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A mortgage payment calculator, using Canadian rules and calculations! Under the Mortgage Planning section there is an amortization calculator. This is not a free mortgage calculator but is well worth the 99cents! Check it out here. http://www.youtube.com/watch?feature=player_embedded&v=COD-WrgT6_U

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Most potential homebuyers have traditionally obtained their mortgages from a bank or credit union.

But today, there are a variety of other outlets that can be used for home-financings.

The article, “Which type of lender is right for you?” posted on May 1, 2006 on Bankrate.com, goes through the different types of lenders that are available to consumers in addition to the traditional venues of the past.

Banks and credit unions are still very popular, safe and reliable venues to finance your mortgage, but there are other options out there. The author lists some of the other lenders in the marketplace and gives some advantages and disadvantages of each type of lender.

Some of the other lenders listed in the article are mortgage banks, mortgage brokers, internet lenders and home builders and real estate agencies. These are all in addition to the conventional banks, thrifts and credit unions.

Since there are so many options available, it is important to weigh all your options so you can see what works best for you.

Mortgage banks have many benefits in that they are reliable and often times process loans much faster since you deal directly with the source of your loan.

“A mortgage bank is a direct lender; that is, bank employees alone review your application and make the decision to lend you money. Typically, the bank will sell your loan on the secondary market.”

As with any mortgage lender, there could be some potential risks. The con to a mortgage bank is having a limited choice.

“Mortgage bankers only offer their own programs. To comparison shop, you will need to speak with several lenders.

A mortgage broker acts as a middleman between the borrower and the mortgage products of many, many different lenders.

Mortgage brokers can be a good choice for a variety of reasons. They may get you a better deal on a loan because there are more products to choose from, and they will save you time shopping for a loan.

Also, they have access to thousands of different lenders so they are more likely to steer you in the direction of someone who will approve your application based on your financial information.

There are some risks to using a mortgage broker: “Hidden costs: Some mortgage brokers attempt to increase their profit by writing hidden costs into your loan. Best hedge- know the loan process and ask questions. Also, Professional oversight: Unlike mortgage bankers, mortgage brokers are not subject to licensing and regulations in all states.”

Now, many home builders and real estate agencies own their own mortgage company to make it easier to look for a house and finance one.

Internet lenders have obviously become increasingly popular and plentiful due to their easy access and simple marketing tactics. Many people have found it is very convenient to sit at home and shop around for mortgages on the computer, rather than visiting different brokers and banks in person or on the phone.

For more resources about home mortgage refinance or even about home equity loan refinancing and especially about mortgage refinancing, please review these links.

Groshan Fabiola
http://www.articlesbase.com/business-articles/alternative-lenders-113249.html

Unfortunately, in today’s America too many people have found themselves in a position of having less than perfect credit. On the other hand, many lenders are now using more lenient lending guidelines than in the past to approve borrowers with bad credit for a mortgage. As a result, even if you have bad credit, you may still be eligible for a home loan that covers a full 100% of the financing.

Below, I’ve listed a few ideas that may help you get approved:

Online Mortgage Lenders

Remember, the lending industry is very competitive. Lenders are always looking for new customers and virtually all loan officers work on a commission and so if the loan doesn’t go through they don’t get paid. As a result, it’s in their best interest to do whatever it takes to get you a loan – regardless of how bad your credit is.

Many online mortgage lenders specialize in bad credit borrowers and by contacting multiple lenders you will clearly increase you odds of not only getting a loan but ensuring that you get the best interest rate and loan terms possible.

Tip – Bad credit mortgage lenders have higher interest rates than traditional lenders that only loan to borrowers with good credit. As a result, it is advised that you survey the market well in advance, so that you may look for various bad credit mortgage packages and have the time to compare and choose the one that fits your current situation and budget.

Credit Report – Make Sure It’s Correct

Your bad credit may not be your fault. Mistakes by the primary credit reporting agencies do happen and so it’s always a good idea to get a copy of your credit. Request a copy of a tri-merged credit report from every lender you apply for a loan from. The reason you want a tri-merged credit report is because all loan decisions are based on the middle credit score and so if you only get a credit report from a single credit reporting agency it won’t accurately reflect you credit score. Plus, any discrepancies may only show up on one or two bureau reports and so you need a full credit report to verify that there are no mistakes. Of course, if you find an error make sure you dispute them immediately.

You may also want to check for old negatives. If you dispute these negative items, you may be able to get them removed from your credit report. Sometimes collection agencies have moved your information around so much that the records are a mess. They may not even make an effort to challenge your dispute.

Cleaning up your credit report can quickly improve your credit, which will in turn increase your chances of getting a mortgage that has lower rates and better loan terms.

Tip – Bad credit mortgages are a kind of secured loan which is usually secured against the house that you buy with the loan amount.

Interest Rates

Interest rates are constantly changing. Although they don’t bounce around quite as much in the Subprime market as they do in the retail (good credit) market they do and can change quite a bit. Therefore, pay attention to interest rates to determine when the best time is to apply for a loan.

Tip – For options in finding the best lender for you, check out the links below.

Shelby Ryan
http://www.articlesbase.com/finance-articles/can-borrowers-with-less-than-perfect-credit-obtain-100-financing-for-a-bad-credit-mortgage-85814.html

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