Mortgage Applications

If you have a good credit history and are prepared to invest in a home, you may be feeling pretty confident about the mortgage process. However, it's important to be aware that there are things that can have a negative impact on your application. Whether you've just submitted your documents or are getting close to it, here are some things you may want to avoid. Acquiring New Credit It may seem silly that something as minor as a new credit card can be a mark against your credit, but applying for new ones can be a bad sign to lenders.…

Interest rates may be relatively low, but if you're a homeowner who is struggling with your monthly mortgage payment, it may be time to consider what re-financing options are available on the market. If you are looking for a lower interest rate to improve your financial health, here's what you need to know about the HARP program so you can take advantage of a better rate. What Is HARP? The Home Affordable Refinance Program, which is commonly known as HARP, was created in the wake of the 2008 recession, which was brought on by the high amount of housing debt…

There's a lot of flexibility and personal freedom associated with self-employment that can be a great benefit to your lifestyle and your pocketbook. However, because of the somewhat unpredictable nature of self-employment, it can make acquiring a mortgage a little more difficult. If you've recently become self-employed or have been in the game for a while, here are some things you may want to consider before submitting your mortgage application. Putting More Money Down 20% is often considered the magic number when it comes to the down payment because this will allow you to avoid homeowner's insurance. However, if you're…

If you're currently buying a home and are stressing about the kind of home to choose and which lender to go with, it can help to clear up some of the confusion surrounding the mortgage process. While mortgage applications are assessed on a case-by-case basis, here are some factors you'll want to avoid so the timeline of your approval isn't negatively impacted. Your Employment Status It goes without saying that the amount you bring in each month is a huge factor towards how much house you can afford, so having a part-time job, being self employed or even being unemployed…

There are more than enough details involved in getting a mortgage and moving into your own home that you'll want to know how to make the process as seamless as possible beforehand. However, there's a chance you might not be aware of the things you can do to make it a little easier on yourself. If you're currently looking for a home and are wondering how to streamline the approval process, here are some things to do before applying to minimize mortgage-related stress. Get Electronic Documentation In order to get approved for your mortgage application, you'll need to provide documentation…

A mortgage broker can be a helpful tool in finding the right opportunity for you, but it can be tempting to deal with mortgage apps that may be able to consolidate all the information you need in one place. While many modern apps can be quite convenient, there are a few reasons you may want to use a knowledgeable mortgage professional to ensure the credibility of your most important purchase. Up-To-Date On Credible Lenders A mortgage app can certainly provide many mortgage insights, but it's not necessarily an able replacement for a broker who has dealt with many different lenders…