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Little Known Ways to Qualify for a Home Mortgage Loan
from:Once you decide to shop around for a certain lender, you have officially started the process of a home mortgage loan. However, it doesn’t end here. You will then have to sign a purchase contract and undergo through the credit approval process, which verifies your actual income, certain liabilities and your ability to repay the potential loan.
When you are invited for a loan interview, make sure to bring a signed copy of the purchase contract. This contract for your house loan specifies the down payment amount, price of the house and your proposed closing date. Typically, when you apply for a mortgage loan, the lender uses all these information to calculate whether the house you wish to buy could serve as collateral for the money you want to borrow.
Make sure to obtain your credit report and correct possible errors before applying for a home mortgage loan since this information will largely affect your ability to obtain the loan.
In order to be processed for a home mortgage as quickly as possible, remember to complete all the documents virtually all lenders require for the loan process.
For the verification of your income, you need to bring:
* Earning statements (w-2 forms, current pay stubs and tax returns for the past year)
* For self-employed (profit and loss statements and return tax for the past two years)
* Extra income (overtime, commission, veteran benefits, social security, and so on)
For the verification of your assets, you should have obtained:
* List of all bank account numbers (including branch address and checking or savings account statements for the past three months)
* All copies of any title to motor vehicles, which are paid in full.
* List of stocks, investments, and saving bonds (including approximate market value of each)
For the verification of your credit history, you need to bring:
* Copies of credit card statements for the past six months
* List of all consumer debts (including furniture, student or car loans and other co-signed installment loans with the creditor’s contact numbers and addresses)
* Evidence or copies of rental payments or mortgage
* Documents of child support or alimony
If you have not established your credit rating, provide the lender with other information showing payment histories. These include utility payments, canceled checks or any recurring obligations.
Having these documents could speed up the process of your home mortgage loan. However, take into account that different lenders may have different information requirements. For this reason, ask your lender in advance about what to bring for your initial home mortgage interview.
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Refinance Home Mortgage Loan Rate News
Foreclosures accelerate to fastest pace in almost three decades - Los Angeles Times
Foreclosures accelerated in the second quarter to the fastest pace in almost three decades as interest rates increased and home values fell, prompting more Americans to walk away from homes they couldn't refinance or sell. New foreclosures increased ...
Read more...Mortgage deal not a cure-all - AZCentral.com
NEW YORK - The government's historic bailout of Fannie Mae and Freddie Mac on Sunday will be good news to home buyers and some homeowners hoping to refinance if it leads to lower mortgage rates, as experts expect. But for homeowners already behind on ...
Read more...Fannie, Freddie deal helps some borrowers, not all - MSN MoneyCentral
NEW YORK (AP) - The government's historic bailout of Fannie Mae and Freddie Mac on Sunday will be good news to homebuyers and some homeowners hoping to refinance if it leads to lower mortgage rates, as experts expect.
Read more...Mortgage bailout should drop rates - Nashville Tennessean
NEW YORK — The government's historic bailout of Fannie Mae and Freddie Mac on Sunday will be good news to homebuyers and some homeowners hoping to refinance if it leads to lower mortgage rates, as experts expect. But for homeowners already behind ...
Read more...Bailout of 2 mortgage giants isn't cure-all - St. Louis Post-Dispatch
NEW YORK — The government's historic bailout of Fannie Mae and Freddie Mac on Sunday will be good news to home buyers and some homeowners hoping to refinance if it leads to lower mortgage rates, as experts expect. But for homeowners already behind ...
Read more...U.S. Mortgage Foreclosures, Delinquencies Reach Highs (Update3) - Bloomberg
Sept. 5 (Bloomberg) -- Foreclosures accelerated to the fastest pace in almost three decades during the second quarter as interest rates increased and home values fell, prompting more Americans to walk away from homes they couldn't refinance or sell ...
Read more...Experts don't expect a cure-all in Fannie-Freddie bailout - Houston Chronicle
NEW YORK — The government's historic bailout of Fannie Mae and Freddie Mac on Sunday will be good news to homebuyers and some homeowners hoping to refinance if it leads to lower mortgage rates, as experts expect. But for homeowners already behind ...
Read more...US mortgage foreclosures rise to new high - Turkish Daily News
Foreclosures accelerated in the second quarter to the fastest pace in almost three decades as interest rates increased and home values fell, prompting more Americans to walk away from homes they couldn't refinance or sell. New foreclosures increased ...
Read more...US government takes over mortgage giants Fannie, Freddie - Thaindian.com
Washington, Sep 8 (DPA) The US government seized control of Fannie Mae and Freddie Mac Sunday, seeking to deflect the rising threat of surging mortgage defaults that were poised to topple the two companies that manage about half of the US home loan ...
Read more...US government seizes control of Fannie, Freddie - Top News India
Washington - The US government seized control of Fannie Mae and Freddie Mac Sunday, seeking to deflect the rising threat of mortgage defaults to the two companies that manage about half of the US home loan market. US President George W Bush indicated ...
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