Finding Home Loan Information That's Current and Accurate

Finding home loan information that is current and accurate is very important because dated information can exclude you completely.  For example, a program that accepts a credit score of 600 may exist one day and be discontinued another, leaving the 600 credit score borrower out of options.  Here are few pointers on how to find home loan information:

Where to Look for Home Loan Information

There are many online sites that offer mortgage information.  A few are:

  • Finance Websites – Contain information relating to many aspects of finance; from investments of stocks or bonds to mortgage rates and fees.
  • Lenders Websites – Banks and mortgage brokers can provide valuable home loan information about interest rates, loan types, pros and cons of different financing options, comparison tool options, and more.
  • Consumer Websites – Consumer educational sites can provide you with the ins and outs of home loans including how to obtain a home loan with bad credit, how to get the best rates, and a host of other home loan information.
  • Real Estate Websites – Sites that list real estate tend to have a mortgage calculators readily accessible to help you determine monthly payments.
  • Mortgage Broker Websites – Brokers do a great job and keep their rates current while providing you information.

5 areas of concern

Here are 5 areas worth concern in the mortgage industry:

  • Appraisal Information – Appraisals are an important part of buying a home because the loan is predicated on the value of the home. An appraiser is hired to complete a current market value assessment of the home in question.  The appraiser is an independent third party that gives the appraisal report to the lender for examination.
  • Down Payment Assistance – Down payment assistance programs are typically allocated funds yearly and can exhaust their funds after a certain threshold.  It can become very important to be aware of what current assistance is available and how much remains in the borrowing pool.
  • Interest Rates – Interest rates vary daily. Many lenders have various daily market rate changes.  Rates are affected by many factors such as stock market, unemployment rates, etc. and therefore can fluctuate greatly from one day to the next.
  • Types of Loans – Loan programs may vary.  For example, reverse mortgages, subprime mortgages, and construction loans are three current types of current loan programs.  Each program type, however, varies depending on changes allocated by private lending institutions as well as government changes.