Tag Archive | "lender"
Watch Out For The Prepayment Penalty
What is a prepayment penalty and why is it incurred? A mortgage prepayment penalty is the means by which a lender can charge more interest when a mortgage is paid during the penalty period. The idea seems ludicrous, but the reason why lenders impose prepayment penalties is because if a homeowner pays off a mortgage in [...]
Continue reading...Hitting A Financial Aid Brick Wall
Tuesday, August 18, 2009
If you have hit a brick wall during the financing of a student loan, you may be able to recover using the HEA or Higher Education Act’s Section 674.39 on Loan Rehabilitation. The Higher Education Act of 1965 and the 1998 amendments clearly state the required statutes of this Act. To wit: If the borrower of a [...]
Continue reading...Comparing Your Reverse Mortgage Offers
Tuesday, August 18, 2009
If you are considering a reverse mortgage, currently there is only one type of reverse mortgage that is available. It is called the HECM or Home Equity Conversion Mortgage. This mortgage is insured by FHA. You can obtain this type of mortgage from a HUD lender. Since the credit crunch, there are rules and regulations these [...]
Continue reading...Free Application Cost Does Not Mean Great Deals
Monday, August 17, 2009
As you begin researching for the best refinancing deal, you will undoubtedly come across companies that offer “free” or “no cost” applications. Remember the old saying, “If it sounds too good to be true, it usually is.” Let’s face it - you must come across hundreds of emails offering a host of “free” merchandise, gift cards, [...]
Continue reading...Five Great Reasons To Refinance Before It Is Too Late
Monday, August 17, 2009
The Federal Reserve has lowered its interest rates several times during this current economic crisis. As a result, mortgage interest rates have begun to fall and hundreds of thousands of homeowners have sought refinancing for a variety of reasons. Besides being afforded the opportunity to save money (which is critical during this recession), here are five [...]
Continue reading...Rate Lock Basics: What Everyone Should Know
Friday, August 14, 2009
What is a rate lock? According to the Consumer’s Guide to Mortgage Lock-ins, a rate lock is a lender’s promise to hold a certain interest rate and a certain number of points for you, usually for a specified period of time, while your loan application is being processed. Establishing a rate lock will depend upon the [...]
Continue reading...Ten Remortgaging Tips
Thursday, August 13, 2009
Here are ten remortgaging tips to help you secure the best rate for your home. 1. There are many types of remortgage deals available. Speak to several lenders to find the most appropriate and low cost deal for you. 2. Ask the lender what the interest rate will be for a remortgage. If it is a fixed [...]
Continue reading...Hidden Fees Can Hurt
Friday, July 17, 2009
Unless you are aware of all of the fees a lender can add to the refinancing of your mortgage, it is critical that you ask ahead of time exactly what fees will be incurred before you sign on the dotted line. There are a host of fees that can be added to your mortgage such as [...]
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Wednesday, August 19, 2009
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