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Mortgage & Refinancing Information |
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A New Choice for Home Financing: Correspondent Lenders
When you begin your search for a new home loan, one of the first things to consider is where you'll get the money. Your basic choices will be mortgage brokers and banks. Your first instinct may be to go with your local bank, who you know from doing business with them for other things, such as your checking and saving accounts. But you've probably also heard that mortgage brokers can get you a better interest rate, since they deal with hundreds of lending sources. It can be confusing, but there's a third source of funding that combines the best of both--the correspondent lender. In order to understand the differences, let's look at how the lending process works in each case. Mortgage bankers are given rate sheets by their institutions, telling them what interest rates they can quote to their clients on any given day. There's only so much a bank can do, with regard to interest rates, because it needs to remain profitable in order to stay in business. Mortgage brokers have an advantage in that regard. They're not loaning their own money, and are free to "shop your loan around," looking for the best terms from various lending sources. They make their money by getting loans at discount prices and then marking them up, making money on the difference. Since they have many sources to choose from, they can often find loans at lower rates than most banks. The third alternative, correspondent lenders, combines the best features from both groups. Correspondent lenders are similar to mortgage bankers in that they make the lending decision and fund the loan with their own money or credit line. However, as soon as a loan has closed, it's sold to another lender at a previously negotiated price. It's the best of both worlds for you as a borrower. You'll be dealing with the banker who is funding your loan, yet that banker is able to shop your mortgage around, which can obtain you a lower interest rate. Correspondent lenders can sometimes be difficult to find, since they're generally smaller institutions, operating on a regional basis, and it can be hard to tell whether a lender is a broker or a banker, based solely on the company's name. One way to find out is by visiting the lender's website, if they have one. You'll normally find a button you can click that will bring up a page containing a detailed description of the company. If the lender doesn't have a website, you may find their phone number in the Yellow Pages. Although they may not always be easy to locate, with a little digging, you may find that a correspondent lender offers an attractive alternative to a banker or mortgage broker when it comes to shopping for your next home loan. Copyright © 2005 Jeanette J. Fisher All rights reserved. Jeanette Fisher is the author of "Credit Help! Get the Credit You Need to Buy Real Estate," and other books. Real estate financing questions? Visit the new Real Estate Credit Help Center for articles, Credit Tips ezine, and blog: http://www.recredithelp.com
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5 Terrible Reasons to Refinance Your Mortgage MoneyWise.com Mortgage rates have been going up, so time may be running out if you're looking to refinance your home at an attractive rate, to lower your mortgage costs or... Refinance mortgage rate moves lower for Wednesday Bankrate.com Refinance rates were mixed, but one key rate fell. The average for a 30-year fixed-rate refinance trended down, but the average rate on a 15-year fixed refinance ... Refinance mortgage rate falls for Friday Bankrate.com Refinance rates were mixed, but one key rate declined. If you're shopping for a mortgage, see how your payments might be affected. Refinance rates fall for Tuesday Bankrate.com Multiple closely watched refinance rates decreased today. If you're shopping for a home loan, see how your payments might be affected. Refinance mortgage rate eases for Thursday Bankrate.com Refinance rates were mixed, but one key rate dropped. If you're in the market for a mortgage, see how your payments might be affected. Higher mortgage refi app rejection rate signals tighter credit Mortgage Professional America The rejection rate increased notably for mortgage refinance applications in 2018, indicating tightening credit, according to the October 2018 Survey of Consumer ... Former mortgage lender COO gets 24 months for $8.9m scam Mortgage Professional America The former COO of Long Island, N.Y.-based mortgage lender Vanguard Funding has been sentenced to 24 months' imprisonment for his role in a scheme to ... Refinance mortgage rates mixed for Saturday Bankrate.com Refinance rates were mixed today. See what that means for your refinance. Refinance mortgage rates mixed for Monday Bankrate.com Refinance rates were mixed today. If you're shopping for a mortgage, see how your payments might be affected. Refinance mortgage rate ratchets higher for Friday Bankrate.com Refinance rates were mixed, but one key rate increased. The average rate for a 30-year fixed-rate refinance advanced, but the average rate on a 15-year fixed ... JACK GUTTENTAG: Purpose determines if refinance is correct answer Sarasota Herald-Tribune Should I refinance?This question was posed to me recently through Quora, the question and answer website. I did not answer it there because an adequate ... CFPB seeks half-million-dollar settlement with mortgage company over veteran refis Mortgage Professional America The Consumer Financial Protection Bureau has announced that it filed a complaint against Village Capital & Investment on allegations of deception. The CFPB ... CFPB sues mortgage company for allegedly deceiving veterans about refinance benefits Lexology On December 6, the CFPB announced the filing of a complaint and proposed final judgment in the U.S. District Court for the District of Nevada against… Refinance rates move higher for Monday Bankrate.com Several closely watched refinance rates increased today. See what that means for you if you're in the market for a home loan. Refinance rates slide for Monday Bankrate.com Several benchmark refinance rates fell today. If you're in the market for a home loan, see how your payments might be affected. Mortgage rates are down significantly over the past three weeks The Washington Post The 30-year fixed-rate average has fallen 19 basis points in three weeks to 4.75 percent. Weekly mortgage applications drop 3.2%, hit by tanking stocks and rising rates CNBC While tight supply of homes for sale had been plaguing buyers for much of this year, listings are increasing, but so are prices and interest rates, weakening ... Refinance rates retreat for Saturday Bankrate.com Several key refinance rates tapered off today. If you're shopping for a mortgage, see how your payments might be affected. LI banker sentenced in mortgage fraud case Newsday A Long Island banker was sentenced to 2 years in federal prison Monday for his role in a scheme in which prosecutors said he and his colleagues used nearly ... Refinance rates ease for Friday Bankrate.com Several closely watched refinance rates sunk lower today. If you're in the market for a mortgage, see what that means for you. LendingTree Releases Monthly Mortgage Offer Report for November PRNewswire CHARLOTTE, N.C., Dec. 7, 2018 /PRNewswire/ -- LendingTree®, the nation's leading online loan marketplace, today released its monthly Mortgage Offers ... U.S. mortgage activity rises near two-month high: MBA Reuters (Reuters) - U.S. borrowers filed the most mortgage applications in nearly two months as 30-year home loan costs fell to their lowest levels since early October, ... Buying or Refinancing a Home? Review the ABC's of the Loan Process TAPinto.net RED BANK, NJ - Whether you are new to the market or considering a jumbo or refinance, it is helpful to review the key points in the loan process. Mortgage firm appoints chair, MD New Telegraph Newspaper Nigeria Mortgage Refinance Company Plc (NMRC) has appointed a Senior Advocate of Nigeria, Charles Adeyemi Candide-Johnson and Mr. Kehinde ... Federal Reserve: More homeowners are getting their refi applications rejected HousingWire Every few months The Federal Reserve Bank of New York's Center for Microeconomic Data releases a survey of consumer experiences when applying for credit ... Refinance rates trend higher for Tuesday Bankrate.com Several closely watched refinance rates rose today. If you're in the market for a mortgage, see what that means for you. Refinance rates drop off for Wednesday Bankrate.com Several key refinance rates dropped today. If you're in the market for a refi, see how that could affect you. Rising Interest Rates Are Creating Refinancing Headaches for Small Businesses Entrepreneur The recent rise in interest rates is resulting in large drops in property valuations, making it harder for small businesses to refinance their commercial real estate ... LendingTree launches new mortgage comparison report Mortgage Professional America Inaugural report combines mortgage offers spread, rates. Refinance rates dip for Wednesday Bankrate.com Several benchmark refinance rates receded today. If you're shopping for a home loan, see what that means for you. Choosing between an ARM versus a fixed-rate mortgage Bankrate.com One of the key decisions homebuyers and homeowners make is whether to go with a fixed- or adjustable-rate mortgage. Each have benefits and drawbacks, ... Refinance rates slide for Friday Bankrate.com Multiple key refinance rates declined today. See what that means for your refi. Homeowners are seeing the smallest equity gains in two years CNBC The drop in equity gains has been sharpest in the third quarter of this year. In fact, after hitting a record high, the amount of tappable equity fell quarter to quarter ... Mortgage Applications Dropped by Rising Rates and Stock Declines ETF Trends The Mortgage Bankers Association reported that mortgage applications fell last week--dropped by a one-two combination of rising rates and stock declines. Homeowner Perception and Equity Growth Remain Steady as 2018 Comes to a Close PRNewswire DETROIT, Dec. 11, 2018 /PRNewswire/ -- The difference between owners' estimates of home values and appraisal values increased in November, although it ... Investors Bank originates $219M in loans throughout tri-state area NJBIZ Short Hills-based Investors Bank said it has originated five commercial real estate and multifamily housing loans in New Jersey, valued at $116 million. Mortgage rates lower for Monday Bankrate.com Multiple closely watched mortgage rates sunk lower today. The average rates on 30-year fixed and 15-year fixed mortgages both trended down. Meanwhile, the ... Refinance Your Mortgage Quickly: Prequalify in Just 3 Minutes Credible News Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind. FHA Issues 2018 Annual Report to Congress Addressing its MMI Fund JD Supra FHA recently released its 2018 Annual Report to Congress regarding the economic condition of its Mutual Mortgage Insurance Fund (MMI Fund). The health of ... What Americans Should Know Before Cashing out $6 Trillion in Home Equity Credible News U.S. home values hit a low for the downturn of $148,600 in February, 2012. At that point, millions of homeowners were “underwater” — they owed more on their ... Outlook: Three Mortgage-Industry Trends That We Might See in 2019 Home Buying Institute A new round of mortgage industry forecasts and projections suggest that higher interest rates could lead to a purchase-dominated mortgage market in 2019. Weekly refinance demand plummets as mortgage rates hit a 5-week high CNBC A sharp rise in mortgage interest rates took its toll on the lending business last week. Mortgage application volume fell 1.8 percent for the week, according to the ... Reverse Mortgages Can Create An Elder Care Lifeline 27east.com Aside from his real estate practice at Douglas Elliman, Michael Daly holds a certification from the Seniors Real Estate Specialist Council, a branch of the ... 9 Ways to Live Well and Spend Less in 2019 Yahoo Finance With the start of the new year ushering in a clean slate, now is a perfect time to revisit financial goals and strategize ways to maximize savings. Create an ... Mortgage applications fall, as refinancing hits 20-year low CNBC A significant drop in mortgage interest rates was not enough to entice homeowners to refinance their loans last week. Allied Announces $125 Million in Acquisitions and Upward Refinancing of Unsecured Term Loan Markets Insider TORONTO, Dec. 11, 2018 (GLOBE NEWSWIRE) -- Allied Properties Real Estate Investment Trust (TSX:AP.UN) announced today that it expects to close six ... TFS Financial (NASDAQ:TFSL) Cut to “Buy” at BidaskClub Fairfield Current TFS Financial (NASDAQ:TFSL) was downgraded by research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a report issued on Saturday, ... This is what the housing market could look like in 2019 HousingWire In 2018, the housing market experienced its fair share of up and downs, attributed to many factors, including affordability and inventory concerns. But as the year ... 3 Signs You Should Refinance Your Mortgage The Motley Fool Refinancing at the right time can save you thousands of dollars a year. Refinance mortgage rates mixed for Friday Bankrate.com Refinance rates were mixed today. If you haven't locked a refinance yet, see what that means for you. When Is a Cash-Out Refinance Loan a Good Idea? U.S News & World Report Money In a cash-out refinance mortgage, you take a loan against your home in excess of what you owe, leaving you with cash available to spend. Adding to the debt ... Existing and interest-only mortgage borrowers gouged by big banks, says ACCC ABC News Existing interest-only borrowers subsidised the big banks' revenue to the tune of more than a billion dollars over the past year after they were hit with a ... Mortgage Lending Will Decline Next Year as Demand for Refinancing Falls The Kiplinger Washington Editors, Inc. Mortgage lending at U.S. banks will decrease in 2019 as rising borrowing costs reduce demand from homeowners to refinance their current homes. Despite ... Refinance mortgage rates mixed for Tuesday Bankrate.com Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage. Credible Expands Their Marketplace Into Mortgage Refinancing Lend Academy Credible made a name for themselves in student loans. They are the first and largest marketplace for people looking to refinance their student loans. Borrowers ... Refinance mortgage rate advances for Thursday Bankrate.com Refinance rates were mixed, but one key rate moved higher. See what that means for your refinance chances. Mortgage application activity rises on uptick in refinance volume National Mortgage News An increase in refinance activity in the period after Columbus Day drove mortgage applications 4.9% higher from one week earlier, according to the Mortgage ... Thinking of Refinancing Your Mortgage? Check These 4 Financial Areas First Forbes Refinancing your mortgage can be a great way to save on your monthly payment or to change up the terms of your loan. However, while it's a financial move that ... Refinance mortgage rates mixed for Wednesday Bankrate.com Refinance rates were mixed today. If you're in the market for a refi, see how your payments might be affected. Refinancing activity in the US just plunged to the lowest level in over a decade Business Insider Refinancing activity plunged to the lowest level since 2000 as interest rates rise. Refinance mortgage rate trends higher for Tuesday Bankrate.com Refinance rates were mixed, but one key rate were higher. The national average for a 30-year fixed-rate refinance advanced, but the average rate on a 15-year ... Refinance mortgage rate moves up for Friday Bankrate.com Refinance rates were mixed, but one key rate moved higher. If you're in the market for a mortgage, see what that means for you. Should I pay my mortgage with a credit card? Bankrate.com Many of us put the majority of our expenses on credit cards, racking up rewards before paying off our balances. WPB’s CityPlace sues lender Credit Suisse The Real Deal Magazine West Palm Beach's CityPlace is suing its lender, Credit Suisse Commercial Mortgage, after it alleges the lender tried to halt its refinancing of a loan. Rates Are Rising, But Is It Time To Refinance? Five Scenarios To Consider Forbes Mortgage rates are rising. Does that mean it's time to refinance? About 85% of you just shuddered at the thought of refinancing as rates climb. Hear me out. Girls six-months and three-years-old were stabbed to death, autopsy confirms Edmonton Sun An autopsy on the bodies of two little girls found in a southeast Edmonton apartment last week confirmed that the two were stabbed to death. Rocket Mortgage Review Bankrate.com Rocket Mortgage from Quicken Loans lets you apply for a mortgage in minutes using nothing more than a smartphone app. Refinance mortgage rate slides for Thursday Bankrate.com Refinance rates were mixed, but one key rate slid lower. If you haven't locked a refinance yet, see what that means for you. Refinance mortgage rate eases for Saturday Bankrate.com Refinance rates were mixed, but one key rate slid lower. If you're shopping for a refi, see how your payments might be affected. Best Mortgage Lenders Bankrate.com The best mortgage lender isn't the same for everyone.That's why we compiled a list of best mortgage lenders for first time home buys to those looking for their ... Factors to weigh when considering whether to refinance your home Washington Post REAL ESTATE MATTERS | If you can lower your interest rate, that's good. But you also have to look at your monthly payment. Will your new monthly payment be ... Refinance rates drop off for Thursday Bankrate.com Multiple key refinance rates receded today. If you haven't locked a refinance yet, see how your finances could be affected. Mortgage refinance candidates cut by half in the past four months National Mortgage News The number of mortgage borrowers for whom it made sense to refinance declined by nearly half since the end of last year and is at its lowest since November ... Refinance rates increase for Tuesday Bankrate.com Multiple key refinance rates climbed today. If you're in the market for a home loan, see how your payments might be affected. Refinance mortgage rate ticks higher for Wednesday Bankrate.com Refinance rates were mixed, but one key rate floated higher. See what that means for your chances of getting a better mortgage rate. Refinance rates tick lower for Thursday Bankrate.com Several key refinance rates declined today. See what that means for your refinance chances. Credible Brings the Power of Its Marketplace to Mortgages Credible News We set the standard for transparency in the student loan industry. Now we're out to do the same for mortgages. When and How to Refinance a Personal Loan Bankrate.com If you're thinking about refinancing a personal loan, check these factors first. Refinance rates slide for Wednesday Bankrate.com Several key refinance rates declined today. If you're shopping for a mortgage, see how your payments might be affected. Refinance mortgage rate drops for Friday Bankrate.com Refinance rates were mixed, but one key rate were down. If you haven't locked a refi yet, see what that means for you. Refinance rates slide for Saturday Bankrate.com Several key refinance rates sunk lower today. If you're in the market for a refi, see how that could affect you. Refinance mortgage rate slides for Monday Bankrate.com Refinance rates were mixed, but one key rate sunk lower. See what that means for your chances of scoring a killer refi rate. Refinance mortgage share falls back to 2018 low National Mortgage News As mortgage rates recently hit their highest point in seven years, closed refinances fell back to their low point of 2018, according to Ellie Mae. Refinance rates decline for Thursday Bankrate.com Multiple benchmark refinance rates receded today. See what that means for your chances of getting a better mortgage rate. Potential refi market falls 40% as mortgage rates keep rising National Mortgage News The spike in 30-year fixed interest rates, at a time of continuously rising home prices, has pushed home affordability to its lowest level since 2009, and cut ... Why it may be unwise to refinance a low home mortgage balance The Washington Post Q: Is it wise to refinance my mortgage if it has a balance of just $26,000? The loan was for 30 years at a fixed interest rate of 7.5 percent. I purchased the home ... Refinance mortgage rates mixed for Thursday Bankrate.com Refinance rates were mixed today. If you're shopping for a refinance, see how your future mortgage payments could be affected. Mortgage refinance share jumps 5% despite rising interest rates HousingWire The refinance share of mortgage activity increased a full 5% from December to January, rising to 45% of all closed loans, according to the latest Origination ... What It Takes to Refinance a Jumbo Loan NerdWallet Refinancing a jumbo loan, a mortgage over $484350, in most cases, and up to $726525 and even higher in some high-cost areas, can result in big savings and ... Refinance rates move higher for Tuesday Bankrate.com Several key refinance rates rose today. See what that means for you if you're in the market for a home loan. How Long Does It Take to Refinance a Mortgage? Realtor.com News How long does it take to refinance a mortgage? Refinancing should take anywhere from 30 to 45 days on average, although that can stretch to 60 days if you hit ... Refinance rates drop off for Saturday Bankrate.com Multiple closely watched refinance rates receded today. If you're in the market for a home loan, see what that means for you. 5 Tips for Finding the Best Refinance Mortgage Lenders NerdWallet Finding the best mortgage refinance lender for your situation requires knowing your credit score, shopping more than one lender, negotiating lender fees, ... Cash-Out Refinance Calculator NerdWallet A cash-out refinance can be a great financing option depending on your use of the cash and your financial profile. This calculator will help you determine how ... Refinance rates fall for Saturday Bankrate.com Multiple key refinance rates trended down today. If you're in the market for a home loan, see what that means for you. Mortgage refinances fall to decade low CNBC Interest rates for home loans have risen each week this year, so each week homeowners have had less incentive refinance their mortgages. Another drop in ... Refinance rates advance for Thursday Bankrate.com Multiple key refinance rates were higher today. If you're in the market for a refinance, see how your payments might be affected. Refinance rates ratchet higher for Wednesday Bankrate.com Several key refinance rates were higher today. See what that means for you if you're in the market for a home loan. Weekly mortgage applications to buy a home hit the lowest level in a month as rates continue to rise CNBC The highest interest rates in about a month and high home prices took their toll on the mortgage business last week. Total mortgage application volume slipped ... |
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