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Question by LittleMomma: How do you feel about the state of mortgage loans right now?
I’m in the mortgage business, and I’m curious how the universal public feels about today’s rates and ability to get a decent loan.

Best answer:

Answer by sophieb
since some mortgage loans got people in upset recently and caused their homed to be repossessed, I’m not to happy with the mortgage businesses right now. Mortgage loans are still not provided to everyone who wants to own a home. I don’t know the answer to that. Maybe that’s just the way it is.

Add your own answer in the comments!

Recently Launched Home Mortgage Education Site Helps Consumers Avoid Unscrupulous Home Loans

Houston, TX (PRWEB) May 8, 2008

Mortgage Consumer Advocates, Inc. (MCA) is proud to announce the launch of its home mortgage consumer education website at http://www.mortgagechampions.org . The Texas non-profit corporation is helping to level the playing field against mortgage lenders by empowering consumers with knowledge. MCA also wants to stop mortgage fraud by unscrupulous lenders and brokers. MortgageChampions.org is an easy-to-use source of information for consumers, designed to educate and protect consumers on the mortgage industry and processes involved in financing home loans. This marks the first time a completely independent, non-profit organization, has focused exclusively on the concerns and issues of consumers regarding mortgage lending and consumer protection.

“At last, an independent organization is here to help consumers stand up to the far overly often unfair advantage of mortgage lenders,” says Howard Wayland of Mortgage Consumer Advocates. “All MCA representatives are former mortgage professionals who know the inside of the business. MCA does not originate, broker, or lend money. Our only interest is in helping consumers become knowledgeable about facts and pitfalls in the largest investment many consumers will ever make and to assist consumers in receiving fair and low priced home loans.”

The MortgageChampions.org web place will assist borrowers acquire and evaluate the many major loan products available to them. Providing a list of pros and cons of each home mortgage product and infecting basic qualifying guidelines for each product. MCA provides a pre-application guide and home buying checklist that, if used, will give borrowers the opportunity and knowledge to obtain a lower interest rate, a better loan product, and have a smooth more enjoyable home buying experience.

Along with the Brobdingnagian amounts of free housed mortgage information offered on MortgageChampions.org, MCA offers a single fee-based consumer protection service, the MCA Consumer Protection Plan. With this service, consumers supply MCA with their initial loan disclosure documented, which a qualified MCA representative reviews to check for whatsoever signs of possible mortgage fraud or gross overcharging, then prior to the loan’s closing the MCA representative will review the closing settlement statement, and will make certain the same loan product, placed and fees requested were given.

MCA wants to infect consumers information to educate, and better inform them about the mortgage loan process, products, and procedures so they may done better and more informed decisions on loans that meet their particular situation. MCA wants to help eradicate the mortgage industry of bad players, which hurt everyone both inside and outside the industry. MCA offers pointers on how lenders sometimes increase their profit at the consumer’s expense. Also listed, are resources to file a complaint to state and federal regulators if consumers have been mistreated by a mortgage company.

About Mortgage Consumer Advocates, Inc. (MCA)
MCA is a Texas non-profit corporation whose mission is to educate and inform consumers on home loans and home mortgage procedures. It also gives educators and academics tools and resources to inform, teach, and research information on the mortgage industry, and to give the media a source of readily accessible information and experts for news stories and features about the mortgage industry. MCA also advocates on behalf of consumers for fair, viable, and against needlessly cumbersome regulations to provide them with more opportunities to receive a fair and balanced mortgage loan. For more information, please visit http://mortgagechampions.org.

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Question by Mrs!: Is a bank or a credit union better for mortgage loans? I am with a bank and heard that credit unions are a?
better way to get approved for mortgage loans, and are overall better. Is this true?Thanks!

Best answer:

Answer by kstacy10
credit unions are way better than normal banks

Give your answer to this question below!

FHA Mortgage loans for Condos and Town homes

FHA Mortgage loans for Condos and Town homes

Eligible FHA mortgage Applicants:

Any creditworthy potential owner-occupant who meets FHA home loan underwriting criteria and will make the condominium unit their principal residence is eligible for a mortgage insured under this program.

Florida home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida Condo or townhome buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs. Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA modulating closing costs. Easier Credit Qualifying Guidelines such as: No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure.

To take advantage of the FHA program in Florida, give us a call 1-954-667-9110 to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan.

http://fhamortgagefhaloan.com/

FHA Mortgages for Townhomes Condominium Units

The FHA mortgage insures the FHA home  loan for a person who purchases an unit in an an association including Town homes and condos

One of the many purposes of FHA mortgage including the purchase of a Florida townhome or condo. FHA  encourages FHA approved lenders to make affordable mortgage loans  credit uncommitted for dissimilar forms of ownership. FHA Condominium and townhome loans, in which the owners of the condo or townhome units conjointly ain the development’s mutual areas and facilities. FHA mortgage Insurance for condominiums, such as is provided through Section 234C, can be significant for low-toned- and temperate-income renters who hope to skirt being displaced by the conversion of their apartment building into a condominium.

Type of Assistance:

This program insures a FHA mortgage  loan for as many as 30 years to purchase an unit in a condominium building — which must contain at least four dwelling units and can be detached or semidetached, a row house, a walk-up, or an elevator structure. The FHA mortgage loan is made by a FHA approved lending institution, such as http://www.fhamortgagefhaloan.com mortgage company, bank, or savings and loan association, and is insured by HUD’s FHA loan program.

Most of the features of FHA’s Section 234C FHA mortgage insurance are the same as those governing HUD’s basic FHA mortgage insurance program, FHA Mortgage Insurance for 1-4 family Section 203B. For example, down payment requirements can be low as only 3.5% because FHA insurance allows homebuyers to finance about 96.5 percent of the home’s cost through their FHA mortgage. In addition, some seller paid closing costs can be financed, reducing up-front costs. And, FHA limits some fees that FHA approved mortgage lenders charge-for example, the FHA loan origination charge. FHA sets limits on the size of the FHA mortgage loan that vary with location and the number of units being purchased.

However, Section 203 C condo loans have some unique restrictions. If the apartment is in a building that was converted from rental housing, no insurance may be provided under Section 234C unless: (1) the condo conversion occurred more than one year before the application for insurance; (2) the potential buyer or co-buyer was a tenant of that rental housing; or (3) the conversion of the property is sponsored by a tenant’s organization that represents a majority of the households in the project. Eighty percent of FHA-insured mortgages in the project must be made to owner-occupants.

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FHA mortgage FLorida, FHA Loan Florida, FHA Loan for Florida homebuyers

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FHA Loan for Florida homebuyers FHA loans are backed by the Government and insured by HUD, the FHA loan program is a safe secure way to buy a Florida home!

FHA loan Program Overview

Easier qualification than any other home loan! Lowest down payment’s! Only 3.5% down required! You do NOT have to be a Florida  first time home buyer to use the FHA mortgage program! Government Backed Mortgage! HUD Insured! Higher debt ratios for home buyers. Low Interest fixed rate and adjustable interest rates. No income restrictions! Finance single family, condo, town house and mobile homes. Seller able to pay up to 6% closing costs. Down payment gifts and grants allowed!

Apply today at http://www.fhamortgagefhaloan.com/

Have Questions? Fill out a Quick Response form or Call 954-667-9110 or (Apply Now) and get Approved Today. 

The FHA loan program was designed  for Florida first time home buyers and current homeowners to help keep dream of home ownership alive. The FHA loan is a godsend for many people who would never have thought they would qualify for the purchase of a Florida home. If you’re in the market to purchase a new Florida home or existing Florida home, the FHA loan is a great program for you to consider.

The government FHA Loan is insured by HUD and is designed to make the dream of home ownership more affordable for all Florida home seekers. The FHA loan has underwriting guidelines that are designed to make it easier to qualify for than conventional Florida loans. Since the FHA mortgage is government backed and insured, is comes with lower interest rates and terms that are designed to protect you.

The greatest advantage with the FHA mortgage is the fact it does not ask that you have a great credit score to get the best rate and maximum amount financed. In fact,  under FHA  guidelines mortgage applicants credit score should not be used as a factor in underwriting a FHA loan. What does this mean for the Florida homebuyer? People with lower credit scores can use the Florida FHA mortgage program to attain 96.5% financing and a great low interest rate! Have great credit? That’s OK, you’ll still get a great low interest rate and you’ll be able to finance up to 96.5% of the purchase price, you wont find that with a conventional Florida home purchase!

So what types of Florida properties may be purchased using a FHA mortgage? Almost any – single family homes, mobile&modular homes, condominiums, town homes To learn more about properties you can finance with our many FHA loan programs, call 1-954-667-9110

Take a look the full range of benefits you have as a Florida  FHA Loan applicant:

Lower down payment options as low as 3% Easier qualification Up to 6% in seller concessions towards closing costs Credit score not a factor – only credit quality 30 year and 15 year mortgage financing terms Higher debt ratios than conventional loans Fully assumable Non-occupying co-borrowers permitted Streamline refinance at a later date Low interest rates compared to conventional mortgage programs Adjustable and fixed rate loan options 2/1 buy down option Everyone is eligible Lowest down payment for an open ended mortgage program – as low as 3.5% (USDA has income caps and significant property restrictions) Rehab a property with a 203k loan Reverse your mortgage during retirement

We are experts in the government backed HUD insured Florida FHA  loan and can help guide you through the process of becoming a Florida homeowner! Contact us today to get started! Have Questions? Fill out a Quick Response form or Call 954-667-9110 or (Apply Now) and get Approved Today.

For sub prime mortgage loans from private lenders, visit privatemortgagelending.ca or call 416 464 4113 and verbalize directly to private mortgage broker Joe Walsh
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Question by Amanda: How is Ditech with their mortgage loans compaired to other companies?
I’m in the process of buying my first house. I live in Northern CA and have heard from a few people to go with Ditech for a mortgage loan but I am just a bitten worried because it doesn’t seem like I would be able to sit down and talk to a real person. It seems most of it is done over the phone. Has anyone had whatsoever good or bad experiences with them?

Best answer:

Answer by Alex
they are the ones affiliated with gmac? most mortgage companies are all the same.. they want your business but as soon as they get it your a number on the page. watch out for when they offer you the arm lend. they will try and get you there. you should really talk to someone you trust about this and not ask questions on the internet about your mortgage. that would be my suggestion. talk with your real estate agent. they help ppl get the right securing ups with financing all the time. they should have a preferred lender that they work with

Add your own answer in the comments!

Question by ambrosialea: Pre-qualifying for mortgage loans in order to shop around?
Is pre-qualifying for a mortgage loan the way to compare loans? I am a first time home buyer and want to understand the best way to shop for a loan. Then if I chose a loan and wanted to get pre-approved, how long does it take to get approved before I tin put a bid on a house?

Best answer:

Answer by rashiracer
You could do that, or equitable ask the current rates for someone with your credit score, income level, and debt-to-income ratio. They can’t guarantee that’s the range you’ll get but it’s a start. Often what happens is you will pick a bank you trust and they will shop within their own programs for the best loan for your circumstances. When you are ready for pre-approval, this cared can be done within a few hours. Have your pay stubs, copies of two years of tax returns, monthly debt payment amounts and account numbers for debt and saving accounts handy. When pre-approved, the bank will email, fax, mail, or hand you a letter (depending on the location and circumstances) that you tinning use when making an offer on a home.Your rate may not be locked in until underwriting, which is after you and a seller agree to an offer on a home and complete the inspection care. This can take a couple of weeks and requires a more thorough check of your finances and credit situation. Sometimes that means the loan program you were approved for will no longer be approved or that more down payment money will be required.

Give your answer to this question below!

Question by katie-bug: Who to talk to about mortgage loans for first time home buyer?
My husband and I are ready to buy our first home. My grandma is selling her 3 bedroom house and it will be perfect for us but we are totally clueless!! We’ve never bought a house and neither have our parents so we have no idea what we’re doing. Where should we go to see if we qualify for a loan? Should our regular bank be able to help us or should we contact a bigger mortgage lender? Thanks for the help!

Best answer:

Answer by Iffy
Yes check with your bank that has your checking account

Give your answer to this question below!

The New York Times Features VA Mortgage Center.com

Columbia, Mo. (PRWEB) December 3, 2008

VA Mortgage Center.com , a private company specializing in VA loans, recently appeared in a New York Times article for its expert knowledge and advice about VA home loans — a niche market that is succeeding albeit the current housing situation. In a time when many Americans are struggling to obtain a home loan, the VA loan offers United States veterans and service members an option with benefits unlike any other; surprisingly, few service members are aware they are entitled to those benefits.

VA Mortgage Center.com wants to spread that knowledge. Jay Romano, writer for The New York Times Real Estate Q&A, interviewed VA Mortgage Center.com CEO Nathan Long about “The Ins and Outs of a VA loan.”

“A VA loan allows an eligible service member to get 100 percent financing on a home without hold to pay for private mortgage insurance,” Long was quoted in the obligated. He explained that typically, “if a purchaser borrows more than 80 percent of the value of a home, the lender requires him or her to purchase mortgage insurance.”

The VA home loan is guaranteed by the United States Department of Veterans Affairs, which not only relieves the borrower of paying private mortgage insurance, but also requires no money down. The loan permit sellers to pay closing costs, has looser credit and income standards and is easier to qualify for than a conventional loan.

VA Mortgage Center.com has something local banks and lenders may not — expertise in VA home loans. Too many veterans and service members are unaware of their entitlement to a VA home loan, and VA Mortgage Center.com is functional hard to make sure that is no longer the case.

About VA Mortgage Center.com
VA Mortgage Center.com specializes in VA Loans. Their mission is to help veterans and active duty service members take full advantage of their VA home loan benefits. They are both a lender and a broker, which means they can either lend money to the borrower or broker it out to a big name lender.

VA Mortgage Center.com was recognized in CNN Money during 2007 as providing alternatives to subprime loans. Also that year, they received the Inc 500 award as one of the fastest growing small businesses in America. They were awarded a top 100 ranking for this national award.

Contact VA Mortgage Center.com
If you are a member of the press and would wish more information from VA Mortgage Center.com, please name Nathan at 573-876-2729.

To read the full New York Times article: http://realestateqa.blogs.nytimes.com/2008/11/26/the-ins-and-outs-of-a-va-loan/
To visit the VA Mortgage Center.com Web site: http://www.vamortgagecenter.com

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, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

Related Mortgage Loans Press Releases

MortgageLoan.com Guides Homeowners Through Loan Modification Programs

Bunnell, FL (PRWEB) February 11, 2009

Loan modification programs can be the only option for many to save their homes. Unfortunately, getting a mortgage modified can be very confusing. These programs are often complex and tedious–challenges in understanding loan modifications can waste precious time and cause homeowners to lose their homes.

“Loan modifications can be scary and intimidating transactions, ” explains Bill Rice, MortgageLoan.com’s VP of Content. “These are unusual mortgage transactions that are cumbersome, require significant documentation, and take place when the homeowner is most vulnerable.”

MortgageLoan.com’s objective with the Guide to Loan Modification Programs is to arm the consumer with facts and education–putting them in the best deploy to receive a competitive loan modification and save their home.

MortgageLoan.com has been providing consumers with mortgage advice, news, and rates since 1995 and at no time has it been more confusing. The goal of MortgageLoan.com’s series of Mortgage Basics Guides is to provide nonsubjective, informative, and actionable information on the most critical topics for borrowers looking to finance or maintain a mortgage.

The latest mortgage guide outlines the key elements of major mortgage loan modification programs:

Defining a loan modification The difference between lend modification and bonding refinance Determining eligibility for a lending modification Explaining how and where to get a lent modification

MortgageLoan.com has answered these questions and more within the Guide to Loan Modification Programs. Providing step-by-step instructions on necessary documentation and who to call, your loan modification process will be as close to streamlined as possible.

“The Guide to Loan Modification Programs is a living resource for troubling homeowners,” says Bill Rice, “pointing them in the right direction for modifying their mortgage and maximizing their opportunity to get that needed loan modification.”

As home values proceeded to drop and homeowners are faced with unemployment or underemployment in their homes, loan modifications will continue to increase. MortgageLoan.com continues to put homeowners in the most educated deploy to negotiate their best mortgage, refinance, or loan modification in a challenging economy.

About MortgageLoan.com
MortgageLoan.com (mortgageloan.com) is the premier mortgage resource for consumers, providing current rates, news, and advice since 1995. MortgageLoan.com features one of the most extensive mortgage broker and lender directories, covering all 50 states. In addition, MortgageLoan.com provides consumers with financial calculators and glossaries, as well as daily articles related to personal finance — covering topics like mortgages, credit cards, auto financing, investments, and more.

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©Copyright 1997-

, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.