village of urbana: Value your broker and they will value you - 12/10/09 04:14 PM
When shopping for a loan, you need to ask yourself what it is that you are shopping for.
Are you shopping for the lowest rate and lowest cost?
Are you looking for a professional that may not be the least expensive, but earns every bit of his/her fee?
Is there value in working with a local mortgage broker, as opposed to a huge internet company?
If you want the lowest rate and cost, all you have to do is get a good faith estimate from a broker and send it to another broker. The 2nd broker will send you an estimate … (0 comments)
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village of urbana: What is a float down? - 06/26/09 11:23 AM
A float down is when rates improve after you have "locked in" your interest rate and the lender agrees to float your interest rate down to the market rate for that given day.
Q: Do all lenders offer this?
A: No. Every lender has a different policy. Some do not offer a float down option at all
Q: How do I know if the lender I am locked with will offer a float down?
A: Ask your mortgage broker. Ideally, you would want to ask this question prior to locking.
Q: What do I do if I am already locked and … (0 comments)
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village of urbana: Attention UPSIDE DOWN Villages of Urbana Homeowners - 05/05/09 01:47 PM
Help may be here for you!
I am one of many VOU homeowners that is upside down on my mortgage I purchased in the Villages of Urbana in September of 2005, otherwise known as "the height of the market". As a result, I owe$440,000 on a townhouse that is worth about $350,000 (I'm being aggressive with that estimate)
Due to the rapid decline in home prices in our community, many homeowners have been unable to take advantage of today's low interest rate. That has changed if your current mortgage is owned by either Fannie Mae or Freddie Mac. Under the HARP program, you … (0 comments)
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