Tag Archives: mortgage
Tips on Getting Your Mortgage Loan Approved
Tips on Getting Your Mortgage Loan Approved
What is important to lenders?
Not every applicant is approved for a home loan the first time he or she applies. For a variety of reasons, even after a lot of hard work, sometimes a loan just can’t be approved. It may have to do with the applicant’s credit or savings history, employment stability, debt structure, or the value of the home. The good news is that a denial is merely a detour, not a roadblock. Purchasing a home takes planning, discipline and hard work! Follow these tips and with our assistance, homeownership is not out of reach.
Establish a consistent record of paying bills on time.
Volatile Mortgage Market
Volatile Mortgage Market
So what is going on with all the mortgage companies? Either they shutting their doors down or some of them stopped funding loans. For one, it all started with Alt-A mortgage loans and jumbo loans. Alt-A are loans which were made to borrowers whose credit score was not so perfect, that is right below 640 FICO, who were self employed, could not prove their income. Jumbo loans are loans that are above conforming limit of 7,000. Any loan amount that is below 7,000 is considered conforming loan and Fannie Mae and Freddie Mac, the two government backed companies are purchasers of these loans.
However; as you may have seen on TV, Alt-A loans and jumbo loans are loans that are causing problems as of right now as banks cannot sell these loans to open market, get additional funding to make new loans.
Mortgage Choices That You Have
Mortgage Choices That You Have
When selecting a mortgage, there are many things to think about and wonder about. For anyone that is looking for a way to secure the best loan for their next or first home, they should weigh all of their options, carefully deciding what the right way to go is. With so many different types of mortgages out there, though, this can be relatively difficult for you to do. Take a moment, then, to find the best way to get your mortgage to fit within your life.
Here are some of the mortgage options that you have and you should carefully consider before purchasing your home.
New Timers: If this is your first home loan, you have the advantage in many ways.