Obama Mortgage Plan Acquire Out If You Qualify

5 year fixed rate mortgage is a mortgage loan where the interest rate on the note remains the same through the term of the loan, as different to loans where the interest rate may change. Other forms of mortgage loans include interest only mortgage, graduated payment mortgage, changeable rate including changeable rate mortgages and tracker mortgages, negative paying off mortgage, and balloon payment mortgage.

A Balloon Payment mortgage, for example, can have a fixed rate for the term of the loan followed by the ending balloon payment.

5 Year Fixed Rate Mortgage Rates

If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Are you eligible for a Home Affordable Modification ( the Obama Mortgage Plan)? Under the Obama mortgage plan guidelines, your lender may lower your mortgage payments to no more than 31% of a borrowers pre tax monthly income.

1.; Down Payment/Contribution: $ 02.; Payments of: $ 1,974.764.; First Payment Due On: 9-01-095.; Last Payment Due On: 11-01-09

1.; Old Interest Rate: 6.450% with PITI payments of:; $ 2,686.993.; New Mod Interest Rate: 2.87% PITI with payments of: $ 1,974.764.; Total Monthly Savings with the Mod: . . . . . . . . . . . . . . . . . .

The Roles of A Mortgage Lender, Broker and Sales Agent

There are so many options for sales agents, brokers, mortgage lenders, types of mortgages and mortgage rates.

Real estate sales agents are simply an extension of a real estate broker. The broker actually hires a sales agent, as just that, an agent to show his or her listing to home buyers. The broker is responsible for everything that the agent does, because the agent is by law, acting as the broker. A broker may have one, two, or dozens of real estate agents, depending on how big the business is, how many offices the broker might have, and how many cities the broker occupies.

The sales agent and broker work together to find a buyer for a property that is listed with them.

Even with all these responsibilities as a broker, the biggest difference between a sales agent and broker is the fact that the broker can be responsible for arranging financing for the buyer. If there are any problems or concerns with the property, even if the seller did not disclose to the broker, the broker must notify both the buyer and seller immediately. This assures the buyer that he knows all information about the property. There are many options for mortgage lenders, or those who loan the money to the buyer to purchase the property.

Sales agents, brokers and mortgage lenders can make purchasing a property go very smoothly and save both the seller and buyer a lot of time, energy and money. Mortgage calculators help to analyze these complications by deciphering them. Mortgage calculators enable payments for every period. This calculator can compute the balance that is on the mortgage as well as the future value of the mortgage. Mortgage calculators compute final payments with the taxes, principal, interest and insurance.

When using a mortgage calculator, there is some information that one will need to feed into the calculator. For the mortgage calculator to be effective, one should provide the interest rate as well. Fastness is another quality a mortgage calculator should posses.

The cost of a mortgage calculator really matters.

How to select the perfect mortgage broker

What a private mortgage insurance or PMI does is it provides protection to the lender by guaranteeing payment in case of default from borrower. The borrower will in turn pay a monthly mortgage insurance fee.

Cost of PMI

For example, a 15 percent down payment is less than the cost of PMI on a 10 percent down payment.

Canceling PMI

If you wish to cancel your PMI, contact your lender.

Florida Private Mortgage Insurance

When you are looking for a mortgage broker make sure they are qualified, most mortgage broker have gone to school and have years of training under a senior broker to ensure the know the ins and outs of the mortgage industry. The industry has a designation calls Accredited Mortgage Professional to differentiate the category of mortgage broker.

Is a Reverse Mortgage Suitable for Me or Am I Throwing My Kid's Dollars Away?

Covered products would include collateralized mortgage obligations (CMO) and commercial mortgage backed securities (CMBS) and other mortgage derivatives.

The Real Estate Round Table, the Mortgage Bankers Association, the National Association of Realtors and the Commercial Mortgage Securities Association also oppose the idea.

The liquidity crisis in the mortgage backed bond market has paralyzed the banking system.

Commercial Mortgage Pro - Separate Ratings For Structured Debt - Bad Idea

Reverse Mortgage is it right for me: The Reverse Mortgage is in fact not the right mortgage loan for every senior who owns a home; there are many things to consider when you are contemplating a Reverse Mortgage.

It will take about five years to recover the closing cost associated with the Reverse Mortgage.

Disadvantages of a Reverse Mortgage If you are going to get a reverse mortgage, you first must know, and be comfortable with, the disadvantages of a reverse mortgage. Conversely, with a reverse mortgage, the borrower builds up debt while they live in the home. In addition to building up debt, there can be significant up front costs when brokering a reverse mortgage. When you take out a reverse mortgage, you will have less equity in the home and likewise, the heirs will inherit a smaller portion of the home's value. With the proceeds, you can decide to rent a home or purchase a smaller home. Selling your home is an excellent option if assisted living is a near-term possibility. If you are comfortable with the disadvantages of a reverse mortgage, you should speak with a reverse mortgage lender to discuss your specific situation. does not shy away from the disadvantages of a reverse mortgage.

Is Green Lending Your New Mortgage Niche?

Common Closing Fees

Lender Fee-This is the fee the lender charges to underwrite the loan

Title Fees-These are the fees the title company collects for closing the loan and doing the associated title searches on your property. This is generally broken down into closing fee, title fee and a courier fee if applicable.

Examining Common Mortgage Broker Fees

The hot topic in real estate is green homes. As better and cheaper products and materials became available, green or eco-friendly building spread to residential construction. There is anecdotal evidence, however, that green building is a growing factor in both new residential construction and remodeling. For example, the State of California just enacted the first statewide "green" building code and 6,500 builders have signed on to build Energy Star approved homes. USGBC's LEED program which originally monitored green commercial construction now offers five levels of certification for housing. Where a green house is just a regular home with green features, a plain vanilla mortgage will work just fine. The Energy Efficient Mortgage (EEM) program allows the borrower to incorporate the cost of some green improvements on the top of the approved mortgage without qualifying for the higher loan amount or basing the down payment on it. If there are lenders specializing in green loans they are doing a poor job of marketing. Google green mortgages, green lenders, or green mortgage brokers and you will get millions of hits but the top ones lead to blogs bemoaning the lack of green financing or to the Websites of mortgage brokers named Green.; USGBC's national green directory lists only six financing sources. The National Association of Realtors offers members a green designation, the Mortgage Bankers Association does not. First, learn the basics of green building and green home ownership. The National Association of Home Builders is active in developing green residential building standards and the Forest Stewardship Council certifies the sustainability of wood-based building materials. ;Marketing a green business focus is easy and relatively inexpensive. Contact green builders in your area as well as realtors, especially any holding the NAR green designation.

Seller-Financed Mortgage Notes - What is it and How Does it Benefit the Seller and House Buyer?

Here are five quick tips loan originators can use to help prevent FHA mortgages from falling through during processing. Make sure the loan you are submitting makes common sense.

Stating a good case for loan approval is even more important when the FHA Total Scorecard underwriting system has referred your loan to an underwriter to make the decision. Make sure that both your cover letter and the borrower's explanation fully account for what happened to cause the borrower to have credit problems and why the underwriter should now believe that the borrower has solved the problem.

Check the CAIVRS number before processing the loan.

CAIVRS stands for Credit Alert Interactive Voice Response System. Strangely, even this fails to show up on the borrower's credit report fairly often.

Surprisingly again, many loan originators fail to think ahead strategically when compiling their loan submission package. I have seen many loans fall through at this stage because the loan officer failed to even ask the borrower if their rent had been paid on time! Remember, the rental history is not a factor if the loan is approved by automated underwriting because that history is not shown on a borrower's credit report.

The loan officer asked the borrower "How much do you make?". The loan officer submitted the loan through automated underwriting and received an approval so they told the agents and borrower to go ahead with their purchase offer only to find out after finalization of the purchase contract that 30% of the borrower's income comes from overtime pay they have only been receiving for the last year. Oops, this doesn't fit into FHA guidelines.

Loan officers frequently fail to gather complete information on all the borrower's assets once they have an automated approval. A good strategy for the mortgage originator is to gather documentation for every dime in every account the borrower has squirreled away anywhere, but submit the loan through the automated underwriting system with the fewest assets necessary to get an approval. When the loan is downgraded later on, the extra assets can often save the loan officer's reputation.

FHA Mortgage Broker Training - 5 Tips To Make Sure Your FHA Loans Get Approved And Close On Time

The seller can offer something which is called "Seller or Owner Financing". Now, please understand that seller financing does not mean the seller is actually lending money to the buyer to purchase his home.

3) Create mutually beneficial financing for the buyer and seller

Advantages to Applying a Mortgage Broker Vs. a Nearby Bank

One way that successful mortgage brokers boost their businesses is through the use of high-quality loan debt leads. While there is obviously nothing wrong with this practice, better deals on mortgage rates and terms can often be found through the use of a mortgage broker instead of dealing with banks or other mortgage lenders directly.

But what is a mortgage broker? The mortgage broker does not represent any one financial institution; therefore they act as your representative when shopping for a home loan. Mortgage brokers work solely on commission and they do not get paid anything if the loan does not close.

There are a number of advantages to using a mortgage broker instead of applying for your loan through a local bank.

In addition to simply having a larger number of loan options, you may also be able to receive deals on your mortgage loan that you simply would not be able to get if you were not using a mortgage broker. Your local bank simply may not be able to match the interest rates and loan terms that a mortgage broker can offer.

Another advantage of using a mortgage broker instead of applying for a mortgage loan at a local bank is the fact that many mortgage brokers are able to arrange a variety of different payment options. While local banks may have specific payment options that they use, your mortgage broker may be able to find a loan that fits your specific payment needs.

Should you later need to refinance your mortgage loan, using a mortgage broker can be a major asset here as well.