Change in Texas Law May Make Reverse Mortgages More Popular
Texas was one of the last states to allow homeowners to take out home equity loans. Laws going back to the nineteenth century strictly prohibited home equity lending, as legislators feared that unscrupulous lenders would take advantage of homeowners for the purpose of seizing their homes through ... more...

What is a Predatory Lender?
Several months ago, the 3,000-member California Association of Mortgage Brokers (CAMB) created the first real definition to describe the abusive lending practices of predatory lenders. According to the CAMB, predatory lending was described as "placing consumers in loan products with significantly ... more...

California Bad Credit Mortgage
California is a beautiful place to live There is no doubt about that. But, to live in California you must pay the price, which is sky high real estate prices. Renting, as opposed to buying in California, can save a little bit of money. However, renting has the disadvantage of not building any ... more...

Outsourcing and Offshoring in Mortgage
The US mortgage industry is going through a technological transition. Mortgage has been on the low priority in terms of automation and outsourcing in whole banking chain. But with increasing interest rates and competition, Mortgage banks are looking for ITO and BPO as long term strategic tools. ... more...

Mortgage Glossary - A Glossary of Mortgage Terms You Should Know
Acceleration Clause A clause in a mortgage defining that the entire outstanding balance can become due and payable should mortgage default occur. If the entire balance is not paid, the property will be foreclosed.Adjustable Rate Mortgage (ARM) Mortgage with interest rates that may be adjusted by ... more...

Do Your Homework - Find the Mortgage That Fits Your Lifestyle and Your Budget
You've been looking at houses for months, and finally youve found it--the house that's just right. So now, all you have to do is to purchase your new home, move in, and get settled, right? Not quite. Theres one more big step to go-getting a mortgage loan. Youre going to want to decide on the type ... more...

The Truth About Shopping for Mortgage Rates
With so much lender advertising focusing just on rates, you may not be aware of the importance in choosing an experienced, reliable loan professional who can match you with the appropriate loan program. Good loan officers and mortgage brokers may quote todays rate when asked, but they will quickly ... more...

Mortgage Elimination- A Horrible and Sure Way to Lose Your Home to Foreclosure
Own your home free and clear in 3 to 4 months. Note paid in full!How does this statement sound to you? Does it bring out a sentiment of grand larceny or does it peek your interest as a means to quickly and legally increase your personal net worth? Would it be moral to cancel a debt you made in ... more...

The 5 Secrets You Must Uncover to Pay Off Your Mortgage in the Shortest Possible Time
Youve been making monthly mortgage payments for so long that the checks almost write themselves.But have you become financially complacent, failing to consider ways to decrease your payments or overall debt?Here are 5 secrets to paying off your mortgage in the shortest possible time.1. Get a ... more...

Mortgage Delinquency Facts and Fiction
Kenneth Harney, a highly respected columnist for the Washington Post, expressed surprise in his column recently because home buyers in high-cost parts of the country like California, Hawaii, Boston and Washington, D.C. are not leading the nation in mortgage delinquencies.Mr. Harney stated (in near ... more...

Adverse Credit Mortgage Loan - Persistence is the Key to Getting Approved
People with bad credit that are looking to get a home mortgage loan or to refinance their existing home mortgage loan, know how difficult of a job it can be to try and get approved. Adverse credit history can mean a little more legwork to get an approval for a mortgage loan, and especially to get ... more...

Why a California Mortgage Quote is Sometimes Higher - and Why it Doesn't Have To Be
When it comes to California mortgage quotes, the rate is important but it is also necessary to consider the overall costs involved. Factors like the APR, loan fees, discount and origination points need to be properly understood and calculated.Counting the Points Lenders may or may not include ... more...

Jumbo Home Mortgage Loans - What They Are and Where To Get Jumbo Loan Financing
A jumbo mortgage is different than a conforming loan. A jumbo loan amount exceeds that limit set by FNMA. That limit can change every year, but is around $300,000. With a jumbo mortgage, the interest rate is a little higher than other similar mortgage loans that are for smaller amounts. The ... more...

Are You Ready for a 40-year Mortgage?
Real estate prices have been increasing steadily over the last five years, particularly on the East and West coasts. In parts of California, homes are selling for 33% more than they were a year ago. This has made it more difficult than ever for first-time homebuyers to purchase a home.Over the ... more...

Late Mortgage Payments Sabotage PMI Cancellation
There's something you should know about PMI!Private mortgage insurance is commonly referred to as PMI. If a buyer makes a down payment of less than 20% of a home's value the lender will insist that a premium for PMI be added to every monthly payment.Statistics prove that the more money a buyer has ... more...