Mortgage Sanity

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Contrary to what you might have heard, buying a home after a foreclosure is possible.� However, homebuyers should not apply for a mortgage without doing their homework first. Since the forclosure is damaging to your credit, many lenders are likely to […]

Shopping for a new mortgage loan online can be confusing. There are so many companies competing and it’s difficult to tell which companies are legitimate and can really provide what they advertise.
Here are some things you can look for when you shop for a new mortgage loan on the internet:
1. Compare Rates - Before you […]

In the U.S., all VA and FHA mortgages are insured by the federal government. Other types of mortgages, however, typically require some sort of mortgage insurance from a private mortgage insurer if the loan exceeds 80% of the value of the property. In any case, the borrower is responsible for paying for the insurance in […]

The word �escrow� has several different meanings, many of the pertaining to real estate and other financial transactions. In this instance, we will be discussing �escrow� as the process of allowing the lender or a third party keep part of your monthly payment in an account and then use the money accumulated in that account […]

Chances are, you�ve seen headlines on the newspaper, stories on TV or video clips and articles on the internet recently about the subprime mortgage �meltdown�. What exactly happened? And more importantly, how is it going to affect you if you were in the subprime mortgage market?

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

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The Basics
If you accept your mortgage quote, it becomes the binding document that either means you keep your house or you lose it. If you break your mortgage and don�t pay your monthly payments, you will lose your home. But if you pay your mortgage on time or even ahead of […]

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 Self-Employed�, �Stated […]

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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 […]

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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?

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

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 if you […]

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 pretty […]

- Bad Credit OK
- New Purchase, Home Equity & Refinance
- Get up to 4 offers
- Short Application
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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 […]

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. […]

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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 Suggest Bad Credit Lenders That Provide:
� Up To 4 Competing Offers
� Some of the Lowest Interest Rates Available
� Safe & Secure Online Applications
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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
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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
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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
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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 […]

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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 […]

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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 […]

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 […]

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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 […]

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 to repay […]

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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 […]

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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 […]

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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 […]

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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 the […]

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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 […]

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� 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 […]

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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 […]

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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, […]

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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 […]

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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. […]

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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 […]

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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 […]

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Do You Have Bad Credit? A Bankruptcy?
Apply With Our Recommended Online Lender:

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