Types of Mortgage Lenders, The Truth About, mortgage lenders.#Mortgage #lenders


Types of Mortgage Lenders

Mortgage lenders

Mortgage bankers are essentially mortgage lenders that originate and sell their loans in pools on the secondary market to investors such as Freddie Mac and Fannie Mae, along with private investors. If they are non-depository institutions, they finance the loans with warehouse lines of credit extended by other lenders, but quickly sell them off on the secondary market so they can originate new loans. Chase, Quicken, and Wells Fargo Home Mortgage are three of the largest examples, though much smaller operations also share this distinction.

Portfolio Mortgage Lenders

Portfolio mortgage lenders originate and fund their own loans, and may service them for the entire life of the loan. Because they typically offer deposit accounts to consumers, they are able to hold onto the loans they fund. They are also able to offer more flexibility in loan products and loan programs because they don t need to adhere to the guidelines of secondary market buyers. That means unique program guidelines and special offerings that other banks can t offer. Once their loans are serviced and paid for on time for at least a year, they are considered seasoned and can be sold on the secondary market more easily. Bank of America, Chase, and Wells Fargo are examples of portfolio mortgage lenders.

Correspondent Mortgage Lenders

Correspondent mortgage lenders originate and fund loans in their own name, then sell them off to larger mortgage lenders, who in turn service them, or sell them on the secondary market. The loans can be underwritten by the correspondent mortgage lenders, but the loan programs are usually based on terms approved by the larger mortgage lender, or sponsor . Correspondents usually have a array of products from different sponsors, and act as an extension for those larger lenders. In other words, a small correspondent mortgage lender may resell Wells Fargo products and/or Chase products under their own name.

A direct mortgage lender is simply a bank or lender that works directly with a homeowner and underwrites their product in-house, with no need for a middleman or broker. Mortgage bankers and portfolio lenders usually fall under this category if they have retail operations. Examples include SoFi, loanDepot, Wells Fargo and Bank of America, though smaller entities could share this distinction as well.

Wholesale Mortgage Lenders

Wholesale mortgage lenders are similar to mortgage bankers in that they originate and sometimes service loans, and also sell them on the secondary market. Many mortgage banks have wholesale and retail divisions, although wholesale lenders can be independent entities as well.

A wholesale mortgage lender is distinct because it works with independent mortgage brokers, who are client-facing. These brokers work on the retail end with borrowers and handle all correspondence, while simultaneously working with an Account Executive at the wholesale mortgage lender to carry out processing, underwriting, and loan funding. The borrower never actually interacts with the lender, only the broker does.

The wholesale mortgage lender funds the loan, and will usually sell it on the secondary market within a month or two. Some examples include United Wholesale Mortgage and Carrington Mortgage Services.

Warehouse lenders provide financing to other mortgage lenders so they can originate their own mortgages. This short-term funding provides smaller lenders with liquidity so they can focus on making more mortgages while selling existing ones on the secondary market.

Smaller mortgage bankers and correspondent lenders rely on warehouse lines of credit to finance their operations. They pay back the warehouse lines of credit whens loans are sold, and may give a cut to the warehouse lender for each loan that is eventually sold. The mortgages are used as collateral for the temporary financing.

Subprime Mortgage Lenders

Subprime lenders tend to focus on homeowners with less than stellar credit. While the definition of subprime varies from lender to lender, most in the industry characterize it as lending to borrowers with credit scores below 620. But other issues may persist, including limited income and assets, or inability to provide documentation. As a result, interest rates provided by subprime mortgage lenders will be much higher than those at standard lenders. Essentially, subprime lenders are willing to take on more risk for a greater reward (a sky-high interest rate).

This category has since been replaced by non-QM lenders, who make loans that fall outside the Qualified Mortgage (QM) rule. However, loan quality today might be better than that of their predecessors so a straight up comparison isn t entirely fair.

Alt-A mortgage lenders typically offer mortgages to borrowers with limited documentation, limited or no down payment, and/or credit scores mostly between 620-720. This type of mortgage lender falls somewhere between a prime lender and a subprime lender. Borrowers may use an Alt-A mortgage lender because they have a tricky loan scenario or a sticking point that makes it difficult or impossible to close with a traditional mortgage lender. The risk appetite of an Alt-A lender is medium-high.

Mortgage brokers work independently with both banks/mortgage lenders and borrowers, and need to be licensed. Their job is to contact borrowers and bring in potential deals. Once they have a deal, they can send it to a mortgage bank or a wholesale lender. They need to process the loan once it is approved, and can negotiate pricing with the bank or mortgage lender to receive a rebate, known as a yield spread premium. Mortgage brokers may form partnerships with real estate agents to ensure a steady stream of new business.

Loan officers work at retail banks or under mortgage brokers, and basically do the same thing a broker would do, except they don t need to be licensed. They solicit borrowers using direct mail, telemarketing, and similar practices. Brokers usually provide them with office supplies and leads, and each take a split of the total commission. They may not need be well experienced, so take caution if and when one solicits you to ensure they are well educated on mortgages.

Related: Take a look at the top mortgage lenders in the second quarter of 2010.


CREDIT CARDS and LOANS for BAD CREDIT, bad credit mortgage lenders.#Bad #credit #mortgage #lenders


Loans and Credit Cards for Bad Credit

Welcome! Since 2005, we have been dedicated to helping those with a bad credit rating rebuild their credit. We provide you with the knowledge and resources necessary for you to find the best loans and credit cards for bad credit, regardless if you have a poor credit score or past credit problems. We continously update our offers to bring you the best bad credit offers available.

If you are looking for the right offer to fit your financial needs or repair bad credit, please begin by choosing a category of offers below:

Compare the top 10 credit cards for those with bad credit and apply online instantly.

Compare auto lenders that approve people with a poor credit score.

Review the best services for debt relief and debt consolidation loans.

Need a cash loan to pay bills, take a vacation, or start a business? Apply now.

Compare options to repair your bad credit history and improve your rating.

Get a new home loan now at a great rate regardless of your past credit history.

Tips and Advice

► 5 Steps to Rebuilding Bad Credit

Bad credit mortgage lenders

► Credit Crunch Shrinking Size of Personal Loans

Bad credit mortgage lenders

► Inside the Brain of an Auto Lender

Bad credit mortgage lenders

► Filing for Bankruptcy: Chapter 7 vs. Chapter 13

Bad credit mortgage lenders

► Which Type of Home Loan is Right for You?

Bad credit mortgage lenders

► Too Much Debt? How to Break the Debt Cycle

Bad credit mortgage lenders


Best Texas Mortgage Lender, Houston Home Loans, Mortgage Brokers, home mortgage lenders.#Home #mortgage #lenders


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Pre Qualify Now!

  • Conforming and Non-Conforming Jumbo
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  • 1st Preliminary Assessment Let s see if you re qualified.
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Our goal is to provide you with the best customer service possible.

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AMCAP Mortgage is a company i would really recommend to anyone, not to mention that Gerry , Anna and Donna are very knowledgeable and helpful View more »

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Mr. Nicodemus is truly one of the best in the mortgage industry. He is well versed and extremely knowledgeable regarding View more »

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Las Vegas Mortgage Lenders, Best Home Loan Broker Experience, Casey Moseman, CMPS Las Vegas Custom


Converting Your Home to Rental Property

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Converting your primary property into a rental property cannot be done on the spur of the moment, it requires planning and a cost benefit analysis

Assess the risk

May require another type of insurance

Repairs and/or Upgrades

Deciding What Will You Charge
Finding a Tenant

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How to Get a Second VA Mortgage?

A Quick Guide to Understanding the Second VA Mortgage

Best home mortgage lendersThe U.S. Department of Veterans Affairs backs VA mortgages also known as VA Loans for military families since 1944. A VA Mortgage helps families purchase single-family homes through private lenders.

There are a lot of misconceptions out there about the VA loan program or the VA Mortgage. Two of the most common are rooted in the concept of VA entitlement, which is basically the amount of money the agency guarantees they will pay back the bank in case if you foreclose or short sale the home. It is possible in certain cases to have 2 VA home loans at the same time. And you can definitely qualify for a VA Mortgage even if you defaulted on one in previous years.

Understanding Entitlement

Can You Have More than One VA Mortgage at one time?

What are the Advantages?

Types of VA Loans

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How to Buy a Home with a Low or Zero Down Payment

The truth about no or low down payment mortgagesBest home mortgage lenders

FHA Program

The HomeReady Mortgage Program

VA Loans

Acquiring a Private Mortgage Insurance
State and local home buyer programs

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What are Mortgage Overlays?

Navigating the wide world of lender mortgage overlays

Specific Overlay Examples

We have put together a list of most common mortgage overlays in relation to the published mortgage guidelines.

  • Debt to Income ratio – FHA set a maximum debt to income ratio of 56.9% for potential buyers with a minimum credit rank of 620. However, there are a few lenders that will not approve a mortgage unless the debt to income ratio is over 43%
  • Minimum credit scores – While the FHA requires a minimum FICO score of 580 to qualify, the majority of lenders require a score of 600 or 620 or even 640 in order for them to consider the mortgage loan.
  • Down Payment requirements – According to Fannie Mae and Freddie Mac’s guidelines borrowers need a 3% to 5% down payment in order to buy a house using a conventional mortgage. However, some lending institutions may increase the interest rate on the mortgage by 0.125% up to 0.50% or, they might require a bigger down payment if you have a credit score below 700.
  • Bankruptcy requirements – If you have a prior bankruptcy, foreclosure, deed in lieu of foreclosure, and/or short sale, there are certain federal mandatory requirements for you to qualify for a mortgage loan. After a potential borrower is discharged from bankruptcy they may apply for a mortgage loan. However, most lending institutions ask customers to wait up to two years once the discharge is complete. There are different waiting periods for different types of loans.

Additional Common Overlays

  • Property types – A veteran may use a VA mortgage to purchase almost any kind of property; however, some lenders do not offer a VA mortgage for a condo or a manufactured home. Some lenders won’t lend on condotels or timeshares at all. Or non-warrantable condominiums.
  • Credit History – With limited credit history, it’s more difficult for lenders to determine a track record of how you handle credit. There are lender overlays in place that require a certain number of credit accounts and a minimum number of years of payment history in order to consider you for a loan.

Dealing with lender credit overlay when you are planning to purchase a house can be challenging. As each lending institution has a different set of credit overlays. To avoid shopping around contact Casey Moseman. She will find you a lender that perfectly matches your criteria. Here at, All Western Mortgage, we can help you shop around for multiple lenders at once, which will limit the amount of work you have to do.

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Mortgage Credit Certificate (MCC) Tax Credit Program

Nevada State Mortgage Credit Certificate (MCC) Program


Current Mortgage Rates Today – View The Best Mortgage Rates, best home mortgage lenders.#Best #home


Current Mortgage Rates Today

Current Mortgage Rates – Mortgage Rates Today

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Mortgage 101: A Mortgage Resource Guide

This guide will help first-time home buyers and seasoned veterans get the information they need to make the correct financial decision regarding their mortgage. Our goal is to provide information and resources for everything you need to know about the mortgage process. Whether you are shopping for your first home or you are already established in a existing home, this page can be your guide. Take the necessary steps to make purchasing your first home or maintaining your existing home a seamless [Read More. ]

Latest Mortgage Information

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Top 10 Loan Modification Lenders

Many Americans have been affected by the recent economic crisis. Millions of homes have gone into foreclosure, and millions of families have lost their homes. If you are at risk for losing your home, the good [Read More. ]

Mortgage Tips Tricks

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The Top 10 Tips to Help Homebuyers Thrive in Today s Current Home Market

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Invest Smarter by Understanding the Top 6 Most Common Mortgage Myths

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Top 5 Mortgage Scams to Watch Out For This Year

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5 Important Reasons Why You Should Pay Off Your Mortgage Sooner Than Later

Tip of the Day

The Mortgage Library

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How to Tell if Current Mortgage Interest Rates Will Continue to Rise

Up until not long ago mortgage rates used to be very low, close to the lowest they have ever been. Rates have decreased to near record lows due to the recent housing market crash, which affected both homeowners and mortgage lenders. While millions of people have lost their [Read More. ]

Best home mortgage lenders

Could a 10 Year Mortgage Rate Be Your Best Mortgage Option?

One of the key aspects of finding a good mortgage loan is determining what type of mortgage term works out best for you. Long-term mortgage loans seem more attractive at first glance because the monthly payment is much smaller, but if you factor in the larger interest rate, [Read More. ]

Best home mortgage lenders

How the Current Government Shutdown is Affecting FHA Mortgages

The housing market has been recovering steadily lately, but the current government shutdown may interfere with that progress. For the first time in 17 years, the government has partially shut down. Besides other important implications, this shutdown could affect people who [Read More. ]

Best home mortgage lenders

Bad Credit Home Loans Are They Possible With Today s Stiffer Regulations?

There are many reasons for having a bad credit score, and you might be wondering if you are still able to buy a home, despite your shortcomings. The truth is that there are no rules set in stone when it comes to bad credit home loans. Some lenders may be more lenient than [Read More. ]

Best home mortgage lenders

What is this Difference Between a Home Equity Line of Credit vs Home Equity Loan

When buying a home with a mortgage loan, both you and your lender own parts of the home. The part of the home that you own is represented by the equity which builds up each time you make a payment. Having equity in your home allows you to take out a house equity loan by [Read More. ]

Best home mortgage lenders

What Are the Typical Home Equity Loan Requirements

Home equity loans are designed to help homeowners gain quick access to some much needed cash by tapping into the equity in their homes. Home equity loans provide an alternative to taking out other types of loans or opening new credit card accounts. While other forms of [Read More. ]

Best home mortgage lenders

Pros and Cons of Home Equity Loans

Home equity loans allow homeowners to take out a loan using the equity accumulated in their home as collateral. Home equity loans give you quick access to money that can be used for a home remodeling project, medical bills or college tuition. A home equity loan can be more [Read More. ]

Best home mortgage lenders

Is it Possible to get a Home Equity Loan With Bad Credit?

Getting a home equity loan with poor credit is more difficult, but not impossible. Before you decide to make improvements to your home or decide that you need some quick cash, you need to find out if a lender is willing to give you a home improvement loan and how your loan [Read More. ]


The Mortgage Lender Implode-O-Meter – tracking the housing finance breakdown, related to Alt-A and subprime


Housing Economic Crisis News Picks

  • Square Cash is letting some users buy and sell Bitcoin – [2017-11-15]
  • Household debt rises by $116 billion as credit-card delinquencies pile up – [2017-11-15]
  • Richest 1% own over half the world’s wealth – [2017-11-15]
  • After periodic drops of 20 percent, bitcoin tends to come back even stronger – [2017-11-14]
  • Venezuela’s Bondholder Meeting Is a Bust as S P Declares Default – [2017-11-14]
  • Ray Dalio Buys $500 Million In Gold EFTs In Q3 – [2017-11-14]
  • Subprime Auto Delinquency Is Near Crisis Levels at Non-Bank Lenders – [2017-11-14]
  • How to Break Out of Our Long National Tax Nightmare – [2017-11-13]
  • The Cattiness Of Wells Fargo Executives Rivals The Ladies From Dynasty – [2017-11-13]
  • Debt swap problems pile up in China – [2017-11-12]

Latest Posts from the ML Forum!

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Imploded* Lenders™

About The Implode-o-Meter

ML-Implode.com was created in late 2006 to raise the alarm about the then-burgeoning implosion of the historically-epic housing and economic bubble. Started as a modest web page created by founder Aaron Krowne, this objective was achieved by, uniquely, tracking the in-progress implosion of independent mortgage lending companies then being ignored by a mainstream media in denial of even the existence of the housing bubble. At that time, you were more likely to hear a partyline of “housing always goes up” and juvenile jeers of “bubbles are for bathtubs” from TV’s talking heads, than of even slight concern about a clearly-overextended, already-frozen housing market.

Operated as a broadly-open community forum, ML-Implode quickly took the lead in news about the mortgage implosion and subprime crisis, as industry professionals flocked to the site to share and find out the latest. The site even became, in part, a whistleblower platform, fighting (and winning) half a dozen lawsuits to defend the right of its contributors to post about corruption and malfeasance in financial companies, and be able to do so confidentially.

Despite its initial incarnation being rendered insolvent by these frivolous legal attacks, ML-Implode continues today in a stripped-down, lean-and-mean embodiment, remaining dedicated to tracking the fallout of the 2007-2008 credit crisis. This mission includes keeping tabs on recession/depressionary conditions, the policy response to the economic downturn and continued financial instability, the Fed and other global central bank interventions (including “ZIRP” and quantitative easing), actions and reforms of the monetary authorities, market manipulation (official and private sector), all global geopolitical conflict with economic roots, the evolution of the banking and monetary system (including dollar-alternative “reserve currencies”, gold, silver, and bitcoin and other “virtual currencies”), the effect of the economic turmoil on society, basic themes of economic fairness and justice, and much more.

We continue to doggedly watch all of these interconnected topic areas, daily picking the most important stories and commentaries, and bringing them together in a convenient and comprehensible form on this site. If you share our concerns, utilize one of the icons at the top of this page to “follow” us by twitter, RSS, email, and more.

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List of Top Non-Prime Lenders of 2017 – Non-Prime Lenders, Bank Statement Loans, Subprime Mortgages,


List of Top Non-Prime Lenders of 2017

Non-prime mortgages are making a comeback and new lenders are introducing new programs almost monthly. While the current loan products are not quite like the pre-recession subprime mortgage programs, they are increasingly becoming available to borrowers with lower credit scores, the self-employed, and other types of borrowers that have been left out from getting a mortgage for almost a decade.

We maintain close scrutiny of all mortgage lenders, guidelines, and programs, and update our website as new information is released. As of November 1, 2017, the following mortgage lenders appear to offer the best options for non-prime borrowers.

# 1- Citadel Servicing

Citadel Servicing is the largest of all non-prime mortgage lenders, including those that offer a bank statement loan program. One of the reasons that Citadel is so popular is they allow up to a 90% LTV with bank statements used for income documentation. They also offer quite a bit of leniency on credit history. This includes credit scores down into the mid-500 s, and no seasoning requirements on major derogatory credit matters, such as bankruptcies, foreclosures, or short sales.

States: AL, AR, AZ, CA, CO, DC, DE, FL, GA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MT, NC, NE, NH, NJ, NV, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, WY.

#2 – Angel Oak Mortgage Solutions

Angel Oak Mortgage Solutions is now offering loans to people with credit scores as low as 500-519. You can use their quick quote form to see what you may qualify for. If you are willing to place 10% or more for a down payment (the maximum LTV they allow is 90%) you may qualify with a low 500 s credit score. You can learn more details about what Angel Oak offers on their non-prime program overview.

States: AL, AZ, CA, CO, CT, DE, DC, FL, GA, IL, IN, IA, KS, KY, LA, MD, MI, MN, MS, NJ, NV, NC, OK, OH, OR, PA, SC, TN, TX, UT, VA, WA and WI.

#3 – Athas Capital

Athas Capital offers what they technically call subprime loans. The guidelines for the Athas subprime mortgages require that you must have at least a 520 credit score, and 2 years of verified bank statements. The bank statements are allowed to be used instead of pay stubs and tax returns for verifying employment and income. DTI ratios must also be supported, which the specific debt-to-income ratios for their subprime loans are usually capped at 50%.

States Athas Capital Offers Subprime Loans in: AZ, CA, CO, ID, OR, and TX.

States Athas Capital Offers Hard Money Loans in: AZ, CA, CO, ID, KS, MT, NE, NM, OK, OR, TX, UT, WA, and WY.

#4 – Caliber Home Loans

Caliber Home Loans offer the Fresh Start program. This non-prime loan product accommodates to borrowers who can prove their ability to repay a mortgage, but do not qualify for traditional mortgage products. There are no seasoning requirements for major credit issues, such as foreclosures and bankruptcies. The guidelines pertaining to credit are also quite lax. The minimum FICO credit score for the Fresh Start program is a 580. The minimum down payment is 15% and loan amounts are available from $100,000-$1,000,000.

States: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KT, LA, MA, MD, ME, MI, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SD, SC, TX, UT, VA, VT, WA, WV, WI, and WY. Non-prime loans are also available in Puerto Rico and Virgin Islands.

#5 – Prime Equity Mortgage

Prime Equity introduced a new product that provides home financing options to borrowers with credit scores as low as 500, and even one day out of a bankruptcy, foreclosure, judgement, or short sale. All mortgages require at least a 10% down payment. The maximum backend DTI ratio allowed is 50%. In addition to non-prime product, they also offer an ALT-A product. Prime Equity only serves California, however.

#6 – Quicken Loans

Quicken Loans is the nations largest online lender. They fund a wide range of types of mortgages, including those catering to borrowers with lower credit scores. They are not technically a subprime lender, but they do offer many non-prime programs, including their famous Rocket Mortgage.

States: All 50 States, including Alaska and Hawaii.

#7 – JMAC Lending

While not quite a subprime lender, JMAC does offer mortgages to qualifying applicants with credit scores are as low as 650. There programs could be compared to an ALT-A loan of the past. They cater to midrange credit scores, as well as those with higher scores, but with alternative financing needs (such as using bank statements instead of tax returns). You can view more about the different loan guidelines for various products offered by JMAC here: https://jmaclending.app.b ox.com/v/venicematrix

States: AZ, CA, CO, DC, FL, GA, HA, MD, NJ, OR, TN, TX, UT, VA, and WA.

#8 – Carrington Mortgage Services

Carrington Mortgage Services provides mortgages to qualifying applicants with credit scores as low as 550. Anoth er great thing about Carrington is their willingness to participate with down payment assistance programs, and even help guide borrowers through the qualification process of receiving down payment assistance.

States: AL, AR, AZ, CA, CO, CT, DE, FL, GA, ID, IL, IN, IA, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NE, NC, NH, NJ, NM, NY, OH, OK, OR, PA, RI, SD, SC, TN, TX, UT, VA, WA, WV, WI, and WY.

#9 – Green Box Loans

Greenbox Loans offers mortgages that allow credit scores as low as 600. The maximum LTV is 80%, and income can be verified using 24 months of bank statements. The highest loan amount available is $1,000,000.

States: AL, AR, AZ, CA, CO, CT, DE, FL, GA, ID, IL, IN, KS, LA, MD, MI, MS, NC, ND, NJ, OK, OR, PA, TN, TX, and WA.

#10 – Oak Tree Funding

Oak Tree Funding offers several different non-prime products. The core product they offer is their Non-Prime Select program. This product allows credit scores as low as a 540. maximum LTV varies depending on your credit score and type of income documentation you can provide. Alternative income documentation (2 years bank statements) is allowed. Other attractive features are that you only need to be one year out of a bankruptcy. You can view more details of the programs that Oak Tree Funding offers here.

States: AZ, CA, CO, FL, MD, NM, OH, NV, OR, TN, TX, UT, and WA.

Other Non-Prime Mortgage Lenders

The above options were selected as the top 10 non-prime lenders for 2017. There are many other great options though, some of which may offer you a better loan program for your particular needs. You may want to visit the follow mortgage lenders websites to view their programs. Also, we provide a lender matching service, which will help connect you with the best non-prime lenders based on what you qualify for.


Mortgage Rates’ Rise Catches Home Buyers — and Lenders, top mortgage lenders.#Top #mortgage #lenders


Mortgage Rates’ Rise Catches Home Buyers — and Lenders — Off Guard

Top mortgage lenders

When Jared Rutledge called his mortgage broker one morning last week after putting in an offer on a home in Glendale, Ariz., just west of Phoenix, he discovered that the 3.8 percent rate he had been quoted a couple of months ago had already gone up to 4.125 percent. That afternoon, it had inched up to 4.25, and by evening, when he finally called back to finalize the deal, it was 4.375 percent.

“I was kind of frustrated,” Mr. Rutledge said. But with a third child on the way, and a buyer for their current home, he and his wife felt they had little choice. “Instead of holding out and waiting, we locked it in,” he said.

Since the election, mortgage rates have climbed roughly half a percentage point to a 16-month high, adding hundreds, sometimes thousands, of dollars to a home buyer’s yearly payments. (The annual cost of a $400,000 mortgage, for example, rose almost $700.)

The speed and size of the increase took many lenders and borrowers by surprise — and the increase is expected to reverberate across the housing industry, particularly if rates continue to rise next year.

“Anybody who was floating or didn’t lock in a rate is screaming at their lender: ‘How could you do this to me?’” said Guy D. Cecala, chief executive and publisher of Inside Mortgage Finance. “It shot up from 3.5 to 4 percent virtually overnight,” he said, referring to the average 30-year fixed-rate mortgage.

“Does it give people pause? Does it raise the cost of buying a home?” Mr. Cecala asked. “Yes and yes.”

For most of this year, American home buyers have benefited from weakness in the global economy. China has been struggling to sustain the rapid growth it needs to avoid political unrest, a deep recession followed political turmoil in Brazil, and a cloud of uncertainty hangs over Europe after Britain’s vote to leave the European Union.

Those factors, on top of efforts by central banks around the world to stimulate economic activity by keeping short-term interest rates low, have increased demand for safe American assets like government bonds and mortgage-backed securities. The result: The cost for American businesses and consumers to borrow had, until recently, remained exceptionally low.

The turnaround, which was driven by postelection market expectations that a President Trump would lift corporate profits, cut taxes and spend money on infrastructure and roads, caught most experts by surprise. The online real estate brokerage Redfin, for example, had initially forecast that rates for 30-year fixed mortgages would remain below 4 percent through next year, said Glenn Kelman, the company’s chief executive.

Redfin has now updated its forecast and is predicting the 30-year mortgage rate will pass the 4 percent threshold. “I think you’re going to see higher rates than we otherwise would have,” Mr. Kelman said, “but more economic stimulus.”

Wall Street is also expecting that the Federal Reserve Bank will increase its benchmark interest rate when it meets next month. That rate the cost that banks and depository institutions charge one another for overnight loans — has only an indirect impact on mortgage rates. Last December, for instance, after the Fed raised rates by a quarter of a percentage point, mortgage rates went down. But to the extent it reflects the Fed’s confidence in an improving economic outlook, it could signal higher borrowing costs in the months ahead.

For now, said Svenja Gudell, chief economist at Zillow, a real estate data provider, the relatively modest increase in mortgage rates should not have much impact on the current housing market.

“Most consumers don’t make decisions based on a change in mortgage rates,” Ms. Gudell said. “We’re dealing with such a tight inventory, I think they’re more focused on finding a home that they can afford. If mortgage rates go up by half a percent, that’s not going to make them change their minds.”

Freddie Mac Yields

Average for some Federal Home Loan Mortgage Corp. securities.


PMI – What Is Private Mortgage Insurance, private mortgage lenders.#Private #mortgage #lenders


Private mortgage insurance, or PMI: Just the basics

Private mortgage lenders

If your down payment on a home is less than 20%, you will have to pay for mortgage insurance.

What is PMI?

When you make a down payment of less than 20%, the lender requires private mortgage insurance, or PMI. The policy protects the lender from losing money if you end up in foreclosure. PMI also is required if you refinance the mortgage with less than 20% equity.

Private mortgage insurance fees vary, depending on the size of the down payment and your credit score, from around 0.3% to about 1.5% of the original loan amount per year. Some years, PMI premiums are tax-deductible and some years they’re not, depending upon the whim of Congress.

*Rate varies according to size of down payment, credit score and insurer.

Source: Bankrate.com, Radian mortgage insurance calculator

Most PMI policies require the borrower to pay monthly. Borrowers also have the option of paying for mortgage insurance with a large upfront payment.

PMI can be canceled

Your lender must automatically cancel PMI when your outstanding loan balance drops to 78% of the home’s original value. This probably will take several years.

You can speed up the cancellation of mortgage insurance by keeping track of your payments. Once the loan balance reaches 80% of the home’s original value, you may ask the lender to discontinue the mortgage insurance premiums.

To put it another way: You can request cancellation of mortgage insurance when the loan-to-value ratio drops to 80%. The lender is required to cancel private mortgage insurance when the loan-to-value ratio drops to 78%.

Loan-to-value ratio

The loan-to-value ratio, or LTV, describes mortgage debt as a percentage of how much the home is worth. It is a financial term used by lenders.

Formula: Mortgage amount owed / Appraised value

Example: Alex owes $60,000 on the mortgage. The house is worth $100,000.

$60,000 mortgage balance / $100,000 = 0.60. This means that Alex’s loan-to-value ratio is 60%.

We’re talking PMI, not FHA

Recent FHA-insured loans require payment of mortgage insurance premiums for the life of the loan. FHA mortgage insurance premiums can’t be canceled. Instead, you have to refinance the loan. Read “7 crucial facts about FHA loans.”


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