All Posts Tagged With: "prepayment"
Can Bi-Weekly Loans Stop Mortgage Foreclosures?
If you have a bi-weekly mortgage will your payments be more in line with your paycheck, thus lowering your costs and reducing the chance for foreclosure? Imagine that a household has two wage-earners who take in $100,000 per year. Lenders allow them to finance with monthly payments equal to 31 percent of their income or [...]
28Mar2011 | Peter G. Miller | 0 comments | Continued
Despite Wall Street reform mortgage banker profits surge
Despite worries that the Wall Street reform legislation passed last summer would crimp earnings, the Mortgage bankers Association is reporting that profits per loan soared in the third quarter. “Independent mortgage banks and subsidiaries made an average profit of $1,423 on each loan they originated in the third quarter of 2010, up from $917 per [...]
15Dec2010 | Peter G. Miller | 0 comments | Continued
What’s A “Qualified Mortgage” In Real Estate
One of the better ideas to come out of the Wall Street Reform Act was to create something called a “qualified residential mortgage.” You want to know about such financing because most lenders will offer nothing else — and that’s good news for borrowers. Under Wall Street reform several federal agencies are supposed to work [...]
21Sep2010 | Peter G. Miller | 0 comments | Continued
Mortgage Modification or Refinance — What’s The Difference?
Is it better to modify a mortgage or to refinance? While both result in new loan terms, the two choices are very different. When you refinance a mortgage you replace an existing loan with a new one. There’s no need to negotiate with the old lender because his mortgage claim will be extinguished. However, borrowers [...]
25May2010 | Peter G. Miller | 0 comments | Continued
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 [...]
16Feb2010 | Peter G. Miller | 0 comments | Continued
How To Read The New Good Faith Estimate Forms
Since January 1, 2010 HUD has required lenders to use a new Good Faith Estimate form or GFE. This is important because whether you buy a mansion or a cottage, you want to know how much your mortgage is going to cost — not just the interest rate but all the fees and charges you’ll [...]
2Nov2009 | Peter G. Miller | 1 comment | Continued
How To End Lethal Prepayment Penalties
The Internet has been humming with a new mortgage debate in Washington: With apologies to Shakespeare, to have prepayment penalties or to ban them, that is the question of the day. On August 15th and within five minutes of each other, email arrived from the Mortgage Bankers Association and the National Association of Realtors arguing [...]
4Oct2008 | Peter G. Miller | 0 comments | Continued
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