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Arizona Mortgage Rate Refinance Article
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Mortgage Lenders: The Good, the Bad, and the Ugly
from: Mortage & Debt FactsIt’s quite true that today’s mortgage lenders come in all varieties. The mortgage fallout of the foreclosure scandals have some people doing a double take on their lenders, both when they are buying and since they have bought. Countrywide remains as one of the ugliest mortgage lenders of the housing bust, so much so that the FBI is now investigating their lending practices for evidence of fraud. There are still good lenders out there, but it pays to scrutinize any loan offer you are signing so that you don’t get caught in perilous lending practices that can put your home on the auction block.
How to Protect Yourself
If you have a loan that is currently under any mortgage lenders under investigation, it doesn’t mean you can’t refinance with someone else. You also want to steer clear of mortgage companies that may be going bankrupt as this can block the closing of the house sale at the last minute. You want to work with a reputable lender who isn’t in financial straits, to make sure you are not faced with a lender pulling out right before the papers are signed.
Get several offers from a variety of mortgage lenders, so that you know exactly what to expect. If your realtor or builder tries to get you to sign with one lender only, then this may be a tactic to keep you uniformed. The more offers you review, the more knowledgeable about what is a good offer for your particular financial situation.
Do your own homework. Don’t expect realtors or mortgage lenders to have your best interest at heart. You need to understand the terms of the loan as clearly as possible. If you don’t, you can always attend local homeownership courses at your local community college or through the Department of Housing and Urban Development (HUD). Never sign anything you don’t understand, especially if you are being pressured to do so within a short timeframe.
Never lie on your loan documents and avoid lenders that encourage you to fudge the numbers. This is an indication that you can’t afford a particular home and fudging the numbers is not likely to help you in the long run. It will, however, help the mortgage broker who makes a commission on preparing the loan documents. So, stick to the guidelines and try to stay within budget.
Avoid lenders that offer to fill in the blanks for you, just allowing you to sign on the bottom line. This can also be a practice of fraudulent “home ownership counseling” programs that make a commission on house sales in a particular area. Again, you should be the most informed consumer on how you will manage the debt of a home mortgage, not your lenders, your real estate agent, or even a counseling program.
Arizona Mortgage Rate Refinance Specific links
Arizona Mortgage Rate Refinance News
How 7 REITs Could See A Buying Frenzy Soon - Seeking Alpha
How 7 REITs Could See A Buying Frenzy Soon Seeking Alpha The Hill newspaper reported that there was an almost astronomical increase in the level of refinancing in some states because of the last two federal attempts at refinancing HARP 1.0 and HARP 2.0. The refinancing rate in Arizona, increased by 181.4%, ... |
Despite Home Value Gains, Underwater Homeowners Owe $1.2 Trillion More than ... - MarketWatch (press release)
Despite Home Value Gains, Underwater Homeowners Owe $1.2 Trillion More than ... MarketWatch (press release) Despite the high rate of negative equity, the majority of underwater homeowners are current on their mortgages. Nine in 10 continue to make their mortgage and home loan payments on time, with just 10.1 percent of underwater homeowners more than 90 days ... |
Arizona's mortgage improvement fastest in US - AZ Central.com
Arizona's mortgage improvement fastest in US AZ Central.com That gave Arizona the nation's best delinquency-improvement rate, though the percentage of past-due home loans here remains above the national average, TransUnion said Wednesday. Arizona's mortgage-delinquency rate fell to 6.86 percent at the end of ... |
Obama to tout success of mortgage refinancing - Washington Post
 Whitehouse.gov | Obama to tout success of mortgage refinancing Washington Post According to the White House, refinancing applications in three of the hardest-hit states in the housing crisis, Arizona, Nevada and Florida, have ballooned since Obama announced programs to let more homeowners who are underwater on their loans qualify ... Mortgage refinancing rises to top of White House agenda Obama presses Congress to ease way for millions of homeowners to refinance How Do Owners Refinance? |
Treasury Auctions Set for This Week - New York Times
Treasury Auctions Set for This Week New York Times Houston Independent School District, $186.5 million of variable rate limited tax refinancing bonds. Morgan Stanley. Connecticut Housing Finance Authority, $177 million of housing mortgage finance program bonds. Morgan Stanley. University of Arizona ... |