Archive for February, 2010
Fannie Mae’s Reverse Mortgage
Many senior citizens may find themselves in a tough choice when considering moving from their current location. When a man, woman, or couple are enjoying their golden years, the last thing they want to do is worry about a monthly mortgage payment. Yet, many retired citizens, even if they are relatively well to-do, are not able to hand out immediate cash to cover the cost of a new house. The…
Obama Mortgage Plan Find Out If You Qualify
This article describes the Obama mortgage plot and how to know if you qualify. This is a fantastic program to lower homeowners monthly mortgage payments who do qualify.Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income. A Home Affordable Modification will provide them with mortgage payments they can afford.If you can no longer afford to make your…
What is the difference between Collateralized Mortgage Obligations and other mortgage backed securities?
Rich P questioned: How do CMO’s differ from any other mortgage-backed bundles? I know fannie mae finances primarily by selling the latter, so what is the benefit in CMO’s in comparison to them?
Wells Fargo Reverse Mortgage
Reverse mortgages are mortgages loans designed specifically for citizens who are 62 years of age or older. A reverse mortgage loan is one of the many benefits afforded to senior citizens in to allow them to live out their wonderful golden years in peace, tranquility, and above all else, fun. Most people are familiar with mortgage loans; this is because that nearly all current and future homeowners are not able…
Can a Mortgage Company hold your insurance check for the repair of your building?
Charles C questioned: My building suffered hurt with a hail storm. The insurance company sent me a check made out to the mortgage company and to me. Now the Mortgage company is holding the funds and I can’t end the repairs needed. My mortgage payments are up to date.
The repairs are done, the Mortgage company inspected the repairs and they are holding the depreciation check. Would anyone know why?
The repairs are done, the Mortgage company inspected the repairs and they are holding the depreciation check. Would anyone know why?
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How do I choose who to get my mortgage through? Major banks or smaller mortgage companies?
hmmmmm questioned: I have an established relationship with Bank of America but there are several other smaller banks and lenders out there with better rates. What happens if you get a mortgage through a smaller bank or lender and they go bankrupt or get bought out by another company? Does it affect your mortgage rate? Is that the chance you take or is the rate locked in no matter what?
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