Like it or not when you apply for a mortgage you’re going to go through financial scrutiny. How well your financial picture is in order will determine an easy, slow or difficult process. Here’s what you need to know when your file is reviewed… Mortgage underwriting in today’s environment is a very bureaucratic process. The…
Closing costs are a factor you must account for consider when taking out a mortgage to buy or refinance a home. Here’s what you need to know across the board… When can you take out a mortgage there’s fees that you’re going to pay to various service providers besides just the mortgage company. This includes,…
FHA loans and conventional loans remain the most popular financing type for today’s mortgage borrowers. Here’s how to determine which program makes the most financial sense for you… FHA loans are insured by the Federal Housing Administration. The program contains two forms of mortgage insurance; an upfront mortgage insurance premium calculated at 1.75% of the…
Securing mortgage loan financing requires a laundry list of paperwork. Here’s a really simple tip you can take to the bank to make sure your process is easy while getting the best mortgage… Every year you gather together paperwork for doing your tax returns things like; receipts, explanations, paystubs and W-2s. 70% of this information…
It’s no secret interest rates are the main driver of the nation’s loan volume. Fixed rate mortgages are currently sub 4%. Here is why waiting for a better rate could be risky could move… The markets will continue to move The pricing associated with interest rates moves daily, in some cases multiple times per day.…
One of the financial programs aimed at homeowners wishing to refinance in the economic downturn was Making Homes Affordable Harp 2. The program to this day allows people to refinance even if they are underwater. Here’s what you should know about this program… How the program works If you took out your loan May 31,…
Many homeowners are often inundated by the amount of junk mail offers they receive each month. Here is what to think about if you’re considering refinancing with a direct-mail solicitor… Confusing pitch You receive a letter in the mailbox about a refinance offer saying the mortgage offer is a fixed rate loan with an ultra…
If you have some credit challenges preventing you from getting mortgage with competitive rates and fees, read on. Here are some tips you can take to the bank… Know this: you need not have perfect credit to buy a home or get a mortgage. Your credit just needs to be sufficient; good, bad, ugly or…