A mortgage loan originator is a professional who helps borrowers obtain mortgages. Here are some tips for finding a good mortgage loan originator: 1. Ask friends and family for recommendations. 2. Check with the Better Business Bureau to see if any complaints have been filed against the originator. 3. Ask the originator for a list…
The main difference between a conforming and a nonconforming loan is the loan’s size. A conforming loan is a conventional loan that falls within the GSE guidelines. A nonconforming loan is a loan that doesn’t meet the guidelines. 1) What is a nonconforming loan? A nonconforming loan is a loan that doesn’t meet the guidelines…
refinancing a loan is a process of converting a loan from a fixed-rate to a variable-rate. This can be done to save money on the loan, or to take advantage of a lower interest rate. It can also be used to consolidate multiple loans into one, or to take out a new loan with a…
When looking to finance a car, there are a few things to consider. One of the most important factors is the interest rate, as this will affect the overall cost of the loan. Here, we’ll take a look at what the best rate for an auto loan is, and some of its advantages. How to…
Fannie Mae is a government-sponsored enterprise that creates and invests in mortgage loans. Its loan are either securitized and sold to investors, or held in its own portfolio. Fannie Mae offers several different loan programs, including the HomeReady® program, which is designed for low- and moderate-income borrowers. 1. What is a Fannie Mae Loan? Fannie…
When looking to take out a personal loan, it’s important to understand what the average interest rate is. This will help you to decide if the loan is right for you and to understand the benefits of taking out a personal loan. 1.What is the average interest rate on personal loans? Some of these include…
A shared secured loan is a loan that is backed by collateral, typically in the form of a savings account. The advantage of a shared secured loan is that it typically has a lower interest rate than an unsecured loan. Additionally, the collateral can help to offset the risk of default. 1.What is shared secured…
The average personal loan interest rate is typically between 10-12%. Personal loans can be used for a variety of purposes, such as consolidating debt, financing a large purchase, or paying for unexpected expenses. 1)What is the average personal loan interest rate? The average personal loan interest rate is a function of the prime rate, which…
The loan is what is good auto loan rate usually amortized, meaning that the borrower makes equal monthly payments until the loan is paid off. The interest rate is the cost of borrowing money and is calculated as a percentage of the loan amount. 1.What is a good auto loan rate? When you’re in the…
A good interest rate for a home loan can vary depending on many factors, but typically, a lower interest rate means lower monthly payments and less money paid out in interest over the life of the loan. There are many benefits to having a lower interest rate on your home loan, including the ability to…
