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Where to Find a Mortgage Lender
from: Mortage & Debt FactsIf this is your first time buying a house, you probably are trying to figure out where to get a mortgage lender.
Often, people don’t go looking for a mortgage lender until they’ve looked at some houses for sale. However, that may be a mistake in this economic climate. You may end up finding the perfect house and realizing only too late that you can’t find a mortgage lender to qualify you for a loan.
Start early to look for a mortgage lender and have all your documentation in order to make the purchase less stressful and more efficient over all.
Mortgage Brokers
You can start the process by either looking in the phone book for local mortgage brokers or contacting the local board of realtors to get a listing. Either way, you will find many different mortgage broker companies listed that can help you find a great mortgage professional. Another more reliable way is to get a reference for a mortgage lender from someone you know. Sit down with the mortgage lender early to find out how much house you qualify for or whether there are any issues that will keep you from getting a mortgage that need to be resolved.
Online Mortgage Lenders
There are broker listing agencies on the Internet, like lendingtree.com, that allow you to put in your information for people in the mortgage industry to bid competitively for your business. This can be a great way to get acquainted with whether you make an attractive client or whether you get few offers and poor terms.
Then, you can start to address the issues and try again later, if it doesn’t work out. Getting a mortgage is a lengthy process and don’t be too upset if they ask you for paperwork that may seem redundant. It’s in their interest to verify your loan and ability to pay your projected mortgage and it can save you the problem of buying more than you can afford.
Realty Agents
If you are already in the process of home shopping, you can ask your real estate agent to hook you up with a mortgage broker. This isn’t the preferred method, as you have no idea what type of business relationship a real estate agent might have with a particular mortgage lender. The one they steer you to might not be the best lender, but rather one they are receiving some sort of payback from by steering business to them.
Although this isn’t always the case, it’s something to be aware of when trying to find a reputable mortgage broker who can offer a competitive bid.
On the other hand, a real estate agent may prefer working with one mortgage broker over others because the agent knows the broker to be honest and efficient. A good working relationship between your real estate team members can make the transaction go smoothly.
Mortgage Second Specific links
Mortgage Second News
Calif. homeowners with foreclosed second mortgages targeted by firm - News10.net
 News10.net | Calif. homeowners with foreclosed second mortgages targeted by firm News10.net By Rick Jurgens Adding new uncertainty in the state's ongoing mortgage crisis, a Texas company is aggressively pursuing hundreds of Californians to collect second-mortgage debt - on homes they've already lost through foreclosure. Firm targets CA homeowners with foreclosed 2nd mortgages Is Plano firm a vulture or a mortgage fraud fighter? |
Zillow: Phoenix has second-highest rate of underwater homeowners - Bizjournals.com
 Los Angeles Times | Zillow: Phoenix has second-highest rate of underwater homeowners Bizjournals.com Slightly more than half of Phoenix-area homeowners with mortgages were underwater in the first quarter of 2012, generating roughly $39 billion in total negative equity, according to a report released Thursday from Zillow Inc. Many of those metro ... Negative Equity More Widespread Than Previously Thought, Report Says Are you underwater? |
Fixed mortgage rates hover at record lows - CBS Moneywatch
 Bloomberg | Fixed mortgage rates hover at record lows CBS Moneywatch (MoneyWatch) Fixed mortgage rates remain at record lows, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS), released Thursday. This marks the second week in a row that 15- and 30-year fixed rates have fallen. US 30-year mortgage rate falls to record 3.78 pct. BofA Will Buy Back $330 Million of Mortgages From Freddie Mortgage rates hit 4th straight record low |
Mortgage Q&A: Borrowers hit by mess others made - Washington Times
 Washington Times | Mortgage Q&A: Borrowers hit by mess others made Washington Times Not because HARP wouldn't allow the second trust but because the bank holding the second trust wouldn't allow the subordination of the loan. There also was the problem of private mortgage insurance (PMI). If a qualified HARP candidate carried PMI, ... Don't HARP on it, refinance program too good to pass up |
Add a personal message:(80 character limit) - Boston.com
Add a personal message:(80 character limit) Boston.com And Toll Brothers, a key US builder of luxury homes, reported that it returned to profitability in the second quarter. A pickup in hiring, cheaper mortgages, and lower home prices in most markets have made home buying more attractive. |