Mortgage Lenders for Refinance, Home Loans for All Credit, bankruptcy mortgage lenders.#Bankruptcy #mortgage #lenders


Mortgage Lenders Offer Great Refinance and Home Loan Solutions for People with All Types of Credit

BD Nationwide provides a site for competitive 1st and 2nd mortgage loans for cash out refinancing, consolidation, first time home buying and much more. Our lender partners offer exclusive programs featuring 15 and 30-year home loans for VA, FHA, second mortgage and purchase money transactions. Visit our online marketplace where consumers get matched with prime lenders that specialize in credit lines, equity loans, fixed rate refinancing and home buying mortgages.

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Are you looking for mortgage lenders that offer competitive rates and great customer service? Let us connect you with lenders that can help you find the most attractive equity loans and home refinancing programs available. Find out how renters become homeowners from 100% financing and affordable purchase mortgages. It is still an excellent time to compare our lenders that recently introduced more aggressive guidelines on the first-time house buyer loans and mortgage refinance programs as well. Freddie Mac says, “the fixed 30-year rates may be a once in a life time opportunity to lock into a record low interest mortgage.” Rates on purchase, equity loans and mortgage refinancing may never be this low again. With house financing this affordable, it could be very risky to assume that interest rates will continue to fall any further. Standard mortgage refinancing with cash back options remain aggressive with home equity loans and credit lines. Ask your loan officer for specific product requirements, eligibility and FHA guidelines, limits and current rates).

Get More Info on Mortgage Refinance and Home Equity Loans for All Types of Credit!

BD Nationwide Mortgage has maintained its corporate headquarters in Southern California since 2001, but our lending partners have expanded to all 50 states to offer prime, jumbo, government and subprime mortgage loan services to consumers nationally. We recommend that homeowners take advantage of the Federal Reserve’s record low-rates for equity loans, credit lines, and second mortgage refinancing. If your property has lost some of its value, or you are having difficulty qualifying, ask one of our lending specialists about the latest underwater and second chance loan solutions. Whether you need a loan to purchase a new home or disclosures for secure mortgage refinancing with fixed interest rate, BD Nationwide can match you with lenders that have the experience you need when searching the best home mortgage loan online.

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BD Nationwide will unite you with experienced lenders that have assembled talented staffs in an effort to meet your financial needs. We provide outside of the box 1st and 2nd loan opportunities that maximize the best refinancing mortgages that are available with your credentials. Second When you are shopping online for home refinance loans then consider some of the new programs that may best your needs. We have found that most consumers are looking for mortgages that will not only save them money up-front but also on an annual basis as well.

Many borrowers have significantly improved their financial state after refinancing their high interest revolving credit cards and consolidating their adjustable rate debt together into a reduced payment that is accompanied by a fixed, simple interest loan. So, submit your request for more information today and take advantage of BD Nationwide’s excellent customer service.

We take great pride in introducing you to competitive mortgage lenders for refinance and home buying. Whether you need a no doc mortgage or a bad credit HELOC, we have the perfect system to match you with experienced lending professionals tailored best to meet your needs. Our goal is to always provide you with the best opportunities while meeting your needs with diverse lending products.

Compare Competitive Mortgage Lender Quotes on No Cost Home Refinance Loans

If you have a variable rate credit line, we recommend a 2nd mortgage refinance because the rate is fixed and each payment you make would go towards principal and interest rather than just interest like it is with HELOCs. According to Kevin Margulies, an IHE executive, Now more than ever, homeowners should seek the expert advice from the ‘Mortgage Lenders from BD Nationwide. Our affiliated lenders continue to post competitive home equity rates. Even if you have been denied a loan approval, we suggest you ask about mortgages for bad credit as new programs are released all the time. The hard money and subprime programs aren’t the only opportunities to see home loans for people with bad credit, as FHA continues to take risks.

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CBC News – Mortgage rates ticking higher for subprime borrowers, subprime mortgage lenders.#Subprime #mortgage #lenders


Subprime mortgage lenders

Rates at alternative lenders have increased by as much as 150 basis points since the start of April

Posted:Jun 08, 2017 5:00 AM ET

Subprime mortgage lenders

Mortgage rates at alternative lenders have ticked higher in recent weeks as funding has dried up. Daniel Munoz/Reuters

Video

Mortgage rates for subprime borrowers have ticked higher in recent weeks, putting a tighter squeeze on the borrowers who are least able to afford it.

Since alternative mortgage lender Home Capital came under increased scrutiny from regulators in April, the funding crisis that followed has put a lid on the company’s ability to offer new mortgages. That in turn has pushed borrowers to other alternative mortgage lenders, charging them more in the process.

In contrast to the big banks, alternative mortgage lenders target borrowers with incomplete credit histories, often because they are new to the country, self-employed or otherwise have ebbs and flows in their income.

Home Capital was far and away the biggest lender in the space, loaning out roughly $5 billion in mortgages in its last fiscal year. Now that the company is on the sidelines, its rivals are being flooded with applications.

‘Mass demand’

But those companies don’t have an inexhaustible source of funds either, which is making them choosier about who they’ll loan money to, said James Laird, president of mortgage company CanWise Financial.

“They’re trying to slow down the flow of applications because they’re not able to fund this mass demand,” he said.

A great way for those lenders to rebalance the scales of strong demand and limited supply is to hike rates — and that’s exactly what’s happening.

Laird says rates on subprime mortgages have inched up between 50 and 150 basis points in the last six weeks — a jump of as much as 1.5 percentage points in some cases, or the difference between a mortgage at three per cent and one at 4.5. Or a bump from five to 6.5 per cent.

Those increases can add up fast.

Alternative lenders under scrutiny5:02

According to the CMHC, the average Canadian mortgage has $260,826 left on it. At a rate of three per cent, that mortgage would cost a borrower $1,234.35 a month for 25 years. At 4.5 per cent, the monthly payment increases to $1,443.60 — almost $210 extra, and more than $63,000 in additional interest over the life of the loan.

While 97 per cent of CanWise’s business is in traditional mortgages, Laird says he has some experience in the alternative space, and he’s seen alternative mortgage rates ranging between five and seven per cent as of late.

Contrast that with the average five-year rate at the big banks, which the Bank of Canada currently calculates to be 4.64 per cent. And it’s often possible to get them to go even lower, if you have a good credit history.

That doesn’t include subprime borrowers, which is why on that end, “consumers . are looking at significantly higher interest rates than they are used to,” Laird said.

Renewal risk

Janine White, vice-president of financial services company Kanetix, which operates rate-comparing website RateSupermarket.ca, says the Home Capital reverberations so far aren’t having much of an impact on traditional mortgages, but anyone in the subprime or alternative lending space is feeling the pinch.

Subprime borrowers are always going to pay higher rates than conventional mortgages due to the perception of added risk. But in recent weeks, that spread has become larger.

“The gap is getting wider,” White said. “You have lenders that are now having a harder time getting funding, and as their funding costs increase, that comes back in the rates they offer.

“At the point of renewal,” White said, borrowers “will likely see an increase.”

Subprime borrowers seeking money to buy their first homes may simply be priced out of the market as alternative lenders demand a higher rate. Some may turn to private mortgage companies, which charge even higher rates.

But it’s an altogether different proposition for subprime borrowers looking to renew their existing mortgages. “Renewals are the borrower I’m most concerned about,” Laird said.

Limited options

If a subprime borrower is still in subprime territory when coming up for renewal, they don’t have many options.

They either have to find another alternative lender to loan them the money at a higher rate, or they can go to a private lender, with even higher rates, Laird said.

“And they typically also charge a fee, as well,” he said. “It’s very expensive borrowing.”

Option number three, if they can’t find a lender to provide terms they can live with, is the most drastic: Sell the home.

Subprime mortgage lenders

A pedestrian walks past signage for Home Trust Co., a subsidiary of Home Capital Group Inc., Canada’s largest non-bank mortgage lender is in the midst of a funding crisis, which is raising rates at other alternative lenders. (Cole Burston/Bloomberg)

Laird offers that as an extremely rare example of what might theoretically happen amid this squeeze. But it does illustrate the potential knock-on effects of higher rates and fewer loans.

His advice for any first-timers shopping among alternative lenders that suddenly don’t like the rates is blunt.

“If you need alternative or private funding to purchase your first home, I’d recommend don’t buy your first home,” he said. “Rent and save and clean up your credit.

“Get yourself in a better position [because] nobody is forcing you to buy a home. So don’t do it.”


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.


Lenders Mortgage Insurance or LMI, commercial mortgage lenders.#Commercial #mortgage #lenders


Lenders Mortgage Insurance (LMI)

Lenders mortgage insurance or LMI for short is insurance taken out by a lender to protect against the chance of a monetary loss on an individual loan. A loss would occur when the lender in question forecloses on a property but recovers less than the loan amount outstanding from the sale proceeds. In essence mortgage insurers are loan underwriters.

LMI normally applies for loans when a borrower wishes to borrow more than 80% of the value of a property for a full doc (normal) loan. For a Lo Doc loan it would normally apply when borrowing more than 60% of the value of a property. This is a general rule and some exceptions apply.

The simple answer is so that they can offer borrowers a higher loan to value ratio than they would normally be comfortable with. For example in the post GFC world no lender would be comfortable to offer a 95% home loan regardless of how strong the borrower was without the back up of the loan being underwritten by an LMI provider.

Lenders mortgage insurance / LMI is a way for our banking system to allow loans with higher loan to value ratios while still theoretically protecting the economy in case of a large scale housing price down turn.

Our banking regulator (APRA) encourages the use of lenders mortgage insurance. They do this by making the capital required to be held by banks for each loan of a certain risk weighting less if the loans are underwritten with lenders mortgage insurance. This makes it non commercial for the most banks to not mortgage insure higher LVR loans and non standard loans such as lo doc loans.

Why do I have to pay for LMI?

As a condition of granting a loan lenders can force a borrower to pay for their mortgage insurance. At first glance it doesn t seem fair! However mortgage insurance should be seen as a necessary evil by borrowers as it allows them to gain access to a loan that they would otherwise not be able to get. That said it helps to know which lenders have the cheapest rates for LMI for your situation as the difference can be more than $5000 in some cases. Talk to us the Mortgage Experts to get a quote on your insurance first before committing to a loan.

Can I choose my LMI provider ?

Unfortunately no you cannot choose your mortgage insurer. Lenders have commercial arrangements with mortgage insurers and often they choose to deal with just one provider so they can get cheaper premium rates across the board.

Which lender has the cheapest LMI ?

Who has the cheapest mortgage insurance for a particular scenario is one of the key things we look at for our clients when assessing which loan is the cheapest for them. So let us do the number crunching for you. we love it and we know you have better things to do! Call us or enquire online .

How much is lenders mortgage insurance / LMI?

Mortgage insurance is a factor of three things

  1. The loan amount
  2. The loan to value ratio (LVR)
  3. The loan type

Below are two tables showing one lenders mortgage insurance / LMI premiums for standard loans and lo doc loans. The tables show different loans amounts and loan to value ratios and their corresponding insurance premiums expressed as a percentage of the proposed loan amount. Using the tables you can work out approximately how much lenders mortgage insurance / LMI would be payable in a given scenario as per the examples below. Each state or territory also has government duty that applies to all insurance premiums including LMI. The duty usually ranges from 5% – 10% of the premium, for illustration purposes we will assume its 10%.

Please note these examples are just examples! Every lender has different LMI rates and as discussed on our 95% home loans page some lenders capitalise the lender mortgage insurance premium onto the loan while others make the premium payable from the borrowers own funds which will affect the LVR and loan amount you will need to base your calculations on. Please contact us for a more accurate calculation for your situation or if you are ready for us to help you with your loan application please enquire online .

TABLE 1: LMI – STANDARD LOANS


Commercial Real Estate Loans – Lenders Commercial Mortgage, commercial mortgage lenders.#Commercial #mortgage #lenders


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Commercial Real Estate Loans

Our commercial lending programs provide an alternative to traditional bank financing that is ideal for borrowers seeking small balance commercial real estate loans ranging from $100K – $5MM.

We are a nationwide commercial mortgage lender and offer up to 90% financing to qualified investors/borrowers. Our niche programs are best suited for borrowers who want or require maximum leverage on commercial real estate loans for purchases, refinances, and refi-cashouts. Our innovative program features include residential style underwriting, 48 hour pre-approvals, unlimited cash-out, long terms and amortizations, quick 30 – 45 day closings, multiple pricing options, and minimal costs.

Our loan pre-approval process is simple, streamlined, and flexible. Commercial real estate investors turn to us for quick turn around times, borrower friendly terms, great commercial real estate loan rates, and ease of transaction.

We have eliminated many attributes that are commonly associated with other commercial mortgage lending programs:


Mortgages, Compare Mortgage Rates, Experian, compare mortgage lenders.#Compare #mortgage #lenders


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Compare Mortgage Lenders, Find Reviews, Ratings – Contact Info, compare mortgage lenders.#Compare #mortgage #lenders


Compare Mortgage Lenders

Compare mortgage lenders

Whether you’re a first-time home buyer or an experienced one, finding the right mortgage company can be as hard as finding the right house to buy. Your choice will have a significant impact on the terms of your mortgage as well as on the fees and interest rates you will need to pay, so it is a critical decision to get right. However, there are numerous different options you must sift through before making a final decision, and the process can often be overwhelming or frustrating. But understanding some simple mortgage terms, knowing the right questions to ask, and comparing mortgage quotes from multiple companies can better enable you to find the best mortgage loan for your particular financial situation.

Mortgage Lenders

A mortgage lender is a lending institution that will actually loan you the money for your home. Many lenders, though not all, are associated with banks. You can either apply for a mortgage at the bank you use for your checking and savings accounts, or you can shop around to see which lenders offer the best interest rates and terms. It is beneficial to explore all your options and to meet with multiple mortgage lenders so you can determine where you would be best served.

Mortgage Loan Basics

Knowing the basics of the mortgage process is another excellent way to prepare for choosing the right mortgage company. Although the process of obtaining a mortgage loan is complex, the basics of the transaction can be understood by even the most inexperienced borrower. Here are the basic concepts of obtaining a mortgage loan that you should compare:

  • Loan Term: Your mortgage loan will have a term of repayment, which is the approximate amount of time that it will take you to pay off the loan. The mortgage loan term is one of the main determinants of your mortgage payments and the amount of interest you pay, so it is a very important element to take into consideration. Most people choose a mortgage with a 30-year term, which means the total loan amount must be paid in full within 30 years and is based on a 30-year amortization. Amortization is the way your mortgage payments are distributed on a monthly basis, detailing how much interest and principal will be paid off each month for the duration of the mortgage term. In other words, if a mortgage is amortizing, it means the balance of the mortgage is steadily declining. In addition to the 30-year loan term, there are 15-year, 20-year, and even 50-year loan programs. However, these mortgage terms are less common than their 30-year counterpart.
  • Interest Rate: The interest rate of your mortgage loan is the amount of money it will cost you to borrow the money, and is denoted as a percentage of the loan amount. You can opt for a fixed-rate or adjustable-rate mortgage loan. The interest rate associated with a fixed-rate loan stays the same throughout the lifetime of loan, while the interest rate for an adjustable-rate mortgage loan will start small and subsequently increase over the life of the loan.
  • Fees and Points: Your new mortgage loan will come with a variety of fees—including loan application fees, credit check fees, and points—that must be paid for the loan process to be completed. A point is an upfront fee that is charged by the lender in order to lower your overall interest rate and therefore your monthly mortgage payment. By convention, a point is equal to 1% of the loan amount. For example, one point on a $150,000 loan would be $1,500, while two points on a $300,000 loan would be $6,000. Essentially, the more points you pay, the lower your rate of interest and vice versa. This is where you can shop around and compare, because lending institutions differ in the fees and points that they charge. Just bear in mind that it is important to do an “apples-to-apples” comparison when comparing mortgage rates and fees. An easy way to do this is to compare the Annual Percentage Rate (APR). Many mortgage interest rates that appear low require the consumer to pay higher fees, but the APR is the total cost of credit and includes both the mortgage interest rate and the additional fees.

Important Factors to Consider

Now that you know the basics, you are better prepared to compare mortgage lenders and ultimately find the best one for your needs. Here are the most important criteria to consider as you weigh your options:

  • Loan Type: You should first determine the specific type of mortgage loan that you want. Not all lenders handle all loans, so you will need to narrow your options to only those companies that offer your preferred loan type. There are many types of mortgage loans, but the two basic and most common types of mortgage loans are the fixed-rate mortgage (FRM) and adjustable-rate mortgage (ARM). In a FRM, the interest rate—and therefore the monthly payment—remains the same for the life of the loan. The term is usually for 10, 15, 20, or 30 years. In an ARM, on the other hand, the interest rate and your monthly mortgage payment will change according to market fluctuations. Most ARMs are now “hybrids,” meaning that the interest rate is fixed for a certain period of time, after which it will periodically (either annually or monthly) increase or decrease depending on the performance of a particular market index. Adjustable rates transfer part of the interest-rate risk from the lender to the borrower, so lenders will usually make the initial interest rate of an ARM anywhere from 0.5% to 2% lower than the average 30-year fixed rate. In some cases, the savings from an ARM outweigh its risks, making them an attractive option for people who are planning to keep a mortgage for ten years or less. But if you prefer to play it safe, then a FRM will be the better option, since you won’t have to worry about the interest rate changing (or your monthly mortgage payment increasing) throughout the life of loan.
  • Mortgage Loan Programs: Banks are the most traditional lenders since they typically provide the largest loans and offer the best interest rates. But you’ll need a great credit score to secure a mortgage from a bank. If your credit has seen better days, then you may want to consider other options. Many federal, state, and local agencies administer programs to assist people who need help buying a home. Some of these are loan programs, while others provide assistance with down payments or with building a home. Most of these loan programs are restrictive and have certain requirements; however, they make it easier for people to qualify for a home loan and allow for better terms and lower payments.
  • Closing Costs: It is also important to ensure that you will be paying reasonable closing costs, which are various fees charged by those involved with the home sale (such as your lender for processing the loan, the title company for handling the paperwork, a land surveyor, local government offices for recording the deed, etc.). The average closing costs are usually about 2-3% of the loan amount (e.g. approximately $4,500 on a $180,000 home). You will want to compare these costs across all the lenders on your list, so request a written explanation of the estimated charges and fees that the lender would require of you at closing time. This statement is known as a “Good Faith Estimate,” and most reputable mortgage lenders will offer to furnish this for you. Then, the day before the closing, ask your lender for the actual “Settlement Statement” (also known as the HUD or the HUD-1), which is the final and complete form with all the numbers for the sale, including the actual closing costs.
  • Company Reputation: A mortgage lender’s reputation is a key element in choosing a mortgage loan. You want a company that has excellent personnel and that has been in the mortgage business for several years. You may also want to look beyond the mortgage itself and try to find a company that reflects or supports your own values. This may not be a significant factor for some people, but if it is important to you, then look further into company practices so you can ensure the mortgage lender is a good fit for you. It is also important to determine whether your prospective mortgage lenders have a high rating from the Better Business Bureau (BBB) or any awards from influential business leaders like J.D. Power and Associates. Multiple awards and good BBB ratings show that the mortgage lender you’re considering has high standards for its business practices. It is even beneficial to see the monetary settlement and complaint ratings awarded by the Consumer Financial Protection Bureau (CFPB).

Remember that finding the right mortgage loan is a process that will be much easier to go through when you have a great mortgage lender to help you. It is therefore imperative to consider a wide variety of potential mortgage companies so you can ultimately choose the best mortgage lender for your needs. Just remember to carefully compare the interest rates, fees, terms, and required down payment that each lender offers. If you don’t like the terms or service from one lending institution, you can easily move on to the next one for your borrowing needs.


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


Types of Mortgage Lenders

Second 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.


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


Types of Mortgage Lenders

Direct 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.


Reverse Mortgage Counseling & Advice, GreenPath Financial Wellness, reverse mortgage lenders.#Reverse #mortgage #lenders


Reverse Mortgage Counseling

Reverse Mortgage Counseling

Reverse mortgage lenders

If you’re at least 62 years old and have substantial equity in your home, you could be a candidate for a reverse mortgage. If you or a family member is considering a reverse mortgage, contact GreenPath to learn the pros and cons and get all of your questions answered. We will equip you with the knowledge to determine if a reverse mortgage is right for you. You can reach us at (800) 550-1961.

A reverse mortgage is a loan against the equity in your home that you do not have to pay back as long as you live there. It enables you to turn the value of your home into cash without having to move or make loan payments. However, a reverse mortgage can be an expensive loan that reduces or eliminates your home equity.

Just because you qualify doesn’t mean a reverse mortgage is your best option. In order to be considered for a reverse mortgage, the U.S. government requires that you participate in a reverse mortgage counseling session with an approved non-profit agency like GreenPath. Reverse mortgage counseling can be completed over the phone or in person.

We will explain how reverse mortgages work, including payment options, costs, tax implications, benefits and drawbacks. After completing the mortgage counseling session, you will receive a certificate that lenders require as part of the loan application. Our goal is for you to understand your options so you can make an informed decision on whether a reverse mortgage is right for you.

We can also assist you if you already have a reverse mortgage and are having trouble paying your taxes or insurance.

Reverse mortgage lenders Use Your Home to Stay At Home

The official reverse mortgage consumer booklet approved by the U.S. Department of Housing Urban Development.

Reverse mortgage lenders

How much does it cost for reverse mortgage counseling?

GreenPath offers reverse mortgage counseling for a reasonable fee. Grant funds available through the Department of Housing and Urban Development (HUD) allow us to keep our services affordable and accessible. HUD prohibits lenders from paying the fee for applicants.

Does GreenPath provide reverse mortgage loans?

No, GreenPath is not a lender and is not involved in the lending transaction. We are an impartial educational resource to help seniors and their family members make an informed decision.

Does GreenPath receive support from reverse mortgage lenders?

No, we do not receive any payment or consideration from reverse mortgage lenders. Non-profit housing counseling agencies are not permitted to receive money or direct referrals from reverse mortgage lenders.

Who should attend a Reverse Mortgage counseling session?

All persons on the deed must attend a reverse mortgage counseling session. It is important that all involved parties understand all aspects of a reverse mortgage. We believe it is a good idea for the family to sit down together and discuss their wants and needs for a reverse mortgage prior to this session. HUD requires spouses of borrowers to be counseled, even if they will not be borrowers. We also encourage attendance by other family members and/or professional advisors who may be assisting the borrower. HUD strictly prohibits lenders from attending the counseling session.

I previously took out a Reverse Mortgage, but am having difficulty staying current with my property taxes. Can you help?

Yes. We will conduct a complete financial assessment with you and guide you through your options. Lenders are often willing to work with homeowners in order to avoid foreclosure.