When you apply for a mortgage, the lender will pull your credit. In fact, he will likely pull it several times throughout the process. He will pull it immediately upon application for the loan; he will pull it again if more than 60 days passes and you have not found a home and then one more time right before you close on your loan. The need to consistently pull your credit is … [Read more...] about Newly Opened Credit: The Importance of Informing your Lender
Locking your interest rate is the only way to ensure you have the rate you desire when purchasing a home or refinancing your existing mortgage. There is an art to locking the rate, however. If you do it too early, you could end up paying extension fees or other fees to the lender in order to keep the rate because the rate lock can expire. If you do it too late, you might end up … [Read more...] about Things to Know Before Locking your Interest Rate
You have heard the stories stating that you need to be gainfully employed for at least 2 years before a mortgage lender will look at your application, but what happens if you receive disability income? Are you automatically denied? The good news is that disability income is able to be used for almost any type of loan available today, including FHA and VA loans. The bad news is … [Read more...] about Using Disability Income to Qualify for a Mortgage
You thought you were all set with your mortgage when you received a prequalification from your lender. You went out and found the perfect house and now are sitting idle with no mortgage approval as the underwriter slyly shakes his head at you, denying you an approval for your intended mortgage. It happens every day to unsuspecting potential homeowners and it could happen to you … [Read more...] about Denial after Mortgage Prequalification: What Happened?
Applying for a mortgage means you will have to make many decisions. Among those decisions is the need to take a fixed or adjustable interest rate. Before you jump head first into either type of mortgage, you will need to factor in many variables. There is no cut and dry answer as to which type is right for anyone – every situation will differ. Each type of mortgage has its own … [Read more...] about Fixed Rate or ARM Loan – Which is Right for you?