Lender Review Board- Exclusive Mortgage Reports & Free Tips

Review of U.S. Mortgage Companies

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The Lender Review Board couples the resources of both Federal and State regulatory agencies with our own comprehensive review of each U.S. mortgage company.

We actively monitor each lenders rates and fees on closed loans, as well as consumer complaints.

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Mortgage Tips & Reports

Lending Tree: Buyer Beware: As one of the Nation's most popular origination sites for home mortgages, Lending Tree continues to draw customers with their catchy marketing pitch, "When Lenders compete, you win." But is there really a financial advantage to using their service or have we just succumbed to their ubiquitous advertising?
Pitfalls of a 'No Closing Cost' Refinance: A 'no closing cost' refinance sounds like a great idea, however it will typically end up being a lot more expensive in the long run.
Deducting Mortgage 'Points': The term "points" is used to describe certain charges paid to obtain a home mortgage. You can deduct the points in full in the year they are paid, if all the following requirements are met:
New FHA Loan Limits = Lower Rates for Large Mortgages: If your mortgage was previously considered a 'Jumbo Mortgage', the recent temporary FHA loan limit increase could mean a significant reduction in your interest rate.
Guide to Reverse Mortgages: The HECM FHA Insured Reverse Mortgage can be used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home.
Appraisal Rights: In the residential mortgage appraisal process, you should understand that the appraiser's client is not the homeowner, but rather the lender or financial institution that hired the appraiser.
Homeowners Insurance: 12 ways to lower your Homeowner's Insurance premium.
Guide to Government Auctions: Auction guide companies aren't the only ones with access to information about federal government sales programs. In fact, the information is available free or at a low cost from the government.
Understanding APR: APR is a yearly rate of interest that includes fees and costs paid to acquire the loan. The rate is calculated in a standard way, taking the average compound interest rate over the term of the loan, so borrowers can compare loans.
Understanding a Settlement Statement (HUD-1): When shopping for settlement services, you can use this section as a guide, noting on it the possible services required by various lenders and the different fees quoted by service providers. Settlement costs can increase the cost of your loan, so compare carefully.
FHA Streamline Refinance: A 'streamline' mortgage requires less documentation and is typically easier to qualify for as well, however there are several requirements for approval.
What to do if your Lender files Bankruptcy: As you have probably seen in the news or experienced personally, there has been a lot of financial turmoil for the mortgage industry of late. If your mortgage servicer is one of these companies, this article should put your mind at ease.
Tips for hiring a Real Estate Agent: Interview several real estate brokers/agents to learn about their experience, track record, style, and market knowledge. Expect a broker to be professional, to return phone calls, to be organized, and to communicate clearly.
Professional Referrals: Kickbacks: Although the vast majority of realtors, builders, and title companies are ethical, there is a large enough occurrence of this type of fraud to make HUD take official notice.
Does HUD owe you a refund?: If you have an FHA/HUD mortgage, you would have paid an up-front Mortgage Insurance Premium when you settled on your loan. You may be eligible for a refund of a portion of that money.
Rate Lock: Avoiding Surprises: In most cases, the terms you are quoted when you shop among lenders only represent the terms available to borrowers settling their loan agreement at the time of the quote.
Understanding Closing Costs: Mortgage settlement--sometimes called mortgage closing--can be confusing. A settlement may involve several people and many documents and fees. This information will help you understand all that is involved.
Avoiding Up-Front Fees: Most companies that still require an up front fee charge various amounts and justify that money for multiple reasons. Because you are paying for their services in advance, there are some obvious inherent risks involved.
Excessive Fees: Contrary to popular belief, your credit score should not have a significant effect on the amount of fees you pay for a loan.
Guide to Adjustable Rate Mortgages: An adjustable-rate mortgage differs from a fixed-rate mortgage in many ways. With an ARM, the interest rate changes periodically, usually in relation to an index, and payments may go up or down accordingly.
10 Questions to ask your Home Inspector: Some inspector associations and state regulations allow the inspector to perform repair work on problems uncovered in the inspection. Other associations and regulations strictly forbid this as a conflict of interest.
Don't be Underinsured: Today, most standard homeowner's insurance policies no longer provide "guaranteed replacement cost" coverage. Nearly six out of every ten American homes are underinsured.
Understanding Yield Spread: Yield Spread Premiums are the cash that Mortgage Companies get for steering a borrower into a home loan with a higher interest rate.
Save Money: Cancel your PMI: If you put less than 20 percent down on a home mortgage, Lenders often require you to have Private Mortgage Insurance (PMI). PMI protects the lender if you default on the loan.
Warning Signs of a Predatory Lender: From mandatory arbitration to loan steering, there are several things to look out for when choosing a Lender.
Save money on Title Coverage: A lender’s title insurance policy does not protect you. Similarly, the prior owner’s policy does not protect you. If you want to protect yourself from claims by others against your new home, you will need an owner's policy.
Save Money with an Energy Efficient Home: Designing and building an energy-efficient home that conforms to the many considerations faced by home builders can be a challenge. However, any house style can be made to require relatively minimal amounts of energy to heat and cool.
Interest-Only & Pay Option ARM's: Traditional mortgages require that each month you pay back some of the money you borrowed (the principal) plus the interest on that money. In contrast, an I-O payment plan allows you to pay only the interest for a specified number of years.
Home Purchase: Sales Agreement: You may make changes or additions to the form agreement, but the seller must agree to every change you make. You should also agree with the seller on when you will move in and what appliances and personal property will be sold with the home.
Mortgage Definitions: Multiple terms you can familiarize yourself with before proceeding with a mortgage transaction.