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READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
FHA Approves New Reverse Mortgage.
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
FHA Approves New Reverse Mortgage.
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
FHA Approves New Reverse Mortgage.

Ocober 2 2010 (Shirley Allen)

On Friday, October 1st, the Federal Housing Authority (FHA) approved a new reverse mortgage product that sharply cuts upfront payments by home owners but also significantly reduces the percentage of a home’s equity that can be paid to owners under the program.

The new program, called the HECM Saver loan, will become available in early October and differs from the FHA’s previous reverse mortgage program, now known as the HECM Standard loan. Here are some of the differences:

The Saver loan will largely eliminate the agency’s initial insurance fee, which is now 2 percent of the amount of the loan. This could cut thousands of dollars off of product fees, which have been criticized as too expensive.

“We have noted concerns that some senior citizens find that our fees are too high,” FHA Commissioner David Stevens said in a news release. “In response, we created HECM Saver which will provide seniors with a reverse mortgage option that significantly lowers costs by almost eliminating the upfront Mortgage Insurance Premium (MIP) that is required under the standard HECM option.”
However, the new product would also substantially reduce loan proceeds. The FHA said HECM Saver loans would pay out 10 to 18 percent less of a home’s equity than the traditional Standard loan.

The new Saver loan was designed as response to shield the government from losses on the HECM Standard Loan program. The FHA said the lower payout of the HECM Saver program would “substantially” reduce risk to its insurance fund.

Under the HECM program, a homeowner can access a specified percentage of his or her home’s equity. The percentage varies, but the most important variable is how old the borrower is at the time of the HECM loan. Proceeds of the loan must first be used to pay off any existing mortgage on the home. The borrower then can choose to receive the remaining funds as a lump sum, through a line of credit or via monthly payments. Loan costs are effectively backed out of the remaining equity in the home and the home owner faces no further home payments save for insurance, taxes, and upkeep expenses.

If the homeowner lives in the home for a long time and cumulative loan costs exceed the remaining equity, the FHA insurance fund pays the difference. Homeowners face no further financial obligations no matter how long they remain in the home. If positive equity remains in the home when a homeowner leaves the home, he can retain title to the property or, in the event of his death, bequeath it to heirs.

Mandatory consumer counseling is a required part of the government’s HECM program. Because of the complexity of the loans, including the new Saver loan option, consumers should make sure they fully understand all fees and loan terms before taking out a HECM loan. When the prospective HECM borrower meets with a lender, a Good Faith Estimate or the Truth in Lending Act Disclosure will be provided for the purpose of making a true comparison between Saver and Standard and other costs associated with obtaining the HECM.

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

Ocober 2 2010 (Shirley Allen)

On Friday, October 1st, the Federal Housing Authority (FHA) approved a new reverse mortgage product that sharply cuts upfront payments by home owners but also significantly reduces the percentage of a home’s equity that can be paid to owners under the program.

The new program, called the HECM Saver loan, will become available in early October and differs from the FHA’s previous reverse mortgage program, now known as the HECM Standard loan. Here are some of the differences:

The Saver loan will largely eliminate the agency’s initial insurance fee, which is now 2 percent of the amount of the loan. This could cut thousands of dollars off of product fees, which have been criticized as too expensive.

“We have noted concerns that some senior citizens find that our fees are too high,” FHA Commissioner David Stevens said in a news release. “In response, we created HECM Saver which will provide seniors with a reverse mortgage option that significantly lowers costs by almost eliminating the upfront Mortgage Insurance Premium (MIP) that is required under the standard HECM option.”
However, the new product would also substantially reduce loan proceeds. The FHA said HECM Saver loans would pay out 10 to 18 percent less of a home’s equity than the traditional Standard loan.

The new Saver loan was designed as response to shield the government from losses on the HECM Standard Loan program. The FHA said the lower payout of the HECM Saver program would “substantially” reduce risk to its insurance fund.

Under the HECM program, a homeowner can access a specified percentage of his or her home’s equity. The percentage varies, but the most important variable is how old the borrower is at the time of the HECM loan. Proceeds of the loan must first be used to pay off any existing mortgage on the home. The borrower then can choose to receive the remaining funds as a lump sum, through a line of credit or via monthly payments. Loan costs are effectively backed out of the remaining equity in the home and the home owner faces no further home payments save for insurance, taxes, and upkeep expenses.

If the homeowner lives in the home for a long time and cumulative loan costs exceed the remaining equity, the FHA insurance fund pays the difference. Homeowners face no further financial obligations no matter how long they remain in the home. If positive equity remains in the home when a homeowner leaves the home, he can retain title to the property or, in the event of his death, bequeath it to heirs.

Mandatory consumer counseling is a required part of the government’s HECM program. Because of the complexity of the loans, including the new Saver loan option, consumers should make sure they fully understand all fees and loan terms before taking out a HECM loan. When the prospective HECM borrower meets with a lender, a Good Faith Estimate or the Truth in Lending Act Disclosure will be provided for the purpose of making a true comparison between Saver and Standard and other costs associated with obtaining the HECM.

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

Ocober 2 2010 (Shirley Allen)

On Friday, October 1st, the Federal Housing Authority (FHA) approved a new reverse mortgage product that sharply cuts upfront payments by home owners but also significantly reduces the percentage of a home’s equity that can be paid to owners under the program.

The new program, called the HECM Saver loan, will become available in early October and differs from the FHA’s previous reverse mortgage program, now known as the HECM Standard loan. Here are some of the differences:

The Saver loan will largely eliminate the agency’s initial insurance fee, which is now 2 percent of the amount of the loan. This could cut thousands of dollars off of product fees, which have been criticized as too expensive.

“We have noted concerns that some senior citizens find that our fees are too high,” FHA Commissioner David Stevens said in a news release. “In response, we created HECM Saver which will provide seniors with a reverse mortgage option that significantly lowers costs by almost eliminating the upfront Mortgage Insurance Premium (MIP) that is required under the standard HECM option.”
However, the new product would also substantially reduce loan proceeds. The FHA said HECM Saver loans would pay out 10 to 18 percent less of a home’s equity than the traditional Standard loan.

The new Saver loan was designed as response to shield the government from losses on the HECM Standard Loan program. The FHA said the lower payout of the HECM Saver program would “substantially” reduce risk to its insurance fund.

Under the HECM program, a homeowner can access a specified percentage of his or her home’s equity. The percentage varies, but the most important variable is how old the borrower is at the time of the HECM loan. Proceeds of the loan must first be used to pay off any existing mortgage on the home. The borrower then can choose to receive the remaining funds as a lump sum, through a line of credit or via monthly payments. Loan costs are effectively backed out of the remaining equity in the home and the home owner faces no further home payments save for insurance, taxes, and upkeep expenses.

If the homeowner lives in the home for a long time and cumulative loan costs exceed the remaining equity, the FHA insurance fund pays the difference. Homeowners face no further financial obligations no matter how long they remain in the home. If positive equity remains in the home when a homeowner leaves the home, he can retain title to the property or, in the event of his death, bequeath it to heirs.

Mandatory consumer counseling is a required part of the government’s HECM program. Because of the complexity of the loans, including the new Saver loan option, consumers should make sure they fully understand all fees and loan terms before taking out a HECM loan. When the prospective HECM borrower meets with a lender, a Good Faith Estimate or the Truth in Lending Act Disclosure will be provided for the purpose of making a true comparison between Saver and Standard and other costs associated with obtaining the HECM.

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS