High priced loans by ‘industry-standard’ is any first mortgage loan that exceeds 1.5% in APR the weekly offered rate for a fixed rate or adjustable rate loan backed offered by Fannie Mae or Freddie Mac. Comparing mortgages? One lender’s fees and lower rates might trigger a higher priced loan even if it seems like a…
Pay Uncle Sam and qualify on paper, short Uncle Sam, risk your mortgage loan application. Gambling your financial future, by saving a few bucks isn’t worth the risk. Following Actions That Halt Your Loan Application If you are a W-2 employee… Then…. Taking expenses you incur in the course of your job as a write…
The standard set by the lending industry is three credit scores are needed for obtaining a mortgage. Reality? That requirement is no longer the ‘benchmark’. Securing a mortgage without three credit scores is doable, here’s how.. Credit Score Per Bureau The basis for how lenders view the credit, is the degree of likelihood of a…
You heard it correctly, your credit card don’t have balances, yet your mortgage application can still be in jeopardy. Here’s what mortgage lenders and brokers run into when you have credit card payments… Many consumers are responsible, they use their credit cards for various monthly purchases and then pay each credit card off in full…
Refinancing can be less appealing for many homeowners because the clock resets each time. In some circumstances, especially if you’re a few years away from paying off the home in full a refinancing may even not make sense. Ways to refi without starting the term over… The traditional 30 year fixed rate mortgage remains most…
Closing fees are always an inevitable part of taking out a mortgage. Following are little-known tips to minimize the fees when encumbering property… Ask For Seller Credit– In order to finance closing costs in a purchase transaction, buyer asks seller for closing cost credit in the offer. Most lenders allow for a 3% seller credit.…
Buying a house is still a pivotal point in life. Your funds play a key role in your ability to get a loan. If you’re serious about buying a house or will be, how much of your income you should be saving to realistically get the keys… Ask Yourself Shorter Term Or Longer Term?…
As house prices continue to rise, the chance to refinance is ever more present considering favorable rates are still at historical lows. One the biggest dilemmas Sonoma County homeowners face is having a favorable appraisal valuation to refinance. Simple calculation any homeowner can do… *Divide your current principal loan balance by .8, doing so will…