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How to Get Your Loan Approved by the Mortgage Company
from: Mortage & Debt FactsThere’s no question that credit resources have tightened across the United States and abroad. The subprime loan mess has left huge echoes of dismay from lenders that make it much harder to qualify for a mortgage from any mortgage company.
Whereas, in the past, you could be relatively certain of getting into a home (even with no money down), today’s mortgage company is requiring far more stringent guidelines be followed. Along with the mountainous pile of paperwork you have to fill out, you may be asked for even additional documentation in this climate of loans, which went badly.
Keep Track of Your Credit Score
Now, even more than ever, your credit score counts. The average good score has been raised to 720 to 750 for most lenders, including mortgage lenders. A mortgage company will scrutinize your credit report heavily.
There are new rules coming about that may help those whose credit only suffered a minor ding here and there, but if you have multiple late payments and defaulted loans, your chances of getting approval from a mortgage company drop substantially. Since most mortgage lenders are not doing subprime loans anymore, if your credit is not good, you will find the battle to be uphill.
Collect Your W-2s, Tax Returns, and Bank Account Statements
A mortgage company may ask for additional proof of your income and assets besides just your tax returns. They may also ask for several month’s worths of bank statements and copies of your W-2s. You can expect to have to substantiate any level of income you state on a loan. Unlike the past liar’s loans, which allowed self-employed people to estimate their income with little documentation, newer guidelines will keep this from happening.
Expect a Sizable Down Payment
You will be asked to put down from 10 to 20% of the home’s value as a down payment. If your credit is less than stellar and/or your income fluctuates, then you may be asked to put the full 20% down in order to qualify for the interest rate that you want on the loan that you want.
You can negotiate with the mortgage company to put down less than the full 20% but it usually comes a higher cost of a higher interest rate, which can add hundreds of thousands on to the cost of the loans.
In addition, should the home’s value depreciate, as some have done in California, the additional equity you’ve placed in the home can keep you from being upside-down later when you want to sell or refinance.
Todays Mortgage Rates Specific links
Todays Mortgage Rates News
Today's Mortgage Rates: Bank of America, Chase and Citibank Refinance Rates ... - Eastern Morning Herald
 Eastern Morning Herald | Today's Mortgage Rates: Bank of America, Chase and Citibank Refinance Rates ... Eastern Morning Herald Today, mortgage-finance company, Freddie Mac released it's weekly survey, which showed that the average rate on the benchmark 30-year fixed rate mortgage reached a new record-low in the form of 3.78%. The previous record-low, for this type of mortgage ... Today's Mortgage Rates for 5/24/12 Mortgage Rates: Low Mortgage Rates Attracting Borrowers to Mortgage Refinances Bankrate: Mortgage Rates Hold at Record Lows |
Mortgage Rates for 30-Year US Loans Fall to a Record-Low 3.78% - Bloomberg
 OregonLive.com | Mortgage Rates for 30-Year US Loans Fall to a Record-Low 3.78% Bloomberg US mortgage rates for 30-year loans fell to a record low for a fourth straight week, reducing borrowing costs as a housing recovery takes hold. The average rate for a 30-year fixed mortgage dropped to 3.78 percent in the week ended today from 3.79 ... PRESS RELEASE: Freddie Mac Says Historic Lows For Fixed Mortgage Rates Hold Steady Freddie Mac: 30-year mortgage rate down a tick at 3.78% US 30-Year Mortgage Rate Falls to Record 3.78 Pct. |
Today's Mortgage Rates for 5/23/12 - LoanSafe
 World News Resource | Today's Mortgage Rates for 5/23/12 LoanSafe (LoanSafe.org) — Mortgage rates today have mostly went up at the top lenders according to this morning's research with only one decrease found under one home loan program. To search for the best mortgage deals in your area, please use our rate search ... Today's Mortgage Rates: Bank of America, KeyBank and Citibank Refinance Rates ... Mortgage Rates: Low Mortgage Rates Spark Increase in New Home Sales HSH.com Weekly Mortgage Rates Radar: Fixed Mortgage Rates at New Record Low Again |
BMO Bank of Montreal Decreases Mortgage Rates - SYS-CON Media (press release)
BMO Bank of Montreal Decreases Mortgage Rates SYS-CON Media (press release) TORONTO, ONTARIO -- (Marketwire) -- 05/24/12 -- BMO Bank of Montreal announced today it is changing its residential mortgage rates, effective May 25, 2012. "BMO continues to encourage Canadian homeowners to take on a mortgage amortization of 25 years ... |
Real Estate and Mortgage Market Update for Thursday 05-24-2012 - Examiner.com
 KLEW | Real Estate and Mortgage Market Update for Thursday 05-24-2012 Examiner.com That makes the news favorable for bonds and mortgage rates, however, it really wasn'ta huge variance so its impact on today's mortgage pricing has been fairly minimal. The Labor Department reported that 370000 new claims for unemployment benefits were ... US durable goods orders up 0.2 percent in April |