Salt Lake City, UT (PRWEB) June 19, 2007

LoanPage.com urges borrowers to consult a mortgage professional before signing up for new creative lending options. With mortgage rates rising and home loans down, lending institutions are getting creative to attract borrowers. Though many of these options are competitive and offer the borrower some advantages, LoanPage.com reminds borrowers that smart loan shopping should include loan comparison and a complete understanding of the loan’s terms. LoanPage.com, a complete source of mortgage loan tools and lenders, links visitors to competitive quotes for all types of mortgages and refinancing (http://www.loanpage.com/).

To appeal to the shrinking pool of borrowers, lenders have become creative. This is good news for borrowers, but the options can be confusing. LoanPage.com can help by explaining lending terms and linking borrowers to lenders who offer competing loan quotes. CNN Money cites several recent inventive loan packages:

    Retail banker Washington Mutual has a flexible mortgage that lets borrowers jump back and forth between a fixed rate and an adjustable rate mortgage (ARM) at little or no charge.
    Bank of America has a mortgage with absolutely no percentage points or other fees (a percentage point is typically one percent of the mortgage amount, and many traditional loans carry several percentage points).
    Credit unions are offering a hybrid ARM in which the highest rate will not exceed the national rate at the time of the initial loan.
    Ditech, an online lending arm of GMAC, has a version of the 30-year fixed loan that combines the mortgage with a home equity line of credit and a credit card rewards program.

The LoanPage.com article “Predatory Lending: Buyers Beware” is one of several resources that offers borrowers information on common lending pitfalls (http://www.loanpage.com/articles-and-advice/new-home-loan/predatory-lending-buyer-beware.aspx). In a market where new mortgage options and packages are being created, borrowers need to be aware of unscrupulous practices such as bait-and-switch, loan flipping, equity stripping and more.

LoanPage.com is a complete source of mortgage loan tools and resources, including calculators and a mortgage glossary. Visitors can find answers to the most common loan questions, download a loan application or find lenders in their area.

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Find More Loan Press Releases

Calabasas, CA (Vocus) June 26, 2007

Whether buying a home or refinancing an existing mortgage, it is important that home buyers and homeowners determine which type of home loan best fits their household’s financial situation. To help simplify the decision-making, Countrywide is sharing 10 tips for choosing a mortgage loan. These helpful insights are just a few of the many valuable ways consumers may arm themselves with the knowledge needed to help achieve and maintain home ownership.

“When it comes to choosing a home loan there are some basic principles everyone should consider. Two of the basics are, first, stay within your financial means, and second, never commit to anything without being 100% sure that it is in your best interests,” says John P. McMurray, chief risk officer for Countrywide Financial Corporation (NYSE:CFC), a diversified financial services provider and member of the S&P 500. “There are a number of points to consider when making a decision about taking out a mortgage loan.”

Here are 10 tips to consider when deciding which type of mortgage loan best fits your household’s personal and financial situation.

1. Low Payment Now = Higher Payment Later. A lower payment now will almost always mean a higher mortgage payment later. Interest-only loans, “hybrid adjustable rate mortgages” (ARMs) and “option ARMs” are a few examples where the initial payment is typically lower and later payments are higher. It may make sense to have a home loan with a lower initial payment, but it’s important to understand that a “really low” payment now most likely means a high payment later. If you want predictability in your mortgage payments without the risk of your home loan payment increasing, a fixed rate mortgage loan may be the right option.

2. Know Your Prospects. In order to properly evaluate various mortgage loan alternatives, you need to assess your own future prospects. Is your future income likely to be higher or lower? If you opt for a mortgage loan with an adjustable rate, you should have a solid expectation that your future income will increase enough to accommodate the higher payment if the interest rate increases. If you are not sure about your future income, a fixed rate mortgage that provides predictability in your monthly payments may be a better fit.

3. Know Your Time Frame. Time frame is another important consideration. Do you expect to move in the near future or will you stay in this house for a long time? If you plan to move soon, will you keep the house or sell it? Your time frame can, and probably should, influence several decisions you’ll need to make about your home loan. Examples include the type of home loan (e.g. ARM v. Fixed Rate; fully amortizing v. interest only), home loan features (e.g. should you accept a prepayment penalty in exchange for a lower loan price) and rate/points combination (the shorter the period you plan to remain in your home, the fewer points you should pay).

4. Plan for the Unexpected. Virtually every family will unfortunately experience unexpected events such as job loss, divorce, illness, and/or death of family member. It pays to plan for these unexpected events by having adequate savings, so you don’t compound the stress of such events with payments that you may not be able to afford.

5. Do Not Exaggerate Your Income. Low documentation loans are now widely available. Even with one of these “low doc” or “no doc” mortgage loans, it is still critical to put accurate information on your loan application for at least two reasons. First, you do not want to end up with a mortgage you cannot afford. Second, remember that you’re signing the application “under penalty of perjury.”

6. Real Estate as an Investment. Compared to other investments, real estate has high transaction costs. So you will likely need considerable appreciation just to break even when you sell. Besides the high transaction costs, real estate can go down in value. So it may not be wise to rely on expected appreciation to help you afford your home loan.

7. Ask About Broker Compensation. If you are using a broker, you should understand that the broker can get compensated either by you or by the lender. If the broker is being compensated in whole, or in part, by the lender, that usually means that you will be paying a slightly higher interest rate on your home loan. Make sure you understand how your broker is being compensated and the impact of such compensation on the price you are paying for your home loan.

8. When Shopping For a Loan, Compare Apples to Apples. Always ask about the three parts contained in the price of a home loan: Interest rate; points; and fees. For most home loan programs, borrowers can elect to pay discount points to receive a lower interest rate; or a borrower can elect to pay fewer or no discount points but then will be paying a higher interest rate. If the lender offers a “no cost” home loan, it generally means that you will not have to pay any discount points or fees, but your interest rate will be higher.

9. You will pay more for a low- or no-documentation loan than for a full-documentation loan. Low or no-documentation loans generally mean you will pay a higher interest rate for not providing full credit information.

10. Understand the Transaction. On any major financial decision, including a mortgage loan, it is prudent to not move forward until you are comfortable that you understand the transaction.

For more information about achieving and maintaining home ownership, Countrywide provides a no-cost, no-obligation experience online at www.HomeByCountrywide.com. The online program offers an interactive learning center which includes comprehensive information about: Basic Finance, How Credit Affects You, Preparing for Home Ownership, Steps for Buying a Home, and Life as a Homeowner. Also featured are tools and resources, including downloadable checklists, worksheets and quizzes that assist home buyers achieve and maintain home ownership.

About Countrywide Financial Corporation

Founded in 1969, Countrywide Financial Corporation (NYSE: CFC) – America’s #1 home loan lender – (as ranked for 2006 by Inside Mortgage Finance, Feb. 2, 2007, Copyright 2007), is a member of the S&P 500 and Fortune 500. Countrywide is a diversified financial services firm primarily focused on real estate finance and related activities. Through its family of companies, Countrywide provides mortgage banking, capital markets, global operations and insurance, in domestic and international markets. The company is headquartered in Calabasas, California and has a workforce of more than 50,000 with over 900 offices. For more information about the company, visit Countrywide’s Web site at http://www.countrywide.com.

For media inquiries:

800-796-8448

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Dearborn, MI (Vocus) August 27, 2010

Quicken Loans Inc., the nation’s largest online retail mortgage lender and the country’s third largest originator of FHA loans, announced it will soon close its one millionth home loan. To celebrate, Quicken Loans has launched the “Thanks a Million” online promotion, which offers to pay-off one lucky client’s mortgage. Every Quicken Loans client who closes a purchase or mortgage refinance loan between August 2 and December 31, 2010 will be automatically entered into the drawing.

“Our clients are the reason for Quicken Loans’ continued success and we’re excited to announce the ‘Thanks A Million’ program as a way to acknowledge how much we truly appreciate their support,” said Jay Farner, Quicken Loans President.

“Over the years, Quicken Loans has been fortunate to help clients across the country refinance their mortgage, pay off debt or purchase a home. There’s no better way to show our appreciation than through a great program to pay-off a client’s mortgage,” said Farner.

The “Thanks a Million” promotion also features an online instant win game, offering more than 60,000 prizes including gift cards to popular stores, Fatheads, life-size high-definition vinyl wall graphics, personal credit and finance monitoring services from Quizzle.com and more. To access the game, simply visit www.QuickenLoans.com.

Following the contest entry deadline, Quicken Loans will send three clients and their guests on an all-expense paid trip to Cleveland, Ohio. One grand prize winner, whose mortgage will be paid in full, will be selected at a Cleveland Cavaliers NBA game half-time celebration at Quicken Loans Arena, with the two runners-up each receiving checks for $ 5,000.

The sweepstakes is free, fun and just one more way Quicken Loans is thanking clients (and future clients) for making it America’s #1 online mortgage lender.

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(PRWEB) April 19, 2005

Original Mortgage Source, LLC, an Ohio-based company that specializes in home mortgage and life insurance options, has included information and application forms on their website for the most popular types of mortgage loans they offer to homeowners.

Original Mortgage Source, LLC provides two distinct types of mortgage loan solutions. The first, a 3.875% Equity Builder mortgage loan, is an interest-only program that helps homeowners free up money to pay other bills without refinancing their mortgage. Unlike the Prime Rate mortgage, the Equity Builder mortgage loan is affected by multiple economic factors, making it much more stable and keeping the interest rate lower. The interest rate is also not compounded annually.

The second mortgage loan, Mortgage Life Protection, is actually an inexpensive life insurance policy that provides total coverage to pay off the full amount of the mortgage should the homeowner die. This coverage can be added to an existing mortgage without refinancing.

In addition to the Equity Builder and Mortgage Life Protection mortgage loans, Original Mortgage Source, LLC has several additional mortgage loan programs, including:

• 100% Financing, for borrowers with good credit and employment histories but no down payment

• 3% Down FNMA, designed to assist moderate income first time home buyers.

• Home Equity Lines of Credit (HELOC), for borrowers who wish to keep their first mortgage in place and use their equity for debt consolidations, purchase other properties, or home improvements.

• Mortgage Only Programs, enabling homeowners to qualify for a new mortgage based only on their mortgage payment

• No Income Verification Loans for Self Employed or W2 employees

“Our policy is to provide pre-qualifications free of charge to all people serious about purchasing or refinancing their homes, investment properties, or commercial properties,” said Timothy A. Primavera Sr., President and CEO of Original Mortgage Source, LLC. “Our ultimate goal is to help our customer get what they want.”

Original Mortgage Source, LLC offers a free two- to four-minute “Quick Mini-Application Form” to apply for a home mortgage or life insurance online. To apply for a mortgage loan or to learn more about these and many other available mortgage loan programs, visit www.OriginalMortgage.net.

About Original Mortgage Source, LLC

Original Mortgage Source, LLC has been providing help to customers with home mortgage and life insurance needs. Their specialized staff of certified residential mortgage specialists and senior loan officers assist with mortgage loan programs, help with for-sale-by-owner homes, home warrantees, and offer consulting for homeowners and home purchasers alike, in both commercial and residential real estate.

Original Mortgage Source is a member of the Cleveland Better Business Bureau (BBB), the National Association of Mortgage Brokers (NAMB), the Ohio Association of Mortgage Brokers (OAMB) and the Ohio Farm Bureau Federation (OFBF). The Christian-owned and operated firm is state licensed, bonded, and insured to provide home mortgage loans and solutions for homeowners and home purchasers, regardless of credit history. They also offer many different types of life insurance coverage that can be browsed on there website.

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(PRWEB) May 5, 2005

Original Mortgage Source, LLC, an Ohio-based company that specializes in home mortgage and life insurance options, has included information and application forms on their website for the most popular types of mortgage loans they offer to homeowners.

Original Mortgage Source, LLC provides two distinct types of mortgage loan solutions. The first, a 4.875% Equity Builder mortgage loan, is an interest-only program that helps homeowners free up money to pay other bills without refinancing their mortgage. Unlike the Prime Rate mortgage, the Equity Builder mortgage loan is affected by multiple economic factors, making it much more stable and keeping the interest rate lower. The interest rate is also not compounded annually.

The second mortgage loan, Mortgage Life Protection, is actually an inexpensive life insurance policy that provides total coverage to pay off the full amount of the mortgage should the homeowner die. This coverage can be added to an existing mortgage without refinancing.

In addition to the Equity Builder and Mortgage Life Protection mortgage loans, Original Mortgage Source, LLC has several additional mortgage loan programs, including:

• 100% Financing, for borrowers with good credit and employment histories but no down payment

• 3% Down FNMA, designed to assist moderate income first time home buyers.

• Home Equity Lines of Credit (HELOC), for borrowers who wish to keep their first mortgage in place and use their equity for debt

• Mortgage Only Programs, enabling homeowners to qualify for a new mortgage based only on their mortgage payment

• No Income Verification Loans for Self Employed or W2 employees

“Our policy is to provide pre-qualifications free of charge to all people serious about purchasing or refinancing their homes, investment properties, or commercial properties,” said Timothy A. Primavera Sr., President and CEO of Original Mortgage Source, LLC. “Our ultimate goal is to help our customer get what they want.”

Original Mortgage Source, LLC offers a free two- to four-minute “Quick Mini-Application Form” to apply for a home mortgage or life insurance online. To apply for a mortgage loan or to learn more about these and many other available mortgage loan programs, visit www.OriginalMortgage.net.

About Original Mortgage Source, LLC

Original Mortgage Source, LLC has been providing help to customers with home mortgage and life insurance needs. Their specialized staff of certified residential mortgage specialists and senior loan officers assist with mortgage loan programs, help with for-sale-by-owner homes, home warrantees, and offer consulting for homeowners and home purchasers alike, in both commercial and residential real estate.

Original Mortgage Source is a member of the Cleveland Better Business Bureau (BBB), the National Association of Mortgage Brokers (NAMB), the Ohio Association of Mortgage Brokers (OAMB) and the Ohio Farm Bureau Federation (OFBF). The Christian-owned and operated firm is state licensed, bonded, and insured to provide home mortgage loan s and solutions for homeowners and home purchasers, regardless of credit history. They also offer many different types of life insurance coverage that can be browsed on there website.

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More Loan Press Releases

San Ramon, CA (PRWEB) September 25, 2008

Demonstrating the flexibility to take strategic measures with its portfolio, Wachovia has developed a new proactive program where it will allow a very limited number of lenders the ability to offer existing Wachovia clients an array of incentives to convert to a more traditional loan program, including FHA loans.

BWC Mortgage Services has been selected as one of these lenders to restructure approximately 135,000 existing Pick A Pay Wachovia mortgage loans in California.  California is Phase I in a pilot program for the next 60 days, and if the pilot period is deemed successful, the project is anticipated to run for one to two additional years.

The Pick A Pay loan program offers four different payment options every month and could result in accrual of deferred interest.  Moving into an FHA loan can relieve borrowers struggling with negative loan balances and changing mortgage payments.  Every loan scenario is different and Wachovia is prepared to offer a wide variety of incentives to restructure financing.

To be eligible, the existing loan must be a Wachovia Pick A Pay loan, and must be current. Only loans for owner occupied properties with full income documentation will be considered. Loans can be refinanced into programs offered via government backed FHA, FNMA and FHLMC, which offer 30 year fixed rate loans, as well as three and five year fixed adjustable rate mortgage options. Wachovia may provide a new second mortgage to cover needed financing exceeding current FHA and conforming loan limits.

BWC Mortgage Services (bwcmortgage.com) is a direct mortgage lender approved with the Federal Housing Administration operating with over 200 Loan Agents in 15 branches.  Founded as the mortgage arm of Bank of Walnut Creek, BWC is privately held by the Simonich Corporation. The company maintains an active membership in CAMB, California Association of Mortgage Brokers, which acts as a consumer advocacy group promoting responsibility and best business practices among the lending community.

  

BWC Mortgage Services is looking to expand our team to assist clients with this exciting initiative.  Interested loan professionals should visit BWC’s website or contact Michelle Kinder, Executive VP, Sales and Marketing at 925-275-6866 or mkinder @ bwcmtg.com.

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Detroit, MI (Vocus) October 8, 2010

Quicken Loans today announced the launch of a new mortgage amortization calculator, now available on its website, http://www.quickenloans.com. The calculator will help current and future homeowners analyze their principal and interest payments, and view how much interest can be saved by paying extra on their mortgage.

A mortgage amortization calculator highlights a principal and interest payment schedule over the life of a home loan. Using the tool, clients can easily evaluate how much of their monthly payment is divided between interest and principal amounts. The Quicken Loans mortgage amortization calculator allows users to see how additional payments can impact their mortgage. Additional payments toward the principal amount can reduce the total term that the mortgage is due and save homeowners money on interest payments. Clients can also easily view the difference in total interest paid over the life of a loan using various mortgage rates.

“The Quicken Loans amortization calculator is a big win for our clients,” said Quicken Loans President Jay Farner. “It’s a very easy and visual way for our clients to see how they can pay off their loan faster. Folks are amazed at what an extra $ 50 or $ 100 dollars a month in their payment can do over the life of their loan.”

The mortgage amortization calculator allows users to examine the differences between 15- and 30-year fixed rate mortgages at their preferred interest rate. Users can also view their monthly principal and interest payments, and see how their total loan balance decreases each month over the life of the loan.

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Related Loan Press Releases

Pompano Beach, FL (PRWEB) August 20, 2005

Interest only loans have dramatically increased in popularity over the last few years — in some areas, approaching 30 percent of all home loans closed. However, consumers should be aware that some of the indexes which these popular home loans have interest rates based on have also increased in the past two years.

InterestOnlyLoans.com is pleased to announce a further improvement to our website allowing consumers to view all popular index rates used by lenders as a base to home mortgage loans. These rates are updated daily and include:

Prime, LIBOR, COFI, MTA and more

“Lower payments associated with interest only loans are beneficial to many homeowners but as interest rates rise, some people may want to consider securing a fixed mortgage rate, especially those consumers who foresee living in their home for periods greater than five years. After all, interest only loans are not for everyone — they simply provide a number of advantages to people of various profiles” stated Martin Brown, a Senior Loan Officer in a recent interview.

For more information on interest only loans please visit www.interestonlyloans.com

About InterestOnlyLoans.com

Established in 2002, InterestOnlyLoans.com is the premier destination for information on interest only loans. With an annual reach of more than 2 million unique visitors, InterestOnlyLoans.com provides current index rates, program information, online mortgage calculators and more, to both consumers and mortgage professionals. Visit www.interestonlyloans.com today!

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Scottsdale, AZ (PRWEB) May 16, 2006

Mortgage Brokers, Loan Officers and Lenders are now able to seal their deals in record time with a new online service offered by eLoanBid.com. eLoanBid is a web-based mortgage-loan matchmaking service that saves countless hours of “legwork”, all in a fully dynamic and collaborative environment.

“The days of Loan Officers and Lender Account Executives wasting hours on the phone chasing each other down to exchange loan pricing, rate sheet and niche program information are over” says Chief Operating Officer of eLoanBid.com, Nicholas Nerues, “With eLoanBid.com, all parties now have a ‘one stop’ location for loan pricing, bidding, and document exchange, making collaboration and loan-fulfillment much more efficient.”

There are a number of reasons why eLoanBid.com stands out from other similar services and is set to drastically change the mortgage marketplace.

First, the service contains a unique “targeted” yet flexible matchmaking technology, which practically guarantees that ONLY matching parties find each others’ products. This takes the guess-work out of the whole process.

eLoanBid allows search results to be compiled and delivered in real-time via email and text-messaging (SMS) to its members. They can also view the results via web browser on their “personalized” web space on eLoanBid.com. This means that the latest data is always available to them whether they are in the office or on the road.

In their personalized space on the website, all members have a private database of other “favorite” or “preferred” members, which allows them to easily maintain existing relationships, as well as create new ones.

Loan Officers can submit their loan scenarios to Lender Account Executives for pricing OR bidding. Allowing Lender Account Executives to bid on loan scenarios presents the best interest rate to the borrower and the best possible return to the Loan Officer. Additionally, Loan Officers can limit their submission to their “preferred” lenders. This is a marked improvement over finding the “right” lender and rates by making hours of phone calls and playing “phone tag.”

Finally, lenders have their loan pricing information, rate sheets, and “niche” program marketing material available to loan officers for easy download from the website, around the clock.

All these features add up to huge savings in effort, time, and money for everyone involved in an increasingly mobile mortgage lending community.

“When I started using eloanBid.com, I was a bit apprehensive. I had used other loan pricing services but I was not really impressed,” said Reginald Opara, President of Ace1 Mortgage, a Seattle Washington based Mortgage Broker (www.ace1mortgage.com), “I am impressed with eLoanBid.com, as it consistently delivers what it promises and does so with a personal touch. We have seen a remarkable improvement in our Loan Officers’ productivity. We now price and close loans 80% faster. We have also seen a dramatic reduction in our phone bill — our Loan Officers now concentrate on originating and closing loans instead of searching for current rate sheets or playing phone tag or ‘waiting games’ with Lender Account Executives.”

And that is just the tip of the iceberg. “Response from Lenders, their Account Executives, Brokers, and Loan Officers, has been tremendous,” said Nicholas Nerues.

eLoanBid.com is currently free and in Beta mode, but converts to a paid service (with an expanded feature set) in the very near future.”

For more information on eLoanBid.com, please visit http://www.eloanbid.com. PRESS CONTACT: Nicholas Nerues 800.779.7659

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Flat Rock, MI (PRWEB) January 28, 2009

Homeowners are looking for help paying their mortgages. At the same time, mortgage lenders are attempting to contact these same homeowners.

All of the major banks are launching loan modification strategies, but the implementation is slow. The challenge–how do you bring these two motivated parties together efficiently and track these complex loan modifications to success?

Until today it was a confusing mess of eligible customer lists, contact sheets, loan files, telephone calls, emails, and legal correspondence. Now it is a centralized loan modification system that can manage all of your eligible customers and work-out management.

“We bring an excellent blend of mortgage experience and process automation to the table in these challenging times,” says Keith Burwell, Kaleidico’s head of business development. “The mortgage business is in dramatic upheaval, which is why we have focused our software on solving today’s mortgage problems.”

Loan modifications are today’s mortgage problem. Every major mortgage bank and servicer is attempting to work-out their troubled loans and help borrowers. Unfortunately, this process is not as smooth and streamlined as the heyday of mortgage refinance loans. These bankers need to efficiently contact and follow up on hundreds of thousands of loan modifications in every region of the United States.

Kaleidico’s icoSales mortgage CRM is already designed to be a complete mortgage sales and marketing platform. However, the latest enhancements allow mortgage operations to streamline the loan modifications workflows and processes immediately, without expensive custom software or implementations.

Implementation of icoSales loan modification CRM is a simple configuration for existing customers and new customers can be working on loan modifications, using icoSales, the same day.

Kaleidico’s CRM system was arguably the ground-breaking loan modification system, used by a major bank’s loan modification programs in over 300 branches.

Kaleidico’s new loan modification system allows mortgage operations to:

     Efficiently manage thousands of eligible loan modification customers
     Distribute loan modification leads to local loan officers to help local homeowners
     Manage and provide accountable follow-up to loan modifications and inquiries
     Document and track custom loan work-out workflows and processes
     Provide real-time reporting of every detail of every loan modification in the system
“Kaleidico did a significant amount of enhancements to help the first major banks to modify loans effectively manage thousands of eligible customers,” explains Keith Burwell, “and these improvements are now available to the entire loan modification market–speeding aid to troubled homeowners.”

This latest addition to icoSales mortgage CRM is just another example of Kaleidico’s commitment to the mortgage market customer. Kaleidico watches the mortgage market with you, so we are ready with the solutions you need.

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