• upset over mortgage

    Top 3 Reasons why your Mortgage was Denied

    It's no secrete that mortgages get denied. This can be rather depressing after being excited about the decision to buy a home, and then having your dreams get denied! Here are the top 3 reasons why mortgages are denied and how to overcome such hurdles. 1. Not Enough Income/DTI Not having enough income is the number 1 reason for mortgages being denied. Simply put, people don't have enough money. Perhaps a person wanted to buy a house but were denied for this very reason. Banks have an obligation to lend money to those who can reasonably afford the payments. In fact, there are laws that the [...]
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    5 Ways to Save Money for a Mortgage Down Payment

    It can take several years to save for a down payment. And there are benefits of having a higher down payment such as access to different loan programs, better interest rates, higher approval amount, and lower monthly payments. Often sacrifices must be made, but in the long run you can get that home. Here are 5 money-saving ways to consider when building funds for a down payment. 1. Direct deposit into a different savings account Many of us lack the discipline to save when our money is easily accessible. Making the one time effort of setting up direct deposit to a separate savings account [...]
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    You’d get a Home Inspection, why not a “LOAN INSPECTION”?

    No one wants to buy a lemon of a home, making a several hundred thousand dollar mistake. The majority of home buyers purchase a home inspection. But have you considered a 'loan inspection'? Home Inspection A home inspection functions as an independent third party service. A home inspector is unbiased, impartial, and checks the quality of your house before you buy. This is to ensure that major aspects of the home are in good condition and working order prior to purchase. Home inspections often include the roof, electrical, hot water heater, air conditioning and heating systems, major [...]
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    Can I cancel my mortgage loan after it has been approved?

    The answer is different for if you are buying or refinancing Buying a home. You can cancel your mortgage loan up until the day you sign.  Whether you are pre-approved, approved, have a Loan Estimate, or signed an intent to proceed, you can cancel your mortgage loan for whatever the reason.  You are never locked into one lender until the day you sign at closing.  Keep in mind though, that the later you wait to change lenders or cancel your loan, the more money you may risk to lose.  This is because as the loan process continues certain fees are required.  For example, the purchase of an [...]
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    By just how Much does my Credit Score Affect my Mortgage?

    Quick Answer By as little as nothing, 0% difference.  To as much as 3.25% of the mortgage amount…or more in rarer circumstances. Semi-quick Answer Consider a fixed rate 30 year conventional loan (the most popular type of mortgage loan) with a 5% down payment. FYI, a conventional loan is a mortgage that is not guaranteed or insured by any government agency. Still confused? Think of a conventional loan as a private investor lending you the money. This chart applies for most conventional fixed rate mortgages with terms greater than 15 years.  Meaning, an interest rate that does not change [...]
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    What you Need to Know About Origination Fees

    What you Need to Know About Origination Fees Lenders that Charge Origination Fees Essentially all mortgage lenders charge for origination fees in one way or another.  This includes banks, credit unions, and brokerages. But what about mortgages that are advertised with $0 (zero) origination fees? Let's note first where these origination fees actually show up.  That is, the actual fees that banks are referring to when they mention origination fees.  Origination fees appear on your Loan Estimate.  Precisely on Page 2 Section A. Origination Charges.  If there is nothing in Section A, then one [...]
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    What are the Benefits of a 15 year loan Versus a 30 year loan

    What are the Benefits of a 15 year loan Versus 30 year loan? Less Years = Lower Rates...Most of the Time In short, you generally get a lower interest rate with a 15 year mortgage loan compared to that of a 30 year mortgage.  Which means you will be paying less interest over the course of your loan. Usually, the lower the years of the term the lower the interest rate. (And I do mean usually, because MortgageLoanReviewUSA.com, that analyzes the fairness of loans, has seen on occasion 10 year terms having higher interest rates than 15 year terms.) The 30/15 Year Compromise Affordability is [...]
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    Two Mortgages with a $0 Down Payment

    There are Two Common Types of Mortgages that Allow for a Zero Dollar Down Payment USDA Loans USDA stands for United States Department of Agriculture. USDA loans help those with low to mid-income ranges and is available mostly everywhere outside of large metropolitan areas. There are income limits and other guidelines that take place, however, ultimately they are a great choice for those living out of the city as a USDA loan comes with many benefits.  Most notable benefits in addition to a $0 down payment are: Lower interest rates compared to other common types of mortgages Lower [...]
  • Mortgage Rates Indicating Real Estate And Houses

    Is 3.5% a good rate for your 30 year Mortgage

    Don't we wish it were an Easy Answer Wouldn't it be nice if we could know for certainty we have a good interest on the largest purchase of our lives.  There are many factors that come into play when determining if your interest rate is good/fair.  Here is a list to show you a few: Credit score Type of loan (conventional, FHA, VA, cash-out refinance, rate and term refinance, ARM's...) Type of property (house, condo, manufactured home...) Loan Amount Purpose for loan (primary home, rental, 2nd home...) Down payment amount Price of the property Origination charges the lender [...]
  • Avoiding Mortgage Loan Over Payment

    Mortgage Loan Overpayment That Could Have Been Avoided

    High Hopes for a Fair Mortgage Loan and Great Home-Buying Experience The Andrews were excited about buying a new home. After getting pre-approved for a mortgage loan, they found their dream home and made an offer that got accepted. The Andrews had a home inspection to make sure everything was in ship shape. “I’m sure glad we are not buying a lemon of a house,” Mrs. Andrews said to her husband. Their loan officer gave the Andrews a Loan Estimate and explained to the them the cost of the loan and how the numbers on the estimate would be on their closing documents. Over the next 30 days [...]