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Mortgage Lenders: The Good, the Bad, and the Ugly
from: Deb St. George - HomelessInKingCounty.comIt’s quite true that today’s mortgage lenders come in all varieties. The mortgage fallout of the foreclosure scandals have some people doing a double take on their lenders, both when they are buying and since they have bought. Countrywide remains as one of the ugliest mortgage lenders of the housing bust, so much so that the FBI is now investigating their lending practices for evidence of fraud. There are still good lenders out there, but it pays to scrutinize any loan offer you are signing so that you don’t get caught in perilous lending practices that can put your home on the auction block.
How to Protect Yourself
If you have a loan that is currently under any mortgage lenders under investigation, it doesn’t mean you can’t refinance with someone else. You also want to steer clear of mortgage companies that may be going bankrupt as this can block the closing of the house sale at the last minute. You want to work with a reputable lender who isn’t in financial straits, to make sure you are not faced with a lender pulling out right before the papers are signed.
Get several offers from a variety of mortgage lenders, so that you know exactly what to expect. If your realtor or builder tries to get you to sign with one lender only, then this may be a tactic to keep you uniformed. The more offers you review, the more knowledgeable about what is a good offer for your particular financial situation.
Do your own homework. Don’t expect realtors or mortgage lenders to have your best interest at heart. You need to understand the terms of the loan as clearly as possible. If you don’t, you can always attend local homeownership courses at your local community college or through the Department of Housing and Urban Development (HUD). Never sign anything you don’t understand, especially if you are being pressured to do so within a short timeframe.
Never lie on your loan documents and avoid lenders that encourage you to fudge the numbers. This is an indication that you can’t afford a particular home and fudging the numbers is not likely to help you in the long run. It will, however, help the mortgage broker who makes a commission on preparing the loan documents. So, stick to the guidelines and try to stay within budget.
Avoid lenders that offer to fill in the blanks for you, just allowing you to sign on the bottom line. This can also be a practice of fraudulent “home ownership counseling” programs that make a commission on house sales in a particular area. Again, you should be the most informed consumer on how you will manage the debt of a home mortgage, not your lenders, your real estate agent, or even a counseling program.
Refinance Mortgage Rate News
When Does It Make Sense to Refinance? - MarketWatch (press release)
 Eastern Morning Herald | When Does It Make Sense to Refinance? MarketWatch (press release) Rate reductions may cut monthly costs and the overall expense of ownership, making a home more affordable. The big question: When is the right time to refinance? "Many borrowers have the opportunity to reduce mortgage payments at a time when expenses ... Mortgage Rates: Low Mortgage Rates Remain In Place Ahead of Heavy Week of ... Today's Mortgage Rates: Chase, KeyBank and Wells Fargo Refinance Rates for May ... The Case for Refinancing |
Fixed rate doesn't outsmart the market - Brisbane Times
 Brisbane Times | Fixed rate doesn't outsmart the market Brisbane Times 'My suggestion is that refinancing mortgage-holders are best served by the variable-rate system.' Photo: Jessica Shapiro PROFESSIONAL investors understand that you can't outsmart the market. Many try, most fail, and those who get away with it once ... To fix or not to fix? |
ClosingCorp Enhances SmartGFE Service and SmartGFE Calculator Functionality - MarketWatch (press release)
ClosingCorp Enhances SmartGFE Service and SmartGFE Calculator Functionality MarketWatch (press release) Through these services, mortgage lenders are now able to select a title company offering discounted refinance rates for their borrowers. "By adding discounted refinance rates to our service offerings, we are enabling mortgage lenders and title ... |
The Truth About Mortgage Refinancing Revealed by Kansas and Missouri Mortgage ... - SBWire (press release)
The Truth About Mortgage Refinancing Revealed by Kansas and Missouri Mortgage ... SBWire (press release) Overland Park, KS -- (SBWIRE) -- 05/21/2012 -- It seems like everyone in Kansas and Missouri is jumping on the mortgage refinancing bandwagon. Maybe you're thinking about it yourself? After all, with rates as low as they are, the promise of lowering ... |
Many Don't Qualify for New Mortgage - Mortgage Daily
 Moneycontrol.com | Many Don't Qualify for New Mortgage Mortgage Daily By CHELSEY LEVINGSTON Dayton Daily News - McClatchy-Tribune Information Services Local Dayton, Ohio, homeowners able to refinance their mortgages at today's record low interest rates could save hundreds of dollars on monthly payments, putting more ... Loans at lower rates, harder to get Homes.org Published Mortgage Rates Update – Rates Drop Below 4% Increasing Mortgage Rates Threaten Thousands of Brits with Home-Loss |
Borrowers Face Big Delays in Refinancing Mortgages - Wall Street Journal
 Wall Street Journal | Borrowers Face Big Delays in Refinancing Mortgages Wall Street Journal Those rates have helped thousands of Americans free up cash or retire debt. On average, borrowers that refinanced during the first quarter of 2012 reduced their first-year interest payments by $2900, according to mortgage-finance giant Freddie Mac. Mortgage Rates: Low Mortgage Rates Remain as President Proposes Refinancing ... Fixed mortgage rates hit new lows once again Does It Make Sense To Refinance With Rates So Low? |
The Homeowners Consumer Center Now Urges Any Homeowner in New Jersey Paying ... - Albany Times Union
The Homeowners Consumer Center Now Urges Any Homeowner in New Jersey Paying ... Albany Times Union The Homeowners Consumer Center is appealing to any homeowner in New Jersey, who has a current mortgage with a interest rate higher than 5% to refinance now, and save hundreds, if not thousands of dollars per year. The group is also strongly ... The Homeowners Consumer Center Urges Any Homeowner in Pennsylvania Paying More ... |