Waiting on one or even two potential houses in your neighborhood to sell just for the sole benefit of trying to get a higher appraised value to complete a refinance is a losing proposition. This is because of the fact appraisals are not based on just the house next door or down the street, selling,…
Credit continues to be a hot topic. Having credit, maintaining credit and keeping the credit scores as high as possible is everyone’s aspiration. Unfortunately, many consumers are unaware of some of the credit blunders that inevitably show up when it comes time to obtain a home loan. In fact clearing up one myth before we…
The majority of homeowners refinancing today are looking for one common net tangible benefit; a lower cost mortgage. Gone are the days homeowners had to refinance due to a variable-rate-payment change or strong inflationary factors. Everyone wants to save money, key is deciding when to make a prudent move at the right time. If you’re…
Think you can’t qualify for a loan because of a short sale as recent as 2011? Think again, you actually could qualify. How about a 2011 Chapter 7 bankruptcy? Yep, you can still potentially qualify. For anyone who had a recent short sale, even foreclosure or bankruptcy, read on…. Lending rules in place: Short sale-…
Short answer-it depends. The majority of the time when a mortgage lender pulls a copy of your credit report, while it does show up as an inquiry on the tri-merge report, it does not necessarily make your credit score automatically drop. Where people get into trouble, is when they’re applying for a mortgage, applying for…
This depends on when you took out your FHA Mortgage. If the FHA Loan you’re thinking about refinancing was taken out June 1, 2009 or before, you have a substantial benefit to refinance with much lower monthly mortgage insurance payment coupled with significantly lower rates, providing a dramatic monthly savings. On the other hand if…
Want to be 100% liable for someone else’s mortgage? Then cosign for them and you’ll be just as financially accountable for repaying the obligation as they are even though you are cosigning to simply assist the other party. When you cosign on a big-ticket item like a home loan, you are in essence lending your…
Consumers shopping for a mortgage typically concentrate on attaining lowest possible interest rate. Rates have risen slightly in recent weeks as a more exuberant stock market has taken shape. Current consensus points to more consumers entering the mortgage market, motivated to take action, as a result. Factors At Work The financial markets, jobs data, and…