MND WIki Recently Answered Questions

What is Cross-Collateralized Mortgage loan? How does this work and what are the basic requirements for the same? How does this benefit and why one should go for a Cross Colateralized Mortgage?

Mon, 13 Oct 2008 10:07:24 EDT

Cross colateralization means that one 'account' can draw from another 'account' based on pre set peremeters.

In the mortgage industry I know of a good example we are using right now.

For a construction loan o...

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What fees should I not pay for a refi?

Mon, 13 Oct 2008 10:07:24 EDT

This question is a tough one. Not because I am a lender and I want you to pay all my fees, but because fees from one lender to the next will vary quite a bit. Some may be negotiable and some may not. In some cases you will pay no ...

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How soon after can I refinance after purchasing a house?

Mon, 13 Oct 2008 10:07:24 EDT

This is an interesting question in this market. The reason I say that is because the downpayment requirements and loan programs available today are so consistent from one lender to another, that incurring a refinance cost immediat...

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What is a GFE?

Mon, 13 Oct 2008 10:07:24 EDT

Basically a GFE (Good Faith Estimate) is a summary of all costs associated with the purchase and financing of a 1-4 family residential owner occupied property.

A good faith estimate must be provided by a mortgage lender ...

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I was preapproved for a loan 6 months ago. I didn't buy a home then. I am ready to go ahead with the loan but I heard it is harder to get approved for a home loan now. Will the economy affect my approval?

Mon, 13 Oct 2008 10:07:24 EDT

Becoming pre-approved with a lender is not "harder" now than it was before. The same process existed for a Full documentation loan as it did previously. Gone are the "sta...

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Where are original real estate abstracts filed?

Mon, 13 Oct 2008 10:07:24 EDT

There is no one answer to this question. Real Estate Abstracts or more correctly stated, "Abstracts of Title" are a compilation, usually by a third party, of the history of / and the status of title to a specific...

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Where can I find the FDIC Bank Watch List?

Mon, 13 Oct 2008 10:07:24 EDT

The FDIC does not publish their list of banks or thrift institutions on their ailing list, otherwise known as the FDIC Bank Watchlist. However, private companies do publish ratings on banks. The FDIC has compiled a list of these...

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If I'm renting a house and the house is sold to another owner, is the original rental agreement void?

Mon, 13 Oct 2008 10:07:24 EDT

Check your state laws for any exceptions as well as the existing lease agreements. A local title attorney or RE agent should be able to advise you on the specifics.

There are some exceptions. For example, in the cas...

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Can a second mortgage lender foreclosure your home?

Mon, 13 Oct 2008 10:07:24 EDT

Juan is 100% correct so I'm not sure why this question is catagorized as partially answered. But, I can elaborate some.

Second lien holders and even HomeOwner Associations often do foreclose on properties when there is a 1st lien hold...

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What is the best type of mortgage to try to obtain for first time home buyers when buying a home in todays market?

Mon, 13 Oct 2008 10:07:24 EDT

There are so many different "first-time buyer" programs out there that it would be next to impossible to say which is best. Beyond that, however, here are a few very important things to keep in mind:

See a mortga...

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