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Shopping For A Mortgage, part 2 - 04/23/10 06:13 PM

Is there a free lunch, or isn’t there? My last post about mortgage shopping suggested that interest rates are only a slight bit different (1/8%) from lender to lender, and that the consumer needs to focus on performance, customer service and execution more than price. But no one does, do they? And we create our own customer service problems by seeking the lowest price, and expecting the best service. It happens with mortgages, movers, furniture, contractors…you name it. We have been creating our own service and product hassles since the dawn of time.
And the reason I have chosen to … (1 comments)

Shopping For A Mortgage - 04/21/10 07:21 AM

Whether a consumer is calling a bank, a mortgage banker or a mortgage broker; all mortgage providers fund their mortgages through the same sources. Because of this, mortgage rates are very close from one lender to another. I broker to over 60 banks, and have never seen rates vary by more than 1/8%.
The purpose of “advertised” rates is to get the phone to ring. I am sure no one is surprised to find out that the ad for the cheap Mercedes is not real, and that if you want all the options, powerful engine, wheels and goodies you see … (1 comments)

Reverse Mortgages, Good Idea? - 04/09/10 07:46 PM

A Reverse Mortgage is when your house pays you back, or that is how the commercial goes. But at what cost? And is it worth it?
I have been doing some more research on these Reverse Mortgages (RM). I have been trying to condense 80 pages of data down into something manageable. Here are a few important notes I came up with:
-You can get a more detailed over view on this website at: http://www.getloans.com/loanprograms/rm/
-You have to be 62 years of age or older.
-You have to own your home free and clear, or have a relatively low mortgage.
… (1 comments)

What Is Title Insurance? How Much Does It Cost When Buying A Home? Is It Needed On A Refi? - 04/05/10 07:28 PM

Title insurance is insurance against defects in title to real property. It is meant to protect an owner’s or lender’s financial interest in property against loss due to title defects, liens or other matter of public record. It will defend against a lawsuit attacking the title, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy.
Just as lenders require fire insurance and other types of insurance coverage to protect their investment, nearly all institutional lenders also require title insurance to protect their interest in the collateral of loans … (0 comments)

Refinance Questions - 04/01/10 06:35 AM

There are a lot of questions about refinancing, or at least there should be. The questions a consumer should be asking of a mortgage professional are:
1. What are the closing costs I have to spend to refinance? 2. Can I finance those costs into the new loan amount? 3. How much would I save by refinancing? 4. How long has the mortgage firm been licensed? 5. How long has the individual mortgage professional been licensed? And how long have they been with their current firm? 6. If you are being offered a “no closing cost” loan, are the costs … (0 comments)

 

Brian Martucci

Washington, DC

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