You are a smart shopper. Whether it’s for a bad credit mortgage, an FHA loan, or a debt consolidation home equity loan, you know what to do–get online or on the phone, touch base with several lenders, and get your disclosures quickly. Once you have decided which lender you like best, it’s time to apply for your mortgage. But what about that rate quote? Is it guaranteed? What are your rights when it comes to mortgage interest rate quotes? Continue reading ‘My Mortgage Rate Is Locked……Isn’t It?’
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Homeowners overwhelmed by their housing and other payments may benefit from a loan modification. But they need it fast. How can you get past the red tape and get your file looked at quickly? Continue reading ‘Need a Mortgage Modification Fast? You Can Jump the Line’
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At a conference today for the National Association of Real Estate Editors, Congressman Barney Frank (D-MA) reiterated his view that “homeownership for all as a goal is flawed.” And that as there are many out there who would be “more appropriately renting”, that “rent reform” will also be a priority with the administration. Continue reading ‘A Lot More Renters, Frank Says’
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No, ECOA isn’t a company that makes aluminum foil. It stands for the Equal Credit Opportunity Act. And this act protects even octo-moms from certain practices that lenders used to routinely be able to engage in. Continue reading ‘Even Octo-Mom Has Rights Under ECOA’
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You have your money together for a down payment. You’ve gotten preapproved by your lender. But if you have less than 20% for a down payment, you may not get your loan if you live in certain states. Because it’s not just Fannie Mae or Freddie Mac approving you for your mortgage. There will also be a mortgage insurance company involved. Continue reading ‘Are You On Restriction? It Depends on Where You Live’
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You know the ones–what’s your ethnicity? How many years of schooling do you have? Are you involved in a lawsuit? How old are you? What’s your marital status? Why can’t lenders mind their own business? Aren’t there laws about discrimination? Continue reading ‘Why Do They Ask Those Rude Questions on My Mortgage Application?’
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Lease options, otherwise called rent-to-own transactions, can help you buy a home you want when you can’t make the purchase right away because your credit isn’t up to snuff, you need more time on your job to get your mortgage, or you’re still saving your down payment. They can also empty your wallet and make you homeless! So enter these transactions carefully. Continue reading ‘Bad Credit? Lease Option Can Be Great Option–But Avoid Scams.’
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It wasn’t long ago that my mortgage friends and I were crying in our coffee (or whatever we felt was most therapeutic to cry in!) about the lack of money for deals that made perfect sense. Continue reading ‘Jumbo Mortgages Are Back!’
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If you’re just getting to the point where you feel you understand your credit score, well, prepare to start over. FICO 08 is on its way and is already in use by some lenders. How will this new credit scoring system affect you when you apply for a home loan? Continue reading ‘What Is FICO 08 Credit Scoring and How Will it Affect You?’
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Many taxpayers - regardless of credit history - jumped last year to take advantage of a $7,500 tax credit for first time home buyers. The advantage of this credit was that it was refundable–even if you didn’t owe $7,500 in taxes you got the whole credit. For example if you owed $2,500, your credit covered that debt and the government cut you a check for $5,000. The downside was that over a 15 year period, the credit had to be repaid.
Then, Congress passed the American Recovery and Reinvestment Act of 2009. This new bill increases the credit to $8,000 and that $8,000 doesn’t have to be repaid. How does this new bill affect those who took the $7,500 credit? Continue reading ‘They Passed the Stimulus Bill: Do I Have to Pay Back My $7,500 Tax Credit?!?’
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