The standard set by the lending industry is three credit scores are needed for obtaining a mortgage. Reality? That requirement is no longer the ‘benchmark’. Securing a mortgage without three credit scores is doable, here’s how.. Credit Score Per Bureau The basis for how lenders view the credit, is the degree of likelihood of a…
When buying a home, the seller typically makes an initial request to use a particular title company, however it is not mandatory to accept their choice. In some situations, if you work with the seller’s preferred title company they will discount the title fees. This is very common in bank owned property transactions, but there…
Lenders will classify you as a wage earner employee or self-employed. How file your taxes in accordance with your percentage of business ownership could classify you as self-employed even though you are an employee. Lending Income Buckets Bucket 1 Employee-individuals receive an annual W2 of their earning and receive paycheck throughout the year…
Depends on whether or not the fees can be recuperated in the amount of time you’ll be holding the mortgage for. Most folks keep their mortgage for release 5 to 7 years sometime sooner based upon interest rate changes, but at least 60 months. Closing costs are inevitable part of every mortgage refinance transaction. The…
It’s not surprising interest rates are on the rise as the fed has committed to reducing their mortgage bond buying starting this month. There is an array of factors affecting a mortgage rate things like; home occupancy, loan type, and even property type. Two factors carry the most weight when shopping mortgages… How Lender Sees…
The FHA is aimed at promoting home ownership for consumers who do not ” fit the box” by traditional credit standards, high credit score, big equity, low debt ratio etc. The FHA supports the housing market by offering an alternative financing vehicle for homeowners and buyers with little equity. The FHA makes loans on primary…
Unfortunately no, lenders are under very tight scrutiny as our real estate appraisers to make sure there is no outside influence to inflate a property value for the purposes of securing a mortgage. The mortgage company you select a higher for financing is required to choose from a panel of appraisers, from there, they contact…
Unless eligible for a Sonoma County Harp 2 Loan, where a loan to value is not required, the purchase or refinance of the second home has to have a minimum of 10% equity. In such a scenario, PMI a.k.a. monthly mortgage insurance would be applicable on a monthly basis until 20% equity is reached by…