Before a buyer even begins to look at homes, it is critical to know if they qualify for a mortgage, and how much of a loan they qualify for. There are several proactive steps that can be taken in order to prepare for getting approved for a mortgage. If followed, these tips will successfully guide […]
Mortgage Denied? Here Are Some Possible Reasons
Getting a mortgage just keeps getting tougher, and many homebuyers are getting rejected for loans they could easily afford. The issue: Tighter standards from Fannie Mae and Freddie Mac, the government entities that back mortgages made by banks. A quarter of all mortgage loan applicants get denied for loans, according to the Federal Reserve. Many […]
Closing on Your Mortgage
If you’re in the process of buying a home for the first time, you’re probably wondering about what you can do to help make the mortgage closing process smoother. To do this, it’s important to understand your role as well as your mortgage lender’s role is in the home-buying process. Your Mortgage Company’s Role Your […]
Proposed 20 Percent Down Rule Draws Opposition
A proposed rule intended to prevent the kind of reckless lending and borrowing that heaped so many toxic mortgages into the marketplace in recent years has alarmed some groups, who argue the unintended consequences could worsen the nation’s housing troubles. The plan would require homeowners to make down payments of at least 20 percent of […]
Locking In Interest Rates
Consider the following four things when deciding whether or not to lock in your mortgage interest rate: Lock in your rate as soon as you know you have a good deal in front of you, and you know roughly when you can close (30 to 60 days should be the longest lock period). . Lock […]
Fannie and Freddie to Fade Away?
The Obama administration is laying out three broad options for overhauling the mortgage lending system, but will let Congress make the final decision… What are your thoughts about the government doing away with Fannie Mae and Freddie Mac? We’d love to hear your opinion about this plan. Click the comment link below and sound off…
Mortgage Refinances May Drop 77% by 2012
Residential mortgage refinances are expected to deteriorate over the next two years due to factors not limited to rising interest rates. Some are predicting that mortgage refinancings, in fact, will fall by 77% by 2012 and drag down the overall market for originations. Total refinances hit about $1 trillion in 2010 and accounted for 69% […]
How to Get a Mortgage Now
What do mortgage lenders look for when they scrutinize your finances? It all boils down to financial stability and making sure you’re a good credit risk. On your application, you’ll be asked to disclose personal finance information that will help the lender decide whether your finances are stable or precarious at that moment in time. […]
Your Mortgage and the Down Payment You Need
There are a lot of steps in buying a home. Among the things you need to prepare for is the amount needed to make the down payment required by the lender. This is a form of financial protection for the lenders, and since they require this, borrowers have no choice but to comply. In the […]
Home Mortgage Loans: Getting One Continues to Be a Challenge
Bankrate.com has pooled the opinion of several mortgage industry professionals with regards to the future of the home mortgage loan market. According to most of them, mortgage loan rates will maintain their low levels, but acquiring a home loan will be difficult for most consumers. They also predicted that homeowners seeking refinancing will be lured […]