Deciding you want to apply for a mortgage is a big step. You have to make sure your finances are in order and that a lender will look upon your loan application favorably. Many people focus on the credit score, figuring that is the factor that will make or break their deal. However, oftentimes it […]
How do You Refinance a Seller-Financed Mortgage?
Did you get a seller-financed mortgage when you bought your home? Maybe you weren’t eligible for standard bank financing or you didn’t have a large enough down payment to make bank financing possible. Whatever the case may be, there will come a time that you will want to or maybe even have to refinance. Looking […]
Do Bank Statement Cash-Out Refinance Programs Exist?
Self-employed borrowers face a serious issue. Lenders need solid proof of income. But for many self-employed borrowers, their tax returns show very little income, or even a loss. How will you ever qualify for a mortgage, let alone a cash-out refinance if you don’t show income? Get Matched with a Lender, Click Here. Fortunately, many […]
The Required Amount of Equity to Refinance a Rental Property
Many homeowners find it helpful to refinance either to lower their interest rate or even to take cash out of their home’s equity. When you want to refinance a rental property, though, you have a few different requirements. Mortgages on rental properties have higher rates of default than those on owner-occupied properties which makes lenders […]
Can you Borrow More Than Your House is Worth?
You know that the amount you can borrow on a mortgage is dependent on the home’s value. But is there ever a time that you can borrow more than the home’s value? Looking for Current Mortgage Interest Rates? Click Here. It sounds crazy, but there are two situations when you can borrow more than a […]
Understanding Mortgage Seasoning Requirements for a Refinance
Did you know that before you can refinance, you need to have your mortgage for a certain amount of time? It’s called seasoning and many loan programs/lenders require it in order to make sure you are a good risk. Compare Offers from Several Mortgage Lenders. The main reason lenders require seasoning is to prevent borrowers […]
HELOC on a Non-Owner Occupied Property
Chances are you can’t secure financing on a non-owner occupied property as easily as you can your primary residence. It’s the same across the board. Even if you have perfect credit, lenders have tougher restrictions. Get Matched with a Lender, Click Here. More borrowers default on investment properties. It makes sense. If you were in […]
All About No Seasoning Cash Out Refinance Loans
The typical seasoning or waiting period for cash-out refinance loans is 6 months. This means you must own the property and have made six mortgage payments on the loan before you can tap into the home’s equity. This is the case for Fannie Mae, Freddie Mac, and FHA loans. The one exception to the rule […]
3 Streamline Refinance Programs With the Government’s Backing
Refinance is a viable opportunity to make one’s mortgage more affordable, allowing you to refinance your existing nonqualified mortgage, for instance, to lower its rate and lower its payment. A streamline refinance just ups this standard option minus tons of paperwork plus flexible guidelines. Streamline refinance programs are available to homeowners who have government-backed mortgages […]
Hooray, HARP is Extended! Now What?
Good news for underwater homeowners — HARP is extended! The Federal Housing Finance Agency (FHFA) announced that the HARP, otherwise known as Home Affordable Refinance Program, will be extended through December 31, 2018. In addition to the HARP extension, the agency informed the public of modifications made to High LTV Streamlined Refinance. These changes aimed […]