Mortgage Sanity

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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 […]

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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 […]

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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.
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Balloon Mortgages are Extremely Risky�
Balloon mortgages are an extremely risky […]

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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 […]

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.
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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 […]

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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 […]

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Do You Have Bad Credit? A Bankruptcy?
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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 […]

Acceleration - A provision that allows the lender to demand repayment of the entire outstanding loan balance in the event that the borrower violates one or more clauses in the note.

- Bad Credit OK
- New Purchase, Home Equity & Refinance
- Get up to 4 offers
- Short Application
ARM (Adjustable Rate Mortgage) - A mortgage containing an […]

I asked my mortgage advisors, “What are the fees that a broker might charge you that are either inflated or completely bogus?”
Here are the answers:
Processing fee -
Not only does the mortgage broker receive a fee from the lender, but the borrower is also charged a fee for �processing� the loan. This fee usually cannot be […]

Take a look at this: http://www.thesimpledollar.com/2007/01/22/how-bad-of-a-deal-is-a-50-year-mortgage/
I knew that people were starting to look into 40 year mortgages, but 50??!! I understand that people want to have everything they want RIGHT NOW, but really. This is just sad. The fact that it only saves such a small amount of money but puts you in debt, pretty […]

1. Your home is the collateral for the loan - If you are unable to make the monthly loan payments, you could be in danger of losing your house.
2. Not all loan repayment schedules are arranged to pay off the loan by the end of the term - Many arrangements leave the borrower with thousands […]