Lending Expert Blog

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 […]
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 […]
January 24, 2019

Where To Find the Best Mortgage Broker Reviews, Orlando, FL

The internet is a powerful tool that helps find the best mortgage broker reviews, Orlando, FL. It does not simply show crowdsourced information, but rather, legitimate sentiments from people particularly those clients who have used particular mortgage brokers. The information they provide can be a big deciding factor for your decision on which broker to use. In this post, we are sharing some of the most popular websites that serve as platforms for people who are looking for legitimate reviews regarding the performance of a particular broker. So, without further ado, here are the sites that are helpful in finding the best mortgage broker reviews, Orlando, FL. Angie’s List. This is is a huge repository of not only names of brokers but other companies in other industry as well. You will find this review site easy when it comes to comparing rates for many different types of loans and find the best one for you. Bankrate. This website is quite similar to Angie’s List as it allows you to compare rates on all types of loans – mortgages, auto loans, personal loans, among others. It also has a “Mortgage Lender Review” page where you can find the ratings and reviews for such lenders from all over the country. What more? It allows you to filter the search, trimming down the list to a particular state or area. Nerdwallet. This is another site that is worth-checking out when looking for useful information on the best mortgage broker reviews, Orlando, FL. You […]
January 22, 2019

What Does a “Great” Mortgage Lender in Austin, TX, Do?

We start this post by recognizing the fact that the word “great” is subjective. In other words, what I consider great might not be that great for you (or the other way around). However, in this post, when we say “great” mortgage lender Austin, TX, we mean you get to experience working with a one who does the following: Asks (the right) questions. You should not feel uncomfortable when a mortgage lender asks so many questions; bother when he does not. For as long as the questions are in line with your application, that thing will work to your advantage. That is because, a truly great lender asks as many questions as possible in order to provide the most accurate mortgage quotes for you. You can expect questions about your credit rating, the length of years you intend to own the home, your plans for the home, and the property type you expect to purchase. And by providing them truthful answers, you are highly likely to get the best deal available in the market. Communicates to clients well. Meaning to say, a great mortgage lender Austin, TX is the one that communicates well in a way that clients can easily understand, as opposed to those who hide behind a load of industry jargons with the sole purpose to impress their expected soon-to-be clients. When you come across a lender that explains to you every nook and cranny of the loan you are applying for, don’t shut that lender out as […]