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How to Get Your Loan Approved by the Mortgage Company
from: Deb St. George - HomelessInKingCounty.comThere’s no question that credit resources have tightened across the United States and abroad. The subprime loan mess has left huge echoes of dismay from lenders that make it much harder to qualify for a mortgage from any mortgage company. Whereas, in the past, you could be relatively certain of getting into a home (even with no money down), today’s mortgage company is requiring far more stringent guidelines be followed. Along with the mountainous pile of paperwork you have to fill out, you may be asked for even additional documentation in this climate of loans, which went badly.
Keep Track of Your Credit Score
Now, even more than ever, your credit score counts. The average good score has been raised to 720 to 750 for most lenders, including mortgage lenders. A mortgage company will scrutinize your credit report heavily. There are new rules coming about that may help those whose credit only suffered a minor ding here and there, but if you have multiple late payments and defaulted loans, your chances of getting approval from a mortgage company drop substantially. Since most mortgage lenders are not doing subprime loans anymore, if your credit is not good, you will find the battle to be uphill.
Collect Your W-2s, Tax Returns, and Bank Account Statements
A mortgage company may ask for additional proof of your income and assets besides just your tax returns. They may also ask for several month’s worths of bank statements and copies of your W-2s. You can expect to have to substantiate any level of income you state on a loan. Unlike the past liar’s loans, which allowed self-employed people to estimate their income with little documentation, newer guidelines will keep this from happening.
Expect a Sizable Down Payment
You will be asked to put down from 10 to 20% of the home’s value as a down payment. If your credit is less than stellar and/or your income fluctuates, then you may be asked to put the full 20% down in order to qualify for the interest rate that you want on the loan that you want. You can negotiate with the mortgage company to put down less than the full 20% but it usually comes a higher cost of a higher interest rate, which can add hundreds of thousands on to the cost of the loans. In addition, should the home’s value depreciate, as some have done in California, the additional equity you’ve placed in the home can keep you from being upside-down later when you want to sell or refinance.
Home Mortgage Refinancing News
US 30-year mortgage rate falls to record 3.79 pct. - BusinessWeek
 USA TODAY | US 30-year mortgage rate falls to record 3.79 pct. BusinessWeek By MARCY GORDON Average US rates for 30-year and 15-year fixed mortgages fell to record lows for the third straight week. The steady decline has made home-buying and refinancing more affordable than ever for those who can qualify. 30-year mortgage rate falls to record 3.795 |
Mortgage refinancing applications jump; rates fall: MBA - Chicago Tribune
 e-wisdom.com | Mortgage refinancing applications jump; rates fall: MBA Chicago Tribune NEW YORK (Reuters) - Applications for US home mortgages surged last week, driven by increased demand for refinancing as interest rates hit fresh lows, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted ... A Refinancing Boom On European Strife Mortgage rates reach new low, spur refinancing Mortgage applications increase on jump in refinancing |
Can you refinance an underwater home without HARP? - wflx
 eNewsChannels | Can you refinance an underwater home without HARP? wflx More >> A lot of homeowners with underwater mortgages would like to refinance, but they don't qualify for HARP (the federal Home Affordable Refinance Program). Do they have other options?More >> What kind of credit score do you need to qualify for a ... Mortgage Lender Residential Finance Corp. Explains Benefits of HARP 2.0 New Jersey Refinancing Expert Explains New Home Affordable Refinance Program Clarifying HARP 2.0 Myths |
Boom-Era Debt Sparking German Apartment Sales: Mortgages - Bloomberg
Boom-Era Debt Sparking German Apartment Sales: Mortgages Bloomberg Deutsche Annington, owned by funds managed by Terra Firma, needs to refinance 4.46 billion euros of debt coming due in July 2013. The Bochum-based company owns and manages 215000 homes across Germany. Vitus Immobilien Sarl, owner of 30000 German homes, ... |
Principal Reductions Won't Solve US Mortgage Mess - Bloomberg
 PBS | Principal Reductions Won't Solve US Mortgage Mess Bloomberg ... for refusing to allow Fannie Mae and Freddie Mac to pay for large-scale principal reductions for underwater borrowers (those who owe more than their homes are worth) or to facilitate refinancings for those stuck with high interest rate mortgages. What mortgage rate will you really get? Mortgage Principal Reductions Weighed for Fannie, Freddie Mortgage Forgiveness Said to Be Part of New U.S.-Backed Program |
Obama's Disclosure Shows Mortgage Refinance Not High on Agenda - San Francisco Chronicle
 BBC News | Obama's Disclosure Shows Mortgage Refinance Not High on Agenda San Francisco Chronicle Rates for a 30-year fixed mortgage averaged 4.46 percent last year, according to Bankrate.com data, hitting a low at the end of the year of 3.92 percent. In 2011, 4.3 million homeowners refinanced, according to data from the US Department of Housing ... UPI NewsTrack TopNews Obama Disclosures Reveal Account at JPMorgan Obama assets valued between $2.6M and $8.3M |
Mortgage Refinances That Make Sense - FreeRateUpdate.com
 e-wisdom.com | Mortgage Refinances That Make Sense FreeRateUpdate.com In this way, the home is protected from higher monthly payments and the mortgage refinance continues to make sense. The ultimate goal of a mortgage refinance for the average homeowner is savings which is very real and attainable in today's low mortgage ... Mortgage delinquency rates at lowest levels in three years Interest Rate Cut to Benefit Homeowners |