Unlicensed Mortgage Brokers Get The Boot

With interest rates and house prices at historic lows, it is the perfect time to buy a home.

But before a purchase is made, a bank loan officer or a mortgage broker has to approve a home loan for the buyer.

Bank of Utah Chief Financial Officer Branden Hansen cautions prospective buyers to make sure the person they are dealing with is reputable.

"As a bank and being involved with the mortgage industry," Hansen said, "we had to compete with a lot of people we feel are less than scrupulous."

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Pros and Cons of Refinancing Appraisal

Many homeowners want to refinance their home loans in order to take advantage of lower mortgage rates. Before a loan is approved, however, the borrower likely will be asked to order a professional appraisal to assess the value of the property.

Even though appraisals are common, not everyone needs one to refinance a home, says Carolyn Warren, author of the book "Homebuyers Beware." That's because lenders sometimes participate in plans that allow eligible homeowners to skip the independent valuation, she says.

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What If You Did Not Succeed With A HAMP Loan Modification?

The goals of the FHA are to improve housing standards and conditions, to make available a satisfactory home financing system through insurance of mortgage loans and to steady the mortgage market. FHA home owners have benefited from the Streamline Loan Modification particularly in saving money and reducing monthly mortgage payments.

The goals of the FHA are to improve housing standards and conditions, to make available a satisfactory home financing system through insurance of mortgage loans and to steady the mortgage market. FHA homeowners have benefited from the Streamline Loan Modification particularly in saving money and reducing monthly mortgage payments. Loans Store offers professional help with mortgage refinance and the services of mortgage attorneys nationwide to help people with their specific needs.

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VA Loans Thrive in the Face of Widespread Foreclosure

The VA Loan program has weathered the foreclosure crisis, despite the fact that nine in 10 borrowers purchase a home without a down payment.


In fact, these flexible, low-cost loans remain the safest on the market. The foreclosure inventory rate for VA loans was 2.5 percent in the second quarter of 2010, better than both prime and FHA loans. After nearly seven sometimes turbulent decades, this home loan benefit for American service members is better positioned and more powerful than ever.

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Home Prices Falling Despite Low Mortgage Rates

The fine bloggers over at Calculated Risk have a good article today about the future of housing prices. In essence the article asserts that there have been declines in home values in both May and June that have yet to fully show up in many measures of home prices.

This premise is based upon data from Campbell Surveys that shows prices for short sales fell 6.3%, move-in ready foreclosures fell 6.8 percent, and non-distressed properties dropped 4.6 percent.

The decline can likely be traced to several factors. First is the collapse in demand for homes following the expiration of the first time home buyer tax credit at the end of April (the overall weakness of the economy also plays a part in the lack of demand). The next factor is the massive overhang of houses on the market and in the hands of banks and lenders. Finally, the sheer volume of foreclosed and distressed homes negatively affects the price of homes.

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Falling Jumbo Rates Raise High End Sales

Will suddenly affordable jumbo loans unlock the move-up market and kindle demand for unsold upscale properties?

High end sales have been picking up through the spring and early summer, even in the wake of the demise of the tax credit, whose impact was felt almost exclusively at the lower end of the market. The moribund economy and lenders who have re-entered the jumbo market have driven down jumbo rates to five-year lows that are giving hope to homeowners who have been unable to sell since the 2006 crash.

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Shopping for a Mortgage? Do Your Due Diligence

Chances are, taking out a mortgage will be one of the biggest financial commitments you will ever make. So you’ll definitely want to do it the right way.

If not chosen with care, mortgages, which are complex and often expensive, can negatively impact your financial standing in a huge way due to default or home foreclosure. We saw that happen far too many times during the U.S. mortgage meltdown of the past several years.

So what is the key to choosing a mortgage? There are a few steps you should take before settling on a plan.

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