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July 07, 2010
Property owners in the Sunshine State are turning to Florida refi in order to reduce mortgage payments or obtain cash for home improvements, college tuition, or to pay off high interest loans and credit card debt.
When borrowers enter into Florida refi they are taking out a new home mortgage loan. Therefore, borrowers should be prepared to provide financial records to exhibit they are credit worthy. Borrowers must also be financially prepared for upfront mortgage refinancing fees.
November 10, 2009
A mortgage note is used when individuals purchase real estate by obtaining a loan through a lender. Mortgage notes contain information regarding the real estate transaction such as principal sum, interest rate, length of the note, monthly payment amount, prepayment penalties and stipulations of how the property is to be used; e.g.; primary residence or rental property.
A mortgage note can be sold to mortgage buyers in exchange for a lump sum cash payment. Multiple reasons exist to sell mortgage notes. The most common is to obtain quick cash to get out of debt, college tuition, or use funds for real estate or financial investments.
September 08, 2009
BPO is the acronym for Broker Price Opinion. BPO's are used within the mortgage lending industry to obtain summarized property appraisals. Broker Price Opinions are used to obtain an estimated value of real estate and are not as thorough as conventional appraisals.
BPO appraisals are often used when homeowners enter into mortgage refinancing or apply for a home equity line of credit (HELOC). BPO's are frequently used to obtain estimated property values of distressed properties such as foreclosure or short sale homes. They can also be used when borrowers obtain a loan modification to avoid foreclosure.