Depending upon which measure you use, mortgage loan refinancing and home loan modification loans made for nearly half of all mortgage loans originated in 2011.Yet there are many (and you know who you are) out there who just well, haven't exactly burned up their phone lines calling lenders for refinance information. Many think rates will go down. Many are just lazy and … [Read more...] about You’re Still Waiting. Really?
Archives for May 2012
Believe it or not, there are a TON of people who are involved in approving your mortgage loan application. The loan officer takes your loan application and helps you select the mortgage that best suits your needs. The loan processor documents your loan file and asks you all sorts of nosy questions. The underwriter reviews the documentation in the loan file to see if it … [Read more...] about Who Really Approves Your Loan?
When you're trying to nail down the best interest rate from the multitude of lenders in the marketplace...it can be a daunting task. One lenders rate might be .125% better than another yet their fees might be higher. Or the rates are the same from the different lenders but one has more points than the other one.How do you marshal this mess?Compare apples and apples. … [Read more...] about How to Compare Interest Rate Quotes
If you're eligible for the new HARP® 2.0 home loan modification program then congratulations, you're eligible to save thousands of dollars that would otherwise go to mortgage interest. And with this new version of HARP® comes some features not previously available yet there's a common misunderstanding that you have to go back to the original lender in order to qualify for the … [Read more...] about Shop For Your Loan Modification Rate
Historically, say way, way back to 2007, if a lender made a loan written to Fannie Mae, Freddie Mac or Government Guidelines, they could sell that loan to any other lender, investor or to Fannie/Freddie/Govvie directly. When lenders have a universal platform in which to underwrite it creates a commodity...in this instance a mortgage loan which looks the same, from an … [Read more...] about Watch Out for Those Modification Overlays…They Can Kill Ya!