Tuesday, June 30, 2009

Qualify Your Lender!

Whether your a 1st time buyer, or a homeowner looking to refinance or modify your existing mortgage, it's more important than ever to "qualify" your lender -- just as they're qualifying you. The lowest interest rate isn't always the best deal. Closing costs and prepayment penalties, for example, can adversely affect the bottom line. We give our clients a selection of vendors who have a good track record, but they're still free to use someone with whom they've established a relationship.

The Star Ledger is reporting that six people have been indicted on various mortgage fraud-related charges in three separate cases in New Jersey. Among those charged are two women who authorities say used loan application information to obtain more than $1 million in unauthorized mortgages, lines of credit and credit cards. Banks in New Jersey, Pennsylvania, and New York were defrauded in the schemes.

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