Archive for the ‘Mortgage FYI’ Category

Mortgage fraud is on the rise, and borrowers are increasingly likely to encounter it and may even knowingly or unknowingly become part of it. According to the FBI, mortgage fraud can best be understood as a material misstatement, misrepresentation, or omission relied upon by an underwriter or lender to fund, purchase, or insure a loan. In some situations, people intentionally engage in mortgage fraud because ... Full story

If today is the first of the month, pay your rent!That is a reminder you should take to heart for many reasons, because paying your rent on time can have many benefits besides hanging onto your warm place to sleep this winter.   Payment Reporting Builds Credit (PRBC), an innovative national credit bureau, has been paving the way for individuals with no credit score or “not enough ... Full story

People going through the process of buying a home may think the only thing they need to know about is getting the lowest rate or the best deal. If you want the lowest rate, go to the Internet, where you will find some excellent rates.  Unless you are locking in an interest rate that day, though, chances are the rate you are quoted ... Full story

by Brian Risler How does the bank see your mortgage loan application when you’re buying a home? If you’ve ever been through the process, you know it can be an anxious, stressful time. As it turns out, though, the bank’s view of your credit application is a lot like the jeweler’s evaluation of a precious gem. To the bank, your loan is an asset, and ... Full story

What qualifies as income when applying for a mortgage? Several years ago I had a client who worked as a pastry chef who applied for his first mortgage. I asked him several qualifying questions to gather information to help him with the pre-approval process, questions such as how long he had been working as a chef, what were his available assets, and how he was compensated ... Full story

When interest rates are lower than a homeowner’s mortgage rate, the homeowner should definitely contact multiple lending institutions for competitive home mortgage loan refinancing rates. I would start with the lender who services my loan. Some lenders have “Express” or “Streamline” refinance programs for their clients and offer reduced rates and fees. If you are ready to consider refinancing, first you need to carefully assess your ... Full story

What Are Closing Costs? After months of searching, you have finally found the house of your dreams. Now comes the closing!  Closing is the exciting but anxiety-producing day when you meet with the representatives for the seller and the lender to sign paperwork transferring the property and agreeing to the financing terms of your mortgage.  “Mortgage ... Full story