Your home mortgage is reported to the credit bureaus each month just like any other credit obligation. These reporting practices aides’ banks in granting credit requests. Here are two reasons why your mortgage loan might not show up on your credit report… Your loan is in the name of someone else-When you apply for a…
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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…
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Do you want to combine your first and second mortgage into one? Here’s 4 smart some money savings tips to be aware of when you submit a loan application. When you apply to refinance your home with the intent of financing more money beyond the balance of your first mortgage, your total loan amount could…
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Planning to buy a home sometime soon? If you’re working on the down payment, know what you can and cannot do with your bank. Here are the top 4 ways to borrow the cash needed for a home… 401k/Retirements or Liquid Assets- this option remains a viable source to procure down payment funds to buy…
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On November 25, 2015, the Federal Housing Finance Agency announced the 2016 new loan limits. Most notably, four counties in California have increased as well as various others throughout the country. Here’s what you need to know regarding the changes… Know Your Loan Category When you apply for a mortgage to buy a home or…
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Credit is the biggest hot button topic in mortgage lending by far. Most would probably agree, any time you can raise your credit score to improve your mortgage scenario, take advantage of it. Every situation is different and here’s what to be mindful if your credit needs a little love. There are three different loan…
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Consumers looking into the possibility of buying a home should know you need less money than you think. Here’s the amount of cash you need to buy a home, and what you need to know using as little down as possible… Cash Needed Contrary to popular belief, you don’t need 20% down. The minimum down…
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Applying for a residential mortgage loan these days does require heavy detailed documentation. Everything from full tax returns, to pay stubs, to bank statements to letters of explanation regarding your credit, debt, income, and assets is the norm. Here are four common underwriting roadblocks and how to fix them… Change To Income– let’s say the…
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