Mortgage Sanity

bc();
Get your estimate in writing early in the loan process
When you submit your loan application to your lender, he has by law three days to provide you with a Good Faith Estimate. Make sure your lender doesn’t drag you along for a ride. Get the estimate in writing early on in the process, so you […]

First time homebuyers often wonder what a lender is going to look for when determining whether or not you qualify for a mortgage and how much you qualify for. Lenders have many different ways of classifying your loan scenario according to risk. You could be considered “Full Doc”. “Limited Doc”, “Lite Doc”, “Stated […]

bc_mtg();
If you are shopping around for a mortgage, you will invariably run into “interest-only” loans. These loans have a set term (e.g., 30 years) just like regular mortgages and can have adjustable or fixed rates. The difference is that in the first years of the loan, you are only required to pay interest […]

bc();
When you are in the process of looking for a mortgage, whether to purchase a home or re-finance an existing mortgage, you will most likely be working with either a mortgage broker or a loan officer working for a lender. So, what is the difference?

Loan Officer Vs. Mortgage Broker 
Loan officers working directly for lenders […]

You may have noticed recently that more and more lenders are advertising loans with terms of 40 or even 50 years. The reason for the longer term is simply to stretch out the payments, and thus lower your monthly payment. You will certainly be paying more in interest, but that really only applies […]

In most cases, the answer is yes. Owner-carried financing, where the seller holds the primary mortgage, represents less than 5% of all mortgages. However, if you are having problems coming up with the difference between what the bank will lend you and the purchase price, ask your broker or agent (or seller even) […]

Here are several ways to reduce the closing costs associated with your sub-prime mortgage.
1) Finance origination and broker fees into your interest rate.
There is a lot of work involved in setting up the ideal financing for a borrower, as no two transactions are identical. Brokers specializing in the sub-prime market […]

Lenders have been introducing more and more loan products recently to attract buyers by giving them more purchasing power. The traditional mortgage, whether fixed or adjustable, has a term of 30 years. Many other terms (5, 10, 15, 20, 25 years, etc.) are available, but when comparing lender quotes, a 30 year term is […]

bc();
There are several factors that contribute to the final interest rate offered to you on your mortgage. Here are the main components that contribute to your interest rate.
Loan-to-Value Ratio
This is the amount of money a lender will allow you to borrow relative to the value or sales price of your home, expressed as a percentage. […]

So you’ve found a lender to approve your loan, can afford the monthly payments and may even have a settlement date set. But there’s one thing in the back of your mind… could you have gotten a better rate? “Buyer’s remorse” is very common, and “refinancing remorse” is no less common among borrowers. […]

bc();
Mortgage brokers and loan officers make the majority of their income when your loan closes. They are compensated either by you, by your lender, or by the seller (in a purchase transaction). If you are barely able to come up with the down payment and closing costs on a purchase or in desperate need […]

We Recommend 2nd Mortgage Lenders Who Can Give You:
• Up To 4 Loan Offers
• Some of the Lowest Interest Rates Available
• Safe & Secure Applications Online
We have researched some of the most reputable mortgage lenders online and provide a list of the most popular mortgage companies to apply with for competitive rates and terms.
[…]

We Recommend Home Purchase Lenders Who Offer:
• Up To 4 Competing Loan Offers
• Some of the Lowest Interest Rates Available
• Safe, Secure Applications
purchase();
When seeking a new home purchase loan, it is wise to pull a copy of your credit report and make sure that your credit does not contain any errors. You will want your […]

We Recommend 2nd Mortgage Lenders Who Provide:
• Up To 4 Loan Offers
• Some of the Lowest Interest Rates Available
• Safe & Secure Applications Online
homeequity();
When seeking a second mortgage loan, try doing these things:
Get More Than One Mortgage Quote - Shopping around can save you money and when you apply online, your credit is […]

gen_mtg();
Obtaining approval for a mortgage loan with an interest rate of Prime is actually not difficult. In today’s economy, bank interest rates are at an all-time low, and those applicants with who meet the criteria for the best possible programs are actually getting rates well below Prime. Currently, the Prime interest rate is […]

gen_mtg();
A Buy-To-Let mortgage is a special type of mortgage loan that is not intended to go toward purchasing a primary residence; instead, the proceeds of such a loan are used to buy rental properties. Although there are a significant number of lenders who have programs available for this market, that number is still drastically […]

gen_mtg();
With steadily increasing property values in this country, as well as the fact that mortgage interest rates are at historic lows, the number of homeowners applying for second mortgages has increased exponentially over the past several years. The appeal of using the equity in one’s property for debt consolidation, home improvement, or other miscellaneous […]

gen_mtg();
A Discount Second Mortgage is a type of contract that has a lower “introductory” interest rate for a specified period of time. This concept is extremely similar to the credit card solicitations that consumers receive in the mail all the time, where the credit card company is attempting to entice the consumer to apply […]

gen_mtg();
Over the past decade, real estate investing has increased dramatically in popularity as consumers have realized the power and income potential that comes with owning multiple properties. The number of lenders that offer mortgages for investment properties has also risen steadily over the same period, simply because the demand for such financing was increasing […]

We Suggest Bad Credit Lenders That Provide:
• Up To 4 Competing Offers
• Some of the Lowest Interest Rates Available
• Safe & Secure Online Applications
bchomeequity();
If you have equity in your home and have past credit problems, you may be surprised how easy it can be to get approved for a home equity loan. The […]

We recommend HELOC lenders that can provide:
• Some of the Lowest Interest Rates Available
• Up To 4 Competing Offers
• Safe, Secure Applications
bchomeequity();
A HELOC or Home Equity Line of Credit can have many advantages. It comes with a lot of flexibility for the borrower. If you have bad credit, but do have equity in […]

We recommend bad credit home equity lenders that provide:
• Up To 4 Competing Offers
• Some of the Lowest Interest Rates Available
• Quick Applications
• No Credit Check
• Safe, Secure Applications
bchomeequity();
Ways To Improve Your Chances of Getting Approved With Poor Credit -
Pull Your Own Credit Report and Check For Inaccuracies - If you skip this […]

We recommend refinance lenders that provide:
• Up To 4 Competing Offers
• Some of the Lowest Interest Rates Available
• Quick Applications
• Safe, Secure Applications
bcrefinance();
When refinancing your home with bad credit, one of the biggest factors in your approval and determining your interest rate, will be how much equity you have in your home. If […]

We recommend lenders that provide:
• Up To 4 Competing Offers
• Some of the Lowest Interest Rates Available
• Quick Applications
• No Credit Check
• Safe, Secure Applications
govloans();
FHA loans are loans that are insured by the federal government. FHA loans are usually sought after by 1st time home buyers that may not have a lot of […]

We recommend home equity lenders that provide:
• Up To 4 Competing Offers
• Some of the Lowest Interest Rates Available
• Quick Applications
• No Credit Check
• Safe, Secure Applications
homeequity();
There are many types of mortgages available for people who want to cash in on the equity building in their home. There are fixed rate second mortgage […]

We Recommend Refinance Lenders Who Provide:
• Up To 4 Competing Offers
• Some of the Lowest Interest Rates Available
• Quick Applications
• No Credit Check
• Safe, Secure Applications
refinance();
When considering refinancing your home, it’s important to consider the reason for refinancing. If you are refinancing for a lower interest rate, the general rule of thumb is […]

gen_mtg();
• Your current lender may be able to provide you the best refinance option. If your payment record has been good, certain risk-control fees (such as the credit report, property appraisal, title search, etc.) may be waived in order to keep your business in-house.
• Conversely, your current lender also may not be your best […]

bc();
If you’ve had some credit difficulties, you’re certainly not alone. And if you’re under the impression that you’ll never be able to buy a home, think again. There are avenues to accomplish virtually anything that you want to do. Below are some helpful tips to aid you in finding and qualifying for […]

gen_mtg();
Owning property has countless benefits, and perhaps one of the most powerful is the simple fact that you are the legitimate owner of a tangible item that is potentially worth hundreds of thousands of dollars. This one simple fact is commonly the primary factor that will assist an individual in obtaining additional credit financing. […]

An unfortunate fact is that there are an overwhelming number of individuals and organizations without high moral values or ethics, and for the rest of the population this presents a potentially significant threat. The mortgage seeker is one of the most popular targets for schemes and scams, so any potential applicant should perform his […]

refi_homeeq();
Although a home mortgage is designed to be a long-term debt instrument secured by real estate collateral, there are very few homeowners who actually keep their initial mortgages to the very end of the contract. In today’s economy and constantly fluctuating interest rates, more and more homeowners are investigating and taking advantage of various […]

gen_mtg();
What is it?
There is a notable difference between a mortgage pre-qualification and a mortgage pre-approval, and it is important to understand these differences so that a potential home buyer is not misled or confused. Very simply, a mortgage pre-qualification indicates that a buyer initially appears to meet the lender’s criteria for funding. This […]

refi_homeeq();
Home equity lines of credit (HELOCs) can be powerful tools when in the hands of homeowners who understand the benefits as well as the risks associated with such financial instruments. For those homeowners who failed to complete their due diligence and obtained HELOCs simply because they were drawn to the perception of available money […]

What exactly is PMI?
PMI stands for Private Mortgage Insurance. It is a type of insurance policy that’s required by lenders during the time that the outstanding mortgage loan balance is greater than 80% of the home’s appraised value. This insurance policy provides no benefit to the home owner because it is intended only […]

homeequity();
The Soft Second Mortgage is an unconventional method of helping low-income families purchase homes that would otherwise be outside the range of their available budget. These loan products are created and maintained by a combination of government assistance organizations and private lending institutions. Plus, a great many Soft Second Mortgage have provisions stipulating […]

homeequity();
The term “Silent Second” is used relatively loosely in real estate and mortgage circles, and therefore no official or standard definition exists. However, most descriptions and uses of the term have one thing in common, and that is a Silent Second Mortgage is one that is invisible to the primary lending institution.
Why […]

homeequity();
Bill consolidation with a second mortgage can save you thousands of dollars on interest charges and help you get out of debt faster. But before you sign for that home equity loan, make sure you have looked at all of your financing options. Only by researching loan quotes and knowing your legal rights, can you […]

homeequity();
A “Stand Alone Second Mortgage” is a generic term for any type of additional mortgage loan on a property that is not used for the specific purpose of initially buying the property (often referred to as a Piggy Back loan). These additional loans are most often used by the home owner for personal consumer […]

gen_mtg();
Mortgage lenders typically have several requirements that are necessary before an approval can be issued to an applicant. The lender needs to analyze the borrower’s complete situation to determine their level of risk, and the appropriate interest rate to accompany such risk. There is standard paperwork and several documents that lenders request from […]

homeequity();
These two terms are used interchangeably, and each one represents the same type of financing and scenario. Only a miniscule fraction of polled lenders indicate they actually have separate definitions for Home Equity Loans and Second Mortgages, and such definitions vary only slightly. Therefore, it is easiest to remember that both borrowers and […]

homeequity();
Both a Home Equity Line of Credit (HELOC) and a Home Equity Loan are methods used by home owners to obtain funds for their own purposes, and such lending arrangements are secured by the borrower’s property. Many Home Equity Loans are referred to as Second Mortgages, and the majority of lenders, brokers, and borrowers […]

gen_mtg();
What is it?
What’s considered acceptable and appropriate is very different for everybody, therefore this question does not have a simple answer. However, there are some important aspects of this scenario that should be considered by all potential borrowers before they sign on the dotted line.
Very simply, a no-closing-cost-mortgage is one into which […]

refinance();
The Basics
The “cash out mortgage refinance” is a concept that home owners are using more and more in the last few years. The cash out mortgage refinance loan is most easily understood by describing it as a combination of a Home Equity Loan (Second Mortgage) and a Refinance Loan. With this idea, the […]

In today’s competitive housing market, you need to be creative if you want to get a buyer’s attention. The following tips offer 50 different things you can do to sell your home quickly and for more money.
1. Time the Sale
Although it can vary by city and region, the peak home selling season usually begins […]

debtsources();
Debt problems can quickly snowball out of control. If you find that your debts have put you on the brink of bankruptcy, it is imperative that you take steps to manage your debt. To assist you in your quest, here are 50 ways to manage your debt and avoid bankruptcy.
1. Get to the Bottom of […]

creditreports();
(We have no affiliate with the FICO™ company or its products)
1. Open New Credit Accounts with High Limits
Get a credit card with a high limit. Keep the balances low, and use the credit card to establish a credit history or boost a low credit score. Remember: the more available credit on a credit card, […]

homeequity();
• The Home Equity Line of Credit is a revolving (or open-ended) credit line that, in principle, operates in much the same way as a credit card. However, where credit cards are unsecured, the HELOC is secured (usually as a second mortgage) by your home. Defaulting on a HELOC can, therefore, result in foreclosure.

• HELOCs […]