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.
What is a Loan Officer?
A loan officer works directly for a bank or other lender; therefore a loan officer often considers the best interest of their employer, not the homebuyer. A loan officer is not required to have a license to work in the mortgage industry.
What is a Mortgage Broker?
A mortgage... more
In addition to mortgage loans for home purchases, there are also other loans available for various purposes that use the home for collateral.
Mortgage interest rates are determined by credit history strength, the number of points you pay, the size of your down payment and the type of loan program you choose.
Obtaining funding is crucial to buying a home. This requires applying for a mortgage, choosing a house that meets the appraisal standards, and determining the amount of the down payment.
There are dozens of different types of mortgage loan programs. They have been created to suit the varying needs of homebuyers.
When making a big move, it's essential to find out as much as possible about the schools, the neighborhoods, the housing costs and the community resources.
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. more
An option ARM loan is a type of adjustable rate mortgage that allows buyers a flexible repayment period. This type of mortgage has exploded in recent years and millions of people now have them. This type of loan has some advantages and disadvantages. Here are the pros and cons of option ARM loans. more
Avoiding a no equity home improvement loan may be in the best interest of all borrowers. These types of loans can be potentially dangerous. These loans are for those looking to take advantage of being a homeowner, without having to meet the credit, security or collateral requirements of other loans. more
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... more