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.
Reverse Mortgages For Seniors On Fixed Income
A reverse mortgage can be a good option for seniors on a fixed income. A reverse mortgage allows a home owner over age 62 to use his home's value to get a loan in a lump sum or monthly payments. The home owner doesn't pay anything back on the reverse mortgage until he moves out or sells it. Several book and websites offer information on reverse mortgages and mortgage lenders.
Mortgage Lender Scams
Predatory lenders target elderly, low-income homeowners and those with credit problems. The Federal Trade Commission has warned consumers of five kinds of home equity scams from predatory lenders: equity stripping, loan flipping, credit insurance, bait and switch and deceptive loan servicing.
Rolling Home Equity Into Mortgage Loan
Well Fargo is launching a new loan program with the hope that it will be the last loan you ever need. The new loan combines a mortgage and home equity line of credit, as well as other features into a single account that can be used to manage cash flow, gain potential tax advantages, plan for major expenses, and invest for the future. As your home increases in value, and you pay down the loan balance, you could tap into the available equity at any time.
Keeping Your Home Out Of Foreclosure
Although it may seem that lenders are quick to foreclose on a home, mortgage experts say foreclosure is an expensive, time-consuming process for lenders. If you are in danger of not making a payment to your lender, or if you are struggling to pay all of your bills, there are some ways you can avoid foreclosure and work out a different payment plan with your lender. The most important thing you can do is not avoid the problem; take action on your situation.
Refinance Or Ask Mortgage Lender For Interest Rate Change
When you apply for a mortgage loan you may decide to lock in the interest rate early on. As your closing date approaches the going interest rate for mortgages of your type may change. What can you do if the interest rate available at the time of your closing is lower than the rate that you locked in? You can either close on that loan and start the refinance process right away or you can ask your mortgage lender to lower the rate on the loan you're about to get.
Ask Ilyce – June 18, 2002
When should a homeowner refinance to take advantage of low interest rates? What is a punch list for a new construction home? WGN's Money Saving Expert Ilyce Glink answers real estate questions from the Mailbag.
How This New Generation Is Learning To Save And Grow Their Money
Chicago's Saucedo Bank of the Millennium teaches children the value of the dollar by making them responsible for the school's money.
A Borrower’s Rights And Responsibilities
Lenders who charge excessive fees. Lenders who tell you your loan application won't be approved if you don't buy high-priced credit insurance. Lenders who tell you your credit isn't good when it is. These are some of the characteristics of predatory lenders -- bad apple lenders who prey on unsuspecting or unsophisticated borrowers.
Homeowners And Mortgage Lenders: Refinance And Establish A Good Relationship
Homeowners should learn about what it means to refinance their mortgage before meeting with their mortgage lenders. Understanding the terminology will help the refinancing go smoothly, and build a good relationship between homeowners and their mortgage lenders. Homeowners should not lie on their applications, as mortgage lenders will have to verify the information and the refinancing will not be easy.