Mortgage Advice
Here are some common mortgage questions. Have a question you don’t see answered? Call us at 866-445-9224.
Employment and mortgages
Part of the mortgage process includes verifying income. You must be able to show that you can afford the home loan payments, regardless of the type of home loan program. If you do not have a job or any other way to financially support a mortgage, consider holding off applying for a home loan until you can verify employment and income. If you can prove steady, reliable income – go ahead and apply to pre-qualify for a loan!
Credit and mortgages
Credit is a major player in the home loan process. Your credit score determines your eligibility for home loans and your interest rate. Better your credit, the better your rates.
If you do not have good credit, consider one of the following steps:
- Visit with a credit restoration expert. Contact us for a referral at 866-445-9224.
- Spend six months to a year improving your credit by making on-time payments, reducing debt, and avoiding new credit accounts.
- Learn the essential do’s and don’ts of credit before applying for a mortgage to improve your approval chances.
Underwater mortgages
Do you owe more on your mortgage than your home is worth? The “housing crisis” of the past several years led to a drop in the value of homes. Many face mortgages that are much higher than their current property values.
- Government assistance programs may be available to help eligible homeowners.
- Program eligibility depends on your current loan type and individual qualifications.
- The HARP Program and FHA Streamline Refinance may allow qualified borrowers to refinance at a lower interest rate without requiring a new appraisal.
- Our mortgage specialists can review your situation and explain the options available to you.
- Call 866-445-9224 today to find out if you qualify for one of these refinancing programs.
Switching lenders
You can switch mortgage lenders at any time – even if you’ve been with your current company for years or if you’re in the midst of refinancing. We’ve met several who are tired of the runaround of the ‘big banks’ and want to switch to someone local and easy to work with. Until you’ve signed on the dotted line – there’s always a way out!
If you’re considering switching lenders, make sure to keep all of the documentation together – your new lender will need to see that. Also, if you’ve already had an appraisal performed, that is one fee that will need to be repeated and cannot be recovered.
