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Strategies For Obtaining A Home Mortgage
from: Mortage & Debt FactsIt's true. It can be tough getting a home mortgage today.
There are strategies, however, that can help you get that home mortgage eventually, even if it may take some time and a few extra steps. The time to start planning is NOW.
The formula for getting approval is fairly easy to understand. When deciding whether or not it is time to apply for a mortgage, you just have to follow the same guidelines that the mortgage brokers will use to determine your creditworthiness.
As the saying goes, there are no failures -- only opportunities. So even if you are turned down, taking what you learn from the experience will eventually help you qualify later.
During downturns and times when the credit market eases in panic, by being prepared ahead of time, you may even be in a great position to buy a low-priced, quality, home with just the right qualifications the lenders are looking for in a borrower.
Most of us don't bother checking our credit reports until we need credit. By all means, if you haven’t checked your credit reports in years, it is to your advantage to examine your credit report before you apply for a home mortgage.
There are three major credit bureaus that you will need to ask for a copy of your credit report: Equifax, TransUnion, and Experian. Here is one site that can help you access the free reports:
Annual Credit Report
You might think that you only need one, but you need to ask for a copy from each of these credit bureaus. The information and the way it is presented is not identical between all of them. Some may have entries that others don’t.
The key to clear sailing through an application for any kind of debt is to clear up all your credit reports. Make sure your credit is sparkling clean by the time you apply for a home mortgage.
Once you receive your credit reports, check out any inconsistencies. If there is anything negative that might be disputed, you should dispute them.
When getting your free credit reports from these three bureaus, you won’t get your actual FICO score. You'll have to pay extra for that.
The FICO score report is actually well worth paying for as the new FICO score that lenders are looking for is anything above 720. The higher your score above this number, the more leverage you have for scoring a low interest rate and favorable home mortgage terms.
Home Ownership & Credit Programs
Certain agencies exist to help low-income people qualify for a home by educating them on the entire process. If you cannot qualify for a mortgage loan right now, you will probably want to find out whether you are eligible to participate in any home mortgage and ownership classes.
If you do this before applying, they can help you resolve issues way ahead of time and things will go a lot smoother when you find the house you want to buy.
The Department of Housing and Urban Development and your state’s Housing Finance Agency (or equivalent) are good places to find these home ownership and mortgage education programs.
The local yellow pages in your city's phone directory may have listings for local agencies or companies. Be very careful to check the credential of any local programs with the state agencies so that you don’t end up being defrauded. Sadly, fraud does tend to show up wherever money and people in need of assistance meet.
Be prepared to discuss other issues during these programs. Issues that influence your eligibility for a mortgage are your income level and your level of debt. Additionally, educational programs will help you examine your reasons for buying a home, to help you learn how to make appropriate choices that will enhance your life, rather than bog you down in a pit of debt.
Mortgage Refinance Specific links
Mortgage Refinance News
Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance - MarketWatch (press release)
 e-wisdom.com | Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance MarketWatch (press release) WASHINGTON, DC, May 24, 2012 (MARKETWIRE via COMTEX) -- A proposed bill to streamline and align the refinance processes of Fannie Mae and Freddie Mac may soon make it easier for homeowners who are current on their mortgage payments but who have been ... Freddie Mac: 30-year mortgage rate down a tick at 3.78% Refinancing homeowners overwhelmingly choose fixed loans Another week, another record low for mortgage rates |
Time to Refinance While Mortgage Rates are So Low - FreeRateUpdate.com
 eCreditDaily.com | Time to Refinance While Mortgage Rates are So Low FreeRateUpdate.com After taking a look at these details, many borrowers are going to find that it is time to refinance while mortgage rates are so low even if they refinanced several years ago. For those with adjustable mortgage rates, it is the perfect time to switch to ... Refinancing Up as Rates Keep Falling HARP 2.0 Drives Mortgage Refinancing to 3-Month High Mortgage applications up on refi demand: MBA |
Refinance Applications Increase in U.S. for Third Consecutive Week, Driven by ... - World Property Channel
 e-wisdom.com | Refinance Applications Increase in U.S. for Third Consecutive Week, Driven by ... World Property Channel "Mortgage rates again dipped to new record lows in the survey, which spurred more borrowers back into the refinance market. As a result, applications for refinance loans have increased for the third straight week and are at the highest level since ... Mortgage Rates Today: Wells Fargo, PNC Bank and KeyBank Refinance Rates for ... Mortgage rates drop to new record lows, mortgage activity jumps Refinancings drive origination forecast higher |
The Truth About Mortgage Refinancing Revealed by Georgia Mortgage Expert - SBWire (press release)
The Truth About Mortgage Refinancing Revealed by Georgia Mortgage Expert SBWire (press release) Atlanta, Georgia based Mortgage Broker Brad Hartman reveals mortgage refinancing secrets, offers free reports, a home buying guide and free mortgage calculators on his website, brad-hartman.com. The site is designed to give Georgia residents all the ... |
Real: FHA streamline refinance gets cheaper - The Republic
Real: FHA streamline refinance gets cheaper The Republic The government is about to make refinancing FHA mortgages more affordable -- and potentially easier -- for hundreds of thousands of homeowners. — The Federal Housing Administration will reduce mortgage fees significantly for borrowers who qualify for ... |