The housing crisis is behind us and more lenders are willing to provide a stated income loan. How do you know which lenders are good and which are not? What’s the best way to shop for this loan?Looking for Current Mortgage Interest Rates? Click Here.This guide will help point you in the right direction. What is a Stated Income Loan? First, let’s look at today’s stated income loan. It’s not the same one from 10 years ago. Before you could literally state your income and assets and get a … [Read more...]
When Does a Mortgage Pre-Approval Expire?
Before you even step foot in the real estate market, looking at homes for sale, you need to find a lender. Once you do, you need to secure a pre-approval letter from them that lets the seller and/or real estate agent know that you are pre-approved for the loan. Without this letter, many sellers won’t even waste their time showing you the home. They only want serious buyers that they know have the ability to secure financing (or pay cash).Looking for Current Mortgage Interest Rates? Click … [Read more...]
The Steps to Writing a Financial Hardship Letter for a Mortgage
If you are asking your mortgage lender for help because you can’t make your payments, you may need to write a financial hardship letter. This letter lets the lender know the exact circumstances of what happened to cause you to fall behind.Looking for Current Mortgage Interest Rates? Click Here.Your hardship letter must be very detailed and include the points that lenders look for when deciding if you are a good candidate for a loan modification.Keep reading to learn more about the … [Read more...]
The Top Ways to Choose the Right Mortgage
You are ready to buy a house – congratulations! Before you start, though, you need to do the hard work of finding a mortgage. If this is your first home, you may not even realize how many mortgage programs are available today. It’s more than choosing the right interest rate or even the right term – you have to put all of the pieces together to choose the right loan.Get Matched with a Lender, Click Here. The Type of Loan First, you must choose the right type of loan. The choices … [Read more...]
The Steps to Making a Success Offer on a Home
You’ve decided on a home and are ready to make the offer. Do you know what you are doing? Do you know what sellers want?Looking for Current Mortgage Interest Rates? Click Here.Even if you work with a realtor (which we recommend), it’s important to know what makes a great offer. We outline the steps for you below. Get a Pre-Approval Before you look at homes, find a reputable lender and get pre-approved. This step saves a lot of time and frustration.Sellers will take your offer more … [Read more...]
Mortgage Questions You Need to be Asking Your Loan Officer
Buying a home means making a lot of decisions. Before you even look at homes, though, you have one very big decision to make. You need to find a loan officer. While they are a dime a dozen, this isn’t a one-size-fits-all approach. You’ll want to look for certain characteristics of the lender and even the person handling your loan before you jump on board. Looking for Current Mortgage Interest Rates? Click Here. Consider these top questions before you choose someone to handle your next … [Read more...]
Tips for Choosing the Best Mortgage Lender
Today, finding the right mortgage lender may mean more than going to your local bank. Years ago, that’s all you had to do. Your local bank knew you and could get you approved for a loan. If they didn’t approve you, it was much harder to find a loan.Get today’s mortgage rates!Today, you have hundreds of options. Your local bank is still an option, but it’s not the only one. You can use other banks in the area, credit unions, and mortgage lenders. You can also try a mortgage broker. A … [Read more...]
Understanding the Arm’s Length Sale
Buying and selling real estate is expensive. In order to ensure that it’s conducted in a fair and practical way, there are certain regulations you must follow. One of them is the arm’s length sale. As the name suggests, you must have a ‘spaced out’ relationship with the seller. In other words, you can’t buy the home from your mom or uncle.Looking for Current Mortgage Interest Rates? Click Here. Why are Non-Arm’s Length Transactions Bad? You may wonder what the harm is in conducting a … [Read more...]
What’s Better – Renting or Buying?
The American Dream makes us think we have to buy a home or we aren’t living life the right way. Is that the case, though? Today many people choose to rent (or are forced to do so), and is it really all that bad? Both buying and renting have their pros and cons.Get Matched with a Lender, Click Here.We help you understand both sides below. The Long-Term Commitment of Buying Buying can help you make money on your investment, but it’s a long-term investment. Do you know what you will be … [Read more...]
How Long Does a Title Search Take?
You don’t have control over a few components in the mortgage approval process, one of which is the title search. All mortgage companies require a clear title before they will clear your loan to close. But just how long does the title search take?Get Matched with a Lender, Click Here.Typically, the process takes two weeks, but each situation differs. The title company you use, their current workload, and the complexity of the search play a role in how long it takes. What is a Title … [Read more...]