What is Mortgage Fraud? Mortgage fraud is a term used to describe a broad variety of criminal actions where the intent is to materially misrepresent or omit information on a mortgage loan application to obtain a loan or to obtain a larger loan than would have been obtained had the lender known the truth. In federal courts, mortgage fraud is prosecuted as wire fraud, bank … [Read more...]
What is Bridging Finance?
The purpose of a bridging or bridge loan is to provide short term cash for a real estate transaction until permanent financing is secured. Bridge loans are commonly used to “bridge the cash gap” when completing commercial real estate transactions.There is a process to go through before a bridge loan is approved. If you’ve already developed a relationship with an institution, … [Read more...]
Which is better fixed rate or adjustable rate mortgage?
The best mortgage is one that fits in your long term budget, won’t use up too much of your monthly income, and gives you a sense of control over your home so you don’t end up house rich and cash poor.This is a question that keeps coming up when customers start looking at purchasing or refinancing their home. If you look at the average 30 or 15 year mortgage, it seems that the … [Read more...]
Tips on Getting Your Mortgage Loan Approved
We all very well know that not every applicant is approved for a home loan the first time he or she applies.It can be due to variety of reasons, even after a lot of hard work, sometimes a loan just can’t be approved. It may have to do with the applicant’s credit or savings history, employment stability, debt structure, or the value of the home. Purchasing a home takes … [Read more...]
What is Mortgage Consumer Bill of Rights?
The Mortgage Consumer Bill of Rights is a pledge of $2 trillion over 10 years to help consumers gain access to home ownership. It also includes an “Open Book” approach to underwriting where customers can see all of the factors that go into evaluating their creditworthiness and the process of applying for a home loan.One of the most ambitious parts of this plan is to bring more … [Read more...]