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Strategies to Help You Get a Home Mortgage
from: Deb St. George - HomelessInKingCounty.comYou’ve heard it’s tough getting a home mortgage today, and that’s true. However, the formula for getting approval isn’t too difficult to understand and there are strategies to help you eventually get a home mortgage eventually. You just have to follow the same guidelines that the mortgage brokers will use to determine your creditworthiness to decide whether it’s time to apply for a mortgage. Even if you are turned down, what you learn from the experience will eventually help you qualify later. And, as the credit market eases in panic, you may even find yourself in a great position to buy a low-priced, quality, home with just the right qualifications the lenders are looking for in a borrower.
Your Credit Reports
If you haven’t checked your credit reports in years, do so before you apply for a home mortgage. There are three major credit bureaus that you will need to ask for a copy of your credit report: Equifax, TransUnion, and Experian. You will need to ask for a copy from each of these credit bureaus, as the information is not common between all of them. Some may have entries that others don’t and the key is to clear up all your credit reports so that your credit is sparkling clean by the time you apply for a home mortgage.
Once you receive your credit reports, check out any inconsistencies on it that might be disputed and then dispute them. You won’t get your actual FICO score when you get a free credit report, for that you have to pay. This is actually well worth paying for as the new FICO score that lenders are looking for is anything above 720. The higher your score about this number, the more leverage you have for scoring a low interest rate and favorable home mortgage terms.
Seek Home Ownership Programs
If you aren’t able to qualify for a loan right now there are agencies set up to help low-income people qualify for a home by educating them on the entire process. You will want to check out if you are eligible to participate in any home mortgage and ownership classes to help you resolve issues way ahead of time. Places to find such programs include the Department of Housing and Urban Development and your state’s Housing Finance Agency. Also check out your local yellow pages, but be aware to check the credential of any program with the state agencies so that you don’t end up being defrauded. Other issues that can be discussed in these programs are your income level, your level of debt, and your reasons for buying a home.
Michigan Mortgage Rate News
Fixed Mortgage Rates Hit Record Lows Again - MarketWatch (press release)
 CBS News | Fixed Mortgage Rates Hit Record Lows Again MarketWatch (press release) MCLEAN, Va., May 17, 2012 /PRNewswire via COMTEX/ -- Freddie Mac (OBB:FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates again hitting new record lows. The 30-year fixed-rate mortgage ... Fixed mortgage costs sink to record low Mortgage Rates Hit New Lows Again; 30-Year at 3.79% US Mortgage Rates Hit Record Low For 3rd Straight Week: Freddie Mac |
Fitch Rates McLaren Health Care (MI) Series 2012A Bonds 'AA-'; Outlook Stable - MarketWatch (press release)
Fitch Rates McLaren Health Care (MI) Series 2012A Bonds 'AA-'; Outlook Stable MarketWatch (press release) Bond proceeds will be used to refund McLaren's series 1998A bonds and the series 1998, 2003 and 2006 bonds issued on behalf of Northern Michigan Regional Hospital, refinance draws on certain lines of credit, refinance a mortgage and pay costs of ... |
Mortgage Rates Respond To Housing Starts Data - The Mortgage Reports
Mortgage Rates Respond To Housing Starts Data The Mortgage Reports Mortgage bonds are viewed as a low-risk investment and a safe place to "park money" when global economies move toward distress. In most months, the strong showing in US Single-Family Housing Starts would lead all types of mortgage rates higher ... |
Ellis: Force mortgage firms to shape up - Lansing State Journal
Ellis: Force mortgage firms to shape up Lansing State Journal Congratulations, Michigan, on receiving $97 million in settlement money form five mortgage companies. I am glad that state Attorney General Bill Schuette finally got on board and applied to be part of this national settlement. |
N.J. foreclosure inventory spikes; 2nd most in nation - Asbury Park Press
N.J. foreclosure inventory spikes; 2nd most in nation Asbury Park Press The results come even as other states that were hard-hit victims of the mortgage meltdown that began in 2008 have moved off excessive inventory. In Michigan, for example, only 3 percent of all home loans are in foreclosure, and in California, that rate ... |
Banks turn to "short sales" in Michigan as home foreclosure rates continue to ... - Michigan Radio
Banks turn to "short sales" in Michigan as home foreclosure rates continue to ... Michigan Radio A short sale is where a mortgage lender allows a property to be sold for less than the amount owed on a mortgage and takes a loss. “Based on other data we're looking at that's a trend that's going to continue this year. Short sales are going to become ... |
Tax Code Overhaul Requires Tradeoffs of Popular Benefits - Bloomberg
Tax Code Overhaul Requires Tradeoffs of Popular Benefits Bloomberg ... the top tax rates to 25 percent without specifying how they would do it. Independent analysts have said that they would need to consider limiting benefits for mortgage interest, charitable contributions and health care. Camp, a Michigan Republican, ... |