March

March 29, 2019

Why Be Careful When Choosing a Mortgage Company

Latest figures suggest that there are more and more mortgage service providers added to the pool of companies in the industry today. This trend comes as no surprise considering that the number of people who are looking for a new home to own continues to rise. But this presents some challenges to the home buyers themselves. Finding a reputable mortgage company nowadays has become more tricky as many (if not all) of them claim they are the best in town. As a home buyer who does not want his hard earned money go down the drain, it makes sense to be extra careful when picking a mortgage company, Orlando, FL. Note that companies are not created equal and here are some of the reasons why: They do not have the same level of industry experience. Some mortgage brokerage companies have been in business for decades. Some others have been around for business for about a year or two. Remember that experience refines processes. Thus, it makes sense to choose a company that has been in business for quite a while because it is highly likely that their service process is more refined. Not all offer favorable deals. Some brokers do not disclose all fees up front; you might be surprised with the amount you are going to pay in the end. Make sure that you scrutinize the offer thoroughly. You have to examine the mortgage deal carefully so that you get what you deserve. One important step to follow is […]
March 28, 2019

Looking for a Mortgage Broker, Scottsdale, AZ? Take Note of These Items…

More and more mortgage service providers are added to the pool of companies in the industry these days. This comes as no surprise knowing that the number of people who are looking for a new home to own continues to rise. The demand for a mortgage service continues to rise. This trend presents some challenges to the home buyers themselves. The reason? A lot of brokers claim they are the best in town and so picking from the available options has become more tricky. As a home buyer who does not want to commit mistake and put money down the drain, it makes sense to be extra careful when picking a mortgage broker, Scottsdale, AZ. The truth is, companies are not created equal. Here are some of the items to put in mind: They do not have the same level of industry experience. Some mortgage brokerage companies have been operating for decades. Some others have been around for just about a year or two. Knowing that experience refines processes, it makes sense to choose a company that has been in business for quite some time. It is highly likely that their business process is more refined. Not all offer favorable deals. Some mortgage brokers do not disclose all fees up front. It might surprise you when you pay more than what you have expected if you choose this type of broker. So, make sure that you scrutinize the offer thoroughly. You have to examine the mortgage deal carefully before you […]
March 27, 2019

Loan Limits and Other Considerations for Jumbo Mortgage Applications in Texas

You probably have encountered a term called “jumbo” loan in your search for home loan options. Now, you are wondering whether or not it is the best option to take for a new home purchase. In simple words, jumbo loans are a type of loan that exceed the dollar amount loan-servicing limits defined by GSE’s Freddie Mac and Fannie Mae. Meaning, it is a non-conforming loan. The amount of the property is one of the items that you should know early on to determine whether or not applying for a jumbo loan is the best course of action to take. If the anticipated value of the property in the Texas area falls outside the conforming limits, a jumbo loan is indeed an option to consider. Now, aside from jumbo loan limits, Texas, what are other important items that you need to put into consideration when applying for a jumbo loan? There are three common hurdles that borrowers must clear to increase the chances of getting jumbo-loan approval. These are: (1) larger income; (2) credit score; and (3) greater reserves. Do you think you can hurdle these particular criteria? Not sure? Consider consulting a highly qualified mortgage loan company such as the HomePlus Mortgage. (Part of our assessment is to explain to you every nook and cranny of jumbo loan limits, Texas and other aspects that can have a significant impact to your application.) Aside from jumbo loan limits, Texas, you need also to consider the following before applying for a […]
March 26, 2019

When to Consider Mortgage Jumbo Loan, Orange County, CA

If you have been doing some work for your next mortgage loan, you probably have encountered a term called “jumbo” loan. It is a type of loan that exceeds the dollar amount loan-servicing limits defined by GSE’s Freddie Mac and Fannie Mae. In other words, it is a non-conforming loan. The question you might have in might right now: should I consider mortgage jumbo loan, Orange County, CA? There are three common hurdles that borrowers must clear to be able to get jumbo-loan approval. These are: (1) larger income; (2) credit score; and (3) greater reserves. Do you think you can hurdle the specified criteria? Not sure? Consider consulting a highly qualified mortgage loan company such as the HomePlus Mortgage for assessment. You may consider mortgage jumbo loan when: You have a higher FICO score. FICO scores, the credit scores created by the Fair Isaac Corporation, which range between 300 and 850. Generally, scores below 620 often find it difficult to get financing at favorable rates. To consider a jumbo loan, the FICO scores have to be higher. Experts suggest that you have an average of 740. You have enough reserves. It is highly recommended that you have enough reserves or assets to consider a jumbo loan. Experts suggest that you have an amount to cover between 6 and 12 months’ worth of mortgage payments. Higher down payment. It is important to note as well that the down payment needed on jumbo loans are between 10 and 20 percent. Anything […]