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…
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…
Is the house in fair condition a good bet? Here are some things to consider if the affordable home you’re eyeing needs some work. The first thing to consider when buying a home is location. Location, location location is the credence held by most real estate experts. The reality of the market; true fixer homes…
How you plan and budget your finances can have a big affect on whether or not you can qualify for a home loan. Following is what you should know if you’re trying to spruce up your financial picture for a mortgage… Not all debt is created equal. For sound financial planning purposes eliminating the expenses…
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…
Obtaining financing to buy a home is undoubtedly a process of documenting, explaining and documenting some more. Here is how a car lease can be a hurdle for home buying plan. Work-around options… What You Pay Counts When you apply for a mortgage loan, a mortgage broker is going tally up total payments you make…
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…
If you have an adjustable rate mortgage on your home, here the 5 prudent factors to weigh in on when refinancing to fixed rate loan type…. Duration of Introductory Rate Period Most adjustable rate mortgages are fixed for first few years in the introductory period, and then become variable for the remainder of the duration…