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How to Mortgage Comparison Shop
By Scott James Hubbard
Before you sign a contract you need to read the entire document and pay attention to several key elements. Here is what you need to look for:
Has the lender included a prepayment penalty in the contract? This is one of the first things you should look for. Lenders charge prepayment penalties if you sell your home or refinance the before a specified time. Do not accept a offer with a prepayment penalty if you can avoid it. Most items on your loan contract are subject to negotiation so insist that your lender remove the prepayment penalty. If you have bad credit you may be stuck with it; however, you may be able to negotiate more favorable terms on the penalty.
What interest rate will the lender guarantee in writing, and when does it expire? Mortgage lenders grant lock periods to their customers. As long as you close prior to the expiration of the lock, your interest rate is guaranteed. If you are unable to close prior to this lock period expiring, for whatever reason, the lender can change the interest rate. You can negotiate for a lower interest rate by prepaying points or increasing the amount of your down payment.
Look for signs of predatory lending practices. To avoid being taken advantage of by
Builder Avoids Foreclosure Using Real Estate Auction
In this increasingly competitive housing market brought on by current economic conditions, builders are turning to real estate auctions to liquidate new home inventories. Charlotte-based builder, Southampton Homes has recently engaged Tranzon/Metrolina to auction six custom homes to bidders searching for good values. (PRWeb Jan 9, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1835834.htm ]]>
The Highlands of Golden Oaks Village, a Leading 55+ Community, Continues Upward Trend in the Western Poconos
Free 2009 guide helps better understand retirement in the Western Poconos. (PRWeb Jan 9, 2009)
Read the full story at http://www.prweb.com/releases/55/communities/prweb1837584.htm ]]>
TheMoveChannel.com Relaunches Invest Portal
Back by popular demand! TheMoveChannel.com has relaunched its investment property site, which is the very best place to find a whole host of fabulous investment opportunities and check out the most popular investment deals of the day. (PRWeb Jan 9, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1834664.htm ]]>
Condo Sales Rise: Eight Orchids Outpaces Bay Area Market in 2008
Eight Orchids, a 157 unit Oakland condominium community in downtown Oakland, outpaces all new condo sales in the Bay Area. (PRWeb Jan 9, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1835624.htm ]]>
Can the Current Recession Affect Future Home Design? A Leading Home Designer Thinks Not
Housing industry experts continue to predict that the new home of tomorrow will be smaller and smaller. Most of those predictions are not backed up by events of past economic downturns. AVID Home Studios, a leading residential home design firm, decided to look back in order to look forward. (PRWeb Jan 9, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1836134.htm ]]>
Verification Bureau Makes it Easy to Comply with the FACT Act Red Flag Rules
Verification Bureau Inc., a leader in fraud detection and information verification solutions for the financial industry, is actively helping financial institutions comply with the FACT Act Red Flag Rules through their Social Security Administration direct identity verification solution, IDFraudScan™. Starting May 1st 2009, the FACT Act red flag rules require creditors and financial institutions to implement programs to detect, prevent, and mitigate identity theft. (PRWeb Jan 9, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1836154.htm ]]>
Hugo S. Subotovsky AIA Architects Promotes Aufgang to Partner, Vlaovich to Associate
Promotions Indicative of Continued Growth and Success at New York-Based Affordable Housing Architecture Firm. Of particular interest - at 29, Ariel Aufgang is now one of the youngest partners of a medium sized architecture firm in the New York area. (PRWeb Jan 9, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1835564.htm ]]>
New Energy Works Timberframers Opens a West Coast Manufacturing Facility in Oregon
New Energy Works Timberframers is pleased to announce the opening of a new timber frame manufacturing facility in McMinnville, OR. (PRWeb Jan 9, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1835604.htm ]]>
Online Reputation Management Important For Small Businesses Too
MyFrontSteps has just released a new service called StepRep, located at http://steprep.myfrontsteps.com, to help small businesses and independent contractors manage their online reputation. (PRWeb Jan 8, 2009)
Read the full story at http://www.prweb.com/releases/MyFrontSteps/StepRep_Launch/prweb1838904.htm ]]>
ShortSaleCalc.com Provides Automated Short Sale Relief with Release of New Software
Automated Short Sale Relief for Real Estate Professionals in 2009 (PRWeb Jan 8, 2009)
Read the full story at http://www.prweb.com/releases/Short_Sale/Software/prweb1841954.htm ]]>
Independent Newspapers Launches Property Super-Site
IOLProperty (www.iolproperty.co.za), Independent Newspapers and Gravity have teamed up to create 'the one' website for property. (PRWeb Jan 8, 2009)
Read the full story at http://www.prweb.com/releases/property/South-Africa/prweb1835364.htm ]]>
Inaugural Kodak Challenge Tees Off on PGA TOUR
Hole #18 at The Plantation Course at Kapalua Resort is first Kodak Challenge Hole (PRWeb Jan 8, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1837674.htm ]]>
a broker or lender you need to familiarize yourself with predatory lending practices. Is your lender or broker using pressure sales tactics on you? Are they over promising loanconditions? Be on the lookout for periodic refinancing requirements, balloon payments, or lenders that require you to purchase additional services as a condition of the loan.
What will the monthly payment be? Prepare a budget and ensure that you can afford the monthly payments. If you have an Adjustable Rate Mortgage you need to budget for periodic rate increases that could raise your monthly payment.
Finally, look for the closing costs. Be careful with the so-called "no closing cost" mortgages; these loans boast that you are saving $2000-$3000 in closing costs and then raise your interest rate by as much as 2%-3%. This interest rate markup in exchange for no closing costs will easily double or triple the expense over the lifetime of the mortgage. When you are shopping from one lender to the next include closing costs in your comparisons. Closing costs are subject to negotiation so do not be afraid to ask for competitive closing costs. Also, give me a call and I will share with some reputable lenders who will save you both time and money.
Article courtesey of Scott James Hubbard - A Tucson, Arizona REALTOR®
Additional
Resources
Getting a Home Mortgage? Don’t Even Think About Applying Unless you Have These 3 Things!
By John R. Blakefield
Purchasing a new home can be both exciting and terrifying as you put all your hard earned money towards a down payment, and prepare for one of the largest financial decisions you will make in your Read more...
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Additional
Resources
What is Private Mortgage Insurance?
By Adam Smith
Private mortgage insurance is much more prevalent today than it was just a few decades ago. Unfortunately there is some confusion as to what purpose this type of mortgage insurance serves. Without Read more...
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And again, thank you to those contributing
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- Builder Avoids Foreclosure Using Real Estate Auction
In this increasingly competitive housing market brought on by current economic conditions, builders are turning to real estate auctions to liquidate new home inventories. Charlotte-based builder, Southampton Homes has recently engaged Tranzon/Metrolina to auction six custom homes to bidders searching for good values. (PRWEB Jan 9, 2009)
Read the full story at http://www.emediawire.com/releases/2009/01/prweb1835834.htm ]]>The Highlands of Golden Oaks Village, a Leading 55+ Community, Continues Upward Trend in the Western Poconos
Free 2009 guide helps better understand retirement in the Western Poconos. (PRWEB Jan 9, 2009)
Read the full story at http://www.emediawire.com/releases/55/communities/prweb1837584.htm ]]>
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