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 Lenders Share News
Some home owners had trouble making mortgage payments after 9-11. Experts from the Mortgage Bankers Association put their delinquency rates into perspective. Learn also how mortgage lenders and secondary market players such as Freddie Mac work to combat mortgage fraud.
Mortgage Lenders May Charge Extra Fees
When you're applying for a mortgage loan you need to look out for extra fees that mortgage lenders may charge. Some of these extra fees, such as extra money toward credit reports or appraisals, are illegal under RESPA, the Real Estate Settlement Procedures Act. Learn more about what mortgage fees to watch out for here.
When Should You Refinance
As the Federal Funds Rate is lowered, long-term interest rates might come down significantly. With these lower rates, you might be thinking now is the time to refinance. Who should refinance? If you have a high-interestrate loan, you ahve good credit, you have equity, or you need cash, now might be a good time to refinance. You can also talk to your mortgage lender about streamlining your loan.
Find Home Market Value With Real Estate Agent
When you're selling your home, what's a good way to find out the home's market value? You can hire an appraiser to determine your home's market value but it may be better to work with real estate agents. You can ask three real estate agents to come through your home and do a comparative market analysis (CMA) which is used to determine your home's market value for sale.
Student Loans Hurt Mortgage Application
A home buyer is having trouble getting a mortgage due to student loans. Mortgage lenders decide how much of a mortgage you can afford based partly on your debt-to-income ratio. What lenders do is simple math. A conventional lender will allow you to spend up to 36 percent of your gross monthly income on your total debt payments (mortgage, insurance and other debt).
Ask Mortgage Lenders About Prepayment Penalty
When you're researching your mortgage loan options you should find out whether your mortgage loan has a prepayment penalty. A mortgage lender charges you a prepayment penalty if you pay off your mortgage early. State laws vary as to whether mortgage lenders can legally charge prepayment penalties.
Drop PMI With Or Without Refinancing
After you've paid down a certain amount of your mortgage loan and have earned enough equity in your home you should be able to stop paying private mortgage insurance (PMI). To find out how to drop PMI, call your mortgage lender and ask about the process. Dropping PMI may or may not involve refinancing the mortgage loan.
Error In Contract Prepayment Penalty
A mortgage is sold with a mistake regarding the prepayment penalty. It is the homeowner's responsibility when signing a contract and to be aware of the danger of predatory lenders. If you signed the disclosure statements without reading them, it's a little bit hard to make a case that you were in some way defrauded, unless you do not read and understand English. Every borrower has some responsibility to make sure the loan documents say what they think they say.
Finding A Loan For Land Purchase
Buying land to build a home on requires a different kind of financing. A mortgage broker who deals in construction property is one way to look into financing. Another option is to find a lender in the area who is familiar with financing land purchases.
Intrusive Question From Lender
Home owners are refinancing and the lender has requested retirement fund information. There is standard information a lender needs and ways to check with state's office regarding problems. Certain questions aren't appropriate for a mortgage application.