How’s your income? This is the first of many questions a banker is going to ask when you apply for a home loan. Here is how tax returns play a role in your ability to obtain mortgage loan financing. Generally, you need provide two years of 1040’s to a banker when applying for a home…
Do you want to combine your first and second mortgage into one? Here’s 4 smart some money savings tips to be aware of when you submit a loan application. When you apply to refinance your home with the intent of financing more money beyond the balance of your first mortgage, your total loan amount could…
If you have an adjustable rate mortgage on your home, here the 5 prudent factors to weigh in on when refinancing to fixed rate loan type…. Duration of Introductory Rate Period Most adjustable rate mortgages are fixed for first few years in the introductory period, and then become variable for the remainder of the duration…
If recent mortgage rate movement has spooked you into refinancing, you’ll want make sure to pay particularly close attention if your loan size is bigger than $417,000. Jumbo investors in the marketplace are offering lucrative rates and deals. Which Investor Plays a Role It does not matter where you apply for a mortgage. Whether you…
Have you decided to put off purchasing a home? If you’re worried you’re paying too much for a house- think again. Here’s why: Higher Home Prices Let’s take a pause and rewind to 2012, the unemployment rate exceeded 8%, short sales and foreclosures were rampant, consumer confidence was low, the prospectus of job growth was…
On January 10, 2013, the Consumer Financial Protection Bureau unveiled new rules to help protect consumers from unscrupulous mortgage lending. These rules implement underwriting criteria what constitutes a “qualified mortgage”. As long as the mortgage lender meets certain criteria, the consumer cannot sue a lender for not verifying income, providing a loan to a consumer…
If you are in the market for a mortgage refinance or home purchase, plan to pay more if you are borrowing more than the conforming loan limit. The national conforming loan limit for the best mortgage rates is $417,000 extending through December 31, 2013. If your loan is up to $417,000 or lower, generally you’ll…
With the small variety of home loan programs available today selecting the right home loan program is easier now more than ever. There are lots of different options available for both purchases and refinances. For this blog post we are going to be discussing purchase loan programs. With a decent credit score, documented job stability/income…