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4 Questions to ask a Mortgage Broker
More than half of mortgage borrowers get their loans through brokers. The main advantage of using a broker is that the broker can shop among various lenders to find the best deal. Borrowers often feel, whether justified or not, that they can trust big-name lenders but they often don't feel as confident about small-name brokers. If that describes you, here are four questions to ask a mortgage broker whom you're thinking of dealing with.
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Mortgage Calculator
Run various loan scenarios and review amortization tables on this useful offline spreadsheet.
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Pre-Approval Information Form
Streamline your Real Estate Transaction by first obtaining a mortgage pre-approval before looking for a home. Find out the maximum loan amount you qualify for and determine which program best fits your needs by filling out and submitting this worksheet. There is no risk and your information is kept stricktly confidential.
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5 Mortgage No-No's
Whether rates are high or low, whether it's a buyer's or a seller's market, mortgage borrowers make the same mistakes over and over again. The lucky ones don't suffer any consequences. Others endure hardships varying from having to brown-bag it every day at work because money is so tight, to losing the house to foreclosure. Here are five mortgage no-nos, mistakes for mortgage shoppers to avoid.
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What is a good faith estimate?
Your lender is required by the federal Real Estate Settlement Procedures Act to provide you with a good faith estimate of the fees due at closing within three days of applying for a loan. Here's a list of some of the fees you'll find listed on your good faith estimate.
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Quiz: ARE YOU READY FOR A MORTGAGE?
Test your knowledge of mortgage related concepts and find out if you're ready for a mortgage by completing this fun and interactive quiz!
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7 steps to fixing your Credit Report
Put four adults in a room and chances are that one of them will have a credit report with a serious error. The big three credit bureaus process huge amounts of information. Usually, consumers find out about errors in their credit reports after they're denied credit. To fix mistakes in your credit report, here's what to do.
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Making Sure Your Mortgage Loan Payments Count
A mortgage loan will help you get into the house you want and the right one will help you save money; so it's important to know who is handling your payments and that your mortgage account is properly credited. The Federal Trade Commission (FTC) wants you to know what a mortgage servicer does and what your rights are.
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Comparative Shopping For A Home Loan
Comparative shopping will help you to get the best financing deal. The price and terms on a mortgage is negotiable, whether it's a home purchase or a refinancing. It’s important to compare all of the costs associated with a home loan. You can save thousands of dollars by comparing and negotiating.
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Saving Money on Loans and Mortgages
Everyone likes to save money on loans and mortgages. There are different ways to do this. You can get a lower interest rate, pay the principal in less time or make periodic lump sum payments. The question is: which ways save you the most money and are the least painful? Let's find that out.
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Explaining Equity Loans
Do you own your home? If so, it's likely to be your greatest single asset. If you agree to a loan that's based on the equity you have in your home, you may be putting your most valuable asset at risk.
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Understanding Your Mortgage Rights
Mortgage rates change from company to company so it is very important that you test out and get as many quotes as possible to get the best rates possible. A mortgage essentially pledges a property to the lender as security for payment of a debt. Also, learn about the different types of loans you can get. It does make a difference.
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How To Get A Good Mortgage Rate
The mortgage rate you get depends on a couple of different factors such as debt, income and credit score. The trick is to do all of your research and then go to your lender armed. Comparing mortgage quotes lets you identify which deals look good and which deals do not. There are also different types of mortgage rates that you can choose from and finding the one that is right for you takes some research.
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Time For A Refinance Loan?
Getting a refinance loan to save money might be the way to go. How do you decide if refinancing makes sense in your particular case? The answer depends on many factors, including your tax bracket, the length of time you plan to stay in your home, and the additional costs and charges you must pay for the refinancing.
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