FREE MORTGAGE NEWS 4U.COM by Brenda Jarvis

September 16, 2008

An APR or annual percentage rate is a numerical figure used to express the cost of credit. It is the yearly amount a consumer must pay for acquiring a loan or other type of credit. By law, lenders are required to fully disclose the APR to consumers. The law that requires loan-cost disclosure is called the Truth in Lending Act. Originally enacted in 1968, the Truth in Lending Act was instituted as part of the Consumer Protection Act. In 1980, it was reformed and simplified as part of the Read Full Article

September 15, 2008

For many homebuyers, private mortgage insurance may not be the most celebrated form of insurance, but, for some, it's an absolute must. For those individuals who wouldn't typically be able to afford a large 20 percent down payment, it's a "foot in the door," allowing for homeownership with as little as a 0-5 percent down payment. Private Mortgage Insurance (PMI) is insurance that protects your lender against non-payment should you default on your loan. It's important to understand that the Read Full Article

September 15, 2008

Everyone needs credit. It's a necessary part of daily life. Whether you're renting an apartment, buying a car, renting a car, want to get a cell phone or are ready to buy at an online auction, having credit in your name is part of the approval process. So, how does one go about establishing credit? Here's what Steve Bucci, the president of Consumer Credit Counseling Services of Southern New England suggests. Open a bank account. This will not appear on your credit report, but bank Read Full Article

September 14, 2008

What Different Types Of Loan Products Do You Offer And What Are The Advantages And Disadvantages Of Each? If your loan officer says they do not have different products or there are no advantages to any product it is just a matter of choice then this is not the loan officer for you. Don't be afraid to ask a lender to explain the pros and cons about: • Fixed Rate loans • Adjustable loans • FHA loans • Reverse mortgage loans • Rural Housing loans • Bond money/community DPA Read Full Article

September 13, 2008

How Your Credit Score is Calculated Understanding Your FICO Score and How it Affects Home Buying Home buyers who are seeking a mortgage find out early-on that their credit score plays an important part in the home buying process and in determining the interest rate that a lender offers. What is a credit score? A credit score is a number that lenders use to estimate risk. Experience has shown them that borrowers with higher credit scores are less likely to default on a loan. How are Read Full Article