Welcome to the Broker Outpost Mortgage Reference Library. Consumers wanting to know more about a particular topic can browse the library by following the article links and narrowing down the search by clicking on the related topics links. Results are listed in order of most recent update.
Connecticut Jumbo Mortgage Loans
Despite the shrinking secondary market for Jumbo Mortgage Loans, we have several different jumbo mortgage loan programs available in Connecticut. The following series of paragraphs will review the va
https://www.brokeroutpost.com/reference/250438.htm (Updated: 01/18/2009)
Related Reference Topics: [connecticut jumbo mortgage loans]
How to Qualify For a FHA Home Loan
Current home owners needing to refinance and first time home buyers can qualify for a FHA home loan quite easily if certain requirements are met. Although FHA generally looks at the overall credit pro
https://www.brokeroutpost.com/reference/116293.htm (Updated: 10/13/2008)
Related Reference Topics: [fha, home loan, refinance]
FHA and your credit score
FHA loans are not influenced by your credit score. If you have a low credit score and think that you can't qualify for a mortgage then an FHA loan may be your answer.
https://www.brokeroutpost.com/reference/209128.htm (Updated: 10/13/2008)
FHA Lending in the State of Massachusetts
FHA mortgage loans are an excellent source of financing in the State of Massachusetts. FHA loans are a government insured loan that tends to be a little more lenient credit-wise than traditional Fanni
https://www.brokeroutpost.com/reference/112658.htm (Updated: 10/12/2008)
Related Reference Topics: [fha, massachusetts, hud, mobile home, ]
FHA Lending in the State of North Carolina
FHA mortgage loans are an excellent source of financing in the State of North Carolina. FHA loans are a government insured loan that tends to be a little more lenient credit-wise than traditional Fann
https://www.brokeroutpost.com/reference/112649.htm (Updated: 10/12/2008)
Related Reference Topics: [fha, lending, hud, mobile homes, north carolina]
Can I Refinance My Home If I Had It On The MLS?
If you have recently had your home listed for sale on the MLS there are a few ways that it will affect your ability to refinance the home. First of all be sure to mention to your mortgage professiona
https://www.brokeroutpost.com/reference/28620.htm (Updated: 09/09/2008)
Department of Veterans Affairs: a federal agency which guarantees loans made to veterans; similar to mortgage insurance, a loan guarantee protects lenders against loss that may result from a borrower
https://www.brokeroutpost.com/reference/11059.htm (Updated: 09/09/2008)
FHA Loans in Georgia
FHA mortgage loans are a very common method of financing homes in Georgia. FHA loans are insured by HUD and are much more lenient on a borrower's credit than conventional Fannie Mae loans. FHA mortgag
https://www.brokeroutpost.com/reference/176841.htm (Updated: 09/09/2008)
Related Reference Topics: [fha, ga]
I have no credit score. Can I get a Mortgage?
Do you have no credit history but would like to qualify for a mortgage? There are numerous lenders that have no score programs for home loans, some even allow no money down. However, borrowers will be
https://www.brokeroutpost.com/reference/47940.htm (Updated: 09/09/2008)
How Market Conditions Affect Interest Rates
When the Chairman of the Federal Reserve lowers “rates,” he lowers the “Federal Funds” rate. It's the interest rate at which large banks lend funds to one another and is a “short-term” rate. Mortgage
https://www.brokeroutpost.com/reference/11836.htm (Updated: 09/09/2008)
Improving Credit History
Improving your credit history is basically about doing the opposite to that which caused you to get a bad credit history in the first place.
You got a bad credit history by not making good the debt
https://www.brokeroutpost.com/reference/230469.htm (Updated: 09/09/2008)
Related Reference Topics: [improving credit history]
New FHA loan limits
The Federal Housing Administration (FHA) has announced new mortgage loan limits for high cost areas. These new loan limits will have a very positive effect on homeowners seeking a lower, fixed intere
https://www.brokeroutpost.com/reference/207068.htm (Updated: 09/01/2008)
Who is Eligible for a First Time Buyer Loan?
Who is Eligible for a First Time Buyer Loan?
First time home buyer programs are designed to help borrowers who may not have enough money to pay the full cost of the down payment or the closing cost
https://www.brokeroutpost.com/reference/11773.htm (Updated: 07/18/2008)
High debt to income ratio mortgage loans
Many people have high debt to income ratios and can still qualify for a mortgage loan. There are many options available out there for people who have a high debt to income ratio, also referred to as D
https://www.brokeroutpost.com/reference/52950.htm (Updated: 07/15/2008)
Related Reference Topics: [high dti, debt ratio, mortgage qualifying]
Fannie Mae and Freddie Mac
Fannie Mae and Freddie Mac are the biggest supplier of mortgage funds in the US.
https://www.brokeroutpost.com/reference/27374.htm (Updated: 06/30/2008)
Related Reference Topics: [fnma, fannie mae, freddie mac]
A mortgage application is also called more commonly a 1003 and sometimes a URLA (Uniform Residential Loan Application). The mortgage loan application must be completed in order to apply for a home loa
https://www.brokeroutpost.com/reference/23679.htm (Updated: 06/30/2008)
Related Reference Topics: [1003, mortgage application, urla]
Colorado Million Mortgage Loan
Colorado residents with substantial liquid assets may be eligble for $2MM to $35+ Million Mortgage loan products to refinance or purchase luxury real estate.
https://www.brokeroutpost.com/reference/128785.htm (Updated: 06/24/2008)
Related Reference Topics: [super jumbo, mortgage, refinance, million, co]
Tougher Mortgage Lending Guidelines
Why have mortgage lenders tightened their guidelines so much? Can I still buy a home with zero or no money down? Will I be able to refinance with the tougher mortgage lending guidelines? I am not able
https://www.brokeroutpost.com/reference/199218.htm (Updated: 06/23/2008)
Related Reference Topics: [mortgage lending, underwriting, qualifying]
Refinance an ARM Loan to a Fixed Rate Loan
There has been quite a bit of news coverage regarding Adjustable Rate Mortgages adjusting upward. There are many ways to refinance an ARM Loan to a Fixed Rate Loan. The next few paragraphs will exami
https://www.brokeroutpost.com/reference/191424.htm (Updated: 03/14/2008)
Related Reference Topics: [refi arm, fixed rate, fha, mortgage, refi]
Special mortgage financing, with flexible qualifying guidelines, is available for teachers.
https://www.brokeroutpost.com/reference/113295.htm (Updated: 03/14/2008)
If your down payment on a home is less than 20 percent of the appraised value or sale price, you must obtain private mortgage insurance (PMI) with your lender. PMI protects your mortgage lender agains
https://www.brokeroutpost.com/reference/116403.htm (Updated: 02/27/2008)
FHA Lending in the State of Pennsylvania
FHA mortgage loans are an excellent source of financing in the State of Pennsylvania. FHA loans are a government insured loan that tends to be a little more lenient credit-wise than traditional Fannie
https://www.brokeroutpost.com/reference/112653.htm (Updated: 02/08/2008)
Related Reference Topics: [fha, lending, pennsylvania, pa, hud, mobile home]
Portfolio loans are mortgages that are held as an investment by the lender. Usually they hold on to the loan because it doesn't fit the underwriting guidelines for investors on the secondary market.
https://www.brokeroutpost.com/reference/28593.htm (Updated: 01/13/2008)
Related Reference Topics: [portfolio]
What is a 1003 Mortgage Application?
A 1003 Mortgage Application is the standard application filled out by a mortgage professional on behalf of a borrower applying for a mortgage loan.
https://www.brokeroutpost.com/reference/90317.htm (Updated: 01/10/2008)
Related Reference Topics: [1003, income, assets, employment]
Cash Out Refinance
A refinance transaction in which the borrower receives cash in excess of existing mortgages and certain financing costs.
https://www.brokeroutpost.com/reference/65139.htm (Updated: 12/27/2007)
Related Reference Topics: [cash out, equity, improvement, consolidate]
A form of mortgage in which the lender makes periodic payments to the borrower, using the borrower's equity in the home as security. For older owners who have a lot of equity in their home, this can b
https://www.brokeroutpost.com/reference/11485.htm (Updated: 12/12/2007)
What is a real estate appraiser?
A real estate appraiser is an individual that is licensed and experienced in the valuation of property. They give an opinion of value for that property, and the opinion is used in the mortgage proces
https://www.brokeroutpost.com/reference/31484.htm (Updated: 12/04/2007)
Related Reference Topics: [appraiser, appraisal, value, valuation]
There has been quite a bit of news as of late regarding FHA Refinancing, particularly since President Bush announced the new FHASecure Initiative. FHA Refinancing is a great way to pay off a current
https://www.brokeroutpost.com/reference/175670.htm (Updated: 12/03/2007)
Related Reference Topics: [fha, refi, refinancing, fha refinancing, hud]
Will my mortgage be sold and why
When you refinance or secure purchase mortgage financing on your new home chances are it will be sold to different mortgage companies over time.
https://www.brokeroutpost.com/reference/26932.htm (Updated: 12/03/2007)
Related Reference Topics: [mortgage sold, different mortgage holders]
My Mortgage Is Adjusting Up Too Much!
"My adjustable rate mortgage is adjusting up way too much!"
That's a complaint Loan Officers are hearing a lot lately. You're not alone. Different estimates are that between 500 billion and 1 trillio
https://www.brokeroutpost.com/reference/57074.htm (Updated: 12/03/2007)
Related Reference Topics: [arm, adjustable rate mortgage, refi, refinance]
There are quite a few ways to build equity in your home faster than a traditional fixed rate mortgage will allow. Within the first six years of your home, for every dollar you apply towards your mort
https://www.brokeroutpost.com/reference/19406.htm (Updated: 12/02/2007)
Debt Consolidation Home Refinance
A debt consolidation refinance is when a borrower uses the equity in his her house to consolidate some or all of their existing debt by refinancing their current mortgage.
https://www.brokeroutpost.com/reference/22021.htm (Updated: 12/02/2007)
How does an interest only loan work?
Over the past couple of year interest loans have become immensely popular due to the lower monthly payments. In some cases such as as skyrocketing home prices on the east coast and west coast have for
https://www.brokeroutpost.com/reference/35080.htm (Updated: 11/25/2007)
Related Reference Topics: [interest only, no principal, low mortgage payment]
What should I do if I can't make my house payment?
Call your lender and make other arrangements.
https://www.brokeroutpost.com/reference/26241.htm (Updated: 11/03/2007)
Related Reference Topics: [real estate, mortgage, buying a house]
How Does a Reverse Mortgage Work?
If you are over the age of 62 and have enough equity in your home, you may qualify for a Reverse Mortgage. However, many seniors are concerned about the ramifications of a reverse mortgage. The next
https://www.brokeroutpost.com/reference/176064.htm (Updated: 10/30/2007)
Related Reference Topics: [reverse mortgage, seniors, hecm]
Why use a mortgage broker
There are many reasons that you should use a mortgage broker and many advantages to using a mortgage broker. One reason to use a mortgage broker is because a mortgage broker has access to all kinds of
https://www.brokeroutpost.com/reference/27561.htm (Updated: 10/30/2007)
Related Reference Topics: [broker, home loan]
morgage intrest rates
The range of morgage intrest rates offered can fluctuate daily, depending on economic indicators on that given day. The easiest way for the consumer to get an idea of where mortgage rates are headed
https://www.brokeroutpost.com/reference/178435.htm (Updated: 10/29/2007)
Related Reference Topics: [morgage, intrest, rates]
When looking for morgage rates on the internet, it is important to first determine what type of loan you are looking to obtain. Are you interested in an adjustable rate morgage, fixed rate morgage, o
https://www.brokeroutpost.com/reference/178434.htm (Updated: 10/29/2007)
Related Reference Topics: [morgage, programs, mortgage, ]
Improve My Credit Score
If you have been told your credit score is too low to obtain optimum mortgage financing or have been turned down for a loan, there are some simple ways to improve your credit score. The first step is
https://www.brokeroutpost.com/reference/136850.htm (Updated: 10/27/2007)
Related Reference Topics: [credit score, fico score, improve credit]
Should I get a fixed rate or an adjustable rate?
Many mortgage loans have either a fixed interest rate or an adjustable interest rate. With a fixed-rate mortgage, the interest rate never changes and your payments remain stable throughout the life of
https://www.brokeroutpost.com/reference/148396.htm (Updated: 10/22/2007)
Related Reference Topics: [fixed rate, adjustable rate, arm]
There are many common questions that people have regarding their mortgage, how to get a mortgage, what they need to qualify, and about specific concerns they have about applying for a mortgage. Here a
https://www.brokeroutpost.com/reference/23856.htm (Updated: 10/22/2007)
Related Reference Topics: [faq, mortgage, mortgage faq]
Getting Preapproved for a Mortgage loan is one of the smartest things you can do as a real estate buyer.
https://www.brokeroutpost.com/reference/128843.htm (Updated: 10/19/2007)
Related Reference Topics: [preapproved, preapproval, mortgage approval]
Reserves and Assets
When applying for a mortgage, whether you fall into the conforming or sub-prime lending criteria, many lenders require that you at least state, and may even ask you to verify reserves and assets held
https://www.brokeroutpost.com/reference/63627.htm (Updated: 10/19/2007)
Real Estate Financing
Real Estate Financing can be residential or commercial financing of real property. This can include single family homes, duplexes, triplexes, quadplexes, apartment buildings, log cabins, commercial bu
https://www.brokeroutpost.com/reference/23665.htm (Updated: 10/14/2007)
Related Reference Topics: [real estate, financing, mortgages, home loans]
Credit Card Debt Consolidation
Using your homes equity for debt consolidation for most home owners, is a wise decision. Be sure when doing a debt consolidation loan that the monthly savings is significant and that you can comfortab
https://www.brokeroutpost.com/reference/139774.htm (Updated: 10/14/2007)
Related Reference Topics: [credit card payoffs, debt consolidation, refinance]
Tips for a better Mortgage Refi Experience
Decide what kind of a mortgage shopper you are, is service important to you or are you only interested in the best rate? Do you want both?
Ask questions, get answers
Don't sign anything you do not
https://www.brokeroutpost.com/reference/61235.htm (Updated: 10/14/2007)
Related Reference Topics: [refinance, tips, suggestions]
The Truth About "No Closing Cost" Loans
You may have heard recently that “people are smart.“ Of course, you probably didn’t need a silly commercial to tell you that. But since its also true that some people are smarter than others, it’s i
https://www.brokeroutpost.com/reference/131710.htm (Updated: 10/14/2007)
Related Reference Topics: [misleading, mortgage, advertising, ditech]
Frequently Asked Questions - Credit
One of the biggest factors in qualifying for a mortgage is one's credit profile. Often times reviewing your credit report or even how credit works can become confusing for those of us who are not fami
https://www.brokeroutpost.com/reference/63868.htm (Updated: 10/14/2007)
Is there a Mortgage after Bankruptcy?
Is there a Mortgage after Bankruptcy?
More than 1.6 million American families filed for bankruptcy between 2002 and 2003; a rise of nearly 150,000 nationwide. If you have recently declared bankruptcy
https://www.brokeroutpost.com/reference/102250.htm (Updated: 10/11/2007)
Closing Costs are quite simply the costs associated with completing your loan transaction. Homeowners spend an average of 3% to 6% of the outstanding principal balance to close home loans. Closing co
https://www.brokeroutpost.com/reference/97082.htm (Updated: 10/11/2007)
Consolidating Credit Card Debt into Your Mortgage
Some financial "gurus" have advised against this because you are turning unsecured debt into secured debt. While this is basically true the fact is that defaulted unsecured debt can be secured agains
https://www.brokeroutpost.com/reference/23651.htm (Updated: 10/10/2007)