Provadus Home Loans

These are the terms you must know when applying for a mortgage: Adjustable Rate Mortgage (ARM)Also referred to as a Variable Rate Mortgage. A mortgage in which the interest rate is adjusted periodically based on a pre-selected index.Annual Percentage Rate (APR)An interest rate that reflects the c...

What are some of the fees associated with a mortgage?  The mortgage fees can be confusing, and downright frustrating with some lenders. The more you know, the more you can potentially save yourself in unnecessary wasted money. What fees you should be wary of?  "What are all the misc fees? These f...

Most of the money for home loans comes from three major institutions:  Fannie Mae (FNMA - Federal National Mortgage Association)Freddie Mac (FHLMC - Federal Home Loan Mortgage Corporation)Ginnie Mae (GNMA - Government National Mortgage Association).You talk to practically any lender and apply for...

When applying for a mortgage, your credit scores are based on a number of factors that analyze the electronic credit files maintained on virtually all adults in the U.S. The scores range from the 300s to around 850, with higher scores indicating lower risk. Many lenders reserve their most favorab...

In getting a mortgage a variety of factors are considered during the calculation of your credit score such as:how much money you earn.how long you have been using credit.whether you have made payments on time.your level of education.the number of years you have lived in a single location.the numb...

I am huge into customer satisfaction, nevertheless, I am always curious who is doing the best job in our industry.  It seems the results are in, for the second year in a row, Wachovia ranked highest in overall customer satisfaction among home equity lenders in the J.D. Power and Associates 2007 H...

Lender-Paid Mortgage Insurance is beneficial to Lenders as well as a tax savings for borrowers.  To sum it up, it is simple. The lender pays the MI premium and charges a slightly higher interest rate. For many homebuyers, Lender-Paid Mortgage Insurance (LPMI) offers significant advantages over th...

An article was published yesterday from Mortgage Daily News in regards to NAACP Sub prime Discrimination Suit.  The NAACP is calling the lenders predatory targetingof African Americans  Two reports support this claim, one is released by CLC (Center for Responsible Lending) stated that "African-Am...

As a Loan Officer, we view the use of credit counseling services as similar to a Chapter 13 bankruptcy, because both can entail a payment plan and re-negotiation of debt payments. Some people who are using a credit counseling service do end up filing bankruptcy because they still don't have the i...

Commonly I get  questions regarding 25 vs 30 year mortgages. Because a 15 year mortgage gets a better rate, is it best to get get a 15 year mortgage?  Here are some of the facts to consider.  A 15 a year mortgage locks you into a set payment. With a 30 year mortgage you can make extra payments wh...