If you hear a lender toting they can preapprove you in just a few minutes, stop and run in the other direction- fast. A real pre approval is much more than a loan application and credit report. What to know before jumping into a home… A Traditional Pre Approval Includes The Following: you’ve submitted an…
Great question and one that should be handled with the utmost care and integrity. First you need to get prequalified. You need to have a conversation with a mortgage professional about your credit, debt, income and assets. After determining you qualify to purchase a home, the lender would ask you to submit a loan application…
As the Consumer Financial Protection Bureau strives towards creating more transparency within the mortgage industry, these truths remain. Here are four things you won’t hear from your bank at loan application… ‘You Can Get a Better Deal Elsewhere’ Fannie Mae and Freddie Mac publish mortgagee guidelines banks use to originate loans, in order to ultimately…
If want your loan application approved, understand it will need to pass a “reasonable man’s test.” Here is what you need to know about mortgages if you work far away from the home. Home lenders go to great lengths to represent and warrant they have met all credit criteria set forth by Fannie Mae and…
Refinancing could still make sense even if you plan to sell the home down the road. Here are several reasons to consider refinancing anyway. Financial Circumstances Can Change Let’s say you plan to sell your house in five to seven years. No matter how well you plan for the future financially, things happen. Job loss,…
If you have ever bought a home or plan to in the near future, real estate taxes and hazard insurance are necessary carrying costs you incur as a homeowner. There are two sides to every coin when electing to have these expenses rolled in your mortgage payment. Here are the facts on mortgage escrow accounts……
Homeowners who have not taken out a mortgage in a few years are often astonished at the amount of paperwork they’ll need in the mortgage loan process. If you have not refinanced in the last five years, here’s what to get up to speed on… Paperwork to Compile Scrounging up supporting documentation is the least…
The information you submit on your mortgage loan application should be incredibly accurate. This includes submitting full legal names and addresses as accurately as possible. Here’s why… Submitting a Loan Application When you apply for a home mortgage loan, your lender inputs the information you provide them for the purposes of procuring credit. This information…