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"Pre-Qualified" and "Pre-Approved" - 01/23/07 10:55 AM
There are "pre-qualified" and "pre-approved" buyers. Pre-qualified means that the buyer has spent a few minutes on the phone with a mortgage consultant and based on the information provided by the buyer, has been given the go ahead on a tentative mortgage amount. There is no verification of the provided information and therefore most Realtors consider pre-qualified as nearly worthless.Pre-approved means that the information (employment, credit, debts, etc.) has been verified by the mortgage consultant and Realtors therefore consider these buyers much more attractive when analyzing offers. It is not uncommon for a seller to accept a lower offer by a … (3 comments)
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Loan Related Closing Costs - 01/23/07 10:29 AM
Loan-Related Closing CostsLoan Origination Fee /ProcessingThis covers the administrative expenses in setting-up and processing the loan. The loan origination fee may be a percentage of the mortgage amount.Points (optional)An option for the home buyer is to pay points to lower the interest rate at which the loan will be repaid. Each point equals 1 percent of the mortgage amount. For example: on a $150,000 loan, 1 point would equal $1,500.Appraisal FeeThe fee for having the house appraised may be incorporated into the closing costs or payment may be required by the lender at the time the loan application is submitted.Credit ReportThe … (1 comments)
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This is life after a bankruptcy.. - 01/23/07 10:26 AM
A bankruptcy filing delivers a devastating blow to your credit and FICO score, but it doesn't mean you have to wait 10 years before you can qualify for a mortgage. Many consumers who have filed for bankruptcy have been able to obtain a mortgage, although it is often at a higher rate than someone qualifying for a prime or "A-paper" loan. While credit card companies may care about what happened before you filed for bankruptcy, many mortgage lenders are more interested in your recovery - what you've done since your filing. It won't happen over night, but here are some tips … (1 comments)
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Buyers Agent - 01/23/07 10:14 AM
You probably found your self in front of that great looking house before, and called name on the sign. Why not? That is agent who knows everything about that house.
That might be truth, but your buyer's agent can know just as much if he/she gets chance to work for you. When ready to buy get smart and get your self a buyer's agent. That is only way for you to get a proper representation, and to get proper information's. Average home buyer is scared to select and commit to working with one agent, good agent will not invest anytime … (1 comments)
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Debt to Income Ratios - 01/22/07 03:42 PM
Debt-to-Income Ratio, also known as CapacityLenders will calculate with information you provide, your "Debt-to Income" (DTI) ratio. This means your financial capacity to repay your loan. Can you repay your loan plus your regular monthly debts such as credit cards, car loans, student loans etc. and have enough money to still live on. The DTI is calculated by adding up all of your monthly debts and dividing the total monthly debts by your gross monthly income.
An example of this would be a proposed mortgage payment of $1200 per month and $600 per month in other debts creating a debt load … (0 comments)
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Credit Rating - 01/22/07 03:41 PM
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House Buying Steps - 01/22/07 03:37 PM
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Types Of Mortgages! - 01/22/07 03:35 PM
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Reverse Mortgages? - 01/22/07 03:29 PM
With a normal home loan you pay a monthly amount (principal and interest). With each month, the amount that you owe goes down and the equity in your home goes up. A reverse mortgage works just the opposite. With a reverse mortgage you can turn the equity in your home into cash. You do not have to make monthly payments. The cash may be paid to you in many different ways, such as a single lump sum payment, a regular monthly amount or you can get a credit line account which mean you can get the money as needed. You continue … (1 comments)
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