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from:
The New Mortgage
By Jason Holter
Thanks to Federal Regulators there is once again good and bad news. The bad news is more paperwork and tougher standards when applying for and ultimately purchasing your home. Creating tightened guidelines for stated income and piggy back loans and stricter rules for option arms and interest only is meant to create security for the lenders.
Good news for home buyers? YES! Ever since the days of School House Rock we have known that "Knowledge is Power!" nothing has changed. If the borrower knows the rules, they can be prepared to meet the lending institution requirements and come out ahead or no worse for the wear.
Here are the basic steps to survive and flourish under the new "Rules"
1. Be prepared to have payroll stubs and or tax returns available. Instead of using stated income, using actual income will ensure that you get the right size payment and decrease the chances of default later on.
2. Keep your credit report up to date. Check for errors in information. If you find errors contact the reporting credit bureau in writing in order to get the error corrected.
3. Keep credit card payments current. Pay off your credit cards as often as possible in order to help lower your debt to income ration. This will aid you in getting a loan and improve your credit.
4. Once you have applied for a loan, it is important that you do not make any major purchases as it may stop your loan from being approved. Make all purchase after the closing and funding of the loan.
Although initially the new rules may seem insurmountable, the reality is preparation is the key. The new rules will stabilize the demand for real estate and slow the price increases on property. With real estate becoming more affordable, there will be less default and increased access for potential home buyers. Welcome Home!
Jason Holter is an experienced and ethical Mortgage Lender from the Houston area. Jason works closely with the most respected realtors. Jason is so confident about his services, he offers a "2 Day Doc Guarantee". He guarantees that if your closing documents aren't at the title company two days before you are scheduled to close, he will waive his origination fee. To date, he has not had to return the fee to anyone. Jason's website is http://www.yourclearlakemortgage.com
Article Source: http://EzineArticles.com/?expert=Jason_Holter
http://EzineArticles.com/?The-New-Mortgage&id=891561
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Mortgage Rates New York News
Pennsylvania mortgage rates decline (BizJournals)
Mortgage rates in Pennsylvania declined during the past week, echoing a national trend sparked by the federal government’s decision to buy mortgage-backed securities.
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NEW YORK, Dec 3 (Reuters) - U.S. mortgage applications surged by the largest amount on record last week as a new Federal Reserve program pushed interest rates down to their lowest level in more than 3 years, data from an industry group showed on Wednesday.
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NEW YORK, Dec 3 (Reuters) - U.S. mortgage applications surged by the largest amount on record last week as a new Federal Reserve program pushed interest rates down to their lowest level in more than 3 years, data from an industry group showed on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance ...
Read more...Mortgage applications more than double (CNN Money)
Mortgage applications more than doubled last week, a mortgage bankers' group said Wednesday, as government bailouts led to sinking interest rates that made refinancing especially more attractive.
Read more...(AFX UK Focus) 2008-12-03 14:23 Pimco's Gross sees lower US 30Y mortgage rate-CNBC (Interactive Investor)
NEW YORK, Dec 3 (Reuters) - U.S. 30-year fixed mortgage rates, which are pivotal to the fortunes of the battered housing market, will fall steeply in reaction to government steps to buy mortgage-related securities, the manager of the world's biggest bond fund said on Wednesday "We think the 30-year mortgage rate will come down another 50- to 100 basis points as a result," of the government ...
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Mortgage rates in Colorado declined during the past week, echoing a national trend sparked by the federal government’s decision to buy mortgage-backed securities.
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The battle over the mass modifications of troubled mortgages has begun in earnest. On Dec. 1, William Frey, a private investor in mortgage-backed securities, filed a lawsuit in New York State Supreme Court alleging that the proposed modification of some 400,000 home loans originally underwritten by the defunct lender Countrywide Financial is illegal.
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