Friday, July 23, 2010

How can you afford a home in USA

In USA mortgage shopping is difficult and very confusing. It needs many guidance for the borrowers for the mortgage purposes.

The Treasury Department of United States has recently announced that it is trying to make home affordable to every citizen. The eligible borrowers can refinance or modify their mortgage loans. This will make more affordable payments for them. US Bank Home Mortgage has been fully supporting the efforts to help families to have lower mortgage payments monthly. The eligible borrowers can redefine or modify their pre-existing first mortgage.

Now there are few conditions to be fulfilled. The borrower should not be late by thirty or more days on the mortgage payment during the last twelve months. You need to have Freddie Mac or else Fannie Mae loan. Loan modification is possible when a home is occupied as the primary occupance. The first mortgage amount should be equal or less than seven lakhs twenty thousand seven hundred fifty dollars.

For Bank of America the loan is composed of the following:
1. Mortgage Banking
2. Banking
3. Capital Markets
4. Global Operations

Loan production department has to originate and fund new loans. It has to acquire already funded loans by the process of getting from other lenders. Mortgage loan is provided by loan production by the four divisions of Wholesale Lending and correspondence lending, Full sprecturm lending, Consumer Markets etc. In Wholesale lending loans are offered to consumers whose loans have been originated by another mortgage broker.

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