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.
How do you shop for mortgage brokers? Finding a mortgage broker is not just about an interest rate quote. Find a mortgage broker you can trust who will work with you one on one. Watch this Expert Real Estate Tips segment for more information on shopping for great mortgage brokers.
What's the effect of a foreclosure on a property lien? If you have a lien on a property and the bank forecloses do you lose your claim to that property? It depends on your state's laws regarding liens and foreclosure. The mortgage lender also has a lien on the property and once the property is sold you may lose your lien, even if a court issued a judgment in your favor.
What are mortgage brokers paid and how is payment calculated? What is a good faith estimate and how can you tell junk fees from legitimate costs? Watch this Expert Real Estate Tips segment for more information about mortgage brokers fees and how mortgage brokers are paid.
What is a stated income loan or no doc loan? Mortgage lenders require a property appraisal and good credit score among other items to qualify for a stated income loan. What are the benefits and who can qualify for this type of loan? Watch this Expert Real Estate Tips segment to learn more about what mortgage lenders require for a stated income loan.
Reverse mortgages pay the home owner and have not been affected by falling home values. Getting a reverse mortgage helps you tap your home's equity, or the amount of the home you own outright. Because few people obtain reverse mortgages and reverse mortgages do not cover full home values, reverse mortgages have not been hurt by the credit crisis.
What penalties do you pay when you cancel a mortgage loan refinance? A home owner asks about canceling a mortgage loan refinance because mortgage interest rates dropped four days after he filled out his refinance application. Ilyce says to walk away from the mortgage loan refinance, he has to be willing to lose the money he spent on an appraiser. But canceling the mortgage loan refinance is OK from a legal and ethical standpoint so long as he's read his mortgage loan refinance documents and abides by them.
Reported incidents of mortgage fraud are on the rise despite fewer loan applications, according to a report by the Mortgage Asset Research Institute. ...
If you become a mortgage lender to a home buyer can you take a tax deduction? Generally no. Mortgage related tax deductions may be taken by home owners or home buyers, not home sellers or mortgage lenders. Try consulting an IRS publication or a tax advisor to find out more about mortgage lenders and tax deductions.
It may sound great when you hear you're pre-approved to refinance your mortgage loan. But how can you figure out whether the mortgage lender who wants to refinance your loan is credible, especially after the mortgage crisis? You can call the Better Business Bureau (BBB) and check out what other mortgage lenders such as credit unions, large national banks and mortgage brokers offer. You can also use an online search engine to check for news on the mortgage lender or broker you're considering.
A homeowner who went into foreclosure a few years ago is paying a private mortgage insurance (PMI) claim as part of a forbearance agreement with a new lender. Homeowners who purchase property and obtain a loan that exceeds 80 percent of the purchase value must pay for PMI, which protects the lender, not the buyer. The original lender will file a claim with a PMI company and a new lender has the right to collect the full loan amount under a forbearance agreement.