Thursday, August 2, 2012

Looking at Direct Mortgage Lending

My Mortgage Docs to be Reviewed by an Expert
My Mortgage Docs to be Reviewed by an Expert (Photo credit: Casey Serin)

With mortgage interest rates dropping, we shouldn't be surprised to see a huge surge in refinancing. Yes, it is what got this great nation of ours in trouble a few years ago, but there are much better restrictions and regulations in place to help avoid the same pothole we hit before. 

As of today, 30 year mortgage rates are sitting at just over 5%! Not bad, but don't jump in just yet. A lot of families have been scammed by fraudulent lenders. I was browsing the web the other day looking for information on loan scams, looking for information that would help protect me as a home buyer. I came across quite a few obvious scams, so make sure you get some help before you make the big decision and don't fall into a predatory mortgage lending scam!

Here are a few big things you should know before you dive into any mortgage loan commitment:

1. What is qualified residence interest?
2. Definition of acquisition indebtedness.
3. Amount of home acquisition debt.

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