It’s no secret interest rates are the main driver of the nation’s loan volume. Fixed rate mortgages are currently sub 4%. Here is why waiting for a better rate could be risky could move… The markets will continue to move The pricing associated with interest rates moves daily, in some cases multiple times per day.…
One of the financial programs aimed at homeowners wishing to refinance in the economic downturn was Making Homes Affordable Harp 2. The program to this day allows people to refinance even if they are underwater. Here’s what you should know about this program… How the program works If you took out your loan May 31,…
Rental income can be a double edged sword if you need it to qualify. Here’s what to know about your new rental future rental income when it comes time to getting a mortgage… Some mortgage companies will give you the benefit of using fair market rents for income when buying a rental property. The type…
If you’ve never bought a home before or it has been many years since your last mortgage transaction, you’ll need to freshen up on the basics. What lenders look for… The 3 c’s Cash-this one is a biggie. You need to have cash to buy a house pure and simple. Gone are the days of…
Credit scores play a vital role in your ability to get a home mortgage. Here’s what you need to know if you are applying with a low credit score… First things first credit scores are used to predict the likelihood of a payment default in the next 60 days. A lower credit score will result…
These things about today’s mortgage loan process will drive you crazy. Know what lenders will want…. Patriot Act This says lenders do not make loans to drug dealers, money launderers or terrorists. Obviously, 99.9% of today’s mortgage loan borrowers are completely on the up and up. However, this does not change the fact mortgage lenders…
Been turned down for a mortgage recently? Fear not, this recent change to conventional mortgages just made your chances of qualifying easier. Here is the latest … Fannie Mae recently changed their policy regarding restructured loans virtually eliminating many roadblocks. Fannie Mae had extra credit requirements in place for borrowers who had restructured mortgages in…
Looking to finance a big mortgage? Here’s some tips you can take to the bank… Most jumbo investors still have tight credit guidelines. Jumbo loans are any residential mortgage sizes greater than the county high balance loan limit. In Sonoma County, CA the maximum loan size for a single-family home is $554,300 making anything larger…