Home Loan
Quick Tips: Be Prepared to Navigate Lender Sites
Resources: HOME LOAN - FREE CREDIT REPORTS - MORTGAGES - HOME REFINANCING - FORECLOSURES
You may find it useful to plan your angle of approach before navigating through the tens of hundreds of mortgage and home loan sites available online. Avoid misleading sites that wish only to gather your personal information without providing an actual service. The following is a list of telltale signs indicating the likelihood of a mortgage site’s benign intentions:
- Contact information should be readily available
- There should be an “About Us” section
- Site may offer a Spanish language version, “En Español”
- Applications for loans should be simple, relatively quick, and ask for only pertinent personal information
- Loan types usually cover home purchases, refinancing, home equity, repairs, and upgrades
- Credit report types should range between excellent, good, fair, and poor
Additionally, professional mortgage sites tend to provide blurbs about customer satisfaction, good customer service, and secure Internet connections.
Foreclosures, Mortgages, and Home Loans
Several questions that you may find relevant on home loan sites include:
- Does the site offer a “free trial” so that you can test their services before committing more time or money?
- Are you able to search for home sale opportunities on comprehensive, regularly updated lists from responsible listing services?
- Does the site offer access to live auctions?
- Regional specificity - Can you search by Zip Code, State, County, City, or Town?
- REO (Real Estate Owned) bank properties should be offered with a number of different avenues for executing an attractive deal with the bank. These opportunities should include:
1) Quick Sales to recover capital linked to non-performing assets – banks need to lend money to make money
2) Easy Sales to unload long-standing REO accruing property taxes, maintenance costs, and insurance premiums
3) Incentive Sales to rapidly transfer REO with property damage out of lender possession
Government Owned Property for Sale
The U.S. Department of Housing and Urban Development (HUD) was created by the U.S. Federal Government to encourage home ownership and streamline the process of maintaining a home. There is currently $2.4 billion available in competitive grants for qualified home owners. Additionally, tax credits for homeowners can increase savings.
When you are conducting research on foreclosure sites, keep in mind that HUD homes are managed by a Federal Government department, separating them from private properties or foreclosures from private loaners.
Comparison Shopping for Home Loans and Home Refinance
Making lenders compete through Internet comparison shopping means that you can search for lenders catering to your specific needs. Are you looking for emergency loans – low interest rate loans – high-risk loans – bad or poor credit loans? They are all available, but you must narrow your search a bit further before proceeding. What are you looking for in terms of a loan or a loan refinance?
- Mortgage Refinance
- Debt Consolidation
- Home Equity Loan or Line (Second Mortgage)
- Adjustable Rate Mortgage (ARM)
The next step you should be prepared to complete involves identifying your property type. Choose from among the following:
- Single Family Residence
- Multi-Family Residence
- Condominium
- Mobile Home
- Manufactured Home
Finally, you may wish to consult our collection of common terms if you find yourself unfamiliar with some of the verbiage on the loan sites of your choosing.
Resources: HOME LOAN - FREE CREDIT REPORTS - MORTGAGES - HOME REFINANCING - FORECLOSURES
Real Estate Terms
1) Home Equity Loan: A home loan that uses the home’s equity as collateral. Your tax advisor may advise you on special tax incentives the IRS offers homeowners who take out this type of loan (also known as a “second mortgage”).
2) VA Loans: U.S. Veterans are eligible to receive Federal assistance in the form of guarantees for home loans.
3) Fannie Mae (Federal National Mortgage Association): Low, moderate, and middle-income families may receive special assistance in trying to become homeowners. Fannie Mae homes are sold through qualified real estate agents.
4) Freddie Mac, a business entity created by the U.S. Congress, assists in charting funds to home loaners and other real estate professionals seeking to help new and needy homebuyers.
5) HomeSteps: This is the portal of Freddie Mac reaching out to homebuyers and real estate professionals by listing foreclosures and auctions.
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