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.
Small, Large, Or Franchise
The most common way to find a real estate agent is to to gather referrals from friends, relatives and neighbors, then interview the agent over the telephone and choose the one who seems to best meet your needs. Should the size of a real estate firm also play a role in picking an agent? Size matters because the resources and services these firms offer vary greatly, and could help you choose between two great agents.
Home Buyers And Homeowners: Mortgage Questions To Ask Your Lender
There are several mortgage questions that home buyers and homeowners should ask their lenders before filling out their applications. Most home buyers and homeowners don't know what they're getting into when they finance or refinance their homes with a mortgage, and handing that application in to your mortgage lender without knowing what you're signing could get you into trouble. One important question home buyers and homeowners should ask their mortgage lender is how their credit will affect the mortgage loan's interest rates and terms.
Borrowers Beware of Bad Apple Lenders
Every day, unscrupulous lenders ask borrowers to sign blank mortgage applications. They ask borrowers to overstate their income and to enhance their work history. They advertise that they can help when no one else can and then pocket hefty fees from grateful borrowers when the loans close. Consider these mortgage commandments before you sign a loan application.
The Future of Mortgage Lending
Quicken Mortgage, an Internet-based application and approval system, allows borrowers to peruse mortgage interest rates from six of the top 25 lenders on a real-time basis. Once borrowers have established loan length and type parameters, and completed a preliminary application, QuickenMortgage serves up the loan programs that most closely meet the borrowers' needs.
Worst Mortgage Lenders Have High Default Rates
In the late 1990s, the National Training and Information Center released lists of the worst mortgage lenders in the country, as indicated by their loan default rates. The worst mortgage lenders had the highest rates of foreclosure. A list of Chicago mortgage lenders is included.
Do Your Homework On Your Real Estate Agent, Mortgage Lender, And Personal Finance Advisor
Everyone tells you it's a good idea to check out the real estate agent, mortgage lender and personal finance advisor you want to work with. But how far should you go? Doing your homework on the people who will help you handle the biggest financial transaction of your life can save you headaches later.
Bill Proposes Automatic Cancellation Of PMI
Private mortgage insurance (PMI) is one of those necessary expenses if you plan to buy a home with less than 20 percent down in cash. But recent action by Congress may end the practice of letting PMI go on indefinitely, even after the equity on the loan has grown to more than 20 percent, unless the borrower takes steps to cancel the policy.
Financing May Include Preapproval Or Prequalification
When you're buying a home it helps to have looked into your financing options ahead of time. That means seeing if a mortgage lender will pre-qualify or pre-approve you for a mortgage loan. It's important to understand the difference because it may influence a seller's decision to sell you a home.
How To Select The Right Mortgage
No matter what lenders try to do to simplify the process, selecting the right mortgage continues to be a problem for most home buyers. But knowing how long you plan to stay in your home is key to unraveling the mystery behind the loan process. Make sure you ask the lender to thoroughly describe the ins and outs of each loan types you're offered. It's up to you to research what closing costs and fees are being charged in your area. Contact several of the largest lenders and see what they're offering.