![]() |
![]() |
Mortgage Information |
|
![]() |
![]() |
Getting Pre-Approved for a Home Loan Is One of the Best Ways to Get a Leg Up on the Competition When Shopping for a HomeSyd Johnson The real estate market is soaring because of low interest rates that have brought home buying to average Americans. All over the country, more renters are buying and homeowners are upgrading their properties. In this hot seller�s market, a pre-approval letter from your mortgage lender can help you secure a winning bid on the home of your dreams. A pre-approval involves much more than filling out a questionnaire. It is essentially going through the entire mortgage application process and having the lender give you an exact figure of how much money they are willing to lend you and at what interest rate. Having the letter is like having the cash in the bank. This shifts your focus from financing to getting the best real estate agent and finding the best home that you can afford. Pay attention to the terms of the letter before you start shopping for your home: What terms did your mortgage lender extend A simple prequalification where they took down your information and made an informal guess of what type of loan you will receive is usually not very effective. This basic prequalification of course is subject to running a full credit check, full disclosure of your assets, and no drastic changes in your financial situation. Any lapsed payments on credit cards, student loans or a job change, can give your mortgage lender sufficient reasons to back out of the deal. Here�s how to get the maximum benefits out of the pre-approval process: 1. Start by using the resources on any major search engine. Look for �mortgage lenders,� �home loans,� or �pre-qualify for a mortgage�. 2. Fill out an application and make sure it goes through the underwriting process. If you�re not sure, call the lender using their customer service number and ask them what happens after all the information is submitted. 3. Find out if there are any fees involved for pulling your three bureau credit reports, and for the underwriting. Some lenders will charge the fees up front and others will wait until you are approved for the loan. 4. Fill out any extra paperwork such as proof of employments and statement of your resources. You have to prove that you enough cash on hand for a down payment, unless you are getting a no money down home loan. Also, you have to prove that the cash is yours and not a loan. If you want to a loan from your parents for example, try to get it six to eight months in advance and keep it in your savings account. Otherwise, it will count as a debt and could increase your debt to income ratio and have the opposite effect; showing that you don�t have any cash and disqualify you from a much bigger loan. 5. Get a pre-approval letter from the lender stating the exact amount of the loan that you will receive and the interest rate. 6. Pay attention to the expiration date on the letter. If you are in a market such as Southern California where competition is particularly fierce, make sure you have the most flexible expiration date that your lender will allow. Whether it�s 30 days or 60 days, get it stated in writing. If you lose out on your first or second choice for a home typical, you won�t be stressed to settle for anything just to get a house.
| ![]() | ![]() | ![]() | RELATED ARTICLES Preventing Foreclosure Proceedings and Understanding Your Options Every year over 8 million homeowners are seeking help preventing foreclosure proceedings. This is a stunning 30 year high. Experts project that by 2006, 12 million homeowners will be teetering on the brink of foreclosure. Many homeowners are not aware that the can prevent foreclosure and save their house. Did you know that you can�t stop the proceedings up to an hour before the auction takes place Leave Your Dead End Job�For Good. So here you are�stuck in a dead end job. Are you hitting the glass ceiling in a job you once loved, but now can�t stand Maybe the hours are long. Maybe you can�t stand retail customers anymore. Maybe you�re like 70% of college students who didn�t earn a degree and you feel this is the best job you can get without one. Real Estate Professionals Need You to Write for Them! Ask yourself these questions:Are you an experienced writerDo you want to stay at home to writeDo you want to work for yourselfDo you learn new things quicklyAre you interested in a broad number of subjectsDo you feel like you�re being pigeonholed with your current writing and you want to branch outDo you have a flair for marketing Transform Your Image And Accelerate Your Success Being a lifelong student, I am regularly attending seminars etc. to become the best I can be in all areas of my life. Anatomy of an Online Marketing Failure Wife: "Im getting sick of these harrassing bill collectors who call me all hours of the night and day." Home loan applications made easy You have finally found the home of your dreams. You have searched all over and are ready to purchase it. Before you even make your offer you should seek out the financing first. In some cases, it is easier to have a pre-approval in hand before making any financial commitment through a contract. Why get your hopes up after you purchase the home when you can buy with assurance and wait by the settlement table. Before you can buy anything, you will need to get accepted by a reputable lender. There is much you will need to know, as this will be the largest purchase you will ever make. You will need to fill out a mortgage application first. A Woman�s Job No Woman Wants! Never talked about and seldom acknowledged is the fact that women have by default one of the worst jobs on the planet, namely final arrangement director. Of all the funerals, cremations and burials that take place in this country every year, nearly two thirds of these estimated 2.3 million deaths will be planned, arranged and ultimately paid for by women, by default because she is the surviving member of the marriage. Fortune 500 Budgeting For Our Personal Lives January and February are traditionally busy months in the financial industry as many New Years resolutions typically include the goal of becoming debt free or saving for a major purchase. While many of our clients understand the importance of getting professional help when managing their business bookkeeping, only a few think to ask for our services in managing their personal finances. Real Estate Marketing for the �You� Generation Are you working in the real estate industry Are you a real estate agent, mortgage consultant, builder, real estate broker, appraiser, construction worker, etc Real Estate Remains A Strong Investment Opportunities to make big, quick profits in residential real estate tend to come and go in cycles.When a local market is hot, families may find it possible to buy a house at an attractive price, fix it up, and watch its value rise in just a few years. Home Reno Plans: Value Added Or Value Subtracted NC�Canadians ongoing love affair with renovating their homes is alive and well, with more than $20 billion being spent every year since the new Millennium. But how do you know what improves your homes value, and what might make it harder to sell Here are some tips that might make the decisions a little easier: Keep Your Credit History Clean. Remove A Negative Credit Record From Credit Report The three major credit bureaus, Experian, Equifax and Trans Union are similar and feature a "Credit Score", which is created from credit report data submitted to them about you. How Long Your Mortgage Runs Determines How Much You Pay The first thing most of us think about when the time comes to take out a mortgage on a new home is the interest rate. Five Sure Fire Way to Secure Your Financial Future �You can be poor when you�re young, but you can�t be poor when you�re old.� That was the tag line used some years ago in a financial services television commercial. Become A Mortgage Auditing Specialist According to U.S. Government Auditors more that 45% of all home mortgages and 75% of home equity loans contain miscalculations or errors in favor of the lender. These errors are costing homeowners to be overcharged billions of dollars per year, and with the number of home mortgages being refinanced because of low interest rates, the figures can only increase. Why You Need a Home Loan Countrywide Loan From a small office in 1969, home loan countrywide has achieved recognition among consumers and investors as one of Americas leading home finance companies. Evidence of growth and industry leadership is home loan countrywides inclusion in the S&P 500, Forbes 500 and Fortune 500. Home loan countrywide began with a vision - to make the dream of homeownership accessible to everyone. Over the years, the company has grown, as have the ways in which they serve their customers. They have leveraged their skills in mortgage banking into diversified businesses that work together to provide customers with a complete range of financial services under one roof. Their diversification includes capital markets, insurance and a recent expansion into banking services with Countrywide Bank. In addition, home loan countrywide is also bringing a brand of financial services and customer satisfaction to the United Kingdom.Home loancountrywide is involved in the development of world-class proprietary financial systems has provided them with a sizable competitive edge and given them a front-runner position in penetrating financial services markets both domestically and internationally. Conditions Are Right For Buying The Higher Priced Home You�Ve Always Wanted Higher interest rates and home prices in the past have kept home owners from purchasing larger homes.The current real estate market conditions, however, are encouraging for many home owners who want to �buy up� to higher priced homes with more to offer. Setting Financial Goals, The First Step In Turning Your Dreams Into Reality Part II I decided to resurrect this article with some changes due to events that have happened this year from my website because of the time of year it is.With New Year�s Day being less than a week away, this is the time of year where many of us reflect on the past year, re-examine our dreams, desires and goals and make resolutions for the upcoming year. When Renting Is Better Than Buying If possible, it is ALWAYS better to buy than to rent. Right Perhaps Not. How To Turn Business Losses Into Cash Flow When the typical new business operator starts a business, they concentrate on making the business succeed.That is necessary but not the only thing that a business operator should concentrate on.A business depends on cash flow to exist and grow, so business operators would do their business a good turn by looking at sources of cash flow provided by the Government. ![]() |
home | site map |
© 2005 |