Archive for January, 2009
The loan money i$ out there…….
Related Posts: Credit & Finance, Real Estate News, What If Realty News
hiQualifying for a mortgage is not nearly as easy these days as it was just a couple of years ago, before the subprime-loan-market collapse and the worldwide credit freeze. Still, mortgages are approved every day, even for homebuyers with less-than-sterling credit records over 580.
All of us can get copies of their credit reports from each of the three major reporting companies at no charge at least once a year, but your credit score – a single number that typically ranges from a low of 300 to a high of 850 – will cost you $5 to $10 under most circumstances.
Before seeking a mortgage, get a copy of your credit reports to check for inaccuracies and to gauge just how much information and detail – good or bad – your borrowing record contains. A consumer whose credit score is a little too low to qualify for a home loan may need a year or two, or more, to establish an improved track record.
These days, a larger share of the loans being made are insured by the Federal Housing Administration, Martin said, and they allow down payments as low as 3.5 percent for qualifying buyers. Private lenders still make these FHA loans, but the government agency backs them for borrowers who meet its guidelines. The FHA has a variety of tools for helping homebuyers learn how to qualify for a mortgage, available online or by calling 1-800-CALL-FHA (1-800-225-5342).
With housing prices down 25 percent in the past year alone and interest rates lower than they have been in decades, more people can qualify for a home loan based on their ability to meet the monthly payment, at least on paper. For those who think they are ready financially, who expect to remain put for several years and who want to own a home, here are some suggestions from industry professionals and the U.S. Department of Housing and Urban Development that may improve your odds of getting a mortgage:
• Don’t assume you won’t qualify. Do some basic research on how to buy a home at the local library and on the Internet. The FHA has a handy Self Assessment Tool Kit to help prepare for homeownership; it’s at http://fhaoutreach.gov/FHASelf.
• Document your history as a reliable tenant. At least one or two years’ worth of canceled rent checks or receipts showing a consistently good payment record is helpful.
• Make an appointment to sit down with a local mortgage broker or lender. Get a professional to review the details of your personal situation. They will usually do a free qualification analysis in hopes of getting your business. They can identify problem areas that may be correctable.
• If you use a mortgage broker, make sure he or she is in good standing with state regulators. Mortgage brokers represent multiple lenders and can help you find the best deals. But they also charge a fee, which is included in the loan. When choosing among brokers, check their state licenses with the Florida Office of Financial Regulation.
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They just keep on going and going and going … DOWN !
Related Posts: Credit & Finance, Real Estate News
hiThe average interest rate on 30-year U.S. fixed-rate mortgages dropped to a 28-year low of 5.01% in the latest week, after the Federal Reserve launched its mammoth plan to lower home borrowing costs, Freddie Mac said Thursday. The rate for the week ended Thursday declined from 5.1% in the prior week and marked the 10th consecutive week of declines. It was the lowest rate recorded by Freddie Mac, the second-largest provider of funding for residential mortgages, since its survey began in 1971. The Fed this week began its purchases of up to $500 billion in mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae, resulting in sharply lower yields on the bonds that influence the rates that lenders can offer consumers. Source: USA Today NEW YORK (Reuters)
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Mortgage Rates are going down , down, down…..
Related Posts: Credit & Finance, Real Estate News
hiRates on 30-year mortgages fell to a record low for the third straight week, to an average 5.1 percent, and borrowers took advantage of the drop, sending new applications soaring. Mortgage rates have plunged by about 1.3 percentage points since late October.
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