A HELOC is a line of revolving credit with an adjustable interest rate whereas a home equity loan is a one-time lump-sum loan, often with a fixed interest rate. The HELOC is where the borrower can choose when and how often to borrow against the equity in the property, with the lender setting an initial … Continued
Are you interested in learning about a Reverse Mortgage? If so, visit the OneTrust Senior Lending website, and request your FREE Information Kit to begin learning about how a Reverse Mortgage can change your life. Below are a few myths that you probably hear about Reverse Mortgages, so we have gone ahead and put the … Continued
When applying for a loan, lenders review credit risk based on a number of factors, including credit/payment history, income, and overall financial situation. These “5 Cs” will help you to better understand what lenders look for when applicants apply for a loan: Credit history: Qualifying for the different types of credit hinges largely on credit … Continued
A mortgage bank specializes in originating and/or servicing mortgage loans. A mortgage bank is a state-licensed banking entity that makes mortgage loans directly to consumers. The difference between a mortgage banker and a mortgage broker is that the mortgage banker approves and funds loans with its own capital. Generally, a mortgage bank originates a loan … Continued
A home equity loan is a type of loan in which the borrower uses the equity of their home as collateral. Home equity loans are often used to finance major expenses such as home repairs, medical bills, or college education. A home equity loan creates a lien against the borrower’s house and reduces actual home … Continued
Are you interested in learning about a Reverse Mortgage? If so, visit the OneTrust Senior Lending website, and request your FREE Information Kit to begin learning about how a Reverse Mortgage can change your life. Below are a few myths that you probably hear about Reverse Mortgages, so we have gone ahead and put the … Continued
Not only is buying a home the largest single purchase most families make, it is also one of the most complicated. That is why the average home buyer depends on a network of housing professionals to help guide them through this cumbersome process. Real estate companies, loan originators, loan underwriters, appraisal firms, primary lenders and … Continued
Here are some key questions to ask at application time to help you find the best overall mortgage loan for you. However, always remember a lender could have the best rate in town but if they can’t close your loan it doesn’t matter! What is the interest rate on this mortgage? How many discount and … Continued
When a person buys a home, he/she most often takes out a mortgage to purchase it. Traditionally, these home loans would remain in the possession of the lender who originated them. As these loans are paid off, the payments would flow to the lender, who would use the income to issue new loans. As time … Continued
Bloomberg News recently stated, “The rate of new foreclosures has dropped to the lowest level in eight years as rising property values have erased negative equity and allowed more delinquent homeowners to sell without losing money. The foreclosure crisis is fading for much of the country as the economy improves and homeowners negotiate with banks for … Continued