Recent Lending Guide Articles

Posted on March 12   By MLP Lending Guide
Did you know that you can figure out your own monthly mortgage payment amount by using a mortgage calculator? By figuring out what your payments will be every month, you can have a better understanding of what price range to look in for the house you want to purchase based on your other debt obligations and your household income. In order to use a monthly mortgage calculator, there are some important things to know such as: You will need to have some general information to put into the mortgag.... Read More...
Posted on March 08   By MLP Lending Guide
Debt is something almost every person gets into in one way or another. Some debt is very good, like the ability to borrow money to purchase a home. How long would it take if you could not get a mortgage loan and you had to save money to buy a house? But some debt is suffocating like high interest rate credit cards that offer you the spending power now even if you cant really afford to be spending. Credit card companies want to extend credit because they make a lot of money off of interest rat.... Read More...
Posted on March 02   By MLP Lending Guide
It may seem like private lending institutions like banks never make financial mistakes. But the sad fact is that these institutions are run by individuals, and occasionally a mortgage lender or bank will run into troubles and might even go bankrupt. If you have an outstanding mortgage and the lender goes bankrupt, what happens to your mortgage? Unfortunately, your obligation to make payments will not disappear. When a company goes bankrupt, their assets are transferred somewhere else, and like m.... Read More...
Posted on March 01   By MLP Lending Guide
When family members or close friends have financial problems, it is natural to want to help them. This is especially true if you are in a better economic situation than they are and have the means to help. In these cases, individuals are often asked to "co-sign" on a loan or mortgage. When an individual has bad credit, a lender may require a co-signer with good credit. In another scenario, an individual may wish to get a co-signer in order to obtain a larger loan or a mortgage for a more expensi.... Read More...
Posted on February 28   By MLP Lending Guide
When two people marry, their credit histories are rarely taken into account, and rightly so. Marriage isn't about the financial responsibility of the individuals involved. But when married couples wish to purchase a house and need to take out mortgage, different credit histories can become a problem. Specifically, when one partner has a good credit history and the other poor credit, the process of purchasing a house can be confusing. The couple has several options, and deciding on an option depe.... Read More...
Posted on February 21   By MLP Lending Guide
Loans with attractive features are usually more appealing to borrowers than standard, by-the-books loans with fixed rates. One feature that is being found in a growing number of mortgage loans is the "float-down." With a float-down loan, the borrower reaps the benefits of a lock on the loan, that is, the interest rate will not increase if the market rate increases. Furthermore, the float-down loan's key component is an option to reduce the interest rate if market rates decline. This may sound t.... Read More...
Posted on February 20   By MLP Lending Guide
People who wish to purchase a house do so at different points in their lives and careers, sometimes when the amount of income is less than desired. Self-employed individuals or those who have trouble documenting their income will often choose to get a "stated income loan." With this type of loan, the application asks the borrower to state their income, and the borrower is then qualified based on that amount of income. It might be tempting to overstate one's income on a stated income loan, in or.... Read More...
Posted on February 19   By MLP Lending Guide
When brokers negotiate with borrowers, they will sometimes employ tricks that effectively raise the price of their services, a cost which must be borne by the borrower. There are dozens of such tricks, but the result of each is the same: the borrower spends more money while obtaining a mortgage. It is very difficult for the average borrower to avoid such tricks, as the borrower can rarely match wits with the broker in matters concerning mortgages and real estate. Therefore, it is a simple fact t.... Read More...
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