February

February 28, 2019

Should I Go For a Mortgage Refi Fort Walton Beach, Florida?

As with any other deals, there is no one-size-fits-all formula when it comes to mortgage refi Fort Walton Beach, Florida. Every individual is different and so are his needs. A particular deal might be favorable for one but not for the other. Thus, if you are planning to apply for refinancing, it is a great help if you seek the help of a professional – somebody who can make an assessment of your unique case and can effectively guide you through the process of mortgage application. Before you sit down with your mortgage broker or advisor, it is imperative that you have some idea about what you are dealing with. Please note that getting a mortgage is one of the most important financial decisions you will ever make in life. Get it right. So, let’s go back to the question at hand: Should you go for a mortgage refi Fort Walton Beach, Florida? Below are some factors that may increase your chances of getting approved (and getting a good deal) in your mortgage refinance application. How big or small is the debt you carry. Of course, lenders will assess your application qualification. One strategy they use in order to assess how qualified you are is by getting your debt-to-income ratio. This is done by dividing the amount you pay for all of your debts in a month by your income. Ideally, lenders want that ratio to be no more than 38%. You are a 20 percent stakeholder. The truth is, […]
February 27, 2019

Some Important Questions to Ask About Jumbo Loan Orange County, CA

With a number of loan options being offered in the market today, it can be daunting to find the right information that can help you in your quest for the best mortgage deal. That is why it is imperative that you exercise due diligence; make sure that you have done prior research when you shop around. One popular loan type available in the market today is jumbo loan, Orange County, CA. Apparently, this is also one of the items that we receive lots of inquiries about. So, to help our readers and prospective clients understand more about jumbo loan, we have provided answers to some of the most common questions sent to us from prospects. What are jumbo loans? A home loan can be categorized as jumbo when it goes above the standards used for other loans. To date, the loans that ‘conform’ usually have a limit of about USD 424K. Beyond that amount is considered a jumbo loan. How to qualify for a jumbo mortgage? It is important to realize that jumbo lenders typically have stricter underwriting guidelines; they are not backed by Fannie or Freddie, so they are considered a more risky loan option. Here are some of the items that help increase your chances for approval: Larger income Higher credit scores (FICO score is around 740) Greater reserves or assets to cover 6 to 12 months payments Healthy debt-to-income ratio A down payment of 20 to 30 percent What are the benefits of jumbo loans? They allow […]
February 26, 2019

Things to Consider Before Applying For Home Loan, Scottsdale, Arizona

Just like in any other transaction you have dealt in the past, there are a number of things that you should consider when applying for a new home loan, Scottsdale, Arizona. It is important that you are well prepared to navigate the application process. This is not just to increase the chances of approval but as well to ensure that you are getting the best deal that the industry can offer. So, without further ado, here some of the things that you should consider when planning to apply for a home loan in Scottsdale, Arizona. Check your credit score – As this is one of the most important factors considered in home loan applications, it is imperative that you know your credit score even before you call a mortgage broker to help you with your application. In general, those who have scores of 660 or higher are considered prime. Those whose scores are lower than 620 are considered subprime. Make sure that you know your credit score, and if you think your score isn’t high enough, do what is necessary to improve it. Why this is so important? Because it is key to getting the best offer interest rates. The debt-to-income ratio – This is one of the areas that lenders consider when determining risk. In general, a backend debt ratio that is greater than or equal to 40% is perceived as an indicator of a high risk borrower. You should aim significantly smaller than that to increase the chances […]
February 25, 2019

Should I Go for VA Loans, El Paso, TX?

Just like in any other deals, there is no one-size-fits-all formula when it comes to VA loans, El Paso, TX. Each individual is different and so are his needs. A particular deal might be favorable for one but not for the other. That is why, if you are planning to apply for VA loan, it can be a great help if you consult a professional who can make an assessment of your unique case and can effectively walk you through the process of your mortgage application. Before you sit down with your mortgage broker or advisor, however, it makes sense that you have some idea about what you are getting into. After all, applying for a mortgage loan is one of the most important financial decisions you will ever make in life. It is imperative that you get it right. So, let’s go back to the question at hand: Should you go for VA loans, El Paso, TX? Assess yourself. Here are some items to check out to get an idea on your qualifications. Who may qualify for VA loans? Here are the service requirements set forth by the VA: For military members, you should have served 90 days on active duty during wartime or 181 days during peacetime. For National Guard or Reserves members, a six-year service is required to qualify. Spouses of service members who died in the line of duty can also apply. Income requirements Homebuyers planning to apply for VA loans are not obliged to reach […]