Mortgage and Refinancing Information Channel:

We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
 Please check back frequently as new topics are added and current topics are updated daily.

Need a Mortgage, Refinance or Equity Loan? Learn What it Takes, Before Applying

Do you know what it takes to qualify for mortgage and refinance loans? There are several factors involved with qualifying for a purchase, refinance or equity line of credit, and having an in-depth understanding of these could make the difference in you being accepted or turned down by a bank loan officer.

Here are some things loan underwriters use in seeing if you qualify for a loan: your credit rating; your income; the amount you wish to borrow vs. the value of the property, this is known as loan to value or LTV; your assets; cash on reserve to cover down payments and reserve funds to cover a few months worth of mortgage payments, in the event you can't pay for an indefinite period of time; your employment history.

Most people worry about credit, even people who have excellent credit. Credit is such an unknown. Put your mind at ease. You can purchase a house with poor or no credit at all. In fact, with a poor credit rating and only 3 percent for a down payment, you can get an FHA loan. FHA is not a credit score driven program, so you can qualify this way if you have to do so.

If you have excellent credit, the lending world is wide open to you. You can put very little -- even no money down -- and still get a great interest rate. Excellent credit also gives you the power to take 100 percent of your homes equity at the prime interest rate, making interest-only payments, which is a very powerful thing.

Work history is also an important factor, as most lenders want to see two years of consecutive employment, although good mortgage professionals have programs that will get around this guideline. If you are purchasing a house, you'll need what lenders call "seasoned funds" for your down payment. That is, they have to be in your account for a set amount of time (usually 3-6 months).

When you are ready to get a loan, be sure you have assessed all of these factors, even before you mortgage professional does. Put all of the documents that verify your income and your assets together and have them ready to show to a banker, upon your visit. Be proactive and your chances of qualifying for any loan will improve.

Mark Barnes is the author of the new novel, The League, the first work of fiction, based on fantasy football. He is also an investment real estate and home loan finance expert. Learn more about his suspense thriller at http://www.sportsnovels.com. Get his free mortgage finance course at http://www.winningthemortgagegame.com

MORE RESOURCES

used office furnishings-supplies-equipment-desks-cubicles-service-counters for sale in Akron Ohio   Die cast model cars for sale in Akron Ohio  
used cars for sale in Akron Ohio   unfurnished homes for rent in Akron Ohio

RELATED MORTGAGE AND REFINANCING ARTICLES: Home Mortgage Loan Information - Which Type of Home Loan is Best For You? If you are considering buying a home, then you may be more than a little confused by all of the terms you hear about home loans. After all, lenders throw around words like fixed rate, balloon mortgages and adjustable rate mortgages without a thought. Tips for Finding the Best Agri Mortgage and the Best Agri Loan The Research Rates of Agri MortgageFirst thing, when finding an agri mortgage is to check the interest rates and the rate movements, too. The agri mortgage rates can't be too constant, they are rising and falling along the Wall Street security; that reflects the direction of rates. Real Estate Tip: Escrow Accounts -- Do You Really Need Them? If you have a mortgage on your property, whether it's for your personal residence or a real estate investment, chances are you have an escrow account. But if you are working on building wealth through real estate, you may want to take a hard look at your escrow account (or accounts, if you own more than one piece of real estate) and decide if you really need it. Mortgage Cycling May Be Your Best Bet For Equity Buildup and Investment Real Estate Mortgage cycling is a system that relies on solid budgeting, equity lines of credit and use of an open credit card. Whether you use this on investment real estate or your own home, it can work for wealth building. Home Loan Lenders - Finding the Best Home Mortgage Lender The process of obtaining a mortgage or home loan can be very stressful and quite time consuming. Finding the best lender for your situation requires research and comparisons between lenders and loan packages. Home Equity Loan - With a Reverse Mortgage, Your Home Pays You! The home equity loan has become quite popular in the last five years, and Americans have tapped into the equity of their homes in record numbers. The reasons vary, although home improvement and debt consolidation are the most common reasons for borrowing against a home's equity. Homeowners' insurance: The mortgage connection A home owners' insurance is the cover for the house against natural calamities as well as liability. This covers the house and its contents but also other personal possessions which the house secures. An Infinity Mortgage? Here in Spain the concept of a mortgage period of 20 or 25 years is something new. The general feeling by the banks is that want their money back more quickly than banks in countries in which they are accustomed to longer periods. Home Mortgages: How About Those 1.75% Loans? You've undoubtedly heard or seen ads for mortgages with very low interest rates such as 1.75%. 5 Ways to Use Your Home Equity Line of Credit Your home is a source of pride and accomplishment. Did you know that your home can also be an affordable source of income? As your home appreciates and you make your monthly mortgage payments you build what's called equity. Home Equity - Let the Market Eliminate Your Private Mortgage Insurance In decades past, most people who were interested in obtaining a home loan were required to put down at least 20% of the purchase price. Those days are gone, and as home prices have risen faster than incomes, the average down payment required by lenders has dropped. Life of an Escrow Escrow is one of the last stages in the purchase or sale of a real property. When someone says that they are in escrow, it means that they have either accepted an offer on the sale of their property, or their offer to purchase has been accepted. Repayment Remortgages is The Cure For Outdated Endowment Policy If bulls and the bears of the stock market have no effect on your mortgage plan then you must apply for endowment to repayment remortgage. An endowment mortgage is a financial product offered mainly in the UK. What is a Self-Certification Mortgage? A Self-Certification mortgage is a mortgage designed for people who are unable to provide proof of income. This type of mortgage was originally designed for the self employed who historically experienced difficulty obtaining a loan with 'high street' lenders due to not having audited accounts available. Mortgage Tips For The Frantic It is a curious fact of human nature that people will haggle over the price of an umbrella, but buy a house on impulse. We understand small amounts of money; we know what they can buy. Top 5 Methods to Manage Your Home Equity As your home appreciates in value, you gain equity. You can look at this equity, as a portion of the value of your home, which becomes an asset that is not burdened by debt. Alternative Options For Rising Interest Rates As interest rates have risen in the last six weeks from record lows, homeowners are once again face with finding viable options to reduce the amount of interest paid on their home loans. The rush to refinance provided borrowers with good to excellent credit the opportunity to take advantage of low interest rates, that helped to reduce their monthly mortgage payments, which was the only benefit provided by the lowered rates. What is a Current Account Mortgage? Current account mortgages are fairly new to the sector. They are quite different to other types of mortgage as they enable you to set off all your savings and debts in one single account. Home Buyer Beware - Know the Signs of Real Estate Market Trouble Lots of articles have appeared recently about the booming real estate market in the United States. Home prices, especially on the East and West coasts, are not only at record levels, but are increasing at record rates. Look For a Great Mortgage Online People who are looking for a mortgage today have many more options than those who were searching for a mortgage a few years ago, thanks to the Internet. Consider how technology has changed the way we do many things, including shopping for products and services - including loans and mortgages.

HOME | SITE MAP © 2012 - 2023 All Rights Reserved Increase pagerank with HitsSurfer