Yearly Archives: 2008
16 DecFHA Streamline Refinance
Did you know there is a mortgage refinance option that doesn’t care about the value of your home, your current income or employment, or even if you have not paid debts, other than your mortgage, on time? There is, and it is called a FHA Streamline Refinance. If you currently have an FHA mortgage and [...]
Read More ...10 DecFHA Changes – 2009
Effective Jan 1, 2009 FHA has made some changes to their guidelines that could impact those looking to obtain mortgage financing. As I have stated in previous posts, FHA has become more popular over the past couple of years due to the changing mortgage environment and reduced risk tolerance of mortgage lenders. FHA, on the [...]
Read More ...09 DecPre-Qualification versus Pre-Approval
Several years ago most people didn’t really care about the difference between a pre-qualification and a pre-approval because there were so many qualified buyers in the home buying market place that if you couldn’t buy a home, there was somebody else who could. With lender guidelines tightening and the pool of buyers shrinking, the importance [...]
Read More ...04 DecGet Rid of My Mortgage Insurance
Nobody wants mortgage insurance. The only reason people get mortgage insurance is to provide the opportunity to buy a home without a 20% down payment. People went as far as doing 80/20 (80% 1st mortgage and a 20% second mortgage) financing to avoid paying mortgage insurance, even if the payment ended up a little higher. [...]
Read More ...02 DecWhat is a Good Credit Score?
You just want to know what a good credit score is. Probably because you are looking into obtaining a mortgage, or maybe an auto loan. Did you know credit scores are used in other areas outside of obtaining financing? Cell phone companies, insurance companies, apartments and sometimes even employers will check your credit to determine [...]
Read More ...26 NovMortgage Loan Requirements – FHA
Over the previous several months mortgage lenders, and therefore customers, have seen many changes to requirements to obtain a mortgage loan. Conventional loans have seen the most changes, leaving FHA financing as a great alternative to many potential home buyers. So what does it take to obtain a FHA loan these days? About FHA FHA, [...]
Read More ...24 NovMortgage Refinance – Does it Make Sense?
Refinancing is a serious decision that will be based on emotion, money and both short and long term impacts. Deciding whether or not now is the right time can be a difficult process, especially when you know you can get a lower interest rate. So how do you go about determining if refinancing makes sense [...]
Read More ...21 NovFree Credit Report
Many people I talk to have heard about getting their FREE credit report at www.freecreditreport.com because they have heard the catchy commercials they have singing about getting their free report. The advertising is exactly correct; you can get a free credit report from their site IF you sign up for their Triple Advantage Credit Monitoring. [...]
Read More ...20 NovMortgage Don’ts
I recently received an email from a Lending a Hand reader requesting information on what to avoid throughout the mortgage process to ensure a smooth approval and closing. Instead of just responding directly, I thought many of the readers could benefit from this question, so I decided to write a post on the Mortgage Don’ts. [...]
Read More ...19 Nov8 Questions to Ask Your Lender
I was planning to start this post telling you about how important a home purchase and mortgage financing transaction can be, but I think everyone already knows that. Before I jump right into the questions, I want to explain the questions I am suggesting you ask. Most sites on the Internet suggest asking specific questions [...]
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