As the Consumer Financial Protection Bureau strives towards creating more transparency within the mortgage industry, these truths remain. Here are four things you won’t hear from your bank at loan application… ‘You Can Get a Better Deal Elsewhere’ Fannie Mae and Freddie Mac publish mortgagee guidelines banks use to originate loans, in order to ultimately…
If want your loan application approved, understand it will need to pass a “reasonable man’s test.” Here is what you need to know about mortgages if you work far away from the home. Home lenders go to great lengths to represent and warrant they have met all credit criteria set forth by Fannie Mae and…
Refinancing could still make sense even if you plan to sell the home down the road. Here are several reasons to consider refinancing anyway. Financial Circumstances Can Change Let’s say you plan to sell your house in five to seven years. No matter how well you plan for the future financially, things happen. Job loss,…
Homeowners who have not taken out a mortgage in a few years are often astonished at the amount of paperwork they’ll need in the mortgage loan process. If you have not refinanced in the last five years, here’s what to get up to speed on… Paperwork to Compile Scrounging up supporting documentation is the least…
Looking to avoid all the paperwork associated with getting a mortgage? Here are three loan programs with no laundry list. See if you’re eligible… Most mortgage loan products require you to provide two years of tax returns and W-2s, 30 days of pay stubs and at least two months of bank statements to provide a…
If you completed a loan modification in the past, you’ll need to meet certain credit thresholds to get a green light for a new loan. What to know… What Is A Loan Modification? A loan modification also known as a restructured mortgage is a loan in which the original terms of the transaction changed resulting…
Saving up to buy a home down the road? That might make sense from a personal financial planning perspective, but from a pragmatic approach to actually getting your foot in the door you may want to reconsider your position. What to consider… In most cases your ability to save is going to be at a…
Lining up your finances for a home purchase this year? Spring is right around the corner. Here’s how to gauge if you should put more money down, or pay off debt to improve your figures. Key questions to ask yourself: How much house payment can I manage while still being able to save money? How…