Memphis Mortgage Lenders Advise Lock-In to Protect Mortgage Plans

The declining rates meant a reduction in mortgage payments, but at the same time proved to be a thorn in the market's side due to delays in the closing process. A Wall Street Journal report said that despite keeping its tax collection online, the IRS was unable to process loans. Filing a 4506-T, a request from the lender to check the borrower's tax history, became impossible with this function of the IRS closed during the shutdown.

During this uncertain time, mortgage lenders should have recommended locking in, especially for floating borrowers, to protect the property value from any market surges or drops. A lock-in requires a signed agreement between buyer and lender to agree upon a set value that must stay constant no matter how the mortgage market moves. Professional Memphis mortgage lenders such as Churchill Mortgage can work out such agreements with borrowers.

http://memphis.churchillmortgage.com/blog/2013/10/01/memphis-mortgage-lenders-advise-lock-in-to-protect-mortgage-plans/

Economist: Why 30-Year FRM is Popular with Memphis Mortgage Lenders

"For example, if you decide to seize the moment when the 30-year FRM is at an all-time low, the rate will stay until the last cent has been paid off. If you decide to refinance, however, you may end up with an entirely new rate, higher or lower. This also benefits mortgage lenders since, as mentioned earlier, FRM plan holders are less likely to default. Prepayment While FRM usually has a high interest rate, this type of home loan in Memphis and other areas makes up for it in prepayment. You can pay a bit more per month if you want to, and by making a slightly larger payment every month, you get to finish paying the mortgage early. Some say you can even finish paying a 30-year FRM in as early as seven years."

http://memphis.churchillmortgage.com/blog/2013/12/05/economist-why-30-year-frm-is-popular-with-memphis-mortgage-lenders/

Should You Choose A Short Sale and Make a Deal with the Mortgage Lenders in Memphis?

Facing the possibility of foreclosure is never pleasant, but could be the harsh reality for some families who fail to make their Memphis mortgage payment. If you find yourself about to foreclose on a property, it may be time to speak with your lender to see if a short sale is right for you. If you qualify for a short sale, mortgage lenders in Memphis will accept less for your home than what you actually owe. In order to qualify for a short sale, you will need to prove to the bank that you can’t make your mortgage payments. You’re more likely to find favor with a bank for a short sale over a foreclosure, since foreclosing on a property means a lengthy (up to 2 years) and expensive process for the bank with no money as a result. At least with a short sale, the bank will get a little bit of cash for the home.

http://memphis.churchillmortgage.com/blog/2013/10/01/should-you-choose-a-short-sale-and-make-a-deal-with-the-mortgage-lenders-in-memphis/