Lately, there are many reports about mortgage banks being less functional and considerably fussier with mortgage applications. After the details of foreclosure mess made public it is barely astonishing to hear such reports. At times, to an disturbing level providers check twice and verify third time the details entered in the application forms and additional documentations. Continue reading
The first thing you need to do when you plan to purchase a home is to find a lender that will provide you with the financing you need. This is to establish your identity and your ability to pay the loan. A broker or an underwriter will verify the information provided. However, if there are problems with the verification process, the borrower will be asked to submit more documents.
It is important that Continue reading
If you are trying to decide how large a mortgage you can get, or even whether to buy a home at all, mortgage calculators can help you. You can find them on the Internet for free. Below are descriptions of different calculators you might find.
What Can You Afford
It’s a good idea to know approximately how much money you can borrow for a home before you spend time looking Continue reading
FHA Mortgage rates are at an all time low making an FHA mortgage very attractive right now. Though the federal government has recently changed the rules and requirements to an FHA it is still a great way for people with poor credit to own a home of their own.
The question people ask though is how do you know the FHA rates are a good deal? My advice is to talk to a mortgage broker. Chances are you already Continue reading
For most people, a home will be the largest purchase they ever make. They will be paying for it for the next 30 years or more and will pay thousands of dollars in interest fees. One point either way on a mortgage rate may not seem like much now, but that single point can turn into $10,000 or more over the life of your home. Therefore its extremely important to find the absolute best interest rate possible when Continue reading
There is an enormous amount of talk in news and media with regards to interest rates being a three year lows and now must be a good time for homeowners to refinance into 30 year fixed rate loans. It’s not a marketing secret that scaring the crap out of consumers is a pretty useful sales tactic. People buy on emotion and make emotional decisions and the news media and advertisers sell products that Continue reading
When you are in a period of extreme financial difficulty, it may be best for you to look into a possible loan modification procedure.
While it is not initially easy to be approved for a loan modification procedure, it may be in your best interests to try to at least obtain some information from your bank. Many banks are more than willing to work with you and your financial Continue reading
Is the current mortgage crisis a bad thing? Well yes in the larger scope of the national and world economies that had largely been built upon the skyrocketing home values and record mortgage productions it is. However upon reflections this crisis may be exactly what the doctor has ordered for this industry and for the average consumer. I will explain in detail how this crisis is improving Continue reading
Many American’s have heard of President Obama’s plan to rescue the housing market. One aspect of this plan is urging banks to modify the mortgages of many struggling homeowners. With so much press and misinformation being passed around it can be very difficult for the average consumer to understand what a loan modification is. This article will shed light by discussing mortgage modification Pro’s and Con’s for the average Continue reading
It is of course more expensive since the interest rates on home loans are generally lower but if you can’t resort to home loans it is definitely an option to consider. Provable income is a must to qualify for a mortgage loan as well as good credit. You may meet the rest of the loan requirements but if you can’t probe that you have the necessary income to afford the monthly payments, chances are you won’t be able Continue reading