Locating The Right Mortgage Lender [mortgageprotectiontips.blogspot.com]
The acceleration in activity has occurred over the last six months, with smaller lenders jumping into the fray, said Melissa Cohn, the chief executive of the Manhattan Mortgage Company, a large mortgage broker. “Banks are flush with cash and need to ... A Bigger 'Jumbo' Market
Now This Sucks, so make sure you cover all aspects of Forclosure and deeds in lieu. MensHelpTv As terrible as it is to lose your house to foreclosure, at least it's a relief to put your biggest financial headache behind you, right? Wrong. Former homeowners may still be on the hook if there's a difference between what they owed on their mortgage and what the bank could sell it for at auction. And these "deficiency judgments" are ticking time bombs that can explode years after borrowers lose their homes. It can even happen to people who got their bank to approve them selling their home for less than it is worth. Vanessa Corey, for example, short sold her Fredericksburg, Va., home in April 2008. She and her husband built the house in 2004, but setbacks, both personal (divorce) and professional (housing bust), made it impossible for the real estate agent to keep her home. So she negotiated the short sale and thought that was the end of it. "My understanding was that the deficiency was negotiated away," she said. "Then, last November, I got a letter from a lawyer telling me I owed my lender 000. I had to declare bankruptcy. There was no way I could pay it." Many homeowners are now in the same boat. And not just those who took out bigger loans than they could afford or who did so called "liar loans" where they didn't have to verify their income. Because of falling home prices, borrowers who always paid their mortgage but who have run into unforeseen circumstances -- like ...
mortgageprotectiontips.blogspot.com (Pt) 1. Mortgage lenders pursue homeowners even after foreclosure
For the past three full months, the final contestants in the national song contest have been performing songs from different genres each week. They have crooned sad, sentimental country tunes. They have belted out lively rhythm and blues classics. And they have motivated everyone in the huge theater and across the world to hum along with their interpretation of a recent #1 hit. Tonight, you are one of two surviving contestants. Standing on stage, you wait in anticipation as the nationwide voting results are about to be revealed. As the host lifts the envelope's flap, you can almost hear your heart's thump thump. He slides the card out of the holder and you feel your entire body tense up as if enveloped in a Scuba suit. With millions of eyes on him, the host announces, "And the winner is...."
Our fascination with contests, real or imagined, show just how obsessed we are with being first or best.
Second Best Is Not Best
Being second best never cuts the mustard in modern times. Professional athletes never seem to achieve true greatness without winning a championship ring. Moreover, though receiving an "honorable mention" ribbon at the country fair's watermelon-growing contest is a kind gesture, it somehow never provides the same satisfaction as being handed that sparkling, larger-than-life, first-place trophy. Similarly, why settle for second best when you can find the best mortgage lender?
It's Hard Work Being Number One
As Wesley Snipes explained in one of his films, "It's hard work being this good!" By and large, success has two ingredients: hard work and sacrifice. Though he had the natural talent to fly, Michael Jordan became the best by perfecting every aspect of his game. Then, there's Bill Gates whose net worth equals over $ 50 billion! Though he never graduated from college, the face of Microsoft spent years computing his vision for PCs worldwide. It's not easy being number one. So, when you're looking for a house to invest in, go for the best mortgage lender. With a best mortgage lender looking out for your interest, you can be sure to get a good deal.
The Leading Lender
What steps should you take to find the best mortgage lender?
* Collect information from different lenders to find the best price. The best mortgage lender knows that even if you shop around, you will return to them. Brokers can help to find a lender for you, but always ask about how they are compensated for their services. .
* Get all of the vital cost information that you need. Ask about the lowest mortgage interest rate that the lender or broker offers, whether the rate is fixed or adjustable, and the loan's Annual Percentage Rate, or APR. Learn about the current rates and points, and ask that the points be quoted in dollar amounts. Learn what fees are involved in the mortgage, and which services are linked to which fees. Lastly, learn about the requirements for downpayments. If you cannot provide a down payment, you might have to buy private mortgage insurance, or a PMI.
* Lastly, after comparing lenders and brokers, choose the best mortgage lender and then start negotiating. Ask if any of the fees can be lowered or waived. After negotiating, you can request a written "lock-in," which carves what you have agreed on in stone or more technically, on paper. This document should include the rate that you agreed to pay, the duration of the lock-in, and how many points need payment.
Being number one is never easy, so searching for a premium mortgage rate will require some footwork. But if you can find the best mortgage lender, consider the work well worth every painstaking minute and hour. More Locating The Right Mortgage Lender Issues
