Watch Out For Mortgage Loan Scams
Those looking for a mortgage in Coral Springs, FL are interested in finding a responsible lender who isn’t trying to scam them out of their hard earned dollars. One of the biggest problems with the mortgage loan industry is that everything is pretty confusing for the average person. This opens the door for swindlers and all other manner of low-lives who actively scam people looking for mortgage loans. With foreclosure an all too common occurrence, it seems like these con artists are preying on those who are desperate to make their house payments. The Federal Trade Commission was established to help protect the American people from dishonest mortgage practices. Through the implementation of the Mortgage Assistance Relief Services (MARS) Rule in 2010, the FTC changed the way mortgage and foreclosure…
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Understanding the FHA in Coral Springs, FL
If you attended any sort of United States history class while in high school, then you’ve probably heard of the New Deal. A collection of executive orders enacted between 1933 and 1936, the New Deal was President Franklin Delano Roosevelt’s panacea for the Great Depression. The New Deal was known for creating many government programs and new agencies which are still in effect today. Social Security was one of the biggest programs along with the Federal Deposit Insurance Corporation (FDIC). One aspect of the New Deal which is often forgotten is that the National Housing Act of 1934 created a vital government agency still in effect today, the Federal Housing Administration. The purpose of the FHA was to insure loans given by banks and other lenders to homebuyers. It also…
Reverse Mortgages Coral Springs, FL; What is a Reverse Mortgage?
The term reverse mortgage has been thrown around a lot lately and it has a ton of people confused. Upon first glance, the phrase reverse mortgage sounds kind of like instead of you paying a mortgage, a mortgage company pays you! This obviously isn’t the case, but hey we can dream right? A reverse mortgage is used by people over the age of 62 who, to put it as nicely as possible, have one foot in the grave. Basically a reverse mortgage is a just an equity loan for a home which is created in such a way that the usual interest is deferred. Traditional mortgages involve a homeowner making payments to a lender every month. Those with a reverse mortgage are not required to make monthly payments and there…
Home Loans Coral Springs, FL: Shop Around for the Right Lender for You.
It’s an exciting time for those looking to become first time home owners. Before you jump right into house hunting you should take the time to consider a few things first. The biggest component to home buying is financing your mortgage. The process is fairly standard no matter where you are. You will have to meet with brokers, bankers, and lenders throughout your home buying experience. All of these people, regardless of your location, operate under the same federal laws which govern mortgages. While professionals will be able to help as they are well versed in lending laws, doing your own work on the side is a very important step towards making good financial decisions. Companies such as Ace Mortgage Loan Corp., located in Coral Springs, can serve as…
Home Financing Coral Springs, FL: Why Mortgage Brokers can assure your Financial Survival
When attempting to purchase a new home, there are several different factors involved. There are the buyer’s personal lives and other investments, there are the seller’s intentions and preferences, and of course, planning for the future is critical. So a couple will have different needs than a single homeowner, and a home owner with plans on leaving their home after only a few years will have different needs than a home owner with plans to stay for very long periods of time. Commonly, people switching from one status to another do know how to compensate for the change and may end up hurting themselves in the long run. It is important to make some decisions. You should think about how long you desire to live in your new…
Refinance Coral Springs, FL: Knowing When and How to Refinance is Important, Know What Options you Have
A refinancing on a home mortgage can be very helpful to a homeowner. Not every homeowner is in the right situation to refinance, but this is why all homeowners should be actively aware of their situation so that they can be on top of their game. Know when refinancing is the best option for you and you could end up saving tons of money from monthly payments. There are many considerations when attempting a refinance, so it is always beneficial to have help. The banks want to make deals fast and that’s why they won’t always act in your best interest. This is why mortgage loan brokers like Ace mortgage in Coral Springs, FL are there for any local homeowners wondering if they are in the right position for a…
Mortgages Coral Springs, FL: Getting a Mortgage Loan for Your Next Home the Right Way
Mortgages are very complicated and important manners when attempting to get a new home. The type of mortgage loan you get and the way you get it are vitally important. There are several ways to go about pursuing a mortgage loan, but they can be very confusing and frightening. You can either go to the bank or go to a private mortgage loan corporation. Both will help you get a mortgage loan for your next home but only one is working with your best interests in mind. A private home mortgage loan corporation knows what the average homeowner is looking for in a home just like the bank does, except a mortgage goes many steps further. Mortgage loan corporations in Broward County offer many benefits for any Coral…
Refinancing Coral Springs, FL: Underwater on your Mortgage? Do Not risk Short Sale; Reaffirm your Finances with a FHA Streamline Refinancing
What does it mean to be underwater on your mortgage? Simply stated, if you owe, on your mortgage, more than your home is actually worth, then you are what is called “underwater.” Another name for this is negative equity. No matter what you call it, being underwater can be a seriously frustrating situation. What’s worse is that this is an all too common situation. Recent reports from CNN Money have held that one in five homeowners are underwater in their mortgages. The reason this can happen and has happened in the recent recession is that people have bought home in the early 200’s and over the past few years, their homes have depreciated in value to below what they owe. There are two main options for a homeowner in this…