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Month: August 2014

Amerisave Mortgage To Pay $19.3M After Mortgage Scam

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I’ve been saying this for years… Stay as far away from big internet mortgage lenders as possible, and always go with a local company.

Here is a bit of proof… and interestingly, this is a company The Mortgage Professor claims on his site to be highly regarded “Certified Network Lenders ”   Hmmmm….  Honest assesment, or paid reference?cfpb_logo

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The Consumer Financial Protection Bureau (CFPB) says it has taken action against Amerisave Mortgage Corp.; its affiliate, Novo Appraisal Management Co.; and the owner of both companies, Patrick Markert, for engaging in a deceptive bait-and-switch mortgage lending fraud.

The bureau found that Amerisave lured consumers by advertising misleading interest rates, locked them in with costly upfront fees, failed to honor its advertised rates, and then illegally overcharged them for affiliated “third-party” services.

READ THE FULL STORY HERE

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Pick The Right Mortgage For You

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Want to Buy a Home? Pick the right mortgage for you

St Paul, MN: Most lenders offer a wide selection of home loan programs. Which one is the right one for you?

house_calcSome popular types of mortgage loans include:

  • Fixed-rate mortgages. These are a good choice if you’re looking for the same monthly principal and interest payment over a fixed number of years.
  • Adjustable-rate mortgages (ARMs). ARMs offer an initial lower interest rate and lower payments. Your interest rate and payment can go up or down in the future.
  • FHA Loans and VA loans. These government-backed loans are popular with first-time homebuyers because of their low down payment requirements and closing costs.
    • Standard FHA (Federal Housing Administration) loans require only 3.50% down payment.
    • VA (Department of Veterans Affairs) loans are available to eligible veterans with no down payment up to $417,000, and a small down payment over $417,000.

Work with an experienced mortgage lender near you to determine which program is right for you and get an idea of current interest rates, or estimate your new homes payment using our mortgage payment calculator.

For additional information, download a helpful Homebuyer’s Handbook.