It is no secret getting approved for a mortgage loan requires a fair amount of paperwork. Here is what you should know if there if there is anything questionable in your past… When you apply for a mortgage for the first time or you’re a little rusty on the process, it’s reasonable to expect some…
If you have some credit challenges preventing you from getting mortgage with competitive rates and fees, read on. Here are some tips you can take to the bank… Know this: you need not have perfect credit to buy a home or get a mortgage. Your credit just needs to be sufficient; good, bad, ugly or…
Lending guidelines were recently loosened on cash out refinance transactions. If you’re looking to refinance and pull out funds for home improvement, or another project, here’s what you should know if your loan size exceeds $417,000. Mortgage loans bigger than $417,000 are going to cost more. Here’s why: when a mortgage loan exceeds $417k the…
Most people who apply for mortgages base their decision on how much they can afford while keeping costs low and manageable. Here are some things to consider if you’re looking at a shorter-term financial picture… Fixed Rate vs. ARM The mortgage king is still the plain old 30 year fixed rate. On such a mortgage…
When shopping for a mortgage, it’s critical to have a general understanding of how the fees, rate and payment all connect to your bottom line. Here are tips better to identify your net tangible benefit on a home loan… Rates & fees The cost of an interest rate (mortgage pricing) moves with ebb and flow…
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…
There is no limitation to how frequently you can refinance your home. Do it as often and freely as you like as it financially makes sense to do so. Following are some things to consider when pulling the trigger… Closing Costs Are you throwing good money after bad? If you recently paid fees on your…
Trying to get a loan for a mobile home? You may be surprised learn there is financing options available for non-single-family residence homes. What to know… Your property type holds all the cards in whether or not you’ll be able to obtain competitive loan terms. For starters, you need to own the land. If you…