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.
Blind loan modification is a relatively new term that has popped up in the area of bank lending. Blind loan modification is a way that banks make an alternate offer to you on your preexisting mortgage with them. These offers may include a different interest rate, different monthly payment, and different terms. While they are becoming more popular, they are not always the best route to take. Here are three reasons to avoid blind loan modification.
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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