- Understanding How Assignments of Mortgage Work
The bank or other mortgage lender that provides a borrower with the funds to purchase a home often later transfers or assigns its interest in the mortgage to another firm. When this happens, the borrower will start sending monthly mortgage… read more…
- What Does REO Foreclosure Mean?
Real estate owned (REO) properties offer the opportunity to purchase homes for attractive prices to home buyers who can navigate the specifics of how these properties come to market. REOs usually have been foreclosed on by lenders who are seeking to turn them into cash as quickly as possible. However, buying an REO requires navigating… read more…
- What Is a Mortgage Note?
A mortgage note is a legal document which, together with a promissory note, describes the terms of the loan agreement between lender and borrower. It is signed at the end of the closing process when purchasing a home or other… read more…
- Is a Reverse Mortgage a Good Idea?
A reverse mortgage can provide a stream of consistent income for retirement. This type of financial arrangement allows eligible homeowners to convert their equity into income. Unlike a home equity loan or home equity line of credit (HELOC), no repayment… read more…
- What Does a Loan Processor Do?
A loan processor prepares a mortgage loan application for consideration by the loan underwriter. The loan processor requests credit reports and gathers documents from the applicant as part of getting the application ready to pass on for underwriting. Loan processors… read more…
- What Is a Mortgage Lender?
When you’re in the market to buy a home, there is a good chance you’ll need to finance your purchase with a home mortgage loan. From start to finish, you’ll likely speak to many people before finally closing on your… read more…
- What Is a Mortgage Contingency?
Whether you’re buying or selling a home, getting the home under contract is just the start of the process. Since most Americans don’t buy their homes with cash, they need a mortgage to complete the transaction. However, it isn’t guaranteed… read more…
- What Is an Appraisal Contingency?
If you are buying a home, there are two things you should never, under any conditions, waive. The first is home inspection, along with your right to unilaterally withdraw your offer based on the results of that inspection. The second is… read more…
- Understanding How Correspondent Lending Works
When you get a mortgage, you may go through your bank or your credit union. These organizations are direct lenders that approve your mortgage in-house and fund it from their own pool of funds. Your bank or credit union may hold your mortgage loan for its life in their portfolio of loans. However, it is… read more…
- What Does a Mortgage Banker Do?
Mortgage bankers originate, underwrite and fund mortgage loans. They also may package and sell the loans to investors, although some keep the loans they originate and service them by accepting borrowers’ monthly mortgage payments and handling taxes, insurance and recordkeeping. Are you thinking of getting a mortgage and considering getting some help with the process?… read more…
- Hard Money Loans: Definition and Pros & Cons
Hard money loans are a type of short-term mortgage loan that’s secured by a property. They can also be referred to as bridge loans. You might consider a hard money loan if you’re interested in financing an investment property. Before you apply for one of these loans, it’s important to understand how they work. A… read more…
- Mortgage Broker vs. Bank: Which Is better?
When buying or refinancing your home, you want to get the best deal on your mortgage. To find the lowest interest rates and best terms, you’ll need to decide between working with a mortgage broker or bank to get your… read more…
- What Will Inflation Do to Mortgage Rates?
Getting the best rate on a mortgage matters because it can determine how affordable your monthly payments are and how much interest you’ll pay over the life of the loan. Low rates are a boon for buyers while rising rates can make homebuying more expensive. While not directly linked, consumer prices can influence movements in… read more…
- How the Flex Modification Program Works
A mortgage modification can help you get better terms on your home loan if you’re struggling to make payments. The Flex Modification program is designed to help homeowners who have mortgages that are owned by Fannie Mae or Freddie Mac.… read more…
- Mobile Home Mortgage: A Guide
Mobile and manufactured homes are affordable housing options, especially for people living a nomadic lifestyle or in remote areas. But, if you want to finance a mobile home, some lenders may not consider them eligible for a traditional loan. Fortunately,… read more…
- Condo vs. Townhouse: Which Should You Buy?
Condominiums and townhouses are home types that both appeal to buyers who are looking for simplified maintenance and lower prices than traditional single-family residences. While similar, each has advantages and disadvantages compared to the other. Here are the major differences and tips on how to choose between them. If you’re considering buying any type of home… read more…
- Can You Pay a Mortgage With a Credit Card?
Mortgage payments are one of the biggest bills that most households pay each month. Some credit cards offer tremendous rewards and perks based on how much you spend on them. Because of that, it makes sense to wonder if you… read more…
- How Float-Down Options Work
If you’re looking to buy a new home or refinance an existing mortgage, the interest rate has a major impact on your monthly payment. Interest rates often change multiple times throughout the day, so it can be difficult to know when to lock in your rate. Some lenders provide a float-down option that allows you… read more…
- Should I Lock My Mortgage Rate Today?
If you’re looking to buy a home, the thought of committing yourself financially to a mortgage and creating a new space for your family can produce a strange mix of excitement and trepidation. While many factors will affect your decisions… read more…
- Delayed Financing: A Comprehensive Guide
If you’re currently in the market to buy a home, a lack of housing inventory can make the process expensive. And the expanded presence of cash buyers in the market will also make it even more difficult for homebuyers bringing… read more…
- Condo vs. House: Which Should You Buy?
If you’re one of the many people looking for a new home right now, one of the first questions is this: do you want a house or a condominium? In a nutshell, consider the difference this way: If you like living… read more…
- Should You Pay Off Your Mortgage Before You Retire?
Minimizing your expenses in retirement seems like a smart choice – especially if you can get rid of a large cost like your mortgage. Repaying your mortgage will not only ease your financial stress but may give you peace of… read more…
- How Your Credit Score Affects Your Mortgage Rate
When you apply for a mortgage, your credit score is generally one of the most important factors in determining your interest rate. This can make a big difference when it comes to your monthly payments and how much you spend… read more…
- Homebuyer Expectations Have Plummeted: Here’s How You Can Buy Your Dream Home
With short supply of houses and mortgage rates on the rise, it’s understandable that potential homebuyers may feel like their dream home is drifting out of reach. The Federal Reserve Bank of New York recently released the results of its annual Survey of Consumer Expectations, and survey respondents confirmed that potential house hunters exhibit the… read more…
- Condo vs. Apartment: Which Should You Buy?
Buying a condominium means buying an individual unit in a property with public areas owned and managed by a homeowner’s association. Buying an apartment usually means buying a share of ownership in a cooperative association that owns the property and grants proprietary leases allowing shareholders to live in specific units. Condos may be more expensive… read more…