home loans: Step to Financing a home
- 03/30/11 08:58 AM
1. Choose a loan officer. 2. Make a loan application and get preapproved. 3. Determine what you want to pay and select a loan option. 4. Submit to the lender an accepted purchase offer contract. 5. Get an appraisal and title commitment. 6. Obtain funding at closing. And remember, you don't need to save up a lot of money for the down payment. A conventional mortgage can require as little as a 5 percent down payment, and there are even some first-time buyer programs and FHA loans that require even less. And once again, only you can decide what you can … (0 comments)
home loans: TALK TO YOUR FINANCIAL SPECIALIST
- 03/25/11 04:22 AM
Talking to the lender, or loan servicer, the company that collects the payments, should be one of your first steps. The earlier you call, the better your chance to work out a solution. Here are some options: Loan Modification. Loan servicers can help you catch up on late payments or amend your mortgage to make it more affordable. For homeowners who face losing their home, a loan modification is often the most effective way to avoid foreclosure. The options include: o Adding all the missed payments to the loan amount and changing the monthly payment to cover the larger loan. … (0 comments)
home loans: To buy or not to buy
- 03/15/11 05:14 AM
Buying your first home is a major step. There's a lot you need to know to make the right decisions - and also to avoid making the wrong ones. And that's particularly true in this current buyers' market, when there are so many homes available and sellers have such diverse motivations. The good news is that if you know what you're doing, or if you're working with a highly-experienced REALTOR® who does, this market offers fantastic opportunities to get a great home at a great price. Owning Versus Renting Without question, owning a home comes with responsibilities and risks that … (1 comments)
home loans: WATCH OUT FOR PREDATORY LENDERS
- 03/09/11 01:36 PM
Here are some warning signs: Sounds too easy. "Guaranteed approval" or "no income verification" regardless of borrower's current employment, credit history, and assets. These claims indicate the lender doesn't care about whether you can afford to make the payments over the long haul. Excessive fees. Higher lender and/or mortgage broker fees than are typical in your market. Because these costs can be financed as part of the loan, they are easy to disguise or downplay. On competitive loans, fees may be negotiable. It is common for home buyers to pay only 1 percent of the loan amount for prime loans. By … (1 comments)
1. Choose a loan officer.
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