Australian Economy to Expand Faster, RBA’s Lowe Says (Update2)
March 10 (Bloomberg) — Australia’s economy is likely to expand at or above its average pace over the next few years, stoking inflation pressures and house prices, central bank official Philip Lowe said.

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10.03.2010 – DJ DGAP-Adhoc: Marenave Schiffahrts AG: Agreement with a financing bank
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement.

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10.03.2010 – DJ DGAP-Adhoc: Marenave Schiffahrts AG: Agreement with a financing bank
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement.

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Conn. AG sues Moody’s, S&P over ratings
Connecticut’s attorney general sued Moody’s Investors Service and Standard & Poor’s over ratings the pair issued on risky investments. In a civil lawsuit filed Wednesday, Attorney General Richard Blumenthal alleged Moody’s and S&P knowingly assigned false ratings to complex investments that pushed the country into recession. The suit, which Mr. Blumenthal called the first of its kind against …

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Prime Group Realty Trust Suspends Series B Preferred Dividends for the First Quarter of 2010 and Receives Lender …
CHICAGO—-Prime Group Realty Trust announced today that its Board of Trustees determined not to declare a quarterly distribution on its Series B Preferred Shares for the first quarter of 2010, and that the Board is unable to determine when the Company might recommence distributions on the Series B Preferred Shares.

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$40M program helps teachers buy first homes
COLUMBIA — South Carolina housing officials said Wednesday they have $40 million to help teachers and first responders buy a home.

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$40M program helps teachers buy first homes
COLUMBIA — South Carolina housing officials said Wednesday they have $40 million to help teachers and first responders buy a home.

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First Foundation Bank Announces Ultra Access Home Loans
IRVINE, CA–(Marketwire – 03/04/10) – First Foundation Bank announced today a preferred provider referral program with San Francisco-based Bay Equity LLC to offer home mortgages through its Ultra Access Home Loan Program. Ultra Access Home Loans are available to First Foundation bank clients to meet financing needs for conforming and jumbo conforming properties, with competitive fixed and …

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Mikey fixes Foster City problem-but not quite
Three weeks after it was reported that Rep. Mikey Arroyo did not declare US property in his official statement of assets, the President’s son took steps to “remedy” the situation. He finally transferred the property to Beachway LLC on Sept. 18, 2009.

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New York Bankruptcy Lawyer Triumphs Over Shoddy Mortgage Lender Practices
Manhattan condominium owner, victim of shoddy record-keeping at mortgage giant JPMorgan Chase, fights back and wins with the help of New You bankruptcy lawyer David B. Shaev.

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Lloyds Loss Wider-Than-Estimated on HBOS Bad Loans (Update4)
Lloyds Banking Group Plc, Britain’s biggest mortgage lender, posted a wider-than-estimated full-year loss as loan writeoffs rose “significantly” in 2009 on the bank’s takeover of HBOS Plc.

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British banking faces major makeover
Britain’s retail banking sector is in the midst of a major makeover as lenders post sharply-improved earnings, bosses relinquish bonuses and new players prepare to join a recovering market.

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If no judgment has been entered in your foreclosure, you have time
Q. I was served with a foreclosure notice back in August. I filed papers with the court asking the bank’s law firm to produce some documentation. I have been to court twice now and both times the law firm has asked for a continuance. It seems that they can’t find the documents that I requested. I have a third court date later this month. I was wondering if I should retain a lawyer if there is …

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On the home front
By Trevor Stokes, Staff Writer Each week day, Linda McDonald commutes by walking from her home to a converted carport just a few feet away. At the “Sewing Junction,” she alters clothing and makes custom clothing for a rotating schedule of clients. McDonald owned a fabric store in North Carolina but moved to Florence to take care of her now-deceased mother.

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Trial begins for El Sobrante man charged with killing San Ramon mortgage lender
Prosecutors say El Sobrante man motivated by greed, debt in shooting

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Commercial Mortgage Lenders are agencies that provide funding to businesses and other organizations for the purchase of property. A commercial mortgage lender acts in much the same capacity as a mortgage lender for a private individual would. Commercial Mortgage Lenders are important because they allow businesses to purchase office space, warehouse space, production space, and more. Many commercial lenders provide generous rates to businesses. But choosing can be tough. Click here if you want help.

Along with the mortgage itself, many businesses rely on their commercial mortgage lenders for additional funding so they can increase the size of their office space. This additional funding is built into the mortgage itself so that businesses can make improvements without having to pay up-front costs.

There are hundreds of commercial mortgage lenders across the country. Finding the right commercial mortgage lender often involves doing plenty of research into rates, fees, and the reputation of the lender. Take the following considerations into mind when looking for the right commercial mortgage lender:

Rate – Commercial mortgage lenders compete to offer the lowest rate to businesses. However, keep in mind that what is the lowest rate now might be a higher rate down the road if you sign an adjustable rate mortgage (ARM) as opposed to a fixed rate mortgage (FRM). Therefore, be sure that you understand not only what the current rate amount is, but also what kind of future rate you will be getting so that you can anticipate costs down the road.

Fees – When purchasing property, there are always fees that you will have to pay, such as a down payment for the property and closing costs. Depending on your budget, you may not have a lot of money to put down for these fees, especially if you are still raising capital for your business. Ask mortgage lenders what down payment percentage they require and what additional fees you will be expected to pay. In some cases, these fees can be negotiated.

Reputation – The reputation of the commercial mortgage lender is very important. You want to ensure that you look for a lender that has a track record of credibility will work with you in a favorable way if there comes a time when you have difficulty paying the mortgage. Search the Better Business Bureau records and Google for information about a particular company and any complaints that may have been filed against that company.

Loan Amount – Depending on the credit history of the business and the key players, the amount of the loan that you will be able to get may vary by mortgage lender. Therefore, you will want to preauthorize the loan prior to looking for office spaces to buy. It’s not always the best choice to go with the mortgage lender that will give you the biggest loan – as you will probably have a substantial monthly payment that may be difficult to meet if you do purchase a large office space.

If you want commercial loan vendors to compete for your business, click here. For additional information, you can visit our commercial mortgage wiki

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If you are in the market for a home mortgage, there are plenty of places to find one. You simply need to look on the Internet, turn on your TV, or open up a newspaper to see all kinds of Los Angeles mortgage lenders offering their services. You may even receive a cold call from a bank inquiring about your mortgage needs. There are, however, huge disparities between a decent LA mortgage lender and a great Los Angeles mortgage lender. Let’s take a look at a few differentiators that set top lenders apart from the rest.

Are They Being Referred?
One of the best and easiest ways to find a trustworthy and reliable Los Angeles mortgage lender is to ask your friends, family, neighbors, or co-workers which lender they’ve had a positive experience with. Another good person to ask is a real estate agent, as he or she works in the field and therefore has a good idea of who’s good and who’s not.

Look At More Than Just Rates
Do not simply choose the Los Angeles mortgage lender offering the lowest interest rate. You also need to find an LA mortgage lender with excellent customer service, otherwise your loan may go unapproved, or you may pay unnecessary fees. Help yourself make the home-buying experience as seamless as possible by researching and selecting an LA mortgage lender offering both quality service and low, low rates.

Experienced LA Lender, Experienced LA Loan Originator
A lender is the bank, credit union, or mortgage company through which you receive your Los Angeles mortgage. A loan originator is the person at the institution who works with you to draw up your mortgage. It is imperative that you not only select a reputable, financially-sound lender, but also an experienced, trustworthy LA loan originator.

Be sure that your loan originator has at least five years experience in the field, fully understands the market, and offers good customer service. Be aware that you may select the best Los Angeles mortgage lender in town, but if your LA loan originator is new on the job, or a disgruntled employee, you may not receive the loan rates and terms you want.

Do They Listen to Your Needs?
Top Los Angeles loan originators know their stuff, but they also take the time to listen to your needs, goals, and limitations. They will offer sound advice on the different Los Angeles mortgage programs to choose from, offer good-faith estimates on closing costs and interest rates (and then lock them in), and provide comprehensive answers to any mortgage questions you may have. Choosing the right option from all the available Los Angeles mortgage programs may seem like a stressful, daunting task, but if you have a patient, trustworthy, and competitive LA lender and loan originator, you’ll walk away satisfied.

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For many homeowners, the government mortgage relief program has offered a welcome aid in reworking and refinancing an unwieldy mortgage. Unfortunately, not all homeowners qualify for mortgage assistance from the government even if a mortgage refinance would make sense. Fortunately, you may be able to work with a mortgage lender to refinance your mortgage, even if you don’t qualify for government mortgage aid.

Why Refinance Your Mortgage?

There are many different reasons to refinance your mortgage. Before you start shopping around for a new mortgage to replace your old one (which is essentially what “refinancing your mortgage” means) you should decide exactly what you want to accomplish by refinancing. Once you determine your objectives, you can sit down with a reputable lender and explain your goals. The lender will have a much better idea of the financial products that will suit your needs if he knows your intent.

Top Reasons to Refinance a Mortgage and Ways to Get There

Lower Monthly Payments

One of the most common reasons to refinance a mortgage is to lower your monthly payments. There are two ways to accomplish this — lengthen the term of your mortgage or lower the interest rate of your mortgage.

You’re most likely to qualify for a lower interest rate if your credit rating has improved considerably since your original (or current) mortgage. If you’ve been paying steadily on your mortgage without missing or being late on a payment for at least two years, and if you have kept other bills and accounts current as well, there’s a good chance that you’ll qualify for a mortgage refinance at a lower interest rate. This is an ideal situation, since you’ll also save money in the long term if you can refinance to a lower rate.

Your other option to get a lower mortgage rate is to apply for a mortgage with a longer term — from a 20 year to a 30 year mortgage, for instance. This is a far less desirable refinance option, but if you need to lower monthly payments because you can’t afford your current high-rate mortgage, it may be your best option. In this case, you’ll most likely be trading lower monthly payments for a higher overall cost.

Switch from Adjustable Rate to Fixed Rate Mortgage

The second most common reasons for refinancing your mortgage is to trade in an adjustable rate mortgage for a fixed rate mortgage. Millions of homeowners took advantage of low teaser rate hybrid mortgages over the past decade, only to find themselves paying on mortgages with interest rates that had pushed monthly payments out of the affordability range.

There are a few things to keep in mind if you’re attempting to switch from an adjustable rate to a fixed rate mortgage. In most cases, you’ll have to accept a higher interest rate than the prevailing adjustable mortgage rates in order to get a fixed rate mortgage. The advantages to the fixed rate mortgage include a stable monthly payment. The disadvantage is that interest rates might fall, and your fixed rate mortgage will be higher than an adjustable rate mortgage.

Pay off Your House Sooner

Yet another reason for seeking to refinance a mortgage is to get your house paid off sooner and get out of debt. The collateral advantage to refinancing to a shorter term is that you’ll also pay far less for your house over the long term. You should consider refinancing to a shorter term if you can now pay a higher monthly payment than you could when you took out the original mortgage. While you’ll probably pay higher monthly payments if you shorten the term of your mortgage, you’ll be paying far fewer payments, and that can add up to huge savings over the full term of your mortgage.

In addition to knowing why you want to refinance your mortgage, your lender will also need to know your home’s current value and the amount that you still owe on your current mortgage. Ideally, you’ll want a new mortgage to pay off your old mortgage and leave you some cash over. In the current topsy-turvy market, that may be more difficult than expected.

If your house is worth more than 5 percent less than you currently owe on your mortgage, for instance, the government won’t give any assistance on refinancing a mortgage. Some private lenders may be willing to lend up to 125 percent of the home’s current value for lenders with good credit.

As always, the more you know about the process, the better your position will be when it comes to choosing a lender and a mortgage product. Learn as much as you can about your options before applying to refinance your mortgage with a local lender.

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The absolute worst thing that you could do when dealing with a mortgage lender is to do so blindly so if you’re thinking about buying a home, you should be doing so as an informed consumer.  Many times, potential home buyers will receive three or four different mortgage offers, so how do you know which is the best solution for you?  Here are some key questions that you should definitely ask your mortgage lender before you sign on the dotted line.

What is the interest rate?

You need to know what the interest rate will be on your mortgage so that you know exactly how much you will be paying on the loan.  The rate is an essential bit of information and you should always know this ahead of time.  Remember, mortgage rates can change quite quickly (and drastically) so depending on the market and your credit history, your mortgage interest rate may vary.  You’ll also want to ask about the annual percentage rate (APR), which is usually higher than the quoted rate as it includes fees.

What is the minimum down payment for my loan?

The interest rate is important to know, but it’s not the only thing to ask early on.  You will also need to know what the minimum down payment for the loan is which equates to the amount of money you need to pay upfront.  Usually, the down payment will range from 3-20% of the purchase price.  The more money you can put down, the lower your interest rate may end up being.

What are the closing costs?

When considering a mortgage, you need to ask about the closing costs.  Closing costs vary from lender to lender, so there is no way of knowing what the fees might be unless you ask.  You want to know what the closing costs are as early as possible, as it will affect the amount that you end up paying.  Closing costs include various fees based on what services are provided by lenders and other parties during the process.  Remember, it is required that all lenders provide a good-faith estimate of closing costs (in writing) within three days of receiving an application.  If you haven’t gotten that, you might want to move on to another lender.

Do I have to pay any discount or origination points?

Discount and origination points are pre-paid mortgage interest points that some mortgage lenders require customers to pay upfront.  These are usually of no benefit to you, but some may end up lowering your interest rate.  Always ask about any such points that you may be expected to pay and find out exactly what they are for.

When can I lock the interest rate down, and does it cost anything do to so?

Because mortgage interest rates can fluctuate drastically, it is important to ask when you lock the rate down, if you have received an acceptable rate.  To prevent the rate from increasing between the time you receive the rate quote and close on your home, you will want to lock the rate in.  However, it is important to also ask if any fees apply to locking the rate.

Are there any pre-payment penalties on my loan?

Sometimes, there are pre-payment penalties on mortgage loans.  Usually, they are about 1% of the loan amount, but other times they can be much more.  Such penalties may only take effect when you refinance or reduce the principal balance by more than 20%.  Others kick in only when you sell your home.  Depending on the lender, such fees, if any, will vary, so always ask before you agree to the terms of the mortgage.  If you accept such penalties, you may get a better interest rate.

What do I need to qualify?

It is always important to know what is required to qualify for the mortgage.  In most cases, you will need to provide documentation proving your income, employment, liabilities, assets, and credit history.  You may also need other documentation based on the type of loan you apply for.  Always ask your mortgage lender what they will need to review and approve your application.

How long will it take to process my mortgage application?

The length of time it will take to process your mortgage application will depend on not only the market but also your lender.  Sometimes, underwriters get backed up and other times lenders are waiting on verification of your documentation.  Some lenders may get the application done in as little as two weeks, but in most cases, 45 days or so is more realistic.  Delays may ensue if your lender has trouble verifying your information or credit problems are found.

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If you want to purchase a home, you will likely need a mortgage lender to help you pay for the property. Mortgages make it possible to spread the payments out over decades, instead of having to pay for the home out of pocket. When you find that home of your dreams, your mortgage lender will be your new best friend! You’ll spend thousands of dollars on closing costs to pay for your mortgage, but what is your mortgage lender actually doing to deserve that money?

Negotiating your Mortgage Contract

First, the mortgage lender will negotiate your mortgage contract with you. This can be pretty straightforward, or it could take hours, depending on the house you want to purchase, the special requirements you have, and the type of mortgage you want. If you have a simple mortgage, the process should not take more than a few hours. If your mortgage is complex, expect the process to take longer.

You do not have to be a stickler for every little detail, but keep in mind that all points are negotiable. So, for example, if your mortgage lender will not offer a lower rate, even though you think you deserve it, consider asking him to get rid of the prepayment penalty or refinancing fees. Be a savvy consumer and negotiate a great contract rather than just take what is handed to you.

Underwriting

Some mortgage lenders take care of underwriting themselves, while others pay outside companies to handle the process. Either way, it’s something your mortgage lender does that you’ll have to pay for. Underwriting is the process by which they will determine your eligibility. The underwriter will make a recommendation as to what your interest rates margin should be, as well as how much they should allow you to spend on the property in total. Most of the underwriter’s work is looking at your credit history, but all of your finances are considered. So, your monthly income, bonus potential, assets, work history, and other factors are all monitored to determine what you’re offered.

Document Preparation

At one time, document preparation took hours, since mortgage lenders had to type out multiple copies of your contract, making sure they were all the same and perfect. Today, we have computers, printers, scanners, and copiers to make our lives easier. The lender does still have to do document preparations, though they usually use a standard contract and make changes based on your specific situation. Document preparation should take long or use many resources (like ink, paper, etc), but you’ll still have to pay for it.

Title Service

Your mortgage lender will take care of all issues regarding the title to the home. The title is a document that says who owns the property. Most of the time, it is pretty straight-forward to put the title in your name, but sometimes the mortgage lender has to straighten out problems. For example, if one of the past owners put the home up as collateral against a loan, that company could have claims to it, meaning that the title is not clear to sell to you. There could also be disputes about who owns the land, going back decades or even hundreds of years. Your mortgage lender will take care of making sure that there are no title problems or any problems that could arise are resolved.

Appraisal, Inspection, and Surveying

The asking price of a home is not always the fair market value. Your mortgage lender will have the home appraised and inspected to make sure that they are not lending you more money than the home is worth. Should you default, they want to be able to recoup their losses by reselling the house. Additionally, some mortgage lenders will hire a surveyor to clarify property lines. In some cases, your mortgage lender may not handle these things and may instead require you to show proof that you took care of it. Make sure that whatever appraiser, inspector, and surveyor you use is licensed and approved by your mortgage lender if that is the case.

Answering Your Questions

Lastly, your mortgage lender’s biggest duties are to answer your questions. Being approved for a mortgage is a big step, and many Americans don’t fully understand their mortgage contracts. This has led to major financial problems and is the route of the current high foreclosure rate – people didn’t ask questions. Even if your mortgage lender is honest and ethical, you still might be agreeing to things that aren’t wise if you sign a contract you don’t understand. Be respectful of your mortgage lender’s time, but don’t ever feel bad about asking questions. It is their job to answer them.

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Most people don’t have thousands of dollars in their bank accounts to purchase a house. Luckily, mortgages make it possible for you to spread out that cost out over 15 to 30 years. There are dozens of options when it comes to finding a mortgage lender, so take the time to consider all of the companies and banks in your area. Once you’ve chosen the best lender for your home purchase, here are some tips for working with a mortgage lender:

Tip #1: Read every document thoroughly before signing.

Some mortgage lenders are extremely honest. Others are not, though they may seem very nice when you meet with them to talk about your mortgage. No matter what you verbally agree on when talking with your lender, in the eyes of the law, only the document you sign matters. Some mortgage lenders will talk about benefits that they never include in the document, change terms you specifically wanted, or include clauses that you never talked about in the first place. It isn’t always unethical – sometimes, lenders just use a basic document and it is your responsibility to ask for changes if you want them.

Before you sign any document make sure to read it carefully. In addition, if the contract leaves your site after you’ve read it and before you’ve signed it, read it again. A mortgage lender who leaves the room to “make copies” could replace the contract with something different.

Tip #2: Remember that every point is negotiable.

Don’t fall into the trap of thinking that the mortgage lender is doing you a favor by giving you a mortgage. This is a business, and they are making money from you whenever you pay interest. You don’t just have to sit in the meeting and be told how your contract will be laid out. Every single point is negotiable. Of course, the lender has the right to say no. The ball is somewhat in their court. However, if you see something you’d like changed, all you have to do is ask. If you’re willing to negotiate a higher interest rate, lenders are usually willing to give in to some of your demands.

Tip #3: Ask questions.

If you are unclear about something, ask questions. Trust me, lenders won’t think that you are stupid – they hear hundreds of questions every day. Thousands of people right now are in bad mortgage situations due to balloon payments that they didn’t understand. While it was unethical for mortgage lenders to take advantage of this lack of knowledge, much of the blame falls on the homeowners who never asked questions about terminology they didn’t understand. To avoid foreclosure, many people were forced to refinance at extremely high interest rates, filling lenders’ pockets with cash. Don’t let this happen to you – ask questions, even if it means spending a few hours meeting with your lender.

Tip #4: Be honest with your mortgage lender from the start.

When you’re getting approved for a mortgage, you’ll go through a process called underwriting. An underwriter will look at your credit, your monthly income, your work history, your assets, and more to recommend to your lender an interest rate and total mortgage approval. Yes, there are ways to lie about your finances, but underwriters usually figure out the truth. It always pays to be honest with your mortgage lender from the start so that you know where you stand in terms of interest rate and loan approval.

Tip #5: Know the deadlines and observe them.

When you’re working with a mortgage lender, your rates won’t stay the same forever. Most mortgage lenders give you a mortgage interest rate and approve you for a total amount – but within a time limit. You can’t be approved and then come back to the mortgage lender five years later and expect to purchase a house based on those initial figures. Good faith estimates, which outline your closing costs, are also only good for a set amount of time. These aren’t “deadlines,” but if you miss the dates, you’ll find that the rates will changes and you may not be able to get the house of your dreams anymore.

Tip #6: Do your own research.

No matter how great your mortgage lender may be, do your own research so that you have a working knowledge of the mortgage industry. The Internet is a great place to start, but remember to use reputable sites rather than reading information about mortgage in forums where anyone can post whatever they want, even if it is not true. Do your homework, and when you work with a mortgage lender, you will be prepared enough that the process should go smoothly.

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Reverse mortgages have become a popular lending option for seniors who are looking to increase their level of financial freedom.  As with all loan products, though, it can sometimes be difficult to find a reverse mortgage lender that you feel that you can trust to give you a good deal and not weigh you down with hidden fees and other costs.  Finding a reputable reverse mortgage lender can take some time, but the time that you spend looking for the best lender for your reverse mortgage loan will save you both money and hassle overall.

Visit Local Lenders

The first thing that you should do when trying to find a reputable reverse mortgage lender is to visit some of the banks and other lenders that you are familiar with in the area in which you live.  Make sure that you visit any bank where you hold a savings or checking account, as they may be willing to give you a better deal on your loan as an incentive for customer loyalty.  You should also visit the bank or mortgage company through which you financed the purchase of your home; since they may be willing to work with you to help you get the most out of a reverse mortgage loan now.

Take Advantage of Online Information

The internet can be a great tool for researching reverse mortgage lenders, and may give you access to additional lenders who operate solely online for purposes of reducing their business overhead.  You can find out more information about the lenders that you are considering and the specifics of their reverse mortgage loans, and may be able to locate additional lenders in your local area that you weren’t previously aware of.  An additional benefit of using the internet to conduct research in order to find a reputable reverse mortgage lender for your loan is that you will be able to find this information quickly and at any time without having to visit each lender during business hours.

Contact the Better Business Bureau

One useful method of telling whether a reverse mortgage lender is reputable is to contact your local Better Business Bureau to see if there are any complaints filed against them in your area.  You should keep in mind that even if there are one or two complaints on file against a lender, this doesn’t automatically mean that they aren’t trustworthy; most businesses receive complaints filed against them at one point or another.  Make sure to read the complaints and weigh whether they seem to be legitimate, and also discuss the complaints with someone who works at the Better Business Bureau to see if they have any additional information on the lenders that you are considering.  You might also want to contact your local Chamber of Commerce as well and ask them similar questions, as the Chamber of Commerce will likely have had direct dealings with most of the lenders in your area at one point or another.

Listen to the Opinions of Others

If you know anyone who has taken out a reverse mortgage, ask them about the lender that they used in order to get an idea of what their experience has been like.  Many people who have borrowed money from a lender will be more than willing to share their experiences and let you know whether or not the lender has provided them with good service and reasonable loan rates.  You may also wish to consult local forums on the internet in order to see if people in your area have any recommendations or warnings for you, though you should always keep in mind that some of the responses that you get may have a personal bias behind them and as such should not be your only source of information.

Shop Around and Compare Offers

Take the time to visit or contact a number of the reverse mortgage lenders that you are considering and ask them for information about their reverse mortgage products.  Request interest rate quotes, sample loan terms, and ask for any other information they might be able to provide on the loan that you are considering.  Compare the interest rates on the various loans in order to see which lenders offer the best deals on reverse mortgages, and also carefully read the sample loan terms for these lenders in order to find out of there are any hidden fees or other expenses that might make your loan cost more than it appears at first.  Cross-reference these quotes with any positive or negative recommendations that you might have received, making sure that you give yourself sufficient time to make an educated decision in regards to the lender that you eventually choose.

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