Why it’s Harder to Qualify for a Loan These Days
There are several reasons it’s harder to qualify for a loan than ever before and it’s not all about your personal credit, though credit is a large factor in the process. The guidelines have changed and set the bar higher so even though you may have had okay credit before, you may either fall below [...]
It’s a Great Time to Refinance
With unbelievably low interest rates that we have seen over the last two weeks it’s a great time to get your mortgage refinanced. If your current interest rate is more than 5.25 and you intend to stay in your home for at least the next five years, you should call a mortgage loan officer and [...]
Interest Rates Remain Exceptionally Low
Though applications for new mortgages dropped off in May, interest rates continue to be at some of the lowest levels in history. In the good old days, people would be lining up to refinance their current loans at the lower rates. However, things are really different today. First, many who could use the lower rates [...]
Another Chance for a Refinance
If you have an interest rate of over 6%, you may want to consider a refinance of your loan. You will also need to consider your blended rate if you have a first and a second as this could be a lot higher than what you can currently get. However, before you go hog wild [...]
Limited by the Numbers
I am always amazed how some people think a loan officer can “just make the numbers work”. I’ve come to the conclusion that maybe that’s why we’re in the mess we are in right now in the mortgage business. The truth of the matter is this; no one should ever manipulate the numbers to make [...]
Home Loan Modifications
I have received several calls over the past week in regard to home loan modifications for people that have not been able to refinance their homes due to the loan on the house being more than its current value or the current financial position has changed and they can not longer qualify for a refinance. [...]
What is a “no cost” FHA Loan?
The closest thing to a no cost FHA loan is a streamline refinance though this is changing very soon just like so many other things in the loan and mortgage world. A streamline has been done in the past without an appraisal and credit is pulled to verify that the mortgage has been paid over [...]
The Relationship between Credit Scores and Mortgages
In the good old days, you would go down and talk to your local banker who has known you and your family for forever and you would let him know where you were working and how much money you made. After he asks you a couple of questions he would tell you to go find [...]
Finding a Second Loan
Needless to say, if you have been shopping for a purchase second, they are hard to find. Just a couple of years ago banks and mortgage companies were competing like it was the Olympics for second mortgage business. Now you can’t hardly find anyone that will do a second over 80% and no one over [...]
Qualifying for More than One Home
In the good old days, about two years ago, investors, people who wanted to purchase a second home and those moving from one location to another who could wait to sell their current home could do all sorts of things to help them qualify for the loan. All of which were within the regulations of [...]
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