An adjustable-rate mortgage (ARM) has a variable interest rate that may change monthly payments many times during the life of the loan. Unlike discretionary ARMs, which allow rate changes at the lender’s discretion, the indexed ARMs are linked to an interest rate index, giving a lender very limited control on rate changes. All adjustable-rate mortgages …
Gone are the days when you just need to fill out a mortgage application and your lender just need to pull your credit score to get the underwriting process completed. Now, the lenders prefer long-term stability to short-term gains. No lender is willing to take the risks, leading to a more stringent requirement of documents …
Mortgage Application – The Documents you need to Submit Read More »
U.S. Bank is one of the ten largest banks in the United States in terms of assets and the number of branches. Headquartered in Minneapolis, The bank offers a wide variety of financial services in 25 Midwestern and Western states through more than 3,000 branches and over 5,000 ATMs. The home mortgage department of the …
You are at:Home»Mortgage»Things Not to Do After Mortgage Preapproval The mortgage preapproval is the first significant step towards the dream of buying your own home. After you prequalify at a bank or lender, you can go search for a house that can perfectly fit your needs. Take the help of an experienced real estate agent …
TCF Bank, headquartered in Wayzata, offers home financing and other retail and commercial banking services in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota through its own brick-and-mortar branches. Many of its services may be available in all 50 states through one or the other subsidiary of the bank, which also has a …
TCF Mortgage – Payment, Payoff, Address & Customer Service Read More »
Finding a lender that you can trust is important. You are going to bear the consequences of a bad mortgage selection for a very long time, probably until you become completely debt-free. How can I select a good lender? What questions should I ask a lender to choose the best loan program? Is there a …
Mortgage Shopping – The Questions to Ask a Lender Read More »
Thinking to buy a home? You would probably need to qualify for a mortgage first. Sellers and real estate agent with MLS often prefer those with a preapproval letter in hand while scrutinizing several offers to purchase. From a buyer’s point of view, the selection of a right mortgage lender is of paramount importance as …
The Homebuying Process – Qualifying for a Mortgage Read More »
No matter which lender you contact, you are likely to find these mortgage types, which have become quite popular with borrowers who want to buy a first home or an investment property. Most of these loans are fully amortized, which means your payments are first applied to the interest and then to the principal, reducing …
A wide range of mortgage products are available to cater to different needs of homebuyers. Though some are more common and available at most lenders, others are not so common and can only be useful in special cases. Depending on the nature of these mortgage types, they have been classified into some groups for easier …
A mortgage loan is secured by the home you are going to buy. Lenders are willing to offer a secured loan as it is backed by collateral and there exist a wide range of mortgage loans to cater to different needs of borrowers. These loans can be grouped under some basic types, which help distinguish …