26
Mar
By Jim Hasek
Home Mortgage Tips, ,

3 Reasons Why Your Mortgage Lender Might Ask for Your Tax Returns – And Why You Should Provide Them

After you have completed the initial loan application and have signed the preliminary loan disclosures, your mortgage loan application will generally receive a preliminary prequalification. This prequalification will be based in large part on your ability to provide documentation to support your statements on your loan application, including your stated income and assets. Typically, a lender will include a request for least the last two to three years of your income tax returns with this documentation. There are several reasons why a lender may need to review your tax returns and why you should provide requested documentation as soon it…
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24
Mar
By Jim Hasek
Home Mortgage Tips, ,

Considering a Reverse Mortgage Loan? Here’s What You Need to Know

Many seniors are looking for a great way to improve their financial situation. Retirement or semi-retirement can be difficult due to the need to live on a fixed income. Some may have been unable to save enough in their working years, or their accounts may have been hit hard by stock market fluctuations. Still others are feeling the effects of inflation and the rising costs of medical care and general living expenses. If you are like many other seniors, you may not have a huge cash reserve available in your bank account, but you may have a sizable nest egg…
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18
Mar
By Jim Hasek
Mortgage Rates, ,

Variable-rate vs. Fixed-rate Mortgages – Which is Better for Your Financial Situation?

When applying for a new home mortgage, many loan applicants initially consider applying for a 30-year fixed rate mortgage. This is perhaps the most common and traditional type of mortgage available. It allows you to enjoy the opportunity to pay for your home over the course of 30 years with equal payments every month. While this is one option, there are actually multiple choices available. For some applications, a variable rate mortgage may be more advantageous. If you are comparing the options between a fixed rate and a variable rate mortgage, you may consider a few points. A Lower Initial…
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17
Mar
By Jim Hasek
Mortgage Rates, ,

Understanding the Key Factors That Affect Your Mortgage Interest Rate

When you initially start shopping for a home mortgage, you may be drawn to advertisements for ultra-low interest rates. These may be rates that seem too good to be true, and you may gladly contact the lender or mortgage company to complete your loan application. However, the unfortunate truth is that all too often, mortgage applicants are unpleasantly surprised and even disheartened to learn that they do not qualify for the advertised interest rate. By learning more about the factors that influence your interest rate, you may be able to structure you loan in a more advantageous way. Your Credit…
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12
Mar
By Jim Hasek
Home Mortgage Tips, ,

The Mortgage Pre-approval Letter: Why It’s Important and How to Get One

If you are thinking about buying a new home in the near future, you may already be searching online to get a feel for the different types of homes available in the local area. You may have reviewed your budget, and you may have a fair idea about a sales price that is comfortable for you to afford. While you may feel as though you have taken the preliminary steps necessary to prepare yourself to buy a home, it is important that you also get a mortgage pre-approval letter for your financing before you starting hunting for that perfect new…
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10
Mar
By Jim Hasek
Home Mortgage Tips, ,

Missed a Mortgage Payment? How to Ensure It Doesn’t Affect Your Credit Score

If you pay attention to your credit rating, you may be well aware that a single late payment reflected on your credit report can result in a decline in your scores. In some cases, the decline can be rather significant, and you will have to work hard to make regular payments over a period of time to show that you remain creditworthy and to rebuild your credit score. It is far better to avoid late payments altogether than to deal with the stress and ramifications of a late payment on your credit report. If you have already missed the due…
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