mortgages
Mortgage Qualifying Improved With Credit Card Change
It’s being widely reported that the Bank of America has decided to eliminate overdraft fees for debit cards. This is a mortgage issue, a consumer issue and a common sense issue that should concern anyone who wishes to finance or refinance a home.
New rules from the Federal Reserve will make it more difficult for lenders [...]
Mortgage Paid? How Do I Know?
It would be nice to report that every mortgage payment is promptly received and correctly processed. However, it follows that in a country with some 45 million first mortgages that there are millions of opportunities to screw up and that sometimes loan payments made in good faith are not properly handled.
What can you do?
If [...]
9Mar2010 | Peter G. Miller | 0 comments | Continued
No More Pre-approval Letters, Say Lenders
As a result of the new mortgage borrower protections that took effect January 1st, some lenders are now saying they can no longer provide pre-approval letters.
“Before writing the letters, lenders like to see proof of income, such as a pay stub or tax return. But under the Real Estate Settlement Procedures Act rule that [...]
What Are Private Mortgages?
We usually think of real estate financing in terms of loans from banks, mortgage brokers, mortgage banks, credit unions and insurance companies. In fact there’s another source of real estate financing, private mortgages.
Private mortgages can be alluring and in some cases financially dangerous. In the best case a private mortgage will provide a low rate [...]
10 Ways Mortgage Loans Are Changing
With all the fall-out from the mortgage meltdown it’s not surprising that mortgage loans are changing. Many of the deals available during the past decade are not done and gone, not a loss for most borrowers.
What happened from 2004 through 2007 is that new forms of nontraditional loan products were introduced, so-called affordability loans. In [...]
How Can I Pay Less For Mortgage Insurance?
Lenders require mortgage insurance when borrowers are unable to put at least 20 percent down when buying a home. The good news is that in some instances it may be possible to reduce mortgage insurance costs.
Mortgage insurance comes in three basic flavors, FHA, VA and private mortgage insurance (MI). Let’s look at each.
FHA Mortgages
If you [...]
What Is Mortgage Flipping?
If you have a mortgage you have a debt, but what about the lender? To lenders that very same mortgage note is an asset, a security which can be bought, held or sold.
So — in the most innocent of circumstances — an investor might buy a mortgage note in the morning and selling it in [...]
What Is A Mortgage Modification?
A mortgage is actually a contract between a borrower and a lender. The borrower gets cash up front and the lender gets back the loan amount plus interest over time under terms and conditions established in advance.
There are times though when either the borrower or the lender will seek a mortgage modification, a change in [...]
What Paperwork Do You Need To Get A Mortgage?
One of the biggest problems with the government’s Making Home Affordable loan modification program is that a large number of borrowers are making their payments but do not provide required paperwork — and thus are unable to permanently refinance their mortgage with a new and lower rate. Because they did not provide required paperwork these [...]
1Feb2010 | Peter G. Miller | 0 comments | Continued
HUD Dumps FHA 90-Day Anti-Flipping Rule
Starting February 1st, HUD is suspending the FHA’s 90-day anti-flipping rule for one year. This is a smart idea which should increase local home sales, help investors and create additional real estate demand (because more FHA financing will be available).
The New Rule
HUD says that under the new rule homes sold within the past 90 days [...]
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