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November 22, 2006
When comparison shopping for a new mortgage loan, it is important to compare everything about the loans, not just the interest rates. Many borrowers assume choosing the loan with the best interest rate ensures them a good deal when mortgage refinancing; however, these homeowners often overlook lender fees and closing costs. The best way to [...]
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October 26, 2006
When RESPA legislation was passed to protect homeowners from predatory lending practices, the banking industry intensely lobbied to be exempt from mandatory disclosure laws, and they succeeded. Because of this lobby, your bank is not required to disclose to you what their profit margin is on your new mortgage loan. Banks in the United States [...]
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August 23, 2006
For many individuals with poor credit home ownership feels out of reach. This is simply not true; people with bad credit can still qualify for competitive mortgage rates, you just need to know how to do it. If you are a homebuyer with poor credit you may need to secure your mortgage from a specialized [...]
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August 16, 2006
If you are currently shopping for a new mortgage you want to avoid overpaying lender fees for the new loan. Using the Good Faith Estimate can help you avoid overpaying lender fees and closing costs for your new mortgage. If you neglect to review the Good Faith Estimate from your lender you could be throwing [...]
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March 31, 2006
Mortgage Points are pre-paid interest payments made to your mortgage lender at closing. A point is 1% of the mortgage loan value. If your lender requires you to pay 3 points on a $150,000 mortgage for example, your payment would be $4,500.00 Points are a fee you pay in exchange for a lower interest rate. [...]
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My name is Robert Regehr and I’m a personal finance blogger with a chip on my shoulder for banks and mortgage brokers that take advantage of my friends and neighbors.
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