
When applying for a home loan, how should monthly income be calculated? This home buyer's income included stipends and overtime that added to their gross income, so what should be reported on the home loan application? Bringing in a copy of your income tax return will ensure you report the correct income on your home loan application.
Home Equity Loan After Divorce
Sometimes, when couples divorce, one ex-spouse continues to make payments on a mortgage loan for the other. But in order to get someone's name on a first mortgage loan or home equity loan, the person's name has to be on the home's title. To remove one's name from a home mortgage loan or home equity loan you have to refinance the loan. At some point the ex-spouse who is no longer living in the home may decide he or she no longer wants to make payments on the home equity loan. How can the two former partners come to an agreement?
Mortgage Loan Application Requires Revealing Credit Score
When you're applying for a mortgage loan you can apply for one online or in person. Regardless of how or where you apply for a mortgage loan, you'll have to provide personal information such as your credit score and your income. To find specific mortgage lenders for your mortgage loan you can check a Web site such as Bankrate.com.
Good Faith Estimates: Applying For The Right Mortgage Loan
A home buyer wonders about the limits of a good faith mortgage estimate. Ilyce points out several good online resources to help the buyer select the right mortgage without a good faith estimate. Good fait estimates are usually provided after you apply for a loan.