There are new federal regulations on mortgage lenders coming out way soon. Recently, President Bush signed a bill into law at the end of July that encourages state regulatory commissions to register all residential loan originators, and creates a national database of lenders that tracks fraudulent activity from state to state. This will [...]
Posted in Blogging | Tagged federal, for, Home, lending, market, regulation, the
Reverse mortgages are used to assist seniors who want to supplement their income with mortgage payments, but instead of paying the bank, those who take out the loan actually get paid. I spoke with someone the other day who had a completely mistaken concept of what these are used for and had the mistaken idea [...]
Posted in Blogging | Tagged Basics, for, Mortgage, reverse, seniors
For most people, purchasing a home is the largest investment they will ever make. For those who have taken the plunge, they understand it is a complex endeavor which requires preparation and education. Since a home could cost 25 to 45 percent of one’s gross income, it’s important to conduct research and ask questions.
Following are [...]
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Owner builders save themselves a lot of money by managing the construction of their homes and cutting out the costs of a general contractor. However, for owner builders who have never built before, there is a very important lesson to learn about the owner builder loan timeline before getting too far into the planning process.
Owner [...]
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As of Monday July 14th, 2008, the government has passed new laws which cause a decent amount of change within the mortgage industry and how these companies give out loans to homeowners. Even though they were passed on Monday, these rules wont take effect until October 2009 to give time for companies to transition to [...]
Posted in Blogging | Tagged 2009, for, laws, mortage, Mortgage, new, reconstruction, the, time
Life doesn’t hold too many real guarantees anymore. Seniors work hard their whole lives and expect to receive a pension and often those pension funds aren’t available or the company closes and the individual is left looking for work late in life with no pension at all, starting over.
Borrowers go to their local banks and [...]
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Buying a home is probably the most expensive investment you will make in your life, so how you pay for it is a monumental decision. There are so many products available to home buyers, you really have to do your homework before deciding on one mortgage.
Here’s what you need to know when shopping for a [...]
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For many years, if you wanted a mortgage to get a home, the kind of mortgage lender you would visit was a bank. Today thanks to competition, the benefits of getting a mortgage from other mortgage financing companies can really benefit you.
Banks are in the main, pretty stable financial institutions. Banks deal with money, and [...]
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If you’re a senior 62 years or older with equity in your home, you can supplement your retirement with a reverse mortgage.
This is basically where the lender pays the borrower instead of the borrower paying the mortgage to the lender.
You may be wondering how this works. Basically the lender will pay you either a lump [...]
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