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The Critical Role of the REALTOR®
Category: Real Estate/National
... 45. Obtain current mortgage loan information; company and loan account numbers 46. Verify current loan information with lenders 47. Check assumability of loans and any special requirements 48. ...Friday, 11 January 2008 -
The Mortgage Checklist
Category: Real Estate/Mortgages
When you apply for a mortgage, you'll need to supply the lender with several documents to verify your debts, income and assets. These documents will be used to calculate how much you can afford to ...Wednesday, 26 December 2007 -
How Much Can You Afford to Borrow?
Category: Real Estate/Mortgages
... factor in that three to five percent for closing costs, as well. Taxes and insurance can be calculated into your monthly mortgage payments, and the lender will then pay these bills on your behalf ...Wednesday, 26 December 2007 -
Make your condo purchase a smart one
Category: Real Estate/Buyer
... of renters? Mortgage lenders know the risk of foreclosure default in condo complexes with more than 20 percent to 30 percent renters is very high. Many lenders either refuse to finance units in such ...Wednesday, 26 December 2007 -
Top Renovation Mistakes
Category: Real Estate/Home Improvement
... through a loan, draw up a detailed budget before you begin approaching lenders. Stick to your budget whenever possible, and if you end up spending more than you planned in one area, try and compromise ...Wednesday, 26 December 2007 -
When to Fire Your Mortgage Lender
Category: Real Estate/Mortgages
... a bad broker. If you feel uncomfortable with your lender for any reason, then don't be afraid to fire them and look for one that will meet your needs and be more deserving of your trust. With that ...Wednesday, 26 December 2007 -
Investing in Foreclosures
Category: Real Estate/Investing
A foreclosure occurs when a borrower defaults on a mortgage loan. As the process begins, the lender often gives the borrower ample time to repay the back due portion of the loan. However, when the ...Wednesday, 26 December 2007 -
The Truth About Private Mortgage Insurance
Category: Real Estate/Mortgages
Private mortgage insurance has become a common way of offsetting the risk for mortgage lenders when buyers have a small down payment. If your down payment on a property is less than 20% of its appraised ...Wednesday, 26 December 2007 -
Tips for First-time Buyers
Category: Real Estate/Buyer
... lender is required to give you a Good Faith Estimate within three days of your loan application. This documents your closing costs and expenses related to inspections, taxes, title insurance and other ...Wednesday, 26 December 2007 -
Cut Your Closing Costs
Category: Real Estate/Buyer
... only if you use a broker. Tax service fee - if the lender chooses to hire an independent service to monitor property tax payments. Document preparation and administration fees. Payable in AdvanceMost ...Wednesday, 26 December 2007 -
Overcharges Run Rampant in Home Loans
Category: Real Estate/Mortgages
Consumer groups believe that lenders should be held liable if they allow borrowers to take home mortgages that aren't suitable for them. In prior articles in this series, I concluded that a suitability ...Wednesday, 26 December 2007 -
All About Escrow Accounts
Category: Real Estate/Mortgages
... the escrow period, the buyer and the buyer's lender will be working on the loan approval process. This includes verifying the buyer's income level, verifying that the buyer has adequate funds for ...Wednesday, 26 December 2007 -
Deciding on a Mortgage Lender
Category: Real Estate/Mortgages
... rates or other mortgage terms. These lenders tend to be more choosey, and many banks and credit unions do not approve applicants with bad credit ratings. Mortgage BankersMortgage bankers are companies ...Wednesday, 26 December 2007 -
Mortgage Glossary
Category: FAQs/General
... because it includes these additional items and assumes you will keep the loan to maturity. Application Fee - Fee charged by a lender to cover the initial costs of processing a loan application. The ...Wednesday, 26 December 2007 -
Everything You Need to Know About Mortgage Interest Rates
Category: Real Estate/Mortgages
... inflation, by setting terms for the federal funds rate (the interest rate which banks charge each other for short-term loans), and the discount rate, (the interest rate lenders pay to borrow from ...Wednesday, 26 December 2007 -
Tighter Lending Rules Could Backfire
Category: Real Estate/Mortgages
... proportionate share of foreclosures. In many cases, lenders assess the ability of ARM borrowers to make their payments at the initial interest rate, which is artificially low. When the rate increases, ...Wednesday, 26 December 2007 -
How to Find the Best Loan for You
Category: Real Estate/Mortgages
... to be in their home long-term. An ARM allows for lower interest rates and a lower payment at the beginning of the loan term. Sub-primeThe Sub-prime lender is one who will approve financing for individuals ...Wednesday, 26 December 2007 -
How to Finance a Remodel
Category: Real Estate/Mortgages
Before approaching lenders, draw up a detailed budget for your remodeling plans. To calculate an accurate estimate, first decide what projects you’ll need to hire a contractor for and which ones you’ll ...Wednesday, 26 December 2007 -
What should I consider when buying a condo or loft?
Category: Real Estate/Buyer
... spaces are included? Is there extra storage space? Also find out what percentage of the units are tenant-occupied? A high ratio of owner-occupants to tenants is desirable. Some lenders won't lend in ...Wednesday, 26 December 2007 -
The New 40-Year Mortgage
Category: Real Estate/Mortgages
... 40-year loans usually carry a higher interest rate than 30-year loans, because the extended term means that lenders carry more risk. Another significant problem with the 40-year mortgage is that ...Wednesday, 26 December 2007 -
Borrowers get tips on dealing with mortgage brokers
Category: Real Estate/Mortgages
... information must then be matched against the prices contained in voluminous price sheets the brokers receive every day from multiple lenders. This is a lot of work, and few brokers will do it for casual ...Sunday, 23 December 2007 -
Vacation cottages can be challenging to buy, own
Category: Real Estate/Buyer
... lenders who are familiar with the area and are often anxious to originate local mortgages. He even explains the tax consequences of deducting mortgage interest on a second home. Unexpected in this book ...Sunday, 23 December 2007 -
Mortgage Mistakes to Avoid
Category: Real Estate/Mortgages
... purchase, it makes sense to shop around. Many lenders often push the loans for individuals with lower credit as there is often more of a payout for them. If you don't know what the common interest rates ...Sunday, 23 December 2007 -
Best Way to Buy Home That Needs Repairs
Category: Real Estate/Buyer
... broker or loan agent. A large price reduction could be a red flag to a lender who might want to see inspection reports. This could cause the terms of the transaction to be modified if the lender then required ...Saturday, 22 December 2007 -
How to Find a Good Investment Property
Category: Real Estate/Buyer
... neighborhoods you're interested in. To find foreclosures, look in your local newspapers for advertisements with key words such as "bank-owned," "foreclosed," or "REO" (real estate owned). Look on lender ...Saturday, 22 December 2007 -
Shopping for the Best Mortgage
Category: Real Estate/Mortgages
Mortgage rates are on the rise, but historically speaking they are still fairly low. As a result of the favorable mortgage market, lenders have produced several new creative financing options ...Friday, 21 December 2007