Home Improvement Home Equity Loan

Getting a Home Equity Loan to do Home improvement is a very personal endeavor to everyone. It involves particular needs of an individual’s home, along with various other tasks. This vast world has so many tools, regulations, and techniques that it can seem a bit confusing as to where you need to begin. These tips can help you make sense of the confusion.

During the summer, you need to utilize lots of fans. Ceiling fans will keep cool air circulating. Fans help decrease the energy that is spent on the air conditioner. As a result, your electric bill can be decreased.

If you refinish your existing cabinets, rather than buying new ones, you can save a lot on your kitchen remodel. Adding a fresh coat of paint and new hardware can quickly make them look new again. You can achieve a modern and sophisticated look at a very modest price.

If you are taking on your project alone, consider hiring a interior designer for a consultation. An hour with a professional can help clarify what you want to do and help steer you away from those projects that sound good in your head but would be a nightmare to complete.

Mortgage Interest Rates

Improve your home by cutting your energy costs. Check with your utility company to see if they offer energy audits of homes. There are a lot of changes you can make to make your home more energy efficient saving hundreds of dollars a year depending on the amount of changes you can make. It also adds a great selling point for a house for the future.

When it comes to home improvement, consider adding extra insulation to your home to assist with your cooling costs in the summer and heating costs in the winter. This will save you money as well as keep you and your family more comfortable. The two best ways to insulate are to add weather strips to your doors and ensure that your attic is lined.

You can give your kitchen an old fashioned look by shopping for old tins. Flea markets and thrift shops are full of vintage coffee, tea and candy tins that make great little storage spaces for your items. Use them to hide your utensils, cookies, flour or sugar. Attach little handmade labels to the top labeling what each one contains.

Chandeliers are a great addition to any dining area, but overtime they can be a real collector for dust. To get rid of the dust on your chandelier you first need a pair of white cotton gloves. One of the gloves needs to be dry and the other needs to be dampened with any brand of glass cleaner. Make sure to wipe each prism with the damp glove first and then the dry one.

While home improvement is entirely a personal endeavor for everyone, it does share the main goal of making one’s home better. As you have seen in these tips, there are various approaches, but they are all created around the idea of making your home look the way you want it to look.

Home Improvement Mortgages

Use the equity in your home to do your improvements to your home and get a Home Equity Loan . Known as a HELOC loan, these type of loans make it easy for you to get the money you need to make the planned upgrades. These are usually a Line of credit and you just use a debit card or write a check to access the funds.

Have Retirement Questions? Get Your Answers Here

Are you ready to retire? If you are young, you probably are not prepared for retirement. Nonetheless, it is important that you understand that greater efforts now will equal greater enjoyment later. Some people can even retire early if they wish to. Take into account all of your options and use the tips presented below.

Either start saving or keep on saving. If you aren’t saving already, then it’s due time that you started. You can never really begin saving too early for retirement. If you are already saving, then good job, but you can’t slack off as time goes on. Keep saving and don’t give up.

You need to figure out what exactly you think your retirement will cost you. You need about 75% of your current income to live during retirement. Workers that have lower incomes should figure they need to require around 90 percent.

As you face retirement, consider going out and making new friends. While there may be nothing wrong with the old group you hang out with, not everyone stops working at the same time. You will want people you can relate to and people with similar schedules. Don’t be afraid to seek out new buddies for your golden years.

Reverse Mortgage

Getting an FHA Reverse mortgage may be for you. With this type of mortgages, there is no house payment. Many Seniors are confused about Reverse mortgages and should call us to get their questions answered. 877-244-9190.

Think about partial retirement. If you would like to retire, but cannot afford to yet, partial retirement may be a consideration. This means cutting down your hours at your current job. This will allow you to continue to bring in some income, while beginning retirement, which can always be expanded upon in the future.

Contribute to your 401k regularly and take full advantage of any employer match that is provided. This lets you sock away pre-tax money, so they take less out from your paycheck. When your company matches the contributions you make, your money will grow even faster!

Consider paying off your mortgage when you cash out any retirement funds. For most people, the mortgage is the biggest bill each month. If you can pay it off, you can substantially reduce your monthly debt, making it easier to live on a fixed income. You will also have substantial equity in your home to pull from in an emergency.

Does the fact that you are not yet saving for retirement concern you? While you may not be in the most advantageous position, you can still get the ball rolling now. Review your financial situation and start saving all you can. Don’t worry if it isn’t much. Taking the steps to start saving something – even a little – will help you build a nest egg that will grow over time.

When trying to determine how much to save for retirement, first figure out what your ideal annual income in retirement will need to be. That should represent 2 percent of your total retirement portfolio. That will make your portfolio large enough to last a long life expectancy on your part.

Reverse Mortgage Basics

A reverse mortgage is helpful to many people during their retirement. This allows you to stay in your house, but you can get a loan that’s based on its equity. You don’t have to pay this back, the money will be due from the estate after you’re passed away. This can provide you with extra money if you require it.

What are your retirement plans? Do you want to live on just the basic necessities, or do you want to do fun things like traveling or work on great hobbies? These choices sound great to someone still working, but whatever you choose, you have to be ready when you retire. Put these tips to use and have fun in your last years.

Learn The Secrets Behind Buying A Home

Buying A Home is a big decision. Whether you are a first time home buyer or a veteran to the market, you are going to benefit from the information that follows. There are constant changes to the market and knowing the latest tips for success in buying real estate is going to benefit you, no matter your situation.

Mortgage Rates

Investigating the various mortgage options available and determining what you will qualify for are essential when purchasing real estate. Doing homework on lender sites is important for getting your perspective on the goals you should be setting for purchasing. Talk to lenders to seek information while avoiding having your credit polled as this can decrease your credit score.

When you are interested in buying a home you should always shop around for the best mortgage and deals. There are several places that you can choose from such as banks, mortgage lenders, credit unions, housing agency mortgages, local and state programs, and mortgage assistance programs. When you look around you will know that you are getting the best deals out there.

Before purchasing a home, it is important to make sure your credit is sound. Your credit score can determine whether or not you get approved for a mortgage. Make sure to check your credit score with all three agencies before talking to a lender. Also, forgo any large purchase until after closing on your new home.

You may want to consider an FHA home loan. It usually has a lower down payment requirement and less stringent qualification guidelines.

An 80/20 loan may be the solution to your problem if you cannot seem to come up with the money for a down payment on a home. This is when you take out a mortgage to pay for 80 percent of the home and an additional loan to cover the other 20 percent.

Mortgage Insurance

Plan on paying for private mortgage insurance if the down payment on your new home is less than twenty percent. The cost of your insurance will vary from person to person and location to location, but the average is $50 to $80 per month. You may be required to pay this amount until the equity you have in your home reaches the twenty percent threshold.

To save money on your financing when you buy real estate have all of your conversations with the mortgage broker documented by having everything done through email. By requiring that everything is in writing this way there will be back up in case they want to change the rate or terms at a later date.

If you are Buying A Home, a few tips will help you. Use the provided information, whether you are a first time home buyer buying your first property or your fifth. You are going to benefit from knowing the way that things are working at this point in time. This knowledge could save you money and heartache, by helping you make profitable decisions, when shopping for real estate.

From Scary To Fun: Tips To Help You Enjoy Buying Real Estate

Buying Real Estate can be the best way to build wealth. The real estate market is currently flooded with distressed properties, whether we’re talking about homes, land, condos or anything in between. This is why it’s so difficult to find the right type of real estate when you’re ready to buy. Give this article a thorough read before you decide to invest your money in any venture.

The neighborhood beyond the property lines has a huge impact on real estate decisions. Because buyers are considering not just a house but a potential home, the condition of nearby properties and the services available in close proximity factor into the overall appeal of any property. While a seller has little control over these factors, he or she must recognize their effect.

Be cautious when hiring a home inspector. Get recommendations from friends and family, and it is usually wise to hire your own inspector, even if the seller offers to have it inspected. Do not go with the first inspector you find, call and interview at least three so you can be confident in your choice.

Picking your Realtor

If you trust the realtor you have chosen for your real estate purchase, it can be in your interest to ask about service providers for other aspects of the purchase. Realtors work with mortgage lenders and others on a regular basis and can recommend those that they have a professional relationship with. By doing so, much of the guesswork can be taken out of the process.

When looking at a home to purchase, be sure that the work that may have been done was done with permits. Check to make sure that the square footage matches up with the records on file with the tax assessor, and if they differ have an agent check for work permits that may have been taken out for that home. It will save you the hassle of being responsible of bringing the work up to code.

Get Pre Approved for a Mortgage

Be sure to get pre approved for a new home loan before you go home shopping. The seller will be much more willing to work with you if they know you really can complete the home purchase. We offer FHA home loans with low down payments also.

Prior to making any offer on a property, be sure to hire an inspector to look over every part of the home. Nothing is quite as disheartening as moving into a home and six months later finding out that the foundation is failing. Check the inspector’s credentials, performance history and references before settling on one to inspect your investment.

You will want to get pre-qualified for a mortgage loan before you start shopping for a house, to help you determine the price range in which you should be shopping. It will give you an amount that you will be able to afford so you know how expensive of a home you should look for.

Buying a home can be an experience that is exhilarating. As long as you find a reputable professional or two to walk you through the process, and do your research about the process, you are sure to have an enjoyable experience finding the home of your dreams and successfully keeping it for many years.

Buying Real Estate,as we mentioned in the opening, you will find a lot of properties out there when you’re a real estate buyer. It can be quite confusing and even quite daunting. The tips we provided above are designed to specifically help property-buyers make the best possible decision about their investment. Do not neglect to use them.

Things To Consider When Buying A House

With the shape of the housing market today, mortgage loans are harder to get and home values are stabilizing but still have a ways to go to get back. Some California homeowners have seen their property drop by over 50%. There’s a lot of uncertainty out there and buyers just don’t know how to get a great deal in the face of so much turmoil. Home buyers, read these tips for some assistance in Buying A House.

In evaluating the value of a piece of residential property, you should be cautious about nearby commercial or industrial properties. Keep in mind that while such properties might be inoffensive (or even vacant) at the moment you look at a nearby house, the future holds no guarantees. You should factor in the possibility that an undesirable, unpleasant or even dangerous business might move in at a later date.

Get Pre-Approved for a Mortgage Before Shopping

One of the most important factors in buying real estate concerns your credit. It is in your best interest to investigate any issues that may be on your credit profile before entering into a real estate purchase. This will avoid any unknown issues that may be lurking in your credit history and save you negative surprises when it comes time to get approved.

To know everything about your new home, spend some time with the previous owners. Ask them questions about all the repairs they have done. If there has not been a lot of repairs, find out if the house needs work, or if it happens to be a relatively new house. If they have carried out many, there might be something wrong with the house.

When buying a home make sure you find out about flooding issues. Some areas are extremely flood prone and flood whenever it so much as rains. This can be vital information if you plan to live there year-round because you don’t want to be constantly flooded. Ask how often the there are floods, how many evacuation routes there are and how often those routes are used.

Check the neighborhood for sex offenders online at the National Sex Offender Public Registry. Knowing if one of these predators lives in the neighborhood that you may move to is important to the safety of you and your family. Check for registered and formerly registered offenders. Taking a minute to look may save your family heartache.

Property Taxes

Once you have found an area you would like to live in, check out things like HOA fees. Are there any special tax assessments or school taxes. If you see a property, don’t ask the real estate agent, go knock on a neighbors door. Tell them you are interested in the house for sale down the street and just wanted to know about the area. Most will open up and give you the best of information.

Assistance is exactly what you need when Buying A House. Get multiple sources of information about the area. Use what you’ve learned here to ensure that you’re always coming out ahead in any real estate deal you make. Buying real estate can be tricky, but it doesn’t have to be if you use the tips above. Got a question about a new home mortgage, we are here to help. Give us a call 877-244-9190.

Understanding the Mortgage Loan Application Process

Getting a new Mortgage Loan can be difficult. Even if you have done it several times you can still find the process complicated and intimidating, particularly when it comes to getting a new home mortgage. Countless qualification documents, unfamiliar terminology and uncertainty serve to temper the fun of buying a new home. But the good news is, Lenders have streamlined mortgage the process.

As soon as the purchase contract is signed, obtaining the financing for the purchase becomes important. If you understand the steps required to pre-qualify for a mortgage, however, much of the stress can be avoided.

Loan Applications Easier Online

You can save plenty of time if your Lender has an Online Application process. Complete the application early in the process.Once you have selected a lender, the next step will probably be a meeting with a loan officer or other lender representative, whose job is to begin the collection of information the lender needs to approve the loan. They will explain the types of mortgage loans available to you, the interest rates and fees for each type and the qualification requirements.

The total cost of a mortgage loan consists of the interest rate on the loan, origination fees, discount points, and miscellaneous other charges. One point is equal to one percent of the amount of the loan and is usually collected at the loan closing, or settlement. The interest rate affects the monthly payment amount, while points affect the amount of cash you must have at closing.

Make An Offer to Purchase

When making an offer to purchase a home, consider offering more “bottom line” money but ask the buyer to pay some of your fees or add in an insurance contract. A 3% Seller contribution is not out of the question. This is because your offer sounds higher to the seller so they will be more likely to accept it; however, you still save money.

When looking to buy your new home pay special attention to the kitchen. The kitchen is usually the center of family activity so this room is one of the most important in the house. Large kitchens are desirable, and so are modern appliances. It should be easy to get to your back yard from your kitchen, this is important for times when you may be grilling out or having outdoor parties.

The loan application form asks for information on the property you are buying, terms of the purchase contract and the employment and financial history of all loan applicants, including your spouse. The lender will verify or not to make the loan, so it is very important to make sure that it is complete and accurate.

Choose your Lender Based on Experience-Not Lowest Rate

You have a choice in a mortgage lender, so look around for the best fit for you. A lot of new buyers make the mistake of just going to their current bank and taking whatever mortgage they offer. Many times the Lender offering the lowest rate is inexperienced and when there is a small issue with the loan, they move on to others and forget you. Choose experience over rate.

You may consider a FHA home loan or even a VA home loan if you are a Vet. The advantage of these loans is an easier approval process and a lower than average interest rate and lower down payment.

The Purchase Agreement

Because the property is security for the loan, the lender will have an appraisal done on the property, and you need to have the following information available:

• A complete copy of the sales contract, including any addendum’s, signed by all parties, showing the full names of the sellers and buyers as they will appear on the new deed, the amount of earnest money deposit and who is responsible for closing costs, origination fees, etc.

The loan officer will want the social security numbers of you and your spouse (or other co-borrowers), age, number of years of schooling, your marital status, number and ages of dependents and your current address and telephone number. If you have lived at your current address less than 2 years, be prepared to furnish former addresses for up to seven years. The lender will pull your combined credit report.

Information and Documents you will need

• Recent paycheck stubs and Federal W-2 forms for two years (some lenders may require full Federal tax returns). If you are self-employed, full tax returns and financial statements for 2 years, plus a profit and loss statement for the current year to date.

When you are obtaining home financing you should understand how the interest is calculated. Your rate could be fixed or it could be adjustable. With fixed interest rates, your payment will usually not change. Adjustable rates vary depending on the flow of the market and are variable.

The loan officer will have you sign a Verification of Employment (VOE) form. This will be sent to your employer to verify your employment and earnings. One will be sent to previous employers if you have been on the job less than two years. Many lenders now use a general authorization form which allows them to verify employment and other financial information on the application.

Assets and Verification of Assets

A detailed listing of your personal assets is required on the loan application form. You will need to have the following information available.

•  Two months of all pages of statements on all bank accounts, checking and savings, and money market accounts, with the name and address of the institution, name(s) on the accounts, account numbers and current account balances.
• Two recent paycheck stubs for all Borrowers

As a note, one of the worst ways to prevent the purchase of a potentially good home is to over analyze the home. Over analyzing property causes you to have doubts about it. When you have doubts about the property, you will begin to second guess yourself and decide against buying something good.

• Current market value of stocks, bonds, CDs and other investments.

• Vested interest in all retirement funds.

Having a high credit score means you will get a better rate. Check to see what your score is and that the credit report is correct. Banks typically don’t approve anyone with a score of less than 600 today.

Make sure to do research regarding prices of homes in your neighborhood. Setting your selling price too high can prevent sellers from even wanting to look at your home. Ask your real estate agent what the typical home in your neighborhood goes for, and set your home in that price range, unless your home is spectacular.

Make sure you have a large down payment saved up. It is always better to put a larger sum down when you get a home mortgage. The more money you have to put down on your house, the lower your payments will be in the future. That means more spending money each month.

As with the Verification of Employment, the loan officer will have you sign Verifications of Deposit (VOD) for each of the institutions (or a general authorization) where you have savings or checking accounts. Differences between the account balances reported by the institution and the balance you give for the loan application have to be reconciled, so be sure you have your correct current balances.

The lender will look for the source of funds with which you will make the down payment and pay closing costs and fees. Gifts from a relative, church, municipality or non-profit organization may sometimes be used, but must be verified in writing. If you are providing less than 5 percent of the sales price, the donor must be a relative and must provide a letter stating the donor’s relationship to you, the amount of the gift and the fact that no repayment is expected.

If you’re buying real estate as an investment, you cannot assume what other people may want. People’s desires change depending on the state of the market, so always opt for low-priced property over property you feel to be more desirable to people. The object is to sell for a profit, not to leave a house sitting on the market for years.

Be realistic when choosing a home. Just because your lender pre-approves you for a certain amount doesn’t mean that’s the amount you can afford. Look at your income and your budget realistically and choose a home with payments that are within your means. This will save you a lifetime of stress in the long run.

Personal Debt to Income

You will be asked to itemize all of your current bills, loans and other debts, including current balances and monthly payments. Debts include automobile loans, credit cards such as Visa, Mastercard and other retail store accounts, finance company, bank a and credit union loans and existing mortgages, including home equity loans. You should be able to give the account or loan number, the monthly payment, the number of payments remaining and the outstanding balance.

Setting a monthly budget is a great way to ensure that you always have enough to cover your mortgage. The last thing you want is an eviction notice, so make sure that you’re taking stock of what you make vs. what you owe, including groceries, insurance payments, energy costs, and other bills.

Because of the particular circumstances surrounding a loan application, the lender may require additional information or documentation regarding you or the property after the application has been submitted for approval. Loan officers make every effort to collect all data at the outset, but cannot foresee every eventuality. Requests for additional information are not necessarily bad omens and your primary concern should be in responding promptly with the information.

After The Loan Application – What Next?

After the loan application has been completed, it will be turned over to the lender’s loan processing department and then to the underwriter, where the decision to approve or reject the loan will be made. Loan processors send out the Verifications of Employment and Deposit and order the credit report, property appraisal and other documents. The time it takes to receive these documents affects the length of time required for approval of the loan. If you are transferring from out of the local community, it may take longer to receive the credit and employment information. Processing times vary from one lender to another, but the loan officer should be able to give an idea of the processing time for your application.

Good Faith Estimate GFE

Within three business days after completing the application, the lender must provide you with a Good Faith Estimate, called a GFE of the anticipated closing costs. It will show costs associated with the loan settlement, such as origination fees, mortgage insurance, title insurance, escrow reserves and hazard insurance.

The best advice we can give you is be patient, work with experience and plan carefully. We are an experienced mortgage lender here to help you get the home of your dreams. We offer an EZ online mortgage approval process and a handy mortgage payment calculator. If you are looking to get a new home loan or even refinance home loan, give us a call 877-244.9190.

Confused About The Home Buying Process?  Let Us Help!

Real estate can be a wise investment if you buy it for the right reasons at the right time. But the Home Buying Process can be difficult. An over saturated market is not the time to buy a house to flip but it can be the perfect time to get that first starter home that you have been saving for. This article can help you to make that decision with confidence.

When you buy real estate you could end up making a nice profit. Some people buy run down homes and fix them up to sell for a higher price. However you must understand that this can take time, money and effort to do. Make sure that you have the skills and/or the money to get a place fixed up correctly to code.

Get Pre Approved for a Mortgage

Investigating the various mortgage options available and determining what you will qualify for are essential when purchasing real estate. Doing homework with your lender is important for getting your perspective on the goals you should be setting for purchasing. Talk to lenders to seek information while avoiding having your credit polled as this can decrease your credit score.

To find a well-maintained property, try looking for a home in the fall. You will be able to see issues that may not have show up during other times of the year. For example, pay close attention to the gutters; if they are full of leaves, it indicates that the seller hasn’t been caring for them properly. This may lead you to question what else on the residence hasn’t been maintained.

When you are in the market to buy a home, do not go looking at the houses that are on the top of your price range first. It is better to look at one in the lower end of your price range. The reason for this is that if you see the more expensive one first, you will always compare the other houses to it.

Buying a New Home

Consider buying a brand-new home in the fall. In many cases builders are beginning to discount their inventory and they may even offer some great incentives around September to make the sales that they need before the end of the year. Prices of these homes that do not sell in the fall will go back up in the spring.

Make sure when you are considering purchasing a home that you think that it is a home that you will be happy in for at least three to five years. It will take you that long to build up the equity in your home to recoup the money so you do not end up financially upside-down.

Hiring a buyer’s agent can be a huge advantage when you are looking to purchase a property. Listing agents must work for the seller of the home, but buyer’s agents work to help you have a quicker, easier transaction. They will look for properties for you and will help you negotiate with the seller.

As previously stated, timing can be everything in buying real estate. You also need to consider what you want to buy and why you want to buy it. The above article can help you to come to the right decision at the right time. Take the time to think it over and do it when you are sure.

We are an Approved FHA home loans, VA home loans and conventional mortgage lender. We find ways to get you mortgage options and look forward to answering your questions. We have an EZ online mortgage approval process and mortgage payment calculator to help you.

Retirement Advice For Your Real Estate!

Retirement should be a time of fun and excitement. You should have the time to pursue personal passions, travel, socialize and spend time with the grandkids. It’s not a time to fret over money issues or social security income. Maybe it is a time to get a reverse mortgage.Use the ideas and tips that follow in this article in both creating your retirement and enjoying it.

An obvious tip in regards to retiring is to make sure you start saving for your retirement. A lot of people make the mistake of not saving for their retirement and then find themselves in a bit of a pickle because they don’t have adequate funds available to them when they’re older.

Open an IRA, Kehoe or 401K  to increase your savings for retirement. This can be beneficial as there are many tax benefits, and is another way to lock in money when retirement comes. This retirement account does not charge you taxes if you were to take money out of it after you turn 60.

When you get a quote for a reverse home mortgage, make sure that the paperwork does not mention anything about PMI insurance. Sometimes a mortgage requires that you get PMI insurance in order to get a lower rate. However, the cost of the insurance can offset the break you get in the rate. So look over this carefully.

Start a savings account while you’re young, and contribute to it regularly throughout life. Even small investments will accrue over time. Your savings will grow as your income rises. When your money resides in an account that pays interest, your money has the chance to grow to provide you with extra money later on.

Refrain from taking early withdrawals from your retirement account. These withdrawals will have substantial penalties, and will take away from the money that you have set aside. Typically, you will be charged a fee of 10% on top of the federal and state taxes that you will pay, reducing your amount by almost half.

Reverse Mortgage

Knowing your credit score is important before trying to obtain a mortgage. The better your credit score, the easier it will be for you to get a mortgage. Examine your credit reports for any errors that might be unnecessarily lowering your score. In reality, to obtain a mortgage, your credit score should be 620 or higher.

Contemplate a reverse mortgage. These mortgages allow you to stay in the house you own and get a loan against its equity. You do not it repay the loan, buy rather the funds are taken from the estate once you die. You can get extra money by doing this.

A good retirement is filled with joy, love and time with others. It should not be about sitting at the kitchen table with a pile of bills and not enough money to pay them. Use every idea this article gave you that you did not know before to both establish a retirement free from money worries and then make sure you keep it that way.

We are reverse mortgage professionals and can answer all your questions. There are many myths about reverse mortgages and you need to know your exact mortgage options. Give us a call at Mortgage Consumer 877-244-9190.

Obama Home Loans Refinance Program

Even if your home is “underwater” you may be able to do a Home Loans Refinance and lower your monthly payments! The Obama Home Affordable Refinance Program (HARP) is a federal government program that enables homeowners with government-backed mortgages to refinance at today’s record low rates. Get qualified today!

HARP refinance is available from mortgage lenders. Most lenders are  able to offer the HARP program to homeowners who may have Mortgage Insurance on their existing mortgage.

Predatory lenders are still in the marketplace. These lenders usually prey on home buyers with less than perfect credit. They offer low or no down payments; however, the interest rates are extremely high. Additionally, these lenders often refuse to work with the homeowner should problems arise in the future.

Introduced in 2009, the program was designed to help homeowners who owed more than their home was worth to refinance into a lower monthly payment mortgage. The federal government broadened refinancing guidelines in November 2011 in order to make more homeowners eligible. Even those who did not qualify in the past might be eligible with today’s HARP:

HARP Refinance

• It is mostly for homeowners owe no more than 125 percent of their home’s worth was eliminated

Get your documents ready before you go to a mortgage lender. You should have an idea of the documents they will require, and if you don’t, you can ask ahead of time. Most mortgage lenders will want the same documents, so keep them together in a file folder or a neat stack

Remember that the interest rate isn’t the most important part of a mortgage. You also have to think about closing costs, points and other incidentals. There are different kinds of loan as well. That is why you have to find out as much as you can about what you’re eligible for.

• Your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac

• You do not have an FHA, VA or USDA loan

• The current LTV ratio on your home loan must be greater than 80 percent

Knowing your credit score is important before trying to obtain a mortgage. The better your credit history and score, the easier it will be for you to get a mortgage. Examine your credit reports for any errors that might be unnecessarily lowering your score. In reality, to obtain a mortgage, your credit score should be 620 or higher.

• There must be no late mortgage payments in the past twelve months

• No more than one missed mortgage payment in the past 12 months

Are you eligible

Regardless of how much of a loan you’re pre-approved for, know how much you can afford to spend on a home. Write out your budget. Include all your known expenses and leave a little extra for unforeseeable expenses that may pop up. Do not buy a more expensive home than you can afford.

If have been unable to refinance because the value of your home has declined, you may be eligible to refinance through HARP. Fill out our EZ online home loan application to see if you qualify for a HARP refinance loan and get a personalized rate quote.

Organize your financial life

If your paperwork is all over the place and confusing, then you’ll just make the entire mortgage process that much longer. Do yourself and your lender a favor and put your financial papers in order prior to making any appointments.

Never take out a new loan or use your credit cards while waiting for your home mortgage to be approved. This simple mistake has the potential of keeping you from getting your home loan approved. Make sacrifices, if need be, to avoid charging anything to your credit cards. Also, ensure each payment is received before the due date.

The program hit a few initial stumbling blocks. In 2009, when President Barack Obama first announced his plan, he had estimated the initiative would help between 4 and 5 million homeowners attain lower monthly interest payments. However, up until November 2011, the program had only helped a few hundred thousand borrowers refinance their loans. This meant that the home loan program was probably not working.

The program was then rebranded HARP 2.0 after President Obama stated that they would be making key modifications to the program to help a significantly more homeowners. The changes announced in November 2011 included removing the 125 percent loan-to-value (LTV) cap placed on the kinds of mortgages that were previously eligible for a HARP loan. This meant that borrowers who had applied to refinance their mortgages under the original HARP guidelines, but were rejected, may now qualify.

Since the program was enacted in 2009, HARP loan rates have reached all-time average lows repeatedly. This means that many borrowers who have successfully refinanced their loans through HARP have seen their monthly payments reduced. The program is set to expire by December 2015.

Home Loans Refinance tips can save you big money. We are a HARP mortgage lender and can answer all your questions regarding the program. There also may be other options like an FHA home loan or Home Equity loan. Our mortgage experience will find the best solution for you.

If I was Buying a new Home-I Would…..?

So you want to buy a new home and are looking for some advice on things. We are a 23 year Mortgage Lender, and guarantee the following home buying tips will save you not only money but also save you home buying stress.

Get Pre-Approved for A New Home Mortgage

Don’t even think about buying a new home until you have taken the time to get pre-approved for a new home loan. This process could take as little as an hour or as long as months. Don’t be satisfied with just a pre-qualification. In the qualification process, the Lender will just take the information you submit and tell you how much payment you can afford. When you go thru the full approval process, the lender will pull your credit, determine your debt to income or DTI, and tell you if pre-approval for the new home loan is possible. Little things like something showing up on your credit report you paid months or even years ago can be addressed at this time. Have a student loan with a deferred payment? The amount of the debt must be used at 5% of the outstanding balance added to your debt for mortgage qualification. There are many other things that can effect the approval. Let’s say you have an item you have disputed in the past. That item is removed from your credit score as long as it is disputed. In a qualification, your score looks sufficient but in the approval, that disputed item must be undisputed and the resulting FICO score will be used to determine if you are approved. The list of issues is long and only a seasoned mortgage professional can help you.

There are FHA home loans, VA home loans, conventional and many other options to consided in a new mortgage.

Selecting a Real Estate Agent

Never go house hunting without the assistance of a local real estate agent. When you select who will represent you, look at where their “Core” is of homes they have represented in both selling as well as buying. Find someone who is out knocking on doors in the exact neighborhood you want to buy. Consider more than one agent. If the distance between areas you will consider buying a home is considerable, consider having a agent familiar in each area.

Do you need to Sell your Current Home

Many homeowners make the huge mistake of thinking they need the same agent to sell their home that will find them a new home. Unless you are planning to move around the corner, have two different agents, hopefully at different offices. If you need to sell before you buy, you might be able to buy on contingency. Meaning, your purchase goes thru when you sell your current property.

Don’t Let the Real Estate Agent Select Your Lender

Having your Lender associated with the agent you are using to represent the purchase is one of the biggest mistakes we see homeowners make. The agent is good, the Lender is good. But having 2 not associated professionals will get you each person looking out for your best interest. This usually results in quicker closings and lower fees. It’s like having your Doctor tell you where you go to grocery shop. Food and health are associated but it makes good sense to have 2 different connections. Your Doctor for health…your grocer for food choices.

Make a List of What You Want in a New Home

Talk with your family and find out just what your looking for in a New Home. Having an extra bedroom will probably add $10,000 to the price. Having a pool might add $35,000. ect. Determine your budget before you go shopping. Tell your agent your needs and ask for input on prices…again,before you go shopping. Once you are ready to make an offer, ask your agent to find out if the seller will give you some seller concessions. It is common for the seller to contribute up to 3% to your closing cost. If you don’t ask for it, you won’t get it.