Tag Archives: mortgage

4 Ways to Get A Mortgage Without Income Proof

An Approved Mortgage LoanAre you planning to file for a mortgage but is limited because your income proof does not post a relatively pretty picture? Here are some ways that you will be able to do to step over these hurdles for your home:

Apply for an FHA multifamily loan

The Federal Housing Administration, an office under the Department of Housing and Urban Development, has lots of programs that make obtaining loans easier. There are, for example, programs that link homeowners to FHA multifamily lenders that will be able to provide them with mortgage assistance. These types of loans are especially great because they rarely require proof of income as it is market-driven.

Get a credit card without income proof

Some lenders ask for your credit card instead for mortgage approval. But not everyone has a credit card. If you do not have one, there is still hope for you as there are credit cards that do not need income proof. Most of these types of cards have a $500 limit and are almost always sure to be approved.

Use your car as loan collateral for title loan

There are states in the United States like Missouri, South Dakota and Illinois that make it possible for loans to be approved easily. How is this done? The amount is usually based on the estimated value of the car. Just make sure that you can pay the amount and interest (which is higher than most).

Go for a no-documentation home loan

No-documentation home loans were made for people whose income is difficult to estimate or verify like those that are self-employed. Often in these cases, the lending institution only looks at the property’s value and the credit attached to it.

Hopefully, these tips will be able to help you in getting a mortgage for your home. Not only are they proven, more and more people are also doing them.

3 Questions to Ask When Choosing a Mortgage Company

A man showing the contract for mortgagePerhaps the most difficult choice to make right after deciding to take on a mortgage for your home is to choose the best mortgage company. This can be a complicated process, which can take weeks or even months. After all, you don’t want to barter your entire home with some shady and unscrupulous company and end up losing everything in the process.

The sheer number of lenders in Salt Lake City makes it even harder to decide. Because this is an important matter, you need to make sure you choose the best mortgage company.

So how do you start? Here are a few things to look for when shopping around for a mortgage company.

License

Real estate finance can be a tangled web if you don’t know your way around. This is why many people have undergone training and gotten licensed to handle these matters. Now, if you’re going to take on a mortgage, would you trust someone who doesn’t have these qualifications? It never hurts to check for certification.

Years in the Business

Do you know the average age of most mortgage lending companies? Just a little below 4 years. You’ll probably be handling this mortgage far longer than these companies have been in business. Would you trust a startup company to handle your finances? Well, the Better Business Bureau carries a very detailed record of companies’ reviews and histories and this can give you an idea of how experienced and/or reliable your choice of company is. A little research goes a long way, especially for mortgages.

Offerings

Much like in fashion, there is no one-size-fits-all in mortgage company offerings. Most of these businesses have a “menu” that their customers can choose from, and the truth is, you either fall in the specific categories of their menu or you simply don’t. Do you think your situation is unique or is it like the rest of the cases they hear every day? You decide.

These are just a few pointers to help you get started. Taking out a mortgage for your home is an important but difficult process. Don’t forget to do your research and work with the right lender.

Recent Mortgage Changes: What People Can Do

Mortgage Loan AgreementSince the beginning of 2017, mortgage experts have predicted the steady and continuous rise in mortgage rates. As rates always stay in flux in spite of predictions by experts, rate decreases may be a welcome change for home buyers. Reductions in mortgage rates only go to show that you need to lock in a mortgage before rates rise even higher.

This may yet be the best mortgage rate you can find in Utah.

Mortgages Jump Down

Just this March 22, mortgage rates went down considerably. The 30-year fixed mortgage fell from 4.19 percent a week ago to 4.05 percent by this Wednesday, a 14-basis-point change. Additionally, the 15-year fixed mortgage went down 10 basis points to 3.23 percent.

A Small Jump for ARMs

5/1 adjustable rate mortgages, on the other hand, only decreased by 3 basis points from 3.29 to 3.26 percent. The decrease may be small for 5/1 ARMs, but more home buyers have turned to them since the election. Although only 9 percent of mortgage applications consist of ARMs, the 9 percent is an unprecedented high since October of 2014.

Fewer Mortgage Applications

Overall, however, in spite of the emerging popularity of 5/1 ARMs, mortgage applications took a sharp drop. The Mortgage Bankers Association reported a decline of 2.7 percent. What do all of these trends have to do with you?

Find a Mortgage or Refinance

The times may be telling you to lock in the best mortgage rate you can find here in Utah. When you already have a mortgage, it may then be time to refinance. The market for refinancing has slowed down which has lead lenders to close refinance transactions.

With more eagerness from lenders to refinance, you can expect lower rates or reduced costs as long as you negotiate with them well.

You can continue to monitor changes and developments in mortgages. Home buyers can get themselves pre-qualified for a mortgage early. Homeowners, on the other hand, can watch out for the perfect time to refinance. Lenders, for now, close refinance transactions in 47 days.

You still have a chance to find or refinance a mortgage that will suit your financial capacity.

Can You Apply for a Utah Mortgage with a Bad Credit?

mortgage loan in UtahThinking of applying for a mortgage in Utah? Then you need to ask this question: do I have a bad credit score? In the world of mortgages, credit scores matter. Banks and other types of lenders use them to gauge your risk level and your capability of paying off the loan. It makes perfect sense if they avoid those with low scores.

But what is a bad credit score? If you have one, does it spell the end of your mortgage dreams?

Defining the Term

Many lenders use the term “bad credit score,” but the truth is there’s no exact definition for it. It depends on many factors including the mortgage requirements for every lender. On the average, however, it is anything lower than 682 (although other lenders may consider scores 579 and below as bad).

How can you acquire this score? Determining the actual score is a complex process, and usually, it has something to do with your credit history. If you failed to pay off your mortgage, you declared bankruptcy, or you are always late with your repayments, you are more likely to get a low score.

Can You Apply for a Mortgage?

Having a bad credit score doesn’t mean you can no longer apply for a mortgage, but you need to be realistic: the journey may not be easy. Many banks may deny your application or provide you with a short payment term and loan amount. Others will give you a high-interest rate.

If you have a bad credit score, work with a mortgage loan company like City Creek Mortgage in Utah, which can help you in the loan process such as shopping for lenders. The more banks you approach, the higher the chance you’ll come across lenders that have special programs for those with bad credit.

Do you have a bad credit score? Don’t wait until later to do something about it. Work with mortgage professionals who can help you find a good solution to your issue.

Affordable Housing: Investing for Profit with a Purpose

affordable housing in Ogden The United States government uses affordable housing as a term to define a housing, whether they are owner-occupied or rental, that is affordable to anyone’s income. They describe affordable when the price is at or below 30 percent of the income. Investors who are seeking for a housing grant in Ogden from lenders like Wasatch Peaks Credit Union to start their business need to refer to this article to fully comprehend what affordable housing really is.

Determining Affordability

Subsidized housing programs as listed in Section 8 assists lower income families to better afford rent by settling a part of the market rate for rental units. Ascertain the median income in your location by looking into different sources of data.

For instance, the U.S. Census Bureau collects the average income of cities, counties, and states. Some real estate websites also offer this data for individuals who want to purchase homes in specific regions. Those interested can also get the data from housing authorities, economic development agencies, local and state governments.

Calculating Median Income

For investors who are considering affordable rent, they need to compute 30 percent of their median income. The result will serve as their calculated gross income per affordable rental unit.

Meanwhile, those interested in affordable homeownership should estimate 35 percent of their median income for the association fees, homeowner insurance, property tax, interest, and principle. They then have to compute for the anticipated sale price by subtracting a number of fees, insurance, and tax based on the going interest rates for the location. Afterward, they have to determine the purchase rate by utilizing the interest, principle, and difference.

They can always ask a mortgage or banking professional to help if they’re having trouble calculating the amount. Before jumping into the market, they need to understand everything about this investment to fully comprehend what is they’re really offering. They’re not only earning, but they’re also helping people and the community through affordable housing.

Owning a Home on a Budget: Finding the Right Mortgage for You

Right Mortgage in Salt Lake CityShopping for the best mortgage rates in Salt Lake City or elsewhere can become stressful, as there are a number of options available. It is important for you to find the right mortgage program, which will suit your budget and lifestyle perfectly.

You need to first find the ideal location that you can call a home. After that, you should now find a trusted mortgage provider. City Creek Mortgage says it’s always best to do some research before taking the plunge.

The game plan

Look for a reputed lender offering unparalleled customer service and the best deals. Check the interest rates, closing costs, APR, and points. You should have the option of choosing between a flexible and fixed interest rates. It’s also a good idea to check if the there is any pre-penalty to be paid, if and when you decide to pay off the complete loan early.

Pre-qualify for the loan

Before you start your house hunting, get pre-qualified for the loan you are seeking. You will have to submit – thirty days of pay slip, two years of W2’s, tax return for two years and a statement of assets for the previous two months – to the lender. The lender will analyze your loan application and the documentation, before he or she informs you how much you actually qualify for.

Understand the various types of loans

ARM is a term you will hear often, which stands for Adjustable Rate Mortgage. This is ideal for buyers who plan to sell off the property quickly. If you cannot make a 20 % down payment, then the Federal Housing Administration have loans with a mere 3.5 % down payment. There are other loans for buyers with a poor credit history; there is also the Jumbo loan and loans for veterans without any down payment.

It is advisable to consult a professional and understand nuances of all the different types of mortgage before choosing one that will suit you.

For First-Time Homebuyers: Hire a Mortgage Broker

Mortgage Broker For those who are buying a home for the first time, they may find the idea a bit daunting. It may even make you want to take the easy way out and purchase the first house you see that fits your budget, or continue renting.

The idea of mortgages may scare you, especially if you don’t know anything about it. But MortgageOgden.com suggests hiring a mortgage broker if you’re looking into purchasing your first house. Here are some reasons why hiring one is necessary – and more convenient.

The Mortgage Broker’s Role

Their role is to assist you in finding the right mortgage plans that will fit your budget, as well as your lifestyle. They serve as intermediaries between the homeowners and the lenders. A competent mortgage broker will help you find the best loan option suitable for your needs and help you understand the process as well.

Benefits of Hiring a Mortgage Broker

Hiring a mortgage broker will save you the legwork. They have regular contact with many lenders, shopping for the one with the best deals – and because some lenders work exclusively with brokers, you may not have access to them on your own, which makes the assistance of mortgage brokers more necessary.

They allow quicker, easier loan comparisons. As aforementioned, they make sure to look for the best loan option for you, which is why they take their time in understanding and assessing your circumstances and goals.

When you hire their assistance, you’re sure that you’re protected, as it is their duty to recommend you the mortgage most suitable to your needs. A qualified mortgage broker provides you with unbiased financial advice.

A reminder: before you hire a mortgage broker, though. Make sure that you do your research first. If you’re considering a certain company to handle your mortgage, then find out as much as you can about them – ask questions. Remember, if they can answer all your queries, then you can make sure that they will help you understand and go through the process.

Be Shrewd: Find the Right Home Loan

Home LoanMany Australians — 61 per cent to be precise — are worried about a potential crash in the property market. Prices peaked last year, but the price growth is forecast to slow down this year. Because of this, only 61 per cent of Aussies feel that now is a good time to buy a home, compared with 71 per cent last year.

2015 showed a strong growth in the property market, and many first-time homebuyers like you may have experienced being outbid by competitors with deeper pockets. As frustrating as that may be, not all hope is lost as 2016 may be the year that you finally get your dream house, depending on how you view things and also on the moves that you make.

The decline in the market this year means you can get a better understanding of things. When there’s finally a consistency in the market, both buyers and sellers are aware of what’s really going on. Now, you can make better decisions. As a first time buyer, this may be the perfect time to spend because the market is less aggressive and you face less completion from investors with money to burn.

Of course, you can still be shrewd when it comes to looking for money loans. Financial experts at Rapid Loans advise buyers to be vigilant. After all, being extra careful never hurt anyone. A few ways to be on the safe side are:

  • Deal with all your current debts
  • Assess your credit score
  • Make sure you have all the necessary paperwork
  • Get preapproved
  • Select the right lender
  • Don’t spend beyond your capabilities
  • Finance only what you can’t pay for with cash
  • Read and understand the fine print

Just because the market shows that your dream house is ripe for the taking doesn’t mean that you should blow caution out of the water and get the first loan that seems like a good deal. Before you finalise anything, take a step back and follow these tips.