When it comes to financing your mortgage, trying to navigate the labyrinth of lenders can get confusing. Like any significant financial transaction, there are advantages and disadvantages that come with each type of lender.
Get started by asking your realtor for referrals. With a large commission at stake, realtors have the right sort of incentive
Mortgage Brokers & Lenders
When it comes to financing your mortgage, trying to navigate the labyrinth of lenders can get confusing. Like any significant financial transaction, there are advantages and disadvantages that come with each type of lender. Get started by asking your realtor for referrals. With a large commission at stake, realtors have the right sort of incentive
Many potential homeowners who are considering how to finance their dream home think of going to a bank or other type of traditional lender themselves. However, there is another option: they can hire a mortgage broker to handle the research and comparison shopping for them. These professionals have access to products, rates, and other information
Conversation | 8 Comments You must be logged in to comment Submit Carla | 05.16.16 @ 20:01 I would have loved to have had these tips when we bought a home. My Son will need them soon. Thanks! trish | 05.16.16 @ 20:03 Wow what great tips I could have used 10
You probably comparison-shop for items such as shoes or computers and prioritize your choices – “I’ll buy the merchandise at vendor X if I cannot get a better deal at vendors Y or Z.” Why wouldn’t you do the same comparison-shopping for mortgage lenders on arguably the largest purchase you will make in your life?
While the Consumer Financial Protection Bureau require all lenders to follow specific guidelines when it comes to pricing, rates, and other factors, that does not mean that all lenders are equal. While it is true that some may be able to give borrowers a slightly better rate, that is not the only difference between them.
Many homeowners know to shop around for mortgages and to compare more than just the interest rate before selecting a lender, but even these borrowers may end up with a monthly mortgage payment that is higher than it could be. While smart borrowers will save money, they can save even more by following these tips:
When preparing to select a mortgage lender, potential homebuyers should do more than simply get quotes from several different lenders. While that is a good place to start, there are other key pieces of information that a borrower needs in order to be able to fully compare the different lenders and what they offer.
Firstly,
Conversation | 12 Comments You must be logged in to comment Submit Brittany | 04.14.16 @ 23:04 Saving money when it comes to mortgages is seriously extremely beneficial. Especially when it comes to today’s current market. Kamie | 04.14.16 @ 23:12 I know you definitely want your realtor or even a mortgage
You made a few phone calls to mortgage companies, checked rates on the web and narrowed your search to a few brokers or lenders who all have the same, reasonable interest rates.
How do you choose one over the other?
First of all, kudos to you for doing your homework.
While buying a home is
Subprime Loans are Back Since the housing crisis began over a decade ago, subprime mortgage loans basically disappeared – thanks to regulatory actions from government and self-preservation for both lenders and borrowers. The effects of borrowing more than you could safely afford to repay became obvious to all parties.
Subprime mortgage loans have been making
“I could have done better.” With respect to mortgage lenders, approximately one-fifth of homebuyers felt this way last year, according to the 2016 J.D. Power US Primary Mortgage Origination Satisfaction Study.
The study found that 21% of all homebuyers and 27% of first-time homebuyers regretted their choice of mortgage lender. Discontent fell into two general
Recent research shows that as banks step back from offering risky loans, non-banking lenders have stepped in to fill the breach. Though banks once ruled the mortgage sector in the U.S, they now have less than a 50 percent share.
According to the latest figures, the amount of mortgage dollars offered by traditional banking institutions
Buying property is one of the largest purchases and biggest financial commitment that most Americans will make. With real estate values rising beyond inflation rates, this has become truer since the late 1990s. For borrowers, it’s important to take control of homeownership, including the costs involved. One of the most important factors lenders look at
The past few years have been tough for prospective homebuyers, with many finding it almost impossible to qualify for mortgages. However, several new programs have come into effect, helping creditworthy borrowers get on the property ladder. Over recent months, things have begun to ease. For example, some new terms now include a down payment of
Federal Judge Margaret M. Sweeney has ruled that the U.S. government acted improperly when it failed to release over 12,000 documents specific documents to investors in Freddie Mac and Fannie Mae. These investors sued the government in 2013, following the seizure of profits from the two mortgage companies. Sweeney ordered the government to release the
The Fitch Group has recently released its U.S. RMBS Servicer Handbook for the most recent quarter. The handbook shows that many banks offering mortgages have halved the number of staff in their mortgage servicing departments during the last two years. The decision to downsize these departments is primarily the result of these lenders seeing their
Freddie Mac announced on Monday, September 26, that it would launch a new program to help reduce the risk it takes on various mortgages. The program will transfer backing to several private mortgage insurance companies. The loans included in this pilot program are those that were acquired by Freddie Mac starting September 1, 2016, and
According to a statement made on Monday, by the Consumer Financial Protection Bureau (CFPB), a large number of mortgage lenders are now following the new regulations implemented last year by the Dodd-Frank Act. These new regulations govern mortgage originations and the dispersal of information to borrowers, among other things. Other rules apply to a borrower’s
While many couples choose to buy a home after getting married, some do not want to wait. They view buying a home as a way of moving forward in a relationship, but doing so may not be the best financial move. Experts warn those who want to buy a home before marrying that if they
Although government bond yields dropped in the past week, lenders have continued to hold mortgage interest rates steady. On Thursday, the 10-year yield on bonds dropped to 1.387 percent, while the average interest rate for a 30-year fixed mortgage was 3.41 percent. The difference of 2.02 percent is higher than it has been since the
Jumbo mortgages made at the six largest U.S. banks accounted for 24 percent of all mortgages in 2015. That’s an increase from 21 percent in 2014. All of these jumbo mortgages were larger than $417,000. Since 2008, they have become more popular with the larger banks, including Bank of America, J.P. Morgan Chase, Citigroup, PNC
One of the consequences of the foreclosure crisis is that mortgage companies were told they needed to be more proactive in contacting and helping delinquent borrowers. However, this comes into conflict with another mandate from the administration: reducing the number of calls that consumers receive on their cellphones. With the two mandates in conflict, the
There are a number of programs that help homeowners with their monthly mortgage payments, but not all homeowners know about them. Some of these programs are connected to employers. While not all employers offer assistance, those that do often find job seekers fighting for open positions. Homeowners can also find help through a number of
Bank of America (BoA) has reported 2016 first quarter earnings from mortgage banking as $433 million, a decline from their $694 million in the first quarter of 2015. This is due to the bank selling fewer secondary market loans, Chief Financial Officer Paul Donofrio reports.
Donofrio explained that the bank’s strategy is to place more
If you are working with a financial advisor, how much do you value his or her input? If you were forced to choose, what would you be willing to give up instead of your financial advisor? Coffee? Dessert? Your doctor?
We admit that this is an odd question, but the folks at the insurance and