I often get asked by clients why the need to send me so much information just to get a quote on a loan. They want to tell me what they think the property is worth and think I should then be able to give them a firm quote. They tell me other mortgage brokers do [...]
Borrowers who never considered FHA/HUD are now being told they need a FHA/HUD 223 (f) loan. However, most borrowers, and brokers who are selling this product, don’t understand the issues relating to these loans. The 223 (f) is FHA/HUD’s acquisition/refinance program for conventional apartment projects. With limited sources for apartment financing today, this program is being [...]
The question I get most asked is how does yield maintenance prepayment penalty work and should I be worried about it. This is especially true for borrowers who had previously borrowed from banks and are now looking at a loan from Freddie Mac or Fannie Mae. My short answer is that this is not something [...]
Just got a loan, but do you really know how your lender calculates your monthly payment and amortization schedule? It’s not as simple as you think. In fact your lender may be calculating your payment differently than you expect or know. A few years ago there was a lot of talk about payment methodology. People [...]
Just got a loan, but do you really know how your lender calculates your monthly payment and amortization schedule? It’s not as simple as you think. In fact your lender may be calculating your payment differently than you expect or know.