Steps to Getting a Mortgage. What are the steps to getting a mortgage? Shopping for a mortgage is the first step toward owning a home and perhaps the most daunting, especially if you are not prepared. Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on our site if you could fill out a one-page application and get the best loan for you funded the same day. We do is do most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity check. New Mortgage Rules in 2014: Loans Will Be Harder to Obtain » HouseHunt Network Blog for Realtors.
By Jesse McCarl The Dodd-Frank Wall Street Reform was signed in 2010, and we’re still trying to figure out what the heck it means.
New mortgage rules go into effect January 10, 2014, and there is still a lot of confusion surrounding the updated provisions. While the industry waits for the dust to settle, we wanted to provide you with the certainties of what’s happening, and how consumers can be prepared. Alphabet Soup After the housing bubble popped in 2008, the government started scrambling for how to prevent such an economic collapse from happening again. These Qualified Residential Mortgages (QRMs) protect lenders from distressed borrowers. Is Anyone Exempt? Thinking about buying a home? Check your credit first. Before we put a potential buyer in our car and show them various homes in their potential price points, we like to have them pre-approved for a mortgage.
Overall, this is usually the friendliest way to keep a customer, minimizes inconvenience to sellers, and has the most professional outcome for our business. The task of getting pre-approved may seem like putting the cart before the horse if you haven’t found a home you love just yet. The truth is that looking home shopping is the cart and the lending process is the horse. 4 Reasons Why You Should Invest Your Money In Real Estate. How does self-employment affect a mortgage application? Q I am an electrician working full time as an employee of a local firm, so I pay tax under PAYE.
However, I am thinking about branching out and working on a self-employed basis at the weekends to make some extra money. I know that if I go fully self-employed I wouldn't be able to get a mortgage because I wouldn't be able to provide three years of tax records. I am looking to secure a mortgage by September next year, so would the fact that my self-employed earnings would be a top up of my PAYE full-time earnings still go against me and require three years records?
PL. How Can The New FHA 'Back To Work' Mortgage Rules Benefit You? Where Are Mortgage Rates Heading in 2014? Mortgage rates in Phoenix, Arizona. Mortgage rates in Phoenix took a dive this week.
At the same time, a new report named the area as one of the best places for mid-century modern architecture. The benchmark 30-year fixed-rate mortgage in Phoenix fell to 4.38 percent from 4.48 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.17 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.43 percent. Prospective buyers in the market for mid-century modern architecture need not look any farther than Phoenix. Phoenix came in No. 2 on the list after Palm Springs, Calif. The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, fell to 4.29 percent from 4.33 percent.
Saving for Your House Down Payment – Things to Think About. Saving for a down payment on a house can be quite a significant point in a person’s life, particularly if it is your very first house down payment.
At this point in our housing economy, a lot of the interest rates are very low in comparison to how they were a couple years ago, so a lot of potential home owners are taking advantage of this and are considering a house down payment. Of course, coming up with such a huge amount of money is not the easiest task in the world. Mortgage rates fall to four-month lows. Fixed mortgage rates spiraled down this week amid market speculation that the Federal Reserve will continue to commit to its bond buying purchases this year.
Consequently, mortgage rates declined to four-month lows as the industry deals with weak jobs numbers and the aftermath of the government shutdown. The 30-year, fixed-rate mortgage came in at 4.13%, down from 4.28% last week, but up from 3.41% last year, Freddie Mac said in its Primary Mortgage Market Survey. "Mortgage rates slid this week as the partial government shutdown led to market speculation that the Federal Reserve will not alter its bond purchases this year," said Freddie Mac vice president and chief economist Frank Nothaft. He added, "The weak employment report for September added to this expectation. The economy added just 148,000 jobs, which was below the market consensus forecast and less than the 193,000 jobs increase in August. " Fast Ways to Improve Credit Score - Lender411.com. By Stevie Duffin-Lutgen Updated on 12/27/2013 We don’t need to tell you how important a healthy credit score can be, especially when you’re applying for a mortgage loan.
Since lenders cannot spend physical time getting to know a prospective borrower, credit is the ultimate reflection of an applicant's financial responsibility. If you are in need of a credit score boost in the course of a month or so, you should scan the items on the following list and decide which tips are most complementary to your financial background. Of course, consult with a mortgage or finance professional, and mix and match where appropriate. 1. Keeping your cards below 30% of their maximum is never a bad idea for remaining in the good graces of credit bureaus.