Blog: Mortgage Information

Where Does the Money Come From for Mortgage Loans?

Posted on June 17, 2019 - 05:00 AM by janie vanleeuwen

In the olden days, when someone wanted a home loan they walked downtown to the neighborhood bank or savings & loan. If the bank had extra funds lying around and considered you a good credit risk, they would lend you the money from their own funds. It... Read more

The Biweekly Mortgage - Who Needs It?

Posted on May 20, 2019 - 05:00 AM by janie vanleeuwen

Have you received an advertisement offering to save you thousands of dollars on your thirty-year mortgage and cut years off your payments? With email spam becoming more pervasive as everyone tries to get rich quick on the Internet, these ads are popping u... Read more

Land Contract

Posted on April 15, 2019 - 05:00 AM by janie vanleeuwen

An alternative to a non-conforming loan is the use of a land contract, which is allowed in some states. A land contract is an agreement between a buyer and a seller, where the buyer agrees to make periodic payments to the seller. The title to the property... Read more

The No-Cost Thirty Year Fixed Rate Mortgage

Posted on March 11, 2019 - 05:00 AM by janie vanleeuwen

There really is no such thing as a no-cost mortgage loan. There are always costs, such as appraisal fees, escrow fees, title insurance fees, document fees, processing fees, flood certification fees, recording fees, notary fees, tax service fees, wire fees... Read more

Which ARM is the Best Alternative?

Posted on February 4, 2019 - 05:00 AM by janie vanleeuwen

How would you like a mortgage loan where you did not have to make the whole payment if you did not want to? Or would you like a loan with an interest rate about 1% below a thirty-year fixed rate mortgage and pay zero points? Or a loan where you did not ha... Read more

The Advantages of Different Types of Mortgage Lenders

Posted on December 31, 2018 - 05:00 AM by janie vanleeuwen

What kind of lender is best? If you ask a loan officer, “What kind of lender is best?” the answer will be whatever kind of company he works for and he will give you a list of reasons why. If you meet the same loan officer years later, and he ... Read more

WHAT’S A FICO®?

Posted on November 26, 2018 - 05:00 AM by janie vanleeuwen

What is a FICO® Score? FICO® stands for Fair Isaac & Company and is the name for the most well known credit scoring system, used by Experian. The credit bureau’s computer evaluates a complete credit profile and assigns a score, which is... Read more

Types of Mortgage Lenders

Posted on October 22, 2018 - 05:00 AM by janie vanleeuwen

Mortgage Bankers Mortgage Bankers are lenders that are large enough to originate loans and create pools of loans, which are then sold directly to Fannie Mae, Freddie Mac, Ginnie Mae, jumbo loan investors, and others. Any company that does this is conside... Read more

Your Savings and Down Payment

Posted on October 1, 2018 - 04:58 PM by janie vanleeuwen

Your First Step Toward Buying a Home When preparing to buy a home, the first thing many homebuyers do is look at the real estate ads in newspapers, magazines and listings on the Internet. Some potential buyers read how-to articles like this one. The next... Read more

Items You Need When Applying For a Loan

Posted on October 1, 2018 - 04:58 PM by janie vanleeuwen

Have These Items Ready When You Apply For a Loan It used to be that lenders mailed out verifications to employers, banks, mortgage companies, and so on, in order to verify the data supplied by borrowers. Nowadays, the interest is often in speed and getti... Read more

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