Archive | September, 2012

FHA Streamline Refinance Qualifications

29 Sep

FHA Streamline Refinance Qualifications
With a streamline refinance, the only credit score qualification is that there be no delinquent house loan payments for at minimum twelve months. The home-owner also does not have to validate his or her revenue or employment standing. http://ow.ly/e5Isf

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FHA Streamline Refinance: San Diego Mortgage and Loans

29 Sep

FHA Streamline Refinance Qualifications
With a streamline refinance, the only credit score qualification is that there be no delinquent house loan payments for at minimum twelve months. The home-owner also does not have to validate his or her revenue or employment standing.

The FHA delivers two other refinance options- funds out and credit card debt consolidation. For these choices, it does not make a difference what form of loan the homeowner at this time has. There are credit score qualification specifications, but they are versatile.

The FHA is discussing feasible adjustments to the method, which includes greater home loan insurance plan and stricter credit score prerequisites, so now may perhaps be a beneficial time to study your solutions. Communicate with a reputable FHA loan specialist to receive a lot more facts on FHA refinance options and how to apply.

The House Refinance Rush

If you’re like lots of clever property owners nowadays, you’re thinking of refinancing to a reduce price to consider advantage of some of the most interesting mortgage premiums in decades.

It really is legitimate, rates are getting held artificially small with government incentives. And they are assured to rise when the economy goes into good recovery. So monetarily savvy house loan holders are acting now to shore up their financial debt by cashing in on today’s very low rates.

The bottom line is that refinancing in today’s sector is a intelligent move that will fork out off for many years to come.

FHA, Refinancing, and Economic Recovery

We all know the economic climate is lagging. Because our economy is so dependent on the wellbeing of the housing current market, part of the government’s complicated recovery method involves fortifying home values. Normally, the authorities desires property owners to stay in their properties. For several persons this calls for refinancing to a lessen payment.

The place does FHA arrive in? An FHA home loan is federally insured. To a financial institution, that usually means it is really a safer asset than many other varieties of home loans. Mainly because of the stability of the FHA mortgage, and mainly because the government desires to make refinancing as easy as doable for citizens, specified demands have been calm to motivate refinancing and to supply for quicker qualification.

In the home loan market place the new, more quickly procedure is named the FHA Streamline.

Very good News for FHA Mortgage Holders

With an FHA Streamline refinance, home owners are normally permitted to skip the appraisal process, a person of the most important snags for home owners seeking to refinance. In some scenarios they could even be capable to skip the income verification.

And all forms of recent FHA loans qualify for the plan. This means thirty- and 15-yr fixed-price FHA loans, as nicely as all ARM FHA loans.

Do You Have an FHA Mortgage?

Perhaps you’re not convinced if you are at this time in an FHA Mortgage. To confirm, you are going to need to have to locate an FHA scenario number connected with your loan. The situation amount is commonly a 10-digit quantity, but it can be as several as thirteen digits.

Start here for questions about your FHA mortgage: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/faqs/connect/faqs_fha

Please visit us on the web:

http://sandiegomortgageandloans.com

Facebook:

http://www.facebook.com/sandiegomortgageandloans

Pinterest:

http://pinterest.com/calhomeloan/

Twitter:

http://twitter.com/calhomeloan

Linkedin:

http://www.linkedin.com/profile/view?id=206617700&trk=tab_pro

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FHA Streamline Refinance

29 Sep

FHA Streamline Refinance Qualifications
With a streamline refinance, the only credit score qualification is that there be no delinquent house loan payments for at minimum twelve months. The home-owner also does not have to validate his or her revenue or employment standing.

The FHA delivers two other refinance options- funds out and credit card debt consolidation. For these choices, it does not make a difference what form of loan the homeowner at this time has. There are credit score qualification specifications, but they are versatile.

The FHA is discussing feasible adjustments to the method, which includes greater home loan insurance plan and stricter credit score prerequisites, so now may perhaps be a beneficial time to study your solutions. Communicate with a reputable FHA loan specialist to receive a lot more facts on FHA refinance options and how to apply.

The House Refinance Rush

If you’re like lots of clever property owners nowadays, you’re thinking of refinancing to a reduce price to consider advantage of some of the most interesting mortgage premiums in decades.

It really is legitimate, rates are getting held artificially small with government incentives. And they are assured to rise when the economy goes into good recovery. So monetarily savvy house loan holders are acting now to shore up their financial debt by cashing in on today’s very low rates.

The bottom line is that refinancing in today’s sector is a intelligent move that will fork out off for many years to come.

FHA, Refinancing, and Economic Recovery

We all know the economic climate is lagging. Because our economy is so dependent on the wellbeing of the housing current market, part of the government’s complicated recovery method involves fortifying home values. Normally, the authorities desires property owners to stay in their properties. For several persons this calls for refinancing to a lessen payment.

The place does FHA arrive in? An FHA home loan is federally insured. To a financial institution, that usually means it is really a safer asset than many other varieties of home loans. Mainly because of the stability of the FHA mortgage, and mainly because the government desires to make refinancing as easy as doable for citizens, specified demands have been calm to motivate refinancing and to supply for quicker qualification.

In the home loan market place the new, more quickly procedure is named the FHA Streamline.

Very good News for FHA Mortgage Holders

With an FHA Streamline refinance, home owners are normally permitted to skip the appraisal process, a person of the most important snags for home owners seeking to refinance. In some scenarios they could even be capable to skip the income verification.

And all forms of recent FHA loans qualify for the plan. This means thirty- and 15-yr fixed-price FHA loans, as nicely as all ARM FHA loans.

Do You Have an FHA Mortgage?

Perhaps you’re not convinced if you are at this time in an FHA Mortgage. To confirm, you are going to need to have to locate an FHA scenario number connected with your loan. The situation amount is commonly a 10-digit quantity, but it can be as several as thirteen digits.

Start here for questions about your FHA mortgage: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/faqs/connect/faqs_fha

Please visit us on the web:

http://sandiegomortgageandloans.com

Facebook:

http://www.facebook.com/sandiegomortgageandloans

Pinterest:

http://pinterest.com/calhomeloan/

Twitter:

http://twitter.com/calhomeloan

Linkedin:

http://www.linkedin.com/profile/view?id=206617700&trk=tab_pro

 

Shared via http://fhastreamlinerate22.wikispaces.com/ are licensed under a Creative Commons Attribution Share-Alike 3.0 License

12 Home-Buying Mistakes

13 Sep

At San Diego Mortgages and Loans, we’ll do our best to help you make an informed home-buying decision. Please contact us with blog topic suggestions at sandiegomortgageandloans@gmail.com.

If you are preparing to buy a home of your own, then check out these top 12 home-buying mistakes that most people make. Being aware of these mistakes will prevent you from falling into the traps others have.

1. Not being aware of mortgage options

There is a general perception that only those with moderate or high income will be approved for a mortgage. Those with a low income or poor credit avoid going for mortgages because they feel that either they won’t qualify, or won’t be able to pay the fees and interest associated with them.However, there are plenty of programs with special features available for borrowers with different income levels. What programs are available depend on the state of the economy and the housing market. What buyers need is a little knowledge of mortgages and their pros and cons to purchase their dream house with the best program available.

2. Find a home without pre-qualification or pre-approval

The first thing anyone aspiring to homeownership should do is get prequalified/preapproved for a mortgage. This will help you learn how much you can afford before you go shopping for your dream home. Make sure that when you get prequalified/preapproved for a certain loan amount, you get a letter from the lender specifying how much you are approved for as this will speed up the home buying process.

3. Not shopping around for the best lender

Borrowers usually try to get loans from the lender who offers the lowest interest rate but ignore the other costs like the APR, loan processing fee, and other closing costs. The lender’s reputation and the services they offer are also worth considering.

4. Buying a home without a home inspection

A home inspection is one of the most important steps when buying a home. Home inspection helps you find out how much damage has been done to the property and how much it will cost to repair. If the inspection report estimates that the repairs are more than you can afford, you may be able to get out of the contract without losing your earnest money. Most lenders, including those offering FHA loans, require a home inspection before they’ll give final approval to your loan.

5. Making verbal statements

Lenders and real estate agents often make oral promises they can’t guarantee will be part of the contract for a deed. You need to make sure that any promises are guaranteed in writing and conform with your state’s law before you sign the contracts.

6. Signing documents without checking

Because brokers are paid by the number of people they sell loans too, they rarely give their customers the opportunity to read the loan agreements at closing. Therefore, you should ask your broker to send you copies of the agreement before closing so you can read them before signing.

7. Not getting a Good Faith Estimate

Before signing the mortgage agreement, you should understand what fees are associated with getting the loan, such as the document preparation fees, the public notary fees, etc. So before you sign the mortgage, get a Good Faith Estimate (GFE) from the lender. The lender should be able to provide you with a GFE within 3-7 business days of applying for the loan.

8. The rate-lock is not made in writing

If you are getting a mortgage, you should get a rate-lock agreement from your lender that will specify the interest rate, how long the rate lock will last, and any other details you desire. This is especially important if you are agreeing to an adjustable rate mortgage (ARM).

9. Locking in at a low interest rate

The majority of buyers wait for market rates to dip before going for a mortgage. But, it’s hard to predict how long a certain interest rate will last before the market conditions allow lenders to raise them again. Therefore, the moment you find an interest rate you can afford you should lock into it.

10. Use an agent who represents both buyer and seller

Only a few agents represent both buyers and sellers. Most agents specialize in representing one party. One of the worst mistakes you can make is to hire an agent who represents both. You need to have an agent who will solely represent your interests.

11. Terminating the lease on the date of closing

If you are renting a home, you need to make sure the lease terminates after you move into your new home. Even though this may mean that you may be paying a mortgage and rent in the same month, it will protect you if there are delays in closing or moving.

12. Shopping for home insurance just before closing

Few sellers will accept an offer if you don’t have funding ready. If you are unable to get a loan, you may lose your earnest money and the house of your dreams. Therefore, the best time to start shopping for a loan is the minute you decide you want to buy a home.

While everyone makes some mistakes when buying a home, some of the most common mistakes can be avoided if you are prepared. One of the worst mistakes you can make is to choose the wrong mortgage. But if you know what to not do when looking for a home loan, you’ll be able to enjoy your home for years to come.

Questions?  Contact one of our home loan experts here: http://sandiegomortgageandloans.com/?page_id=17

Please visit us on the web:

http://sandiegomortgageandloans.com

Facebook:

http://www.facebook.com/sandiegomortgageandloans

Pinterest:

http://pinterest.com/calhomeloan/

Twitter:

http://twitter.com/calhomeloan

Linkedin:

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