Very often, homebuyers do not understand the difference between a mortgage broker and a loan officer. A loan officer works directly for a lender while a broker is an independent party that does not work for anyone. In this way a broker can seek out loans from many different parties.
Mortgage points are offered by lenders and are added into the closing costs of a loan. A mortgage point equals one percent of the total mortgage balance. Depending on the loan, you may have the option of buying a few mortgage points. While you can almost always buy them if you want to, it is not always in your best interest to do so.
If your home is in default, your goal should be to get a mortgage reinstatement. Many people mistakenly believe that once their home is in default, they have to let it go to foreclosure. While many houses do go to foreclosure, there are other options. If you manage to get your home out of foreclosure, you will have to go through a mortgage reinstatement period to do so. Here is what you should expect during a mortgage reinstatement period.
If you were hoping for a dramatic recovery of the U.S. housing market this year, you might be in for a disappointment, according to statements from a Federal Reserve official. “I don’t think we will see any further deterioration in 2010, but you probably won’t see a lot of rapid improvement either. You’ll just hang around...
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