Just to cover the basics before we dig in, let’s talk about the minimum requirements to get a reverse mortgage. This is more about what it takes to qualify for a reverse mortgage, as opposed to who it is for. You need to be at least 62 years old and own a home with some equity in it. The amount will vary depending on your age. There are some particular property requirements, but that is outside the scope of this Read More
2nd mortgage or home equity loans can be a great way to access the equity in your home. If you’re looking to add value and comfort to your home through a home improvement project, or you’re looking for a lower interest rate alternative to a traditional loan or line of credit, second mortgage or equity home loans may be right for you.
2nd mortgage loans or home Read More
Trying to find a good finance deal can be hard work at the best of times, and finding yourself limited to bad credit mortgage lenders means you are going to have to work that little bit harder to find yourself a good deal. It is not impossible to get a good mortgage interest rate through a mortgage broker, however using a broker of course means you will incur fees, which could turn out to be quite Read More
Seeking out loans to refinance a home is comparable to getting a mortgage loan all over again. Forget the fact that you already have a home which you might use to stand in as collateral.
If you’re to get a mortgage lender to approve you some money in refinancing it, there are some things you must bring to the table. For instance, you should still have a good Read More
Imagine, you can lower your monthly mortgage payment to within 31% of your gross income? To a great many homeowners this represents as much as a $1,000 or even $2,000 per month. Interest rates are being reduced to as low as 3.5% in some cases for a 5 year period. Sound too good to be true? It is time to Hold Your Nose!
The government rescue for homeowners is too good to be true. What lenders Read More
Obama’s new loan modification program has simplified Washington Mutual loan modification process also. People who have tried in the past years must be aware of the difficulty in achieving a loan modification. Even if they were assisted by an attorney it was almost impossible to get approved for one. But thanks to the steps taken by the present government, today both the borrowers and Washington mutual Read More
There are myriad ways to buy a home with nothing down. In fact, after reading the first three sections of this article, I’m sure that you have already conjured up at least a half dozen strategies on your own. I will offer a few here that I have used in the past to greater or lesser degrees of success, and will offer some new ones that I must admit, have not tried yet. Perhaps Read More
Once a person has decided to purchase a house, which in itself is a major decision, there are various things that the person has to do. The first step is to identify a good mortgage lending company that will help to finance your dream. You should do adequate research on the company so that you will be able to benefit from it. This is because adequate research on the company Read More
Rules for loan officer compensation have changed and if you are an MLO student, there are crucial points that you need to keep in mind. You are also required to go over the NMLS testing rules carefully then accept them so as to get the green light to begin the test.
First, you should know that there are two parts in the MLO test. There is the national and the state component. Read More
A mortgage is a secured loan in which an asset is given as a security against the loan to acquire that asset. This is most useful when you want to purchase a house. You can take a loan giving the house as security and acquire and reside in the same. There are no issues as long as you make prompt monthly payments.
The problem arises when you make any default on the loan. At this time, Read More