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Archive for the ‘Mortgage’ Category

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Are you looking for a home loans providing company? who works with commitment and best fits your needs?

MAICO Home Loans, California provides the home loans, works with dedication and commitment and helps up to the much extent in providing the home loans. Maico home loans offers home loans and mortgage loans with no closing cost loans option.

MAICO Home Loans offer various special loans with Zero down payment, no credit problems, payment reduction schemes, no closing cost loan option and also provides the facility to refinance the loans to less down the outgo payments.Home equity line of credit (HELOC) service provides the customer to pay interest only option for remodel your houses and to consolidate credit card debts. Through HELOC you can put down payment for new home, buy a car or any assets.

MAICO offers Free Home Appraisal service to estimate the cost of your house which you want to sell, by filling the form provided. Home Loans services are provided at 100% financing with no cost option, lowest interest payment and free consultation. Free Home Appraisal is the special service provided by the Maico Home Loans to estimate the cost of your house which you want to sell, by giving the sufficient information in the form provided. Read the rest of this entry »

Your lender uses your home as security for your mortgage payments. This means that if you do not make the payments, they can take your home. The process they use to take your home is called foreclosure.

If you are behind on your payments, it is important that you act quickly to prevent foreclosure.

What should I do if I am behind on my house payment?

Call your lender Most lenders do not want you to lose your home. Tell them why you are behind on your payments. Ask them to work with you to get your payments current.

Don’t ignore letters from your lender Let them know you’ve received their letters and that you want to work with them.

How your lender can help

Your lender might accept a payment plan for the back payments or give you extra time to pay the loan.

What if my lender won’t help?

You still have options:

Call another lender. Ask if they will give you a new loan to pay off your existing mortgage.

Sell your home. You might get enough money from the sale of your home to pay the loan off and even have money left over.

Talk to a lawyer. Ask if filing for bankruptcy can help you keep your home.

The foreclosure process

Foreclosure begins when you get a Notice of Default in the mail. The Notice of Default tells you that you have not made your payments. It also tells you the amount you owe in missed payments and foreclosure fees.

You have 3 months from the date the Notice of Default is recorded to pay the back payments and fees. You can find the date the notice was recorded on the first page next to the words “recorded on.” If you pay the amount on the Notice of Default, the lender cannot sell your home.
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Analyzing APR during mortgage refinancing or second mortgage loan shopping can be a very tricky proposition. “Many people have come to believe that a loans APR, or “Annual Percentage Rate”, is the single most important factor in comparing mortgage loans. However, this is rarely the case, especially in today’s marketplace,” explains Bob Peckenpaugh, Manager of CFIC Home Mortgage.

Annual Percentage Rate is defined as “the cost of consumer credit as a percentage spread out over the term of the loan.” Most consumers have no idea what makes up this elusive number. APR is a valuable tool in comparing various mortgage loan programs, but it should never be relied upon as the sole determining factor in choosing a loan, for the following reasons:

1) Not all closing costs are calculated within the APR uniformly. According to Peckenpaugh, “There is a huge variance among lenders, mortgage loan officers, and even states on which fees they include in their APR when calculating the loan. There is no standard among the mortgage industry, let alone among competing mortgage companies.”

2) The costs themselves can be manipulated within the loan. For example, prepaid interest (the amount of pro-rated interest a consumer pays at closing for interest which will be earned from that date until the end of the month) can be represented as anywhere from 1 to 30 days, a potentially huge difference, especially on larger mortgage refinancing loans.

3) Manipulation of the title fees. Ordinarily, the title company’s settlement, or closing fee is an APR fee, while their title insurance cost is not. Peckenpaugh explains, “Recently, in order to minimize the effect to the APR, title companies began simply decreasing their closing fee, while subsequently increasing their title insurance fee by the same amount, thereby reducing the APR.”

4) Lack of industry awareness of what is accurate. Most mortgage loan or refinancing officers do not intentionally try to mislead, but inaccurate information could result in the consumer making a poor decision.

As opposed to APR, consumers would be better served by asking the following simple questions.
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House hunting can be an exhilarating process as you try to pick that perfect property. Applying for a mortgage isn’t nearly as much fun. Following is an overview of how the mortgage industry works.

An Overview of the Mortgage Process

You have a nice chunk of money saved away for a down payment. You have started shopping for a home or have found the perfect property. It is time to enter the world of financing, better known as getting a mortgage. Before entering the labyrinth, it might help to get an overview of how the mortgage process works.

A mortgage simply is a debt instrument that acts to secure a cash loan to you on a home. In exchange for giving you the money, the lender puts a first lien on the prospective home for loan amount. If you default, the lender can foreclose and sell the home to recover the debt amount.

In mortgage industry terms, applying for a mortgage is known as originating a loan. To originate the loan, you will first have to find a lender you are comfortable with. You may have a close relationship with a bank that will suffice. Many will find it advisable to use a mortgage broker to shop for the loan that best meets their needs. Different lenders offer different loans and terms.

As part of the origination process, you will fill out a lengthy loan application. Depending on the nature of the loan, you probably will also be required to submit documentation supporting your claims of income and so on. There are no document or partial document loan applications, but most people don’t qualify for them. Once your application is submitted, a lender inevitably will ask for more information or documentation. Depending on how the review, known as underwriting, goes, the lender may decline or accept your application. Often, the lender will add a stipulation to the loan that cover issues it is concerned about.

Once you are granted the loan, you will close on the residence you are after. Most people are then very surprised by what happens. Inevitably, your mortgage lender will sell the loan to another entity. To raise cash to issue more home loans, lenders sell their current stock of mortgages on a secondary market. Your lender may continue to handle the administration of the loan, but will often just hand the entire thing off.
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