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.
Builder And Lender Team Up For Mortgage Offer
Often new construction companies and builders partner with a lender. The only way to figure out if they are offering the best deal is to shop around to other lenders. Do your homework and research what the best lenders in your area are offering. Then, you can go to the builder's lender and negotiate the best deal possible.
Are Prepayment Penalties Illegal?
Prepayment penalties are illegal in some states, but they are still legal under Federal law. Also, they are only illegal for certain types of loans. As far as owner financing goes, some states permit owners to charge a prepayment penalty, and others do not.If you payoff the loan early, the lender loses the money it would have made in the future. With that in mind, many lenders protect themselves from early prepayments on loans by forcing the homeowner to pay a penalty if he or she decides to pay off the loan before the end of the loan term. These penalties are known as "prepayment penalties."
Home In Foreclosure – File For Bankruptcy?
Homeowners were served with foreclosure papers - is filing for bankruptcy their best option? Ilyce and Sam tell the homeowners not to file for bankruptcy, but to talk with their mortgage lender about paying their mortgage, even though they have been served with foreclosure papers. Ilyce and Sam say bankruptcy should be the homeowners' last option, despite being served with foreclosure papers.
Multi-Family Housing: Two Families, One House?
At first blush, multi-family housing makes a lot of sense. Move in with your friends and split your mortgage in half. Lenders even offer special multi-family financing. But it's not something to jump into too quickly. Make sure you're on the same page when it comes to the mortgage and maintenance. If you're buying this multi-family building as partners with the idea of converting it later into separate ownership (like a condo), then you should have an attorney draw up a partnership agreement that spells out these issues and others, like what happens if one family decides to sell.
Subprime Credit Score Hurts Loan Rates
If your credit score is just a few points below the prime cutoff, your rate shouldn't be that much lower than someone with grade A credit. Lenders say you could expect to pay an additional 1/4 to 1/2 percent in interest and perhaps another point or so in fees. If you can find ways to improve your credit score just a bit, you will save thousands of dollars over the life of your loan by being a Grade A borrower.
Mortgage Lender: Signs Of Predatory Lender
When you get behind in your mortgage payments it can affect your credit score. When you later make the missing or late payments on your mortgage loan, your mortgage lender or bank should give you credit for having made them. If you try to make good on a late mortgage debt and your lender doesn't recognize your payments you may want to consult your state attorney general.
Documentation Required For Mortgage Loan
When you apply for a mortgage loan a lender is going to need to verify that you have a job, what you earn, how much you have saved, what kind of assets you have, and assess what kind of credit risk you're likely to be. If you're going to be shopping around for your mortgage, it's a good idea to make a few complete copies of all the documents, and keep them in a separate mortgage loan file.
Avoid Gift Tax When Receiving Property
When receiving property from family members, not through inheritance, make sure you are careful to structure the arrangement to avoid triggering the gift tax. One way to structure the deal would be to "purchase" the house. You purchase the house from her and she acts as the bank and finances 100 percent of the purchase. You would then pay her as if she were your mortgage lender (which she would be).
Shop Around For A Mortgage Lender
A home buyer is wondering if she should consider a friend's offer to help her find a mortgage or use the lender the developer is using for her new condominium. The mortgage business is competitive, so you should shop around to at least three lenders.