If you're buying a house, you'll find it eye opening to calculate the return on investment associated with paying points to bring down the interest rates. The actual return is upwards of 15% in most cases. So you may find that it makes sense to borrow money at less than 15% to pay points if you just can't afford to pay points outright. SM
A court of Florida ruling in the Florida state says MERS, an electronic loan registry that acts as a nominee in county land records on behalf of Mortgage Lenders and servicers, can officially serve as a party in court when it comes to foreclosure actions in the state. The ruling, which was made in the Second District Court of Appeals in Florida state, will affect the entire mortgage industry. We undertook this lawsuit not just for MERS but for the industry as a whole, said R.K. Arnold, president and CEO of Vienna, Virginia-based MERS. This victory is for the entire Mortgage Lenders because MERS is no different than a servicer when it comes to foreclosures, and this case was our opportunity to prove it in court. According to the MERS official press release, the decision allows traditional servicers to act as a party in foreclosure cases with the ruling stating that the holder of a note has standing to seek enforcement of the note. It also says the standing is broader than just actual ownership of the beneficial interest in the note ---------------------- florida refinance mortgage