Lending Expert Blog

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 […]
January 21, 2019

Some Reasons that Might Convince You To Use a Mortgage Broker, Mission Viejo, CA

It is always beneficial if you are choosing from several options when deciding which services to use for your next home loan application. In this post, we’re sharing some of the reasons that might convince you to use a mortgage broker Mission Viejo, CA. Reason #1: A service from mortgage brokers is a specialized one; it is dedicated to home loans. Their service is commision-based, which means it is in their interest to find the best mortgage deal possible for you, or else, they don’t get paid. Reason #2: Can work on a one-on-one setup, which is advantageous to clients as it helps evaluate their specific needs and therefore can find a lender that suits them personally. You can expect that, after the submission of the loan request to various lenders, brokers work closely with the lenders that have accepted the requests until the home loan closes. Reason #3: Mortgage brokers have a connection to a vast network of lenders, which increases the chances of you getting the best deals available. On the contrary, when you go directly to the bank, they are likely to receive information from one lending institution. Reason #4: Historical numbers can tell that a mortgage broker Mission Viejo, CA oftentimes can find a lender who accepts a home loan application that the bank foregoes. In addition, they are able able to discuss or negotiate a lower interest rate from lenders in trade for bringing in clients. Reason #5: Mortgage brokers can save you a lot […]
December 28, 2018

Some Important Terms You Should Be Familiar with When Getting a New Home Loan

So you will be shopping around for a new home? That is something that you can be ecstatic about. But before you get too excited, make sure you have done your research before getting any deal on new home loan Corpus Christi FL. Please note that a thing like this involves some serious amount of money that can affect your life in the long run, so you have to do it right; you have to get the best one available today. Speaking of prior research, it is imperative that you are familiar with important terms associated with new home loan Corpus Christi FL. Some of these terms are the following: The loan term. This pertains to either how long the loan will last if you decide to pay only the minimum required amount each month (e.g. a 30-year fixed rate mortgage) or the features of the loan that you and your lender agree upon, which is also known as the “terms and conditions”. Make sure that you and your lender are on the same page always so that everything is clear-cut. The loan amount. This is the amount specifically stated in the mortgage contract that you, the borrower, agree to pay back. Please note that the amount include other costs, so it is expected that the loan amount is different from the amount of cash given to you by the lender. Interest rates. These are impacted by a borrower’s credit score, loan term, and mortgage program as well as a […]
December 27, 2018

3 Compelling Reasons To Go for Home Improvement Loan, Phoenix AZ

If you have been thinking about doing some home upgrade but not sure where to source the needed amount for the project, you might want to consider applying for a home improvement loan, Phoenix AZ. There are quite a number of lenders out there that offer a really good deal that you should take advantage of. You just need to be diligent enough to do enough research so when offers come to you, you know how to discern which among them offers the best. The internet offers a good avenue to start your search for the best home improvement loan, Phoenix AZ; make sure you are able to use the available online resources as they will come in handy when you trim your list of prospects down to few-most-qualified ones. Now, here are four compelling reasons to apply for home improvement loan: Helps improve home with flexible payment terms. You can pay off your loan at your most convenient payment terms (commonly in 3 to 5 years). With great flexibility, you can have your home upgraded based on the amount you are comfortable with. In other words, you can realize your dream upgrade without it hitting you hard financially. Higher resale value for your property. If you are thinking of selling your property some time in the near future and you want to get the best deal possible, then doing some home improvement today might be the most viable option you can take. Perhaps you want to install a new […]
December 27, 2018

Some Questions About Cash Out Refi Austin TX Answered

What is cash-out refi Austin TX? It is a refinance option that lets you tap into your home’s equity for cash that you can use for any purpose you choose. With this type of refinance option, you get a new mortgage loan that is larger than the existing one to convert home equity into cash. Why go for a cash-out refi? If your current home loan has a higher interest rate than you qualify for with a refinance and/or if you need a one-time cash infusion for a significant expense (e.g. home improvement), then a cash-out refi might be the best course of action to take. This type of refinance option is typically has a fixed interest rates, which appeals to borrowers who prefer predictable payments. What are the potential drawbacks? There is a possibility that you will pay additional interest amount on both your current balance and the additional amount you borrow if the new loan’s rate is higher. Take note also that you will pay more fees on a cash-out refi Austin TX than you would pay with a home equity loan or line of credit. It is worth-noting as well the cash-out cap imposed by lenders is usually at 80% of the home’s value. What is the difference between Rate and Term and Cash-out Refinancing? Rate and Term Refinancing provides an opportunity for borrowers to attain a lower interest rates and/or adjust the term of the loan. On the other had, the latter allows borrower to convert […]
December 26, 2018

Why Debt Consolidation Loan San Jose CA Is The Way To Go

If you have multiple payment obligations from various financial institutions, chances are that they are causing you some sort of anxiety most especially if you have been missing due dates. Worse, when your accounts are already forwarded to collection agencies and they keep calling you, urging you to settle your obligations or else they’ll resort to a legal action. Such a scenario can cause not just a mental anxiety but a possible emotional distress as well. But, as they say it, there is always light at the end of the tunnel, and when it comes to dealing with multiple debts, debt consolidation loan San Jose, CA can be the best option you can take to manage your debts more effectively. A debt consolidation loan San Jose CA provides you with a number of benefits; it is helpful if you have a great deal of outstanding debt. Here are some of them: Single payment. It allows you to pay all of your debts with a single payment. This way, you are not going to deal with multiple lenders every now and then. You no longer need to worry about multiple payments and multiple deadlines. This gives you an opportunity to focus on one payment only and therefore you have a clearer view of how you pay off your debt quicker and in the most effective manner. Helps reduce stress. Consolidating multiple debts into a single payment can significantly reduce stress associated with worries about collection agents knocking your door. As a […]
November 29, 2018

Online Tools that Can Help You Find the Best Interest Rates

When it comes to mortgage loans, interest rates is one of the most important factors in your buying decision. Why not? A difference of 0.5 percent could translate to thousand dollars. Think of how much it will cost you if you are not careful. Thus, you need to exhaust all the remedies so that you are able to get the best mortgage rates, Orlando, FL. There are several tools online that can help you find the best mortgage deals in the area. Check them out as they can be useful as you begin your quest for the best offer in town. Credit report review checklist. A very useful tool that can be used so that you do not miss any detail in your credit report, and that you are sure that all of the information in the report are correct. And, if there’s a mistake, you can contact the credit reporting company and/or the source of the mistake to correct it. Remember, a single error in the report can affect your credit score and therefore can potentially affect your search for the best interest rates, Orland, FL. There should be no room for error. (Here’s a sample checklist.) Interest rates tracker. This tool provided by the Consumer Financial Protection Bureau allows you to track the prevailing interest rates across the country. It has a dropdown menu for each of the states. Choosing a state from the dropdown immediately displays pertinent information re to interest rates of that state. (You might […]