Home Equity Loans Arizona

I am searching for home loan rates and when I do a google search some of the links show as 4.25% or 4.49%APR for 30 yr fixed.

Are these real or some scams ? or will there be any catch later ?

1) What factors do I need to look at when looking at the quotes from lenders for homes loans ? just to make sure that I am not being charged high or getting ripped off ?

- I am planning to buy a home
- i have put an offer on a house and almost 100% done deal

Now I have to look out for a home loan. I am looking at several online interest rate quotes what lenders are giving based on my facts.

Some of them are sending quotes for 4.78% 4.5% , now does these rates change when we actually sign there application or do they have to stick with the rates what they have quoted me online ?

I am planning to buy my first home and applying for a home loan and one of the lender said this to me

” If you take your mortgage with us and after 4 payments are made, if the rate goes down by a .25% we will refinance you at no cost”

1) Do they really refinance at NO(zero) cost of the rates go down .25% ?

2) Are there any other charges which are hidden which lenders charge if we refinance at a later stage when rates drop ?

Office of the Comptroller of the Currency
September 12, 2008
The OCC and OTS Mortgage Metrics Report found that actions by national banks and thrifts to prevent home mortgage foreclosures increased faster than their new foreclosures during the second quarter of 2008, despite an overall decline in mortgage credit quality and an increase in foreclosures.

The combined report, which replaces separate reports by the two agencies, provides loan-by-loan data in a standardized format for 34.7 million first-lien mortgages—worth more than $6.1 trillion—held or serviced by national banks and thrifts.

http://www.occ.gov/ftp/release/2008-105.htm

On the other hand, some five million fraudulent home mortgages are in the hands of illegal aliens, according to the U.S. Department of Housing and Urban Development.

It’s not known how many of those have contributed to the subprime housing mortgage meltdown, but it has affected every state, including Arizona.

The problem began years ago when banks were forced to give mortgages without confirming social security numbers or borrower identification. As a result, illegal immigrants were able to obtain home mortgages which they could not afford.

http://www.freerepublic.com/focus/f-news/2100080/posts

Banks are seeing an untapped resource in providing home loans to undocumented U.S. residents
August 8, 2005

http://money.cnn.com/2005/08/08/news/economy/illegal_immigrants/

So the banks decided that illegals could take out loans even though they were breaking our laws by being in our country illegally rather than turn them in to our government. Doesn’t that make them the same as employers who hire illegals with fake documents knowing that they’re illegals?

Summary of the HUD Research Series Examining Barriers to Hispanic Homeownership and Efforts to Address These Barriers

http://search.hud.gov/search?q=cache:W8B0YHX3ROIJ:www.huduser.org/Publications/PDF/hisp_homeown8.pdf+illegal+immigrant+FHA&access=p&output=xml_no_dtd&site=default_collection&ie=UTF-8&client=default_frontend&proxystylesheet=default_frontend&oe=UTF-8

The requirement that borrowers be legal residents of the U.S. is obviously a challenging obstacle for the millions of undocumented immigrants in this country. A handful of lenders are attempting to assess whether lack of legal residence is an acceptable risk in extending mortgage credit; however, lending to illegal residents also involves political issues that may be extremely difficult to resolve.

http://www.cashforhousesmen…

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Important new developments in existing Home Equity Lines of Credit (HELOC)

The definition of home equity is the difference between what is currently owed on a home and the current market value. Use home equity loans to borrow money for new additions or unplanned expenses …