Tag Archives: financing

Homebuyer’s First Steps

Mortgage rates are at 50-year lows – the 30-year fixed-rate mortgage averaged 3.95 percent at the close of 2011 – making homeownership more affordable than ever for families with a stable income and good credit. But before you begin house hunting in earnest, it’s important that you get the facts about buying a home in [...]
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How Do I Identify Loan Officers?

The loan origination business was like the wild west. Now, there is a new sheriff in town: WASHINGTON (Reuters) – Mortgage loan originators will have to be fingerprinted and sign up to a central registry to do business in future, according to final rules issued on Wednesday by the Federal Reserve and other regulators. The [...]
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Loan Modification Scam Prevention Network

Washintgon, DC – The Loan Modification Scam Prevention Network, led by Fannie Mae, Freddie Mac (NYSE:FRE), the Lawyers’ Committee for Civil Rights Under Law and NeighborWorks America, today announced a national campaign to prevent loan modification scams through public education, complaint reporting and coordination with local, state, and federal enforcement agencies. As part of the [...]
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Homeowner Mortage Help

Freddie Mac is a company that helps fund mortgages. From the start to finish, we ask the same questions: Do our credit policies and mortgage practices advance responsible lending? The principles drive our business. They also reflect the public mission in our congressional charter. And together, they have led Freddie Mac to take on a [...]
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Avoiding Foreclosure

Contact Your Lender to Avoid Foreclosure Many people avoid calling their lender when they have money troubles. Most of us are embarrassed to discuss our money problems with others or believe that if lenders know we are in trouble, they will rush to collection or foreclosure. Foreclosure is expensive for lenders, mortgage insurers and investors. [...]
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About FHA Mortgages

93. WHAT IS A 203(b) LOAN? This is the most commonly used FHA program. It offers a low down payment, flexible qualifying guidelines, limited lender’s fees, and a maximum loan amount. 94. WHAT IS A 203(k) LOAN? This is a loan that enables the homebuyer to finance both the purchase and rehabilitation of a home [...]
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What Is Mortgage Insurance?

88. WHAT IS MORTGAGE INSURANCE? Mortgage insurance is a policy that protects lenders against some or most of the losses that result from defaults on home mortgages. It’s required primarily for borrowers making a down payment of less than 20%. 89. HOW DOES MORTGAGE INSURANCE WORK? IS IT LIKE HOME OR AUTO INSURANCE? Like home [...]
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First Steps To Obtaining A Mortgage: Your Credit

47. WHAT STEPS NEED TO BE TAKEN TO SECURE A LOAN? The first step in securing a loan is to complete a loan application. To do so, you’ll need the following information. Pay stubs for the past 2-3 months W-2 forms for the past 2 years Information on long-term debts Recent bank statements tax returns [...]
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Financing Questions: Mortgage Basics

33. WHAT IS A MORTGAGE? Generally speaking, a mortgage is a loan obtained to purchase real estate. The “mortgage” itself is a lien (a legal claim) on the home or property that secures the promise to pay the debt. All mortgages have two features in common: principal and interest. 34. WHAT IS A LOAN TO [...]
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Credit For Small Businesses

The Federal Reserve has issued a statement to banks that encourages them to lend to small businesses. The recent credit crisis has had a severe impact on the ability of small businesses to obtain credit and loans. The federal financial regulatory agencies and the Conference of State Bank Supervisors (the regulators) issued a statement today [...]
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