Hard Money San Diego hard money loans are nonconforming loans, unlike the type of loans from conventional bank financing. They are funded by private individuals like us, and requirements vary from lender to lender, however most private hard money lenders are much more concerned with the collateral and equity protection, than credit scores. Rates … [Read more...]
How To Compare San Diego Mortgage Rates
Mortgage packages consist of more than interest rates. They consist of a quoted rate, points and closing costs. Points Points are an up-front fee paid to the lender at closing. Each point equals one percent of the loan amount. Points are charged, or paid, to lower or increase the rate on the loan. Most lenders will allow you to choose amongst a … [Read more...]
FHA Loan Requirements – What You Need To Know
The Federal Housing Administration (FHA) provides mortgage insurance on loans made by FHA-approved lenders. FHA insures these loans on single family and multi-family homes, as well as FHA approved condominiums, in the United States and its territories. FHA insured loans require mortgage insurance to protect lenders against losses that result … [Read more...]
Mortgage Company Reviews – What To Look For
Begin the process by reading the fine print of each site you choose to work with. Understand the terms of use and privacy policies. If you are shopping for loan rates on sites like Bankrate or LendingTree, be sure to read their FAQ section, and reviews. These sites are businesses that make money by working with lenders, sometimes pay-per-click or … [Read more...]
What Does ‘FHA Approved’ Mean?
The Federal Housing Administration (FHA) is a government-backed agency providing mortgage assistance to homebuyers using loan requirements that are lower than those required by independent mortgage outlets. FHA Lenders The FHA requires that lenders and properties be approved by the agency in order to do business under their guidelines. Buyers of … [Read more...]
Flexible Lenders in San Diego
It is a noticeable shift from the last four years, when 20 percent down on a home purchase loan was the only game in the neighborhood. Lenders have been willing to do more than they may have been willing in the past. The requirements have not changed significantly, but other parties taking risk, such as the lenders and mortgage insurance … [Read more...]
Direct Lenders vs. Mortgage Brokers
Mortgage broker or Direct lender? What do you choose? What’s the difference between the two and which is better? There are similarities between the two. Both brokers and direct lenders can conduct marketing campaigns to attract clients. They both can can gather information on your financial situation in order to determine whether you are worthy of … [Read more...]
Difference Between a Primary and Secondary Mortgage Market
Primary Mortgage Market A primary mortgage market is the market where mortgage loans are originated. Borrowers and lenders meet in the primary mortgage market to negotiate the terms of loans and hopefully enter into lending agreements. Once a loan has been established, it could be sold to another financial institution, by this entering the … [Read more...]
Comparing Mortgages – Points, Interest Rates and Fees
Points A point is a fee equal to 1% of the loan amount. A 30-year, $150,000 mortgage might have a rate of 4% percent, but come with a charge of 1 point, or $1,500. A lender may charge 1 or more points. There are two kinds of points: discount points and origination points. Think of discount points as pre-paid interest, which helps the borrower. … [Read more...]
5 Tips to Help You Choose the Right Mortgage
Finding the right mortgage involves some digging. Interest rates, points, processing costs and adjustment features all affect how well a mortgage suits your needs. 1) Current Offerings To find out about lenders’ current offerings, you have a couple of options: call lenders directly, or google lenders in your area and interview them to see if they … [Read more...]
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