The Top 10 Reasons Why You Cant Refinance Your Mortgage After The Home Was Listed For Sale On The Market
1. People trying to refinance their home after having it listed for sale are about to run into a big road block. Refinancing a home after being listed is one of the biggest underwriting guidelines that has to be passed. This is not about you, its about the mortgage company.
2. Most mortgage companies like Quicken Loans for instance have very particular guidelines when it comes to this. With all of the homes listed for sale around the country this is one that can become a real deal breaker. Depending on the company, many have a 12 month delisting period. Some will have a 6 month but for the most part its 12.
3. What does this mean? You need to be able to show the mortgage company that you have taken your house off of the market. You can do this by getting a de-listing ticket from your realtor. On the “De-Listing Ticket”
Click here to continue readingThe Top 10 Reasons You Do Not Have To Wait To Refinance Your Mortgage After Buying A Home
1. First off there should only be one or two reasons why you would even want to refinance a home after closing on a home. The only time it makes sense to refinance in such a short time period after closing would be to take cash out of the home. Good luck doing it though. You will only be able to get approved on a new home loan is if the home was given to you in a will or a gift of equity (which is when a parent or relative gives you the house for 50% of what the value is).
2. Many parents will have paid off the house or owe little on it and decide to give the house to their kids to help them get started with their lives. Instead of charging the kids full price them give them a deal. Most will just sell them the house
Click here to continue readingThe Top 10 Reasons You Should Never Escrow Your Property Taxes And Home Owners Insurance With Your Mortgage
1. Mortgage companies love it when you tell them that you want to escrow your taxes and insurance with your mortgage payment. It reassures them that you are paying your taxes and home owners insurance every month and they get to manage. As long as you make your monthly mortgage payment there is nothing for them to worry about. The additional money you pay every month is collected by the mortgage company and put in a escrow account. When your taxes and home owners insurance are due the mortgage company will get a bill from your local city or county tax office and the insurance company and they just send them a check on our behalf.
2. Knowing that this is going to be taken care of by them many homeowners feel that this is comforting to know that its always going to be paid on time and its one less
Click here to continue readingThe Top 10 Reasons You Can’t Refinance Your Option Arm Mortgage
1. The Option Arm Mortgage has a number of different names. It has been called the Option Arm Loan, Pick A Payment Loan, Neg Am Loan, and the Negative Amortization Mortgage. All of these names describe the same mortgage. All that really happened was that each mortgage company decided to change the wording of the loan so some sound better than others. Pick A Payment (wait, I can choose what payment I want to make) and Option Arm (we all like options) sound better than Negative Amortization Mortgage (nobody likes a negative Nancy). They all pretty much describe one of the worst loans ever invented and let me tell you why.
2. The Option Arm Mortgage came with a feature that let you have a choice on what payment you would like to make each month. You would get a 15 year fixed, 30 year fixed, Interest Only, and a Minimum payment. Every single month
Click here to continue readingThe Top 10 Reasons You Can Still Get A Mortgage With Bad Credit Scores
1. If you have bad credit you are probably worried about getting approved on a mortgage to buy or refinance a house. Many people with poor credit histories should be concerned about this because it is going to determine what kind of loan you are going to get approved on. With all of the changes going on in the mortgage industry there still is hop for you to try to get approved on a mortgage, but you are going to need to know how to do it.
2. During the refinance boom of 2002-2007 every single mortgage company was doing every single loan they could get their hands on. The mortgage companies had two kinds of loans, a desktop underwritten loan and a manually underwritten loan. Both were very similar in their guidelines but one had more restrictions than the other. A desktop underwritten loan was a system that the mortgage
Click here to continue readingThe Top 10 Reasons Why Paying Off Credit Card Debt With A Home Equity Loan (HELOC) Is Good
1. You might be in a tough financial situation with credit card debt and are looking for a way to relieve some of this financial headache. There are many different ways you could do this which include calling up a debt collection agency or even the credit card company that you have your credit cards with. You could take up a second job to pay the bills or have to start selling some of your own personal goods. What can you do without having to declare bankruptcy?
2. If you currently own a home and hopefully you have owned it for awhile you could try opening up a home equity line of credit(HELOC). To open up a home equity loan you will need to have some equity in your home to be able to borrow against it. To determine how much you can borrow against your home you will need to
Click here to continue readingThe Top 10 Reasons To Refinance Your Mortgage
1. What is interesting is that refinancing a mortgage is relatively a new phenomenon. There was no need to ever refinance a mortgage from the 1950s to the 1990s. Everybody that bought a home would put a 20% down payment on the home. This was a common practice for all banks in that time period because many did not want to have to deal with a home going into foreclosure. Foreclosing on a home was a term hardly used in those years. People who bought homes had so much money invested in their down payment that they did not want to lose their home. They also had enough money saved up and had money to make the payments. Many home owners had to deal with interest rates on a 30 year fixed rate mortgage around 12%. This is almost double on what today’s going mortgage rates are at so people
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