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BIDRAYS
Mortgage & Financial Services
Consultant: Salman Akorede
10101 Fondren, Suite 250B
email: akoredesalman@yahoo.com
P:713 988-4300/832 656-0341

CANOI MORTGAGE CENTER
Agent: Issac Okwusogu
7400 Harwin, Suite 305
www.canoi.com
eInfo: 713 266-5154

COLONY FINANCIAL GROUP
The Colony Financial Group
Mortgage - Insurance - Real Estate
8700 Commerce Park, Suite 143
Map | Directions To | Directions From
eInfo:713 774-1128

IMF LENDING CORPROATION
Residential - Commercial - Real Estate
Yinka Aboderin
8700 Commerce Pk. Suite 228F
http://www.imflending.com/
email: yabod@yahoo.com
P:713 272-8125 M:832 594-0206

NICO
FINANCIAL & MORTGAGE SERVICES
         (Commercial & Residential)
Mortgage Broker - Financial Consultant
Consultant: Sam Etukudo @ 832 876-6426
9888 Bissonnet, Suite 650
eInfo: 713 774-0418

Types of Mortgages
By A. Smith

Choosing a mortgage is a very important decision to make and it is important that you think carefully about repayment methods, interest rates and your needs in general before opting for a mortgage.

Some lenders may have mortgages on offer that have unique features or deals attached to them but its important that you don't let these convince you to choose that particular mortgage, your choice should be based on which mortgage suits your circumstances and property type best.

There are two main types of mortgages available and they are divided into two different methods of payment. Many people are overwhelmed by the amount of different lenders and mortgage variations there are out there, so the easiest way of choosing between them is start by looking at the two main methods of repayment and pick the one that is best for you. After this, you can then start looking at all of the different types of mortgages on offer.

The first mortgage repayment type is Repayment Mortgage. This can also be referred to as a "capital and interest loan" this is due to the repayments consisting of one part interest payment and one part capital (the debt). This method of payment requires you to pay both the interest and the capital until the whole of the loan has been paid off. The first few payments will be initially for the interest, but after time, the amount of interest will be lowered meaning that you will then be able to start paying off the capital as well.

The second type of mortgage repayment is Interest Only Mortgage. With this type of mortgage you make monthly repayments for the life of the mortgage that only covers the interest. In addition to this, you will have to pay money into a separate savings account, then when the term of your mortgage is up you can cash in your investments and use the money to pay off the loan. It is important to be careful when investing your money and to put it into a safe and recommended scheme.

After you have decided which payment method is best for you, you can then start to look at the different mortgage options that are available to you and for your specific needs. This is a good way to find something that's more suited to you and perhaps even cheaper. One method that many people are resorting to during this time of financial unrest is to remortgage their house. Those that have done this have found that it can save them up to £80 a month.

The best thing that people can do is to search around and look into the different deals available on the market and then you can rest assured that you have the best deal available to you.

After finding the best method of repayment, you can then start looking at all of the different types of mortgages on offer.

The second type of mortgage repayment is Interest Only Mortgage.

One method that many people are resorting to during this time of financial unrest is to remortgage their house.

Buying a Home with No Money Down
By: Jennifer Hershey

Understanding the Mortgage Process

Once you find a lender you are comfortable with, you will begin
the mortgage process by making an application with the lender.
Obtaining a mortgage to purchase a home is a process, not an
event, beginning with the application and ending with the
closing.

Applications may be taken by loan officers in person, by phone,
or by mail. Different lenders have various preferences, although
most will require original signatures on applications and
disclosures at some point in the process.

You will be expected to provide information about your income,
assets, and personal information at the time of application, and
during the process. Lenders will ask you for documentation to
prove information such as:

W-2 forms for last 2 years

Paystubs to cover a monthly pay period with YTD information

Bank Statements

Drivers License

Contact Information for Landlord or Rental Mgt. Co.

If you are getting a pre-approval, most lenders will only charge
a small credit fee to cover the cost of obtaining your credit,
typically $50 or less. Once you have a house under contract, in
order to move forward with the process, your lender will usually
collect a fee to pay for the appraisal for your home. The purpose
of the appraisal is to prove the value of the home to the lender.
This fee will be from $300 to $500, depending on your market. You
will be entitled to a copy of this report, and you should request
a copy of it electronically (usually in a .pdf format)

It is usually at this point in the mortgage process that you will
be introduced to the Mortgage Loan Processor, who is responsible
for assembling the required documents, verifying them, and
sending the loan package in a prescribed order to be
underwritten. Processors perform a very critical function in the
mortgage process. It is important that you provide all the
documentation requested to your processor or loan officer, so
that they may submit a complete package to be underwritten.

Once all the required documentation is assembled, it will be sent
by courier or sometimes faxed to be underwritten. The
Underwriter's job is to review and make a loan decision based on
the information and documentation provided and make certain that
it is within the underwriting guidelines set up by the lender.

Usually there will be some conditions to be met for a "final"
loan approval. It is important to remember the complexity of this
process and not be frustrated or angry if the processor or loan
officer ask you for additional information, sometimes just days
before closing is scheduled. Sometimes these requests will seem
ridiculous, or asking for information that doesn't seem
pertinent. Keep in mind that the Underwriter is simply trying to
do their job, and has checklists they must follow.

Once all the conditions have been received and sent to the
Underwriter for review, they will be "cleared." After all
underwriting conditions have been cleared, the file will be
considered "Clear to Close." At this time it will be sent to
the closing department, where documents will be generated for
your closing. These documents will usually be sent by email to
the attorney or closing agent.

Once your closing is scheduled, it is important to be in contact
with your lender and the closing agent. They will inform you of
any additional documentation that may be required for closing,
and inform you of the amount of money you will need to pay at
closing. Funds for closing will be wired from the lender to the
closing agent directly, and disbursed at closing. Closing
sometimes happens in a room with all parties present. You have a
right to request that your loan documents be signed in private,
due to the personal nature of the documents you will be signing.
Once these documents are signed and you receive copies, the
mortgage process is complete, and you are officially a home
owner. Congratulations!!!

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Clint Wooley is co-owner of Sunscape Rentals
and Sales, and HomeMax.org, a helpful source
for information, tips and articles for first
time home buyers. HomeMax offers free
Realtor referrals and Lender referrals.
HomeMax Case Managers will help guide
you through the home buying process.
http://www.homemax.org/ ============================================================

Copyright © 2007-2008 Clint Wooley