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First Mortgage Company & DEEB Realty Support The Shelter Fund

The Shelter Fund is a non-profit organization in Omaha, NE dedicated to fundraising for local homeless shelters. All donations are distributed to ...

Falls City holds decision on revolving loan fund

FALLS CITY — Polk Community Development Corporation is asking cities and Polk County for permission to pool their revolving loan funds, which are used to issue low-interest loans to low-income homeowners.

The money is used for home repair and to keep properties in compliance with city and county codes.

“We are certified lenders, so we have to go through certain steps, but we try to keep our interest rate and the process reachable to the majority of folks,” said Rita Grady, the executive director of Polk CDC.

Consolidating the money would allow the nonprofit to use the money for more purposes and use it to apply for federal grants, Grady said. If the funds are pooled, the agency could issue first mortgages and business loans for people who might not qualify for a bank loan. Polk CDC doesn’t rely as much on credit scores, rather demonstrated ability to pay the money back, Grady said.

How to Get the Best Mortgage for You

Smith: Penny stocks.

Southwick: Penny stocks. There we go. You actually live in Denver and Denver has gotten just as bad as D.C. as far as competitive housing, right?

Smith: Denver has become quite spicy. We moved out there a few years ago from D.C. We were thrilled at how much more affordable it was, and some of the Fools who are migrating their way westward now are finding that they're actually not saving all that much. And D.C. is a pretty pricey market, so it's become a lot more expensive and a lot more competitive.

Southwick: That's why we brought you in here -- to talk about how to get a great mortgage. What do we mean when we talk about a good or great mortgage?

Smith: Over at The Ascent, we believe that there are three key aspects to a good mortgage. One, it has to be affordable; two, it has to be the best term; and three, it has to be the best rate. Now, all three of these factors are specific to you, but let's unpack them.

I have a 2nd Mortgage with a high interest. Should I pay off my 2nd Mortgage first or fund my roth ira?


My interest rate is 9%. So everyone is in agreement that I should pay my 2nd mortgage down before investing in the Roth? Would it still be a good idea even though I can do a tax deduction for my 2nd mortgage.


I think it sort of depends. I have a $40,000 2nd morgage that was adjustable at 8.75%. This interest rate has been rising over the last year or so and may be continue to rise. The question that I asked is whether I can make 8.