Mortgage Pre-Approval To Buy A Home Requires Personal Information
A new home buyer is looking for a lender they can trust and meet with in person, rather than giving personal information over the internet to websites that do mortgage pre-approval. No matter whether you walk-in, or apply over the internet, mortgage loan approval requires sharing personal…
Good Faith Estimate: Mortgage Lender Gives After Loan Is Applied For
A home buyer wonders about the limits of a good faith mortgage estimate and when a mortgage lender will offer one. A mortgage lender usually provides a good faith estimate after the home buyer has applied for a mortgage loan. Ilyce points out several good online resources to help the buyer select…
First Time Home Buyer Concerned About New Construction Developer's Mortgage Lender
Should a first time home buyer apply for a mortgage loan with the lender suggested by the new construction's builder? Often new construction companies and builders partner with a lender. The only way for the first time home buyer to figure out if the builder's lender is offering the best deal is to…
Home Buyers Offered 100 Percent Mortgage Loan: Real Estate Agent Disapproves
A lender offers the buyer a 100 percent mortgage but the real estate agent is not enthusiastic. Even with a 100 percent mortgage loan, showing the agent and the sellers that you are serious is very important. Think about getting pre-approval or a letter of commitment, even with a 100 percent…
Mortgage Lender For Buying Property And New Construction Home
Where do you go to find a buyer's broker to buy property, and then find a mortgage lender to finance the land and the building of a new construction home? Go online to www.NAEBA.com, which is the website for the National Association of Exclusive Buyer Agent to find a mortgage lender to buy the…
Loan Modification Did Not Prevent Foreclosure In 2008
On Feb. 24, Joseph Evers, the deputy comptroller for large bank supervision at the Office of the Comptroller of the Currency, testified before the House Committee on Financial Services about mortgage performance data. The OCC and the Office of Thrift Supervision, two of the federal government's…
Many fees are involved in paying off a mortgage. To pay off a mortgage, a homeowner needs to contact his or her lender and request a payoff letter, for which lenders often charge a processing fee. In addition to this processing fee mortgage lenders also charge a fee to fax the payoff letter to you.
Property Tax Bill: County Assessor Documents Mortgage Lender's Tax Bill Payment
Your county assessor's office will give you a copy of your property tax bill and let you know if your mortgage lender has made your payment. The mortgage lender may not always send you a copy of your property tax bill so it's your responsibility to make sure your property tax bill has been paid. If…
Refinance Home And Turn Into Rental Property
If you're looking to turn your current home into a rental property and buy a new home, you may want to refinance your current home to get the cash you need. If you refinance your current home before using it as rental property, you may be able to pull cash out without paying the investor premium…
You should never pay your contractor in full before the entire job is completed. Not that he's going to run off with your money, but you want to keep some incentive to get the job done right. You should give a deposit of 5 to 10 percent of the budget before work starts to pay for expenses like…
Diane Emailed On Monday With An Update
Diane emailed on Monday with an update: I called your show on Sunday to ask about Sunshine Mortgage company who just closed their doors. I have found a phone number of US Bank, which has taken over some of their loans. I called the number and they did have my account and was able to give me a new…
Today On The Ilyce Glink Show - January 25, 2009
New week, new president. Today on the show we talked about the inauguration and how the stock market dived about 4 percent that day -- the most on any inauguration day ever. Why? It had little to do with Barack Obama being inaugurated and a whole lot to do with the Royal Bank of Scotland's numbers.
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Our office spoke with NACA.com this week to learn more about its operations and the "no point, no cost" loans it offers. What we learned is that this isn't going to be the loan for everyone. While it does sound legitimate, and it is run by people who have worked in the affordable housing arena in…
LLC Limits Type Of Mortgage Lenders You Can Use
When you're a real estate investor you may decide you want to create a limited liability company to hold your real estate assets and to protect you. When you use an LLC to hold your properties, you're limited in what kind of mortgage lender you can work with to get a mortgage. Mortgage lenders have…
Refinancing May Allow You To Prepay Mortgage
When you're refinancing, you want it to save you money, at least on your monthly payment. Before refinancing your loan you should run the numbers to see if it's worth it to refinance. You can use an online mortgage amortization calculator, like the one at E-LOAN.com to help you decide whether to…
How To Protect Yourself Against A Bad Lender
A homeowner has a new mortgage that has already been sold to a loan service company with a terrible reputation. There is no way, unfortunately, to change loan service companies unless you refinance your mortgage. You'll want to keep a close watch on the new loan service company to keep you and your…
Credit Crisis Makes Refinancing Mortgage Loan Difficult
Refinancing mortgage loans on investment property has become more difficult since the credit crisis. Even with a good credit score you may be limited in your refinancing options. What can you do about refinancing an interest-only ARM? In many cases lenders limit mortgage loan workouts to borrowers…
Refinancing Mortgage Loan May Require Subordination Agreement
In light of the financial crisis some banks are covering their bases more carefully when they refinance mortgage loans. You may be asked to obtain a subordination agreement when you refinance a primary mortgage loan so it's clear that your mortgage lender has first rights to the collateral, your…
After Bankruptcy Discharged, Home Buyer Considered First Time Home Buyer For Mortgage Purposes
Once a bankruptcy has been discharged, a potential home owner is considered a "first time" home buyer again when applying for a mortgage. A bankruptcy free potential home buyer should check into first-time home buyer programs that might be available to help with mortgage loans. Even as a first time…
Short Sale Hurts Home Buying Ability
In a tough real estate market, it might seem as though a short sale would make sense. A short sale is when you sell your home for less than what you owe your mortgage lender. Your mortgage lender agrees to write off the difference in a short sale. But a short sale still has a negative effect on your…
Mortgage Payments Missed: Options Include Short Sale, Deed In Lieu of Foreclosure
If you've recently lost your job or find that you have less income than you used to, you may not be able to make your mortgage payments. Missing mortgage payments can damage your credit score. What can you do if you can't afford to make your mortgage payments? It may be difficult to sell your home…
Lenders Hesitate to Refinance Home That's Been on the Market
Lenders don't like to refinance a property that was just on the real estate market. They may worry that the home owner will try to sell the home again after the mortgage refinancing. Lenders prefer to refinance homes that are primary residences, as it can be expensive to underwrite and process…
Paying For Owner's Or Lender's Title Insurance
Title insurance companies offer two different types of title insurance policies: lender or mortgagee protection and owner's coverage. Owner's title insurance coverage protects the owner against a loss due to title defects not disclosed to the purchaser at or before the closing of the purchase. The…
Refinance For Lower Mortgage Rates
If you're looking to refinance for a lower mortgage rate, take a copy of your credit history and score to your mortgage lender to show them how it's improved. Mortgage Lenders will can help you refinance for a lower mortgage rate by walking you through several different options and help you raise…
Refinancing Includes How Long You'll Live In Home
When you're refinancing, you should live in your home for a reasonable amount of time to make it worth it. If you plan to live in a home for a shorter time it may make sense to pay down the interest rate on the refinance mortgage loan by paying points. A point is equal to one percent of the loan…
