Mortgage Sanity

bc_mtg();
Although the majority of today’s mortgage lenders are honest and reputable, there are still some unscrupulous individuals out there who will do whatever they can to separate you from your money. Even among good institutions, the loan that’s offered may not always be the best one for you; and though legal, it could actually […]

gen_mtg();
One of the best things about applying for a mortgage loan online is that you can find many leading lenders that provide multiple, competing loan offers for one application. You can quickly compare lenders’ offers and do all of this with no obligation to commit to any one lender.
Whether you are looking to refinance, […]

creditreports();
1. Number of open credit accounts - Lenders always look at the number of open lines of credit that an applicant has, and analyze this information to determine the potential risk they face. Their computer software is able to calculate the remaining available balances on those open lines, as well as the likely […]

jumbo();
The definition of a �Jumbo Mortgage� is a mortgage loan whose total amount is higher than the standard conventional limits.� Of course, with the ever-increasing cost of real estate in our country, it is becoming more and more difficult for consumers to purchase homes that are below this threshold.� This is also not […]

bc_mtg();
Lease Purchase Agreement - What is it and How Does It Work?
A Lease Purchase Agreement is a contract between the owner of a property and a potential purchaser of that same property, wherein the purchaser is permitted to live in the property as a renter for a period of time before actually buying it. […]

gen_mtg();
There is no real or definite way to guarantee that you�ve gotten the best possible interest rate on your mortgage. There is no database or website that is available that will show the general consumer a report or grid of each company�s offerings and the interest rates associated with their various programs. At […]

The variables effecting interest rates in general are too numerous to list, mostly due to the fact that there are so many different types of accounts, products, and scenarios that have an interest rate attached to them. However, there are a few factors in common that affect all interest rates, regardless of the type or […]

The number of loan programs that any particular mortgage broker will have at his disposal will depend entirely on the number of relationships he has with lenders, as well as the quality of his relationships with such institutions. Some brokers only have a few key lenders who they work with on a consistent basis, therefore […]

bc_mtg();
How long after my bankruptcy is discharged do I have to wait to get a mortgage? - Typically, the majority of lenders refuse to consider an application from someone who has had a bankruptcy within the preivous two years. However, more and more lenders are beginning to consider applications from people who have had […]

bc_mtg();
The two riskiest types of mortgages a borrower can get are Balloons or Interest-Only loans. With both of these loan types, the lender is given a short period of time where payments are very low and easier to afford. However, the interest-only loans also contain provisions that permit the lender to significantly increase […]

Without a doubt, the �safest� type of mortgage to get would be a 30-year fixed rate loan. This type of loan leaves the borrower with nothing to question and no concerns about rising interest rates or rising payments. The borrower�s monthly loan payment minimum is static for the entire duration of the mortgage, […]

gen_mtg();
There is no �one size fits all� answer to this question. Since every borrower�s situation is different, the appropriateness of an Interest-Only loan must be evaluated on a case-by-case basis.
smallblock();
For the average borrower, however, an Interest-Only loan is probably not a great idea. Most borrowers are looking for nothing other than […]

gen_mtg();
Typically, ARM�s and Interest-Only loans are the ones that have the greatest possibility of leaving the borrower upside down. To fully understand this danger, one must first comprehend what it means to be upside down on a mortgage. Very simply, the term describes a situation where the borrower actually owes more money in […]

govloans();
For borrowers who qualify for these loans, there is very little difference that directly effects the borrower either during the application phase or after the loan disbursement. The significant difference is that both organizations, the Veterans Administration (VA) and the Federal Housing Administration (FHA), will provide insurance on these loans to protect the lender […]

gen_mtg();
A significantly larger portion of mortgages over the past several years have been ARM�s than in previous periods, and this is largely due to the dramatically lower interest rates and availability of financing for real estate purchases.

The ARM is an attractive alternative to those individuals with income that is just short of what […]

Yes, there are still a significant number of balloon mortgages issued every year in the United States. The reason you�ve probably never encountered one is because they are more commonly used to finance commercial real estate, and are rarely used when borrowers are purchasing homes.
smallblock();
Balloon Mortgages are Extremely Risky�
Balloon mortgages are an extremely risky […]

bc_mtg();
Probably not. Of course, the term �bad credit� is subjective and means something different to every person and every company, therefore, there is no clear-cut or consistent description. However, using generally accepted principles and guidelines with respect to an applicant�s credit score and history, there are several basic assumptions that you can rest […]

Foreseeable Increase in Income
No, ARM�s are not always a bad idea. In many instances, they are very appropriate. The most common example of an appropriate scenario is when the borrower has limited monthly cash available to make a mortgage payment, however there is a clear and foreseeable expectation that monthly resources will […]

This question is not easy to answer because there is no set or regulated standard for arranging mortgage broker compensation. Mortgage brokers can technically charge whatever they want to, but of course with the significant amount of competition that exists today they are more likely to charge less.
smallblock();
Broker Compensation is Variable�
Mortgage brokers are compensated […]

Without resources and experience in the realm of lending legislation, the answer to this question is almost impossible for the average borrower to answer. If the borrower had the time, energy, and know-how to conduct his own research into his own state�s current laws regarding loans and mortgages, then it is definitely possible to […]

A lender is the company that will provide the financing for the purchase of a property. Ultimately, this is the company who will pay for the house you’re buying, and you will in turn pay them back on a monthly basis per the terms of your mortgage contract. A broker, on the other […]

Yes. The borrower has the freedom to choose either an independent mortgage broker or to go directly to the loan provider. Obviously, there are pros and cons to either decision, but there is indeed no �right or wrong� in this case. Ultimately, the decision should be made by the borrower using reliable […]

gen_mtg();
Since everyone�s definition of �good� is different, there is no definitive way to decide whether or not your broker is good. With that being considered, however, there are some things that all mortgage brokers should do when working with their clients that are to be considered minimum acceptable standards.

- Bad Credit OK
- New […]

bc();
Do You Have Bad Credit? A Bankruptcy?
Apply With Our Recommended Online Lender:

� Quick Applications
� Get Up To 4 Loan Offers
� Safe, Secure - […]

creditreports();
1. Keep Credit Accounts With High Limits - But Keep Balances Low
When you are maxed out on credit cards, your score drops. Lenders look for borrowers with a lot of unused available credit.

2. Add Your Name To Someone’s Credit Account
Piggybacking off of someone else’s good credit is an easy way to improve your credit rating. […]

Why Should You Apply With One of Our Recommended Lenders? - Some of the qualities these companies have are:
� Receive Up To 4 Loan Offers
� Safe & Secure Applications Online
� Quick Application Processes
� Purchase, Home Equity,�Refi, 2ndMortgages HELOCs, FHA & VA Mortgages and Debt Consolidation

- Bad Credit OK
- New Purchase, Home Equity & Refinance
- Get […]

gen_mtg();
I received these tips from a mortgage expert that I work with. These are some great tips, some of which I have never even considered before. (I put stars by my favorites:))

*1. You can negotiate a better interest rate. Although the general consumer knows you can often get a better deal by shopping […]

gen_mtg();
See if you can improve in any of these areas and increase your chances of getting approved or get a better rate on that mortgage loan, whether you are buying a new home, refinancing or getting home equity loan.

Stash Cash.
Mortgage lenders evaluate your ability to repay a loan, and one of the factors […]