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mortgages: When Banks Fail, What Does it Mean to My Mortgage? - 08/19/08 10:42 PM
Last month, the fallout from the mortgage crisis took a rather unusual turn. For the first time in 20 years, several US banks went belly-up, most notably IndyMac Bank, the second largest financial institution to fail in US history, and one of the largest mortgage lenders in the country. Suddenly, IndyMac's bank account and mortgage holders found themselves in uncharted territory – what did this mean to their money and, more importantly, what did it mean to their homes?
Over the next few days and weeks, the Federal Reserve, which seized IndyMac's assets, did its best to assure IndyMac's customers that … (0 comments)
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mortgages: Planning Your Mortgage and Seeking Pre-Approval - 06/28/08 08:35 PM
Seek Pre-ApprovalWhat's the difference between pre-qualification and pre-approval?Pre-qualification is the starting point in your search for mortgage financing. A quick snapshot is taken which includes income, existing debt, savings, length of employment, etc. All of these factors will then be analyzed to determine your loan eligibility.Pre-approval is written documentation that shows you have the support of a lender who is willing to finance you. It means an underwriter has reviewed your loan application. Based on your income, debt ratio and savings, the underwriter provides the dollar amount you are eligible to borrow. Now you can shop around for houses that fit … (0 comments)
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mortgages: FHA is Back and Better Than Ever - 06/13/08 12:21 AM
Federal Housing Administration (FHA) loans have become an extremely popular choice recently for Americans looking to buy a new home, or refinance an existing home. In fact, according to the FHA, the total volume of FHA loans has reportedly tripled in the last year alone - but why?In recent years, the FHA has made some important policy changes in order to be more competitive. These changes, along with the effects of the subprime collapse and the subsequent credit crunch on the mortgage and financial markets, have combined to make FHA a valuable option for many Americans, especially first-time home buyers, borrowers … (2 comments)
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mortgages: How Much Money Should You Borrow? - 05/27/08 10:56 PM
While it might be tempting to borrow whatever amount of money your lender is willing to give you, it's important to think carefully about how much you'll actually need to borrow in order to purchase a new home. From the down payment to taxes to insurance and interest rates, there are many factors to consider when making this important, life-changing decision. Contrary to popular sentiment, there is no standard formula for accurately calculating the specific dollar amount you should borrow when purchasing a new home. Many websites do offer special borrower calculators that claim to factor in important variables, and yet … (0 comments)
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mortgages: Avoid Changes to Your Financial Profile during the Loan Process - 05/18/08 06:36 PM
Once your loan package has been sent to the lender, there are a number of things you should avoid doing that will change your financial picture. Remember, the lender is looking for stability and consistency. If you want the best interest rate, keep that in mind. Here are a few things to consider:The lender is looking to see what your source of down payment is.Your lender will most likely ask you to provide proof of your liquid assets. This includes bank statements for checking and savings accounts, verification of investments, and any other liquid assets. Some of the things they ask … (0 comments)
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Jose Delgado
Eugene,
OR
More about me…
Opes Advisors, INC.
Address: Eugene, OR, 97401
Cell Phone: (541) 968-5648
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