Nationwide Home Mortgage Loan Company

Many people believe that the best mortgage deals are no longer available for the average consumer that is shopping for a mortgage in today’s economy. That may be true if you cannot prove your income or have had a bankruptcy in the last two years. However, if you are the average Joe with a few dings on your credit, and are looking to buy a new home, the best deals are still out there. The truth is, they have always been there. The Federal Housing Administration (FHA) has been helping the average consumer get great deals on mortgages since the 1950’s. (more…)

FHA Closing costs differ from conventional mortgages by the amount the lender can charge and the amount of insurance coverage homeowners are required to have. FHA mortgages are the last of the government sponsored mortgages. Fannie and Freddie started out as a government charter but privatized over a decade ago. Since FHA is government operated, there are specific safeguards which have been designed to protect borrowers from paying too much closing costs. However, as is the case with most government programs, there’s loopholes. (more…)

Unnecessary closing costs are charged to unsuspecting borrowers on almost all mortgages that close. Closing costs can be broken into three general categories, costs that the lender charges, costs that third parties charge and money that is paid on your behalf i.e. taxes and insurance. Due to the scope of this article, we are unable to go into detail in each category. However, there will be a link at the end of this article for a tutorial that does. (more…)

Have you ever wondered how to compare mortgages from lender to lender? What a pain! Factor in a salesperson with the “car sales” mentality and you can go crazy trying to decide which deal is really the best. Having worked in the mortgage business for quite some time I thought I would share with you the easiest way to figure out who is really offering the best deal. This method is good for 90% of the people in the home market today. (more…)

Many deals have been killed by a loan officer over looking this simple little check box on the 1003 (Standardized Uniform Residential Application). The fact is, we often forget that lenders are holding our home as collateral, and more times than not own more of the house than the borrowers do. Lately, lenders have become more and more skeptical about the type of property they choose to hold as collateral for these loans. (more…)