We write here to help the consumer/mortgage applicant to better understand how important it is to know what is going on in mortgage lending. We are appalled to find out that ‘mortgage fraud’ still exist. We will always print the truth as we know it, and what is the best way to protect yourself from … Read moreDoes Mortgage Fraud Still Exist?
This title could be what a preliminary approval does not include. However, let me address some reasons why a preliminary approval does not mean that the entire loan is approved. Having read some borrower concerns about having an approval and then all of a sudden; the loan is delayed, or declined. It is never good … Read moreWhat Does A Preliminary Approval Mean?
Many steps go into the purchase of a new home. The property is the security for the mortgage loan and is actually the most important part of the purchase. There are many questions you should ask, but may not know to ask. The prompt here is to advise you that you have every right to … Read moreTips For When You Select a Property
Mortgage Quality Control is essential from the taking of the application to the closing of the loan. A borrower can forget something important about their financial status, assets, credit, employment or anything pertaining to the mortgage loan. However, if they forgot on purpose, be sure it will be common knowledge at some point. No, we … Read moreMortgage Quality Control – Why Is It Important
A mortgage is generally one of the biggest debts that a person faces in life. A large part of that expense is due to the interest rate that you, as the borrower obtain when you lock your initial loan rate. Most homeowners would gladly reduce that debt if the opportunity presented itself, though they do … Read moreSimple Tricks To Paying Off Your Mortgage
The fixed rate mortgage loan is the most popular type of mortgage. The monthly payment for interest and principal remains fixed throughout the mortgage term, Property Insurance and taxes may increase but the monthly repayment of the interest rate amount will be stable. As you pay your payment on a fixed rate loan, your interest … Read moreAdvantages Of A Fixed Rate Mortgage
Taxes and Insurance must be paid by the borrower for a “Home Equity Conversion Mortgage” (HECM) or Reverse Mortgage…no exceptions. Basic FHA Reverse Mortgage Guidelines *update Age for getting a Reverse Mortgage is 62 or older The property must be fully paid off, or substantially paid down where there is equity The property must … Read moreNew FHA Guides for Reverse Mortgagors
Why bring up the past? Well, it seems we are possibly about to be presented with changes in mortgage lending regulations again. To this underwriter, caution might be the best route to take. In 2010, the Dodd/Frank bill came into play where banks and mortgage lending rules/regulations and procedures changed drastically because of serious mortgage … Read moreChanges To Dodd/Frank Bill – Should They?
Mortgage Fraud Helped with the disaster *NOTE: This post was initially written on 10-05-2009. There is reason for a reminder of the past….congress has reported regulations are in the process of changing. If you notice the photo to the left, it states, “Stop mortgage fraud.” I consider fraud to also be when someone is offered … Read moreThe Mortgage Loan Mess – How We Got Here
When applying for any mortgage loan it is beneficial and imperative that an applicant ask questions so they are fully knowledgeable of the product, interest rate, origination fee, points and any closing cost that is being paid in the loan. The lender’s agent/loan officer is required to know and be able to explain all questions. … Read moreThe List of Mortgage Questions