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
http://www.brokeroutpost.com/reference/11836.htm (Updated: 07/18/2008)

Credit inquiries
Credit inquiries may reduce credit scores due to the association of inquiries to high risk of default. Borrower's that are distressed may contact many lenders to shop around but may in turn be hurting
http://www.brokeroutpost.com/reference/21439.htm (Updated: 07/18/2008)

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
http://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
http://www.brokeroutpost.com/reference/52950.htm (Updated: 07/15/2008)
Related Reference Topics: [high dti, debt ratio, mortgage qualifying]

Disputing credit
To dispute a credit report you must go online to the proper credit repository, mail them, or call them and request a consumer dispute statement. There are 3 credit repositories and here they are with
http://www.brokeroutpost.com/reference/20551.htm (Updated: 02/27/2008)

When Lenders Compete ... Is That the Way To Go?
An ongoing lawsuit against a website that allows advertisers to post their rates, suggests that when lenders compete, you still may not get the best rate. The lawsuit alleges that lenders post rate
http://www.brokeroutpost.com/reference/57076.htm (Updated: 01/30/2008)
Related Reference Topics: [bait & switch, lowest rate, competition, refinance]

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.
http://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.
http://www.brokeroutpost.com/reference/65139.htm (Updated: 12/27/2007)
Related Reference Topics: [cash out, equity, improvement, consolidate]

Reverse Mortgage
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
http://www.brokeroutpost.com/reference/11485.htm (Updated: 12/12/2007)

Building Equity
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
http://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.
http://www.brokeroutpost.com/reference/22021.htm (Updated: 12/02/2007)

College Graduate
Many lenders will use college credits in the borrower's chosen field to determine experience. The graduate will have to provide a copy of the degree earned. Lenders may also request a copy of the borr
http://www.brokeroutpost.com/reference/18804.htm (Updated: 11/25/2007)

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
http://www.brokeroutpost.com/reference/176841.htm (Updated: 11/25/2007)
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
http://www.brokeroutpost.com/reference/47940.htm (Updated: 11/03/2007)

What lenders look for
Before lenders lend money, they need to be assured that the funds will be repaid. In other words, is the prospective borrower creditworthy? To find out, they ask for various types of information.
http://www.brokeroutpost.com/reference/23669.htm (Updated: 10/22/2007)

High Risk Lenders
Many consumers are turning to high risk lenders in order to payoff existing debts, finish construction on projects, and to borrow money when traditional lenders will not. The next few items will take
http://www.brokeroutpost.com/reference/173701.htm (Updated: 10/14/2007)
Related Reference Topics: [subprime, hard money, no-doc, low fico]

Closing Costs
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
http://www.brokeroutpost.com/reference/97082.htm (Updated: 10/11/2007)

Fixed Rate
This standard form of a mortgage has two basic characteristics that do not change throughout the liof the loan: the interest rate and the repayment term. In addition to the principal and interest the
http://www.brokeroutpost.com/reference/13628.htm (Updated: 10/09/2007)

Million Mortgage Loan
$1 Million Mortgage Loan to $40 Million Mortgage Loan programs are referred to in the lending industry by the terms "super jumbo mortgage" or even "mega jumbo loan" Jumbo mortgages are loans which
http://www.brokeroutpost.com/reference/128780.htm (Updated: 10/09/2007)
Related Reference Topics: [jumbo loan, super jumbo mortgage, million mortgage]

Who Can Benefit From an Payment Option ARM
Self-employed borrowers with inconsistent income Borrowers with inadequate or no retirement savings Borrowers who want cash reserves for emergencies Borrowers who need money to start or expand a bu
http://www.brokeroutpost.com/reference/14959.htm (Updated: 10/09/2007)

Option ARM Loan
Option ARM mortgages, which allow borrows to defer or prepay interest at will by offering four monthly payment options, are known and marketed under a variety of names: The following is an attempt
http://www.brokeroutpost.com/reference/117568.htm (Updated: 10/09/2007)
Related Reference Topics: [option arm, 1 percent, pick a pay, secure advantage]

Should I refinance my ARM to a fixed rate
There are benefits and negatives to both a fixed rate and an ARM mortgage, but for the borrower who is thinking about refinancing their ARM into a fixed rate, there are many things to consider. By Ref
http://www.brokeroutpost.com/reference/22737.htm (Updated: 10/09/2007)
Related Reference Topics: [arm, fixed rate, refinance]

No Credit History
A borrower with no credit history may be someone who chooses to pay cash for the bills. It is possible to show a credit history that will satisfy most lenders' requirements. A credit history can be
http://www.brokeroutpost.com/reference/19795.htm (Updated: 10/08/2007)

Limited or no credit
Some borrowers have limited or no credit listed on their credit report. This can effect the ability of a borrower to have a credit score and a borrower's ability to obtain financing for a mortgage. So
http://www.brokeroutpost.com/reference/22062.htm (Updated: 10/08/2007)

Poor Credit Loans
Poor credit loans are loans where the borrower has had some problems with their credit and can't qualify for a conforming loan.
http://www.brokeroutpost.com/reference/13700.htm (Updated: 10/08/2007)

"A" credit loan
A mortgage for a very stable borrower with excellent employment and credit history. These are sometimes called "vanilla loans" because the meet general mortgage guidelines and are easy to complete.
http://www.brokeroutpost.com/reference/18347.htm (Updated: 10/08/2007)

Home Purchase Loans
One of the many issues concerning Home Purchase Loans is the size of the down payment. The down payment is the difference between the loan amount and the lower of sale price or appraised value. Many b
http://www.brokeroutpost.com/reference/124406.htm (Updated: 10/08/2007)
Related Reference Topics: [home purchase, home loan, home mortgage]

How does a reverse mortgage work?
Designed for seniors, a reverse mortgage is a loan that allows the homeowner to convert some of the equity in their home into cash or monthly income, while retaining home ownership. Reverse mortgages
http://www.brokeroutpost.com/reference/33499.htm (Updated: 10/04/2007)

VA
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
http://www.brokeroutpost.com/reference/11059.htm (Updated: 09/28/2007)

Hard Money
A hard money loan is a specific type of financing in which a borrower receives funds based on the value of a specific parcel of commercial real estate. Hard money loans are typically issued at much hi
http://www.brokeroutpost.com/reference/33463.htm (Updated: 09/18/2007)

Negative Amortization Loan
Negative Amortization Loan programs, which were once available to only the wealthiest of a bank's customers due to their ability to allow borrowers to defer interest, are now being marketed to more "c
http://www.brokeroutpost.com/reference/119534.htm (Updated: 09/11/2007)
Related Reference Topics: [brand names, option arm, pick a pay, smart choice]

Why a Broker instead of the Bank?
The Bottom Line - This isn't the closing costs at the end of the loan, but the total cost of the loan over its lifetime. A broker will have higher closing costs, because it subcontracts services. Th
http://www.brokeroutpost.com/reference/114152.htm (Updated: 09/11/2007)

Difference Between High Risk Loans and Prime Loans
Below you will find reasons why it is always better to be able to get into a Prime or A paper loan as opposed to settling on a Subprime or High Risk Loan. Probably the number one reason a borrower
http://www.brokeroutpost.com/reference/117702.htm (Updated: 09/06/2007)

Are you a subprime or conventional borrower?
Everyone wants the best interest rate available when getting a mortgage. Some people think that low interest rate they see advertised on tv or the radio is available for everyone. This simply isn't
http://www.brokeroutpost.com/reference/55722.htm (Updated: 09/06/2007)

"Subprime Borrower"
A borrower with less than perfect credit. However, there are still many financing programs available to assist them.
http://www.brokeroutpost.com/reference/50879.htm (Updated: 09/06/2007)
Related Reference Topics: [subprime, bad credit, low fico]

Fico Score Models
A FICO score model is a number that rates a borrower's credit record. The score is based on a number of factors, including how well debts have been paid off, current levels of debt, types of credit, a
http://www.brokeroutpost.com/reference/38999.htm (Updated: 09/05/2007)

Fannie Mae Explained
Fannie Mae and Freddie Mac reduce the costs of borrowers, who meet the underwriting requirements of the agencies, and who need loans no larger than the largest mortgage the agencies are allowed by law
http://www.brokeroutpost.com/reference/20194.htm (Updated: 09/05/2007)
Related Reference Topics: [fannie mae, freddie mac, guidelines]

Best Refinance Mortgage Rate
When searching for the best mortgage refinance rate always make sure that the loan officer quoting you the mortgage refinance rate knows your credit score and financial situation. Many times companies
http://www.brokeroutpost.com/reference/134766.htm (Updated: 09/04/2007)
Related Reference Topics: [refinance, mortgage, rate]

Rate and Term Refinance
A rate and term refinance is when a borrower refinances to lower the interest rate and or term of their current mortgage.
http://www.brokeroutpost.com/reference/22055.htm (Updated: 09/04/2007)

No Documentation Refinance
No Documentation Refinance home loans allow borrowers who find it difficult or disadvantageous to document their income to qualify for competitive mortgages without providing any Income or Asset docum
http://www.brokeroutpost.com/reference/93387.htm (Updated: 09/04/2007)
Related Reference Topics: [no doc]

When to refinance
When is a good time to refinance? "I have heard that lowering my rate by a minimum of 2% is the only time I should refinance, is this correct", asks one borrower? A good time to refinance depends on y
http://www.brokeroutpost.com/reference/23820.htm (Updated: 09/04/2007)
Related Reference Topics: [refinance, benefits of refinancing, refi]

Should I refinance out of my Option Arm?
For those borrowers that got into an Option Arm in the last few years, your payment and rate has probably already started to adjust or will do so in the near future.
http://www.brokeroutpost.com/reference/120316.htm (Updated: 09/04/2007)

30 Year Fixed Rate
30 Year Fixed Rate mortgages are a "classic" mortgage option. While many people think of them as "traditional", when the 30 year fixed rate, fully amortizing principal & interest mortgage was int
http://www.brokeroutpost.com/reference/104784.htm (Updated: 09/04/2007)
Related Reference Topics: [30 year fixed, arm, adjustable, lower payment]

Stated Refinance Program
Stated documentation programs allow borrowers who have difficulty documenting their true income and or assets with the option to literally state their income or assets to qualify for their refinance.
http://www.brokeroutpost.com/reference/97307.htm (Updated: 09/04/2007)
Related Reference Topics: [stated income, refinance]

Foreclosure Prevention
A forbearance agreement is one way to prevent foreclosure. A forebearance agreement is an arrangement to postpone a borrower’s monthly payment for a limited and specified time period. The loan contin
http://www.brokeroutpost.com/reference/45940.htm (Updated: 09/04/2007)
Related Reference Topics: [stop foreclosure, late payments, save my home]

Negative Amortization
Occurs when your monthly mortgage payments submitted are not sufficient to pay all interest and principal due on the loan. The unpaid interest is added to the unpaid balance of the mortgage. It could
http://www.brokeroutpost.com/reference/11432.htm (Updated: 09/03/2007)

Super Jumbo Mortgage
Super Jumbo Mortgages are mortgage loans of $650,000 or more. While conventional banks and mainsteam, conforming lenders traditionally underserve borrowers of super jumbo mortgages, a few mortgage co
http://www.brokeroutpost.com/reference/112710.htm (Updated: 08/31/2007)
Related Reference Topics: [super jumbo, mortgage, refinance, million]

What is an ALT A Loan?
An ALT A loan is a term used from lenders and mortgage brokers for loans that are not usually the A Paper best rate loan, nor are they the subprime loan with very high interest rates. ALT A loans are
http://www.brokeroutpost.com/reference/149510.htm (Updated: 08/31/2007)

Credit Score Under 620
If you are looking to purchase a home or considering refinancing your home and have a credit score under 620, there are still many options available to you. Despite the subprime meltdown, there are s
http://www.brokeroutpost.com/reference/157422.htm (Updated: 08/31/2007)
Related Reference Topics: [fico score, credit score, 620, fannie mae, fha, va]

Rental Properties
Rental properties can create problems for prospective borrowers; this is mostly because lenders have a risk-based view of income earning properties and the potential effect they can have on the borrow
http://www.brokeroutpost.com/reference/134234.htm (Updated: 08/31/2007)
Related Reference Topics: [rental, income, properties, restrictions]

GSE Backed Loans
With all of the headlines in recent times about mortgage lenders tightening loan standards, the phrase GSE Backed Loans keeps popping up as a safe haven for lenders and borrowers alike. What is a GSE
http://www.brokeroutpost.com/reference/157014.htm (Updated: 08/31/2007)
Related Reference Topics: [gse, fannie mae, freddie mac]