Types of Mortgage Lenders

An institution which is lending their own money and originating loans for itself is called a "portfolio lender." This is because they are lending for their own portfolio of loans and not worried about being able to immediately sell them on the secondary market. Because of this, they don't have to obey Fannie/Freddie guidelines and can create their own rules for determining credit worthiness. Usually...

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How Safe Is Your Personal Data When You Apply for a Mortgage?

You provide reams of personal and financial information to your mortgage lender when applying for a home loan or refinance. But how safe is this information? It's a legitimate question, and one that might give you pause as you're gathering copies of your paycheck stubs and tax forms as you're applying for a new mortgage. Brian Seibert, president of Michigan First Mortgage in Waterford,...

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Unemployment Insurance Can Help First-Time Homebuyers

The national unemployment rate was 5.4 percent in April, a far drop from the 10 percent seen in 2009, according to figures from the Bureau of Labor Statistics. That lower rate, however, could be enough to keep first-time homebuyers up at night, or even prevent them from buying a home. Unemployment insurance could make that decision a lot easier, along with preventing foreclosures. The...

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