Welcome to Home Mortgages
Refinance Mortgage Bad Credit Article
This is a selection made from among articles on Refinance Mortgage Bad Credit. For a permanent link to this article, or to bookmark it for future reading, click here.
from:
Mortgage Qualification - Things Not To Do!
By Jon Laird
Many new homebuyers make the mistake of rushing out to buy things to fill their home with as soon as the seller accepts their purchase offer and the lender pre-approves their loan. But there are still a few major hurdles to overcome before the keys are handed out. Here are some things to avoid during the home buying process to assure your transaction goes as smoothly as possible:
- Don't make an expensive purchase. It may be tempting to order that new sofa for your soon-to-be living room, but its best to avoid making major purchases like furniture, cars, appliances, electronic equipment, jewelry, or vacations until after the closing. Financing that furniture with a store credit card or even one of your own credit cards could jeopardize your credit worthiness during the time it means the most. Using cash to purchase big items can also create a problem because many banks take into consideration your cash reserve when approving your mortgage.
- Don't get a new job. Lenders like to see a consistent job history. Generally, changing jobs will not affect your ability to qualify for a mortgage loan - especially if you are going to be making more money. But for some people, getting a new job during the loan approval process could raise some concern and affect your application.
- Don't switch banks or move money around. As your lender reviews your loan package, you will likely be asked to provide bank statements for the last two or three months on your checking accounts, savings accounts, money market funds and other liquid assets. To eliminate potential fraud, most loans require a thorough paper trail to document the source of all funds. Changing banks or transferring money to another account - even if its just to consolidate funds - could make it difficult for the lender to document your funds.
- Don't give a good faith deposit directly to the seller in a FSBO purchase. As a rule, your good faith deposit belongs to you, not to the seller, until the deal closes. Your FSBO seller may not know that your good faith funds should be applied to your expenses at closing. Get an attorney or other neutral party who can hold the deposit or put it in a trust account until you close on the home. Your purchase contract should dictate to whom the funds go should the transaction fall through.
- Don't disregard your lenders requirements. You may have been pre-approved for the loan but your work with the lender is far from over. In order to process your loan, you need to meet certain requirements. Your lender will need copies of your bank statements, W2s and other paperwork. It is up to you to get it to him or her as soon as possible. Failure to submit certain qualifying documents could cause you to lose your loan and the financing you need to buy your home.
Jon Laird is co-owner of Sterling Mortgage Corporation, one of Arizona's oldest licensed mortgage brokerage firms. Sterling Mortgage Corporation has specialized in manufactured home loans for more than 23 years. Jon has more than 32 years experience in home lending and is a state certified continuing education instructor for manufactured home financing classes for real estate agents renewing their licenses. Read more from Jon at: http://www.sterlingmortgageloans.com
Article Source: http://EzineArticles.com/?expert=Jon_Laird
http://EzineArticles.com/?Mortgage-Qualification---Things-Not-To-Do!&id=776260
Refinance Mortgage Bad Credit Specific links
Refinance Mortgage Bad Credit News
Mortgage rate drop spurs rush to lenders for refinancing - Detroit Free Press
A sharp plunge in U.S. mortgage rates prompted a rush to refinance, resulting in record-setting business Tuesday at Livonia-based Quicken Loans and big days for other lenders. Following government efforts to unfreeze consumer credit, U.S. mortgage ...
Read more...30-year mortgage rates drop to 5.53 percent, lowest level since ... - San Jose Mercury News
Dec 4: Bernanke: More action needed to cut foreclosures Dec 3: Proposal could drop mortgage rates to 4.5 percent WASHINGTON — Rates on 30-year mortgages plunged this week to the lowest level since January after the government launched a sweeping ...
Read more...Waiting for the other shoe to drop: The looming credit crisis - Bloggingstocks.com
I still remember when I realized that a real estate crisis was on its way. My wife and I were contemplating buying a home in Roanoke, Virginia, and began talking to a mortgage broker. When we saw the final offer, we realized that, if the real estate ...
Read more...Bellingham man's adjustable mortgage became money trap - Bellingham Herald
Like millions of his fellow Americans, Francisco Caceres of Bellingham took advantage of an adjustable rate mortgage to help him buy a house with a monthly payment he could afford. Caceres said he got his first adjustable mortgage seven years ago and ...
Read more...FDIC's Bair warns investors fighting loan changes - Philadelphia Inquirer
WASHINGTON - Investors in mortgage securities who are challenging home loan modification programs aimed at avoiding foreclosures could provoke a "backlash" from Congress, the head of the FDIC said Thursday. Sheila Bair, the chairman of the Federal ...
Read more...Don't use credit card to pay mortgage - Sauk Valley Daily Gazette
DEAR DEBT ADVISER: I have a mortgage of $213,000 on a home valued at $276,000. My credit score is 713. I'm wondering if I would be better off to max out all my credit cards - the combined limit total is approximately $70,000 - and pay down my ...
Read more...Lower Mortgage Rates Are Not the Answer - Wall Street Journal
On Tuesday, the government announced an $800 billion plan to stimulate the economy by buying $600 billion worth of mortgage-backed assets and $200 billion in consumer-debt securities. The intent is to make it easier for consumers to buy cars, pay for ...
Read more...New mortgage woes ahead - NorthJersey.com
WASHINGTON — The full scope of the housing meltdown is not clear, and already there are ominous signs of a new crisis — one that could turn out the lights on malls, hotels and storefronts nationwide. Even as the holiday shopping season begins in ...
Read more...New mortgage crisis looms with credit crunch - Detroit Free Press
Even as the holiday shopping season begins in full swing, the same events poisoning the housing market are now at work on commercial properties, and the bad news is trickling in. Malls from Michigan to Georgia are entering foreclosure. Hotels in ...
Read more...Meltdown far from over, new mortgage crisis looms - Times Union
WASHINGTON -- Black Friday's retail shoppers hunting for holiday bargains won't be enough to stave off what's likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims of the same events ...
Read more...