The method of using a real or personal property as security usually for the payment of a debt is known as mortgage. A loan taken on the basis of this mortgage is referred as mortgage loan. Mortgage loans are lower in risk compared to other kinds of traditional loans because of the associated value of [...]
Q: I’m paying 7.375 percent on my 15-year mortgage. I only have nine yearsremaining on my loan. I owe about $110,000. Should I refinance?
A: I’m usually in favor of refinancing, but after running the numbers,I’m not so sure it’s the best idea for you.
You didn’t tell me what your original balance was, but let’s [...]
More than two million families will buy their first home this year: Add Bill and Hillary Clinton to the list.
Of course, when your first house is a $1.7 million, 5-bedroom home, with two fireplaces, a swimming pool, and gym, you don’t exactly fit the average first-time home buyer profile.
But you do go through the [...]
Loans With Bad Credit
As the spring home buying season winds up, would-be home buyers are alreadygearing up for shopping this summer and fall.
Q: If I have bad credit what are my options for getting a home loan?
A: Depending on whether you have truly bad credit, or simply have negativesor blemishes on your credit [...]
Many people become frustrated when their loan hits underwriting because the underwriter often asks for additional documentation or raises new questions. Why didn’t the loan officer anticipate these questions? Why do I have to dig up new information? This article will help clear up some common misconceptions.
So the application and documentation are in. The [...]
Today, we’ll look at the sheaf of papers that show up in your mailbox with the application. They’re really not all that intimidating. We promise.
You go to the mail box. It’s full. There aren’t many pieces of mail today, but there’s a legal sized envelope that’s taking up space. You place it on the [...]
One day, a loan won’t take an average of 30 days to complete. You’ll apply on Monday and be done by the end of the week (or sooner). Here’s how it’s going to happen and is already happening on a smaller scale.
The Federal National Mortgage Corporation (FannieMae) has developed a system of automated underwriting. [...]
You’ve signed the loan documents and written the check (if necessary). In this last article, we’ll talk about what happens behind the scenes before your loan can fund and close.
Once you’ve signed all those loan documents with the title officer, the whole package goes back to the lender. If there are any prior to funding [...]