VA Mortgages
The Veterans Administration (VA) does not make loans. VA guarantees that the lender will be protected against loss in the event of a foreclosure up to a maximum of 25% of the loan amount. VA will guarantee a loan for any eligible veteran to purchase a home provided his income will permit him to make […]
Twelve Guidelines For Mortgages
If you had a bad experience, you can contact the Regulatory body in your state or you can contact HUD in Washington who can examine cases of irregularity
The Importance of Locking Your Mortgage Rate
Here are some facts you should consider when asking yourself if you should lock the interest rate on your mortgage loan. Mortgage rates are tied to movements in the financial markets. How long should I lock my loan’s interest rate? Get the terms of the rate-lock in writing: Ask your Lender to Lock-in options
The Benefits of Common Loan Programs
An Adjustable Rate Mortgage (ARM) An Adjustable Rate Mortgage (ARM) is a mortgage loan that has the following benefits: It has a low starting interest rate in comparison to the 15 & 30 year mortgage loans. The low introductory rate is used to calculate the mortgage payment for a specified period of time. The interest […]
The Relationship of Mortgage Rates and Economic and Financial Market Events
Due to the fact that a mortgage loan is a long term debt, the Treasury bond market (debt issued by the federal government) is used as a benchmark for determining appropriate values of a mortgage loan. The selling of mortgage loans to investors is referred to as the “secondary mortgage market”. Mortgage loans are sold to these […]
Six Steps To A Mortgage
The processor’s job is to put together an entire package that may be underwritten by the lender. “Mortgage insurance underwriting” occurs when the borrower has less than 20% of the loan amount to put towards a down payment. At this time, the loan is submitted to a private mortgage guaranty insurer, who provides extra insurance […]
Sign IRS Forms Every Time You Seek A Home Loan
Do you need to sign the IRS forms every time you seek a home loan? If you are working with a mortgage broker or a real estate agent towards refinancing or buying a home, you should let them know well in advance if you do not wish to sign the IRS form at the closing. […]
Reduced Documentation Loans
FAQ on Reduced Documentation Loans The 2007 mortgage crisis was partially blamed on reduced documentation loans. These loans are heavily based on credit scores and assets and often require little or no income documentation. Because of this, the availability of Reduced Documentation loans has nearly disappeared. Where they do exist, the interest rates are 1 […]
Rate and Term Option Helps Homeowners After Divorce
Divorced homeowners often find out the hard way that neither a Quit Claim deed nor a divorce decree remove a former spouse from their mortgage note. Only three avenues exist to get an ex-spouse off a mortgage: a Novation to the mortgage, a home loan refinancing, or the sale of the house. Credit unions, mortgage […]
Property Taxes
Low Property Taxes on Colorado Residential Property Colorado’s property taxes are some of the lowest in the country. On average, Colorado residential property tax is about 0.6 percent, and the state is usually one of the 10 lowest paying of the 50 states. Property taxes are based on what the county assessor calls the Actual […]