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.
Lender Makes Numerous Mistakes
While there are plenty of good lenders out there, there are a few bad apples. If a lender makes numerous mistakes during the loan process, it's a good idea to bring up problems to the state agency that regulates lenders. It may be possible to take action against the bad lender.
Refinance Options Limited After Lock
A home owner obtained a mortgage with a one time option to float down the rate. He is now locked in on that new rate. The only thing the home owner can do is talk to the lender and explain that if they can't do anything, he'll probably be refinancing your loan within months. The home owner might be stuck with the rate until he can refinance.
Credit History And Credit Score Impact Loans, Credit Cards, And Interest
Your credit history and credit score greatly impacts what kinds of loans, credit cards and interest rates you are offered. Only a good credit history and credit score will get you the best rates as far as loans, interest and credit cards go. Lenders check your credit history and credit scores and will only offer the best interest rates for loans and credit cards to those with the best credit history and score.
Common Questions About The Right Time To Refinance
Interest rates are a tough call, and so is the best time to refinance. There are a few things you can look at to determine if it's the right time to refinance your home. Here are some answers to common questions about refinancing.
Holiday Gifts For The Home Buyer, Seller, Agent Or Lender On Your List
With the winter holidays approaching, it seems like an obvious time to talk about some of the items you might want to give those buyers, sellers, real estate agents, and mortgage lenders nearest and dearest to your heart.
Home Equity Loan Can Pay Off Other Debt
You may be considering taking out a home equity loan to pay off other debt. A benefit to having a home equity loan is that you can deduct the interest on your taxes. The downside to taking out a home equity loan is if you don't keep up with payments the lender can repossess your home.
World Of B-C Mortgage Lenders
Who is a B or a C borrower? They're primarily good people who have a bad credit problem, according to a lender. You might be a B-C borrower if you've had a bankruptcy any time within the past 7 to 10 years, or if you've had medical bill problems, or other situations where your credit score is so low you can't get a mortgage through the regular channel, if you own too many pieces of investment property, need a "no-document" loan because you don't wish to disclose all of your income, you've been self-employed for too short a period of time, or you're purchasing a unique piece of property that doesn't fit into the secondary lending market's A-borrower mold.
Title Insurance May Protect Lender And Buyer
When you're buying a home your lender will likely ask you to buy title insurance. Title insurance covers the cost of a title search to make sure you have a clear title. Title insurance protects the lender in case it's later discovered that there's a problem with the title. When you're buying a home, it's a good idea to get an owner's title insurance policy too to protect you.
Avoiding Junk Fees Could Pay Off At Closing Time
Mortgages can include a long list of fees you'll have to play at closing. Some of these are legitimate fees and they will appear in every mortgage loan. Others are "junk" or they come from the mortgage company attempting to pass costs on to you, the borrower. Knowing what fees you should be paying will save you money at closing time. Ilyce runs down the fees typically included in a mortgage and what they should cost.