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Accurate Mortgage

A PENCIL Is Needed for Accurate Mortgage Quotes & Pre Approvals To get accurate and precise mortgage interest rate quote or a proper mortgage preapproval or prequalification you need a ...

CoreLogic's Property Tax Estimator helps deliver accurate tax data early in the loan process

To better understand the effect of tax estimating on origination and closing processes, CoreLogic conducted a controlled random experiment simulating the estimation process. Based on the results of the experiment, CoreLogic concluded the following:

Well-trained researchers required at least 20 minutes, but less than 45 minutes, for existing property loans. New construction loans required additional estimate calculation time. The process is completed three times in the loan origination stage: first in the loan estimate, second in the underwriting phase, and finally at loan settlement.

Although the steps above follow a validated process, the risk of quality variations may still exist in the absence of standardized information sources.

CoreLogic understands the challenge of providing quality property tax estimates during origination. As one of the largest providers of property tax services in the United States, the company has access to most current and historical tax information for the entire country, and for an estimated 22,000 taxing agencies.

How 'liar loans' undermine sound lending practices

Should we be worried in Australia?

The UBS study found that a third of Australian mortgage borrowers reported being “not factual or accurate” in their mortgage applications. Being “not accurate” is not the same thing as being a “liar”. However, we need to be aware and pro-active to avoid poor standards and practices.

They further estimate that there is roughly US$500 billion (A$657.95 billion) worth of factually inaccurate mortgages on banks’ books in Australia. This is worrying, because it could mean that borrowers are taking on bigger debts than they can actually afford, falling into financial stress or even losing their homes.

The Australian situation

In Australia, when borrowers apply for a mortgage they need to provide documentation that verifies their employment history, creditworthiness, and overall financial situation. Borrowers are required to provide a payslip or most recent tax returns, and show that they have been employed in the same job for at least 12 months.

How accurate are those mortgage calculators when it comes to how much your monthly payment will be?

I'm looking to buy a house and the realty agency that I am looking at has a mortgage calculator on their website. Here are the numbers.

Those are accurate numbers for financing 95,000 for 30 years at 5%. The calculators are only as accurate as the numbers you feed them. A lot of them don't include things like PMI, homeowners insurance and other items that you will have to put in escrow.