If you are a first time home buyer, one of the biggest challenges is your down payment. To help with this process, I have put together the most comprehensive list of possible down payment sources! Listed below are 12 different ways to secure a down payment for your home purchase and the documents you’ll need to do it. You can use one or a combination of many!…
Ask Paul by Paul Banas
The Loan Approval Process Applying for a mortgage loan sometimes bring out the paranoia in the most compulsive and consistent bill payers. Lenders want your business, so they will work with you to help realize your dream of owning a home. You should have nothing to worry about if you have a consistent record of paying your bills promptly. If you have late payments but no serious credit problems, you may have to provide the lender with a written explanation…
How To Avoid Foreclosure
Smart financial moves can help you offset unexpected drops in your income that could result in the loss of your home. When your income drops, selling your home is one option to consider, this may not be a viable alternative, however, if the real estate market is soft. Contact a mortgage broker to help you negotiate with your lender. If the lender still owns the mortgage, they may be able to help you keep your home. Discuss the possibility of…
THE FIVE-DAY MORTGAGE
In the past when you found the house you wanted to buy, you would sign the sales contract and then go through the loan application process. The usual scenario was — hurry up –and wait – for loan approval and escrow several weeks later. This is no longer the case: mortgage lenders today are committed to moving through the application-to-approval process much quicker and more economically. A goal of five days for the process is now realistic due to the…
TIPS WHEN SHOPPING FOR AN ARM(Adjustable Rate Mortgage)
With all the new financing programs available, the Adjustable Rate Mortgage (ARM) still reigns as the most popular alternative to the traditional thirty-year fixed-rate loan. ARMs begin at lower interest rates, making it easier for many buyers to qualify. If you have an ARM, your interest rate is adjusted to one of the several indexes at specified times so that you could bear an extra financial burden at rate adjustment time. Most ARMs have two-percent rate adjustment caps with lifetime…
The Mortgage Broker’s Job
In the complex world of home buying, many people are not aware of the valuable help offered by a professional mortgage broker. A mortgage broker acts as a liaison between the home buyer and the lender. Brokers know the increasingly complicated world of mortgages and how to put prospective home buyers in touch with the best financing available. Their expertise involves identifying all of the financing options and being personally acquainted with lenders. Such personal relationships have been known to…
How to keep your home during hard times
If your income drops suddenly a little creative thinking can help you keep your house. Many couples qualify for a loan on the basis of two incomes if one of them experience as a financial setback, the house payment may be larger than the other one can handle alone. In a situation like this it may be useful to extend the maturity of your lawn in order to lower your monthly mortgage payments. If you will step back he’s temporary,…
Ask Paul Avoiding Foreclosure
Smart financial moves can help you offset unexpected drops in your income that could result in the loss of your home. When your income drops, selling your home is one option to consider, this may not be a viable alternative, however, if the real estate market is soft. Contact a mortgage broker to help you negotiate with your lender. If the lender still owns the mortgage, they may be able to help you keep your home. Discuss the possibility of…
