HELP WITH PRIVATE STUDENT LOAN CONSOLIDATION Consolidating all your student debts makes sense for you if you find it hard to make regular payments for all your outstanding debts and are in danger of or have already defaulted on your student loan payments.Student loan consolidation is a good…
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Nikkei dips on profit-taking after 4 day rally
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Oman to invest bn in India’s fertiliser sector
Oman and India today agreed to deepen their trade and investment partnership, including investing about $ 3 billion by Muscat for revival of fertilisers plants in India.
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Answer by MLaw
If you are soliciting borrowers on behalf of someone other than yourself or your employer you’ll need a mortgage broker’s license. (assuming you use the term “construction loan” as it is commonly understood.)

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A Beginners Guide To Mortgage Lending & Loan Terms

The housing market is in a bit of a state as I am sure you know. The sub-prime mortgage crisis in the US has triggered a global slowdown in the housing economies around the world. Foreclosures have risen and many people are finding it hard to make payments. In the UK it led to a run on the Northern Rock Bank which eventually had to be bailed out by the Bank of England.

In light of these new instruments and as a simple guide to help first time borrowers we thought it would be a good idea to run through some of the more common terms used by mortgage lenders so that these unfamiliar terms could be understood in plain English.

Adjustable rate mortgage (ARM)

A mortgage in which the interest rate is NOT fixed but is tied to an index such as the Federal Reserve Base Lending Rate and is periodically adjusted as the rate index moves up and down. Also known as Variable Rate Mortgages, this type of loan means that your payments can rise and fall depending on prevailing interest rates The initial rate is lower than the fixed rate mortgage. Such ARMs commonly provide for an option to convert to a fixed rate mortgage.

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Sub-Prime rate mortgage

These are the mortgages that you have seen in the news recently and are most common in the US. In the UK they are called discount variable rate mortgages. The initial payments are set at a discount to the actual interest rate due for a set period of time, a year or two years. After the initial period, payments are adjusted to take into account the prevailing rates at the time. These mortgages were linked to sub-prime credit borrowers and the resulting interest rate charged was at a premium. This led to some low income families being unable to make the payments when interest rates rose and the deferred payment period expired.

Annual percentage rate (APR)

The actual cost of borrowing money. It is expressed in the form of an annual rate to make it easier to compare the cost of borrowing money among several lenders. The APR includes all the financing costs of a mortgage, including points, origination fees and other finance charges and the mortgage interest. This is the true rate of borrowing and is a rate to look out for. Where an advertisement may say 5%(7.2%APR) then you can differentiate between the

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Answer by fukinluckyfuker
There are strict laws about lenders who charge upfront fees just to attempt to get loans, since so many don’t come through. Basically, it’s fraud.

Contact your state banking agency and file a complaint. If no one takes that step, it just keeps going. Or call the attorney general’s office.

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Due to the wave of refinancing in recent years, and the fall in home values, in 2009 about 12 million homeowners and investors will be “underwater”–owing more than their property is worth. This book explains all the options for these homeowners who are trapped with houses they want to get free from, people whose property value has dropped so low that they can’t sell the property, people whose mortgage payment has adjusted and now they can’t afford the property. In addition to offering advice on subject to’s, rentals, leases, loan modifications and more…the book will teach America how to short sale their own home.

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