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Lenders Articles

Posted on July 15   By Francine Huff
Dreaming of a home in the country but don't have a large income to qualify for a mortgage loan? Homeownership could still be withing reach thanks to an under-the-radar government program. A lot of potential homebuyers don't realize that they might qualify for 100% financing of a home through the U.S. Department of Agriculture (USDA) Rural Development. The government program provides loans for low-income families to purchase homes in rural communities. The money can be used to buy an exis.... Read More...
Posted on June 26   By Justin McHood
One of the more popular questions I am asked recently is "does it cost money to lock your loan?" and the truth is -- there is not a right answer. The reason there isn't any one answer to this question is because each lender handles loan locks differently. Some lenders lock you early in the process before sending you the initial disclosures and charge a fee that appears to be a "lock fee" but is really a "commitment fee". The normal "commitment fee" is somewhere between $300 and $600 from what I.... Read More...
Posted on June 08   By Justin McHood
REO stands for Real Estate Owned and the acronym came about because that is what lenders started calling their departments who handled the properties that became bank-owned properties because they had been foreclosures. Virtually all of the lenders in America who are investors or servicers of mortgage loans have REO departments and with the record number of foreclosures, they are busier than ever before. Because REO departments are so busy with managing the properties that they own, they don't .... Read More...
Posted on May 03   By Justin McHood
Whenever you refinance, lenders check to see if the refinance that you would like to do actually "makes sense." For example, the FHA streamline refinance program is very popular right now -- because interest rates are lower than they have been in recent years and more people are in FHA loans than in the past because of the elimination of other loan programs. The FHA streamline program uses a "net tangible benefit" equation -- which can vary from lender to lender -- but the general idea is that p.... Read More...
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