September 21, 2007
The mortgage Underwriting process is used by lenders to determine whether the risk of lending to a particular borrower is advisable. Mortgage Underwriters undergo a risk assessment based on a borrower’s credit history and capacity to repay a mortgage. The purpose of underwriting is to determine whether the …
September 14, 2007
A reverse mortgage is a specific type of home loan that allows a home owner (62 years of age or older) to convert a portion of equity into cash. Reverse mortgages allow seniors more financial security to supplement social security, handle …
September 7, 2007
Predatory lenders target people that are strapped for cash or who have difficulty obtaining conventional mortgage loans due to low income, self employment, sketchy employment history and/or poor credit. The loans that abusive lenders peddle have significantly higher interest rates …
August 31, 2007
A mortgage prepayment penalty allows the lender to charge a borrower additional interest if the mortgage is repaid during a specific period of time. If a mortgage loan does include a prepay penalty, it should be clearly stated within the mortgage disclosures, mortgage …
August 24, 2007
The process of settlement or closing puts the title of the house in your name, verifies homeowners insurance on the property, commits in writing to the terms of the mortgage and if all goes as scheduled, puts the keys to …
August 17, 2007
For many first time home buyers, deciding on the right mortgage program can be overwhelming. There was a time when choosing a mortage was a fairly simple process. A borrower had the choice of one of two options: a fixed or adjustable rate. …
March 16, 2007
Typically, homeowners start thinking about refinancing when there’s a sudden decline in interest rates or if there’s a change in their financial situation. Even though a sharp decline in interest rates could make refinancing appear like a no brainer, you should …
March 14, 2007
Paying Points on a Home Loan
A point is one percent of the total mortgage loan amount - a fee or cost incurred by the borrower in a loan transaction. By paying points (loan discount points), borrowers can get a lower …
February 15, 2007
Home Refinancing in 2007 With many experts predicting a rise in interest rates in 2007, expect a flurry of refinancing activity as new home owners seek to bail out of adjustable loans. Whether the rates increase at …
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WoodHaven Log & Lumber WoodHaven Log and Lumber, located in Northern Michigan, is a supplier of premium grade pine and cedar log siding, knotty pine paneling and log home accessories.
