Financing
Home Financing Challenges
October 22, 2010 by dianeconaway · Leave a Comment
You hear the dismal news everyday, lenders are in not lending, home values are falling, foreclosures are at an all time high and you may wonder how the mortgage crisis affects you. Record low interest ratesare getting alot of attention and many potential homebuyers are wanting to know, is now the time to buy a new home? It could [...]
Lenders Tightening Requirements-Expections Are A Thing Of The Past
September 2, 2010 by dianeconaway · Leave a Comment
The sluggish economy along with the difficult real estate market and increase of loan defaults in the last few years have caused lenders to rethink their mortgage application requirements. Recently the loan application process for new home purchases has become more and more complicated with paperwork and delays. In recent months lenders have been subject to increasing federal lending guidelines that demand [...]
Second Mortgage Modifications
August 26, 2010 by dianeconaway · Leave a Comment
The economy is slow to bounce back after this devastating recession and many homeowners are still struggling. High unemployment and the sluggish economy is contributing to many homeowners unable to cover their monthly expenses. Just to make ends meet many homeowners have found themselves needing to not only modify their first mortgage but also take a [...]
Debt to Income Ratio Explained
May 27, 2010 by dianeconaway · Leave a Comment
If you are a potential homebuyer who is planning on applying for a mortgage, it is important that you are familiar with what a debt-to-income ratio is and how it can affect your loan. Debt-to-income ratio is a comparison of the money you earn to the money you owe. It includes credit card debt, existing mortgages, auto [...]
The Pre-Approval Letter
April 22, 2010 by dianeconaway · Leave a Comment
The first step in purchasing a home is to start by getting pre-approved from your lender. Although you may have in mind the amount you are able to spend, having the lender actually calculate the amount you can afford is a good idea before you even look at homes. Getting pre-approved for a home mortgage [...]
Managing Your Credit Report
March 4, 2010 by dianeconaway · Leave a Comment
Before begining the homebuying process, it is important to to access and check your credit report before even looking at any homes for sale . Most lenders usually prefer to check your credit report before considering your application when you apply for a loan. The information in your credit history helps the lenders in deciding your [...]
Loan Scams
January 28, 2010 by dianeconaway · Leave a Comment
Buying or refinancing your home will be one of the most important and complex financial decisions you’ll ever make. Many first time home buyers are overwhelmed with all the options and how confusing the process can be. However, even seasoned home buyers can fall victim to a loan scam. While most lenders are professional and legitimate, there [...]
High Risk Mortgages To Avoid
January 21, 2010 by dianeconaway · Leave a Comment
When purchasing a new home, there are many different mortgage options available for potential homeowners. However, there are a number high risk mortgages on the market that you should avoid at all costs. While most of these types of mortgages usually seem attractive on the front end, it is vital to do your research and look [...]
Important Documents Your Lender Will Need
December 24, 2009 by dianeconaway · Leave a Comment
You will want to be prepared for your meeting with your mortgage lender and having the proper documents with yuo will make the process go much smoother. Different lenders require slighty different documents and depending on what type of mortgage you are seeking you may need different documentation. Below are a list of the standard [...]
