Getting a mortgage after foreclosure, short sale, or bankruptcy, or even a combination of the two is absolutely doable. However depending on the credit circumstance different documents could be needed for properly documenting the previous derogatory credit item. Here’s how to properly document any one of the big three credit issues Foreclosure- can be documented…
If on your loan application you marked ‘single’, and you’ve been divorced in the past this could be a double-edged sword and here’s why: while you are presently single that doesn’t change the fact that the past is the past, in other words, if your previously divorced yet your presently single that creates a big…
When buying a home, the seller typically makes an initial request to use a particular title company, however it is not mandatory to accept their choice. In some situations, if you work with the seller’s preferred title company they will discount the title fees. This is very common in bank owned property transactions, but there…
Depends on whether or not the fees can be recuperated in the amount of time you’ll be holding the mortgage for. Most folks keep their mortgage for release 5 to 7 years sometime sooner based upon interest rate changes, but at least 60 months. Closing costs are inevitable part of every mortgage refinance transaction. The…
Unfortunately no, lenders are under very tight scrutiny as our real estate appraisers to make sure there is no outside influence to inflate a property value for the purposes of securing a mortgage. The mortgage company you select a higher for financing is required to choose from a panel of appraisers, from there, they contact…
The answer in short – is never. At no time on a 15 year mortgage does the whole entire payment go solely to principle. Interest is paid right up through the loan payoff at 180 months. Unlike a 30 year mortgage, with amortization based on 360 month, a 15 year mortgage is based on amortization…
Q:I have the Sonoma County Energy Independence Program Loan on my house. Through my property taxes, I financed the cost of putting solar on my house, and doing a new roof and some more energy-efficient upgrades. From what I understand, a second put on my house much like a home-equity line of credit. Other lenders…
Calculating monthly mortgage insurance on a conventional loan is best handled directly with the mortgage company whom you’re hiring to do your purchase preapproval and/or refinance loan with. However, to have a general understanding of how mortgage insurance works, know that it is required for any loan with less than 20% down. Plan on on…