The job of the underwriter is to look for all of the negatives in your mortgage application. He does this in order to fully evaluate your level of riskiness in regards to a mortgage loan. If you are the least bit risky, he is supposed to deny the loan. Because this large burden lies on the shoulders of the underwriter, it can make him seem like the “bad guy” or the person … [Read more...] about Compensating Factors on your Mortgage Application
The housing market is coming back, which means you might find yourself with more equity in your home soon, if you have not already. While this is good news, you should use caution before you take out a cash-out refinance. It can be tempting to use your equity to consolidate your existing debt or make major changes to your home, but there are a few things you should consider. … [Read more...] about 4 Important Considerations Before Taking a Cash-Out Refinance
The recent housing crisis has made it difficult for anyone with a blemish on their credit to get a mortgage. After a car repossession, it can be exceptionally difficult to get a mortgage, but it is not impossible. You need to know the right steps to take in order to ensure that you can get on the path to home ownership. Free home loan quote. Showing the Car Repossession is … [Read more...] about Is a Mortgage out of the Question after a Car Repossession?
There is often confusion regarding the difference between a pre-qualification letter and mortgage commitment letter. The two letters, although they sound similar, are completely different. If you are in need of a mortgage commitment letter, yet show up with your pre-qualification letter, you will not be able to secure the house that you want. On the other hand, when you just … [Read more...] about The Difference Between a Mortgage Commitment Letter and a Pre-Qualification Letter
The Home Affordable Modification Program, or HAMP, is a program that is meant to make mortgage payments more affordable for homeowners that have not defaulted on their mortgage, but are having serious difficulty getting it paid. In determining whether or not you are eligible, the banks look at a variety of factors, including your Net Present Value. Get a free home loan quote … [Read more...] about How Lenders Determine your Eligibility for the Home Affordable Modification Program