Mortgage Problems and the Myth of Foreclosure Help
Buying Mortgage Leads: Tips for Internet Mortgage Loan & Refinance Leads
As interest rates rise and consumers with adjustable rate mortgages find it harder and harder to make their monthly house payment, more and more people are responding to offers from companies offering “foreclosure help.” The result is usually bad news.
Four Dangerous Words – “You Can Refinance Later”
Loan officers and mortgage brokers need to be careful when buying internet leads. Web based leads can offer the most bang with your buck, but it is important to find a good direct lead source first. Small mortgage companies need to conserve cash flow with cost effective marketing and a good internet lead source can be just what the broker ordered.
Understanding Credit Scoring On Mortgage Refinancing or Second Mortgage Loans.
Don’t be confused or misled when your lender urges you to take a loan with terms you may not be able to afford. Their suggestion that you can refinance later will not help you if you cannot afford the payments now.
How to obtain a second mortgage loan?
For years, lenders have utilized “credit scoring” to determine whether or not an individual is a good credit risk. Credit scoring has recently become a hot topic, due in large part by the mortgage lending industry’s willingness to use the process to evaluate one’s likelihood of repaying home mortgage refinancing or second mortgage loans.
Stated Income Second Mortgages: Understanding No Income Verification Loans
A second mortgage is a loan that is secured by the equity in your home. When you obtain a second mortgage loan the lender will place a lien on your house. This lien will be recorded in 2nd position after your primary or 1st mortgage lender’s lien, hence the term second mortgage. A second mortgage is also sometimes referred to as a home equity loan. There is no difference between a home equity loan and a second mortgage. These are just two different terms for the same subject. A second mortgage can either be a fixed-rate loan or an adjustable-rate credit line. Interest rates and loan program terms will vary from lender to lender so it is important to shop around and compare before committing to any one offer.
Selective Mortgage Decision Making
What is a stated income second mortgage? A stated income second mortgage is one that does not require the borrower to prove income stated on the application. This is most advantageous to self employed and contract workers who receive a 1099 instead of a W-2 as they would have a difficult time proving their income. Stated income mortgage loans are the most commonly used and usually the least expensive of the no documentation types of mortgages.
Smarter Internet Research; How to Find the Best Mortgage Refinancing or Second Mortgage Company.
Dont accept the first mortgage loan offered to you. It is important that you understand the mortgage terms and compare the loan approved to other mortgage lenders.
Using a Second Mortgage for an 80-20 No Money Down Home Purchase Loan
Shopping for a mortgage can, unfortunately, be complex, frustrating and time consuming. If you are in the market for a mortgage refinancing or second mortgage, the Internet can be a great place to research and shop for a loan on your terms.
Mortgage Costs and How to Reduce Them
Many renters want to own their own home, but they simply don�t have the down payment to make the purchase. If you�re able to afford a house payment as much as your monthly rent, an 80-20 no money down purchase loan could get you out of the rent trap. (80% first mortgage – 20% second mortgage)”It allows people to buy a home without a down payment, or for those people who would prefer not to touch their savings to get into a house,” says mortgage expert.
Over the life of your mortgage you may pay nearly three times the price of your home, paying most of the extra in interest costs. Here are some ways to save.