What Will Keep Me From Getting A Mortgage Right Now?

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "What Will Keep Me From Getting A Mortgage Right Now?"

Transcription

1 What Will Keep Me From Getting A Mortgage Right Now? Why can t I get a mortgage? Why was my mortgage application denied? What s keeping me from getting a mortgage right now?

2 Page 2 of 11 What Will Keep Me From Getting a Mortgage Right Now? Table of Contents: Page 3... Introduction Page 4... Debt Page 5 : Low Credit Score Page 6 : Recent Foreclosure/Short Sale Page 7 : Bankruptcy Page 8 : Down Payment Page 9 : The House Page More Guides Page Contact Us This guide brought to you by: AmeriFirst Home Mortgage a division of AmeriFirst Financial Corp. 950 Trade Centre Way, Suite 400 Kalamazoo, MI

3 Why can t I get a mortgage? Why was my mortgage application denied? What s keeping me from getting a mortgage right now? These are all great questions not great in that you have to experience the frustration behind them, but great in that you re asking a lender these questions and getting answers. Page 3 of 11 Buying a house can seem a bit overwhelming. Even those of us who have bought before look at the current housing market and wonder what lies ahead for us. We talked to someone recently who bought a house just 5 years ago, and said that his experience in 2013 was much different. It s a new world out there. This ebook will help you navigate that landscape of documents, foreclosure listings, tighter lending guidelines and specialty mortgage loan options. In this guide you ll find some common issues keeping hopeful home buyers from closing on a deal. We also include solutions to these problems, so you can see that it s not impossible to buy a home. Sometimes the solution is to wait. Renting is not some big, evil scam meant to take your money. Sometimes renting is the right choice maybe you re thinking of moving soon or you at least like the flexibility or maybe you need to rent for a year to get your credit in order and a savings account established. If you have to rent for a while but don t really want to, don t be discouraged. We re going to offer a lot of solutions to obstacles when it comes to owning a home and getting a mortgage loan to finance it. Picture qualifying for a mortgage as an exercise in the 3 Cs. Lenders look at Credit, Capacity and Collateral when considering borrowers. You have to show that you pay your bills (Credit), that you can handle the cost of a house payment (Capacity) and that you have some skin in the game, so to speak (Collateral). When the 3 C s are met, you re good to go. When one of the Cs is lacking, another C should be overflowing much like 3 buckets. At the end of this guide you ll also find more resources to help you navigate the home buying journey. From guides about specific mortgage loan options, to ebooks on how to buy your first home, we re all about education. We also share a ton of information in video format over on YouTube. If you prefer videos, subscribe to the AmeriFirst Home Mortgage YouTube channel. Good luck on your home buying experience. Let us know if you have any questions. We re here to help, and to get you to the point where it s time to say Welcome home.

4 Page 4 of 11 Debt Too much debt or too much money going out each month can keep you from getting a mortgage. It can also limit you on how much of a house payment you can afford. You might go from wanting a $120,000 to bring able to afford a $70,000 home. It s all about the monthly payments you re making, and whether you can afford more. So how do you fix it? You can do a few things. First decrease your debt. Pay off some of your revolving debt. If you ve had a second job for more than 2 years that could also be considered as income. Remember: it s not necessarily the overall debt that s of concern; it s the monthly payments vs. monthly income. So if you can refinance some of your monthly bills to lower the payments, you may possible be able to afford a house payment. Here s an example* for you. Imagine you have a car loan payment of $500 per month that s 12 months away from being paid off. But that $500 each month means you can t afford a house payment. If you were able to refinance the car loan to lower the payment to $300 a month or maybe even $200, you may have a better chance of qualifying for a mortgage loan or a larger loan. Did you know: $60 a month in debt payment reduction could actually lead to you qualifying for about $10,000 more in a mortgage loan. Of course, we re not suggesting you refinance everything so you re paying on it for years and years. This is just one solution to the debt issue that may help you qualify for a mortgage. The biggest help is to keep your debt as low as possible maybe even zero debt so your monthly bills are low. Decrease Debt Increase Income Modify Monthly Payments

5 Page 5 of 11 Low Credit Score When a low or non-existent credit score is the issue, you have several legitimate options. First, if you have no FICO score, it generally means you have no recent credit history, or not enough credit references. First, we can consider 3 non-traditional lines of credit in cases like this. This could include monthly bills like: utilities, auto insurance, rent, a gym memberships, a Netflix account. Options for building credit include: Get a secured credit card with a low limit, charge a minimal cost & pay it off each month (Search online for secured credit card or ask your credit union or bank) Save up cash for a larger down payment this will help fill the collateral bucket If your credit score is low, begin to raise it by first paying your bills on time every month. One 30-day late payment can drop a score by a lot be sure to pay on time, all the time. Another relatively quick solution to low credit is to ensure the credit you re using is at 30% of the limit (or less) on a particular card or line of credit. For instance, a credit card with a $1,000 limit should not have more than $300 in charges. For more help on getting mortgage-ready credit, download a complimentary guide here. Create Credit Pay Bills on Time Pay Down Limits

6 Page 6 of 11 Recent Foreclosure/ Short Sale If your recent financial history includes a foreclosure or a short sale, you may find yourself waiting a while before you can get a mortgage again. Even in the difficult and frustrating landscape of the housing market meltdown, a short sale or foreclosure can really damage your credit. To start off, you ll need to begin rebuilding your credit as soon as possible after a foreclosure or short sale. You ll also have to be patient. Rebuilding credit takes time a year or more most often. The standard answer you ll hear in regards to how long you ll have to wait is 7 years. Fortunately, this isn t necessarily always the case. Below is a rundown of the basics on how long after a short sale or a foreclosure you ll likely have to wait. Foreclosure: 7 years Fannie Mae, 3 years for FHA, 3 years for USDA Rural Development (RD), 2 years for VA loans*. Short sale: Short sales come with the same time frame as foreclosure with the exception of Fannie Mae 4 years. (NOTE: If you have a 20% down payment, the time limit is 2 years.) So the lesson here is that you ll find virtually no different between foreclosure and short sales when it comes to finding a mortgage through government agencies like FHA and USDA. Conventional Fannie Mae and Freddie Mac are a little different. You may need to rent for a few years after a foreclosure or short sale, while you re rebuilding your credit. *(RD, VA, FHA must have a clear CAIVAR for 3 years check with mortgage consultant for more information) Work on Credit Be Patient Rent

7 Page 7 of 11 Bankruptcy If you ve been through a Chapter 7 bankruptcy, you ll likely need to wait around 2 years before you can get a mortgage. With patience and hard work on your financials, it s possible to get back on track and own a home. If you did not have a house in your bankruptcy, most lenders will be able to help you secure a home loan as quickly as 2 years after your bankruptcy discharge date. One major component to getting a mortgage after a bankruptcy is getting your credit score back on track. Work to build your FICO score through on-time payments, a varied credit portfolio and minimum spending on credit. Reminder: Get yourself 3 credit accounts to establish credit as you work on bankruptcy recovery. If you ve been through bankruptcy, you re probably already renting your living space, since a mortgage is likely out of reach at the moment. Don t be afraid to keep renting for now. Bankruptcy may keep you from getting a mortgage right now, but it doesn t have to keep you out of a home forever. Chapter 13 bankruptcy is different. In Chapter 13, you re paying back the debt or you have paid it back. In this case, you can actually get a mortgage if the bankruptcy trustee approves. Be Patient Rent Work on Credit

8 Page 8 of 11 Down Payment A major obstacle a lot of home buyers have during the mortgage process is not having a down payment. A down payment is basically further proof to a lender that you re in it for the long haul. With skin in the game, you re less likely to have a problem paying your house payment...at least that s the common thought behind a down payment. So, what happens when you don t have thousands of dollars in the bank? As a home buyer, you actually have several low down payment options for a mortgage loan. FHA loans require 3.5% down. A HomePath mortgage comes with a 5% down payment requirement. Even renovation loans like FHA 203k or HomeStyle Renovation can have a low down payment. You also have options for 100% financing with a couple of mortgage loans. If you re a Veteran, you should qualify for a VA loan, which doesn t require a down payment. If you re willing to live in a specific area, USDA Rural Development can help you finance 100% of the purchase price of a qualified home. Know your options before you go house hunting. You might have a great financing choice right in front of you. Gifts and down payment assistance come in many forms as well. FHA loans allow you to use a gift as your down payment. As long as it s not a loan, that can help you buy your dream home! Finally, down payment assistance from state and local agencies can come in the form of grants and financial aid. Talk to your local mortgage consultant about what s out there for you. Know Your Options Gifts Down Payment Assistance

9 Page 9 of 11 The House When the home you want becomes the obstacle in your way, you have a few solutions. Maybe the house has water damage, old windows, peeling paint or a crack in the foundation. If the house fails an inspection, you ll need to make a decision. One quick fix is to simply move-on if the house has too many things wrong with it. If you re not comfortable with the house and it fails an inspection, you can certainly say no thanks, and go on to the next house. Of course, your success will depend on the housing market and how many homes are out there. Another option when the house is a problem is to ask the seller to make the repairs. Certainly a lot of sellers will likely want to make a buyer happy in order to make a deal happen. However, not all sellers will agree to foot the bill for all of the things wrong with the house. Negotiating these can be tricky, and that s why having a professional real estate agent can be a huge asset. Finally, if the house needs work you could consider a renovation mortgage. This option allows the borrower to close on the loan and roll the cost of repairs, renovations and remodeling into the loan. This means you ll have one interest rate, one payment and one loan for everything. Options for this include FHA 203k, HomePath Renovation or HomeStyle Renovation. Renovation mortgages come with their own set of challenges and adventures. Learn more at this link: The Ultimate Guide to Home Improvement Loans Move On Seller Fixes Issues Renovation Mortgage

10 Page 10 of 11 More Home Buyer & Homeowner Resources At AmeriFirst Home Mortgage we believe in educating home buyers and homeowners. Whether it s home improvement loans like the FHA 203k or a first home buyer s guide, we offer several complimentary ebooks. You can click one of the pictures below to find the ebook that s right for you!

11 Page 11 of 11 Let Us Know How We Can Help For more than 30 years, AmeriFirst Home Mortgage has helped first time home buyers realize the dream of leaving that rental behind, and owning a house. Whether it s conventional lending, an FHA program, VA loan, USDA Rural Development or a 203k mortgage loan, the team at AmeriFirst is here to find the right mortgage for you. See where AmeriFirst is licensed for mortgage lending at the AmeriFirst office locator here. <www.amerifirst.com/office-locator> We re easy to find. The website: AmeriFirst.com Read the blog and keep up with the industry so you can be an informed borrower. Copyright Notice & Legal Notice 2014 AmeriFirst Home Mortgage 950 Trade Centre Way, Suite 400 Kalamazoo, MI AmeriFirst Home Mortgage is a division of AmeriFirst Financial Corp. Feel free to share this ebook (AT NO COST OR OBLIGATION) with anyone you want to. All rights reserved. While attempts have been made to verify information provided in this publication, neither the author nor the publisher assumes any responsibility for errors, omissions, or contradictory information contained in this document. This document is not intended as legal, accounting or investment advice. The reader of this document assumes all responsibility for the use of these materials and information. Down payment amounts and other figures shown are for informational purposes only and are not intended as an advertisement. Not all borrowers will qualify; please contact us for a specific quote and for information on fees and terms.

The Only Mortgage Loan Options. Guide You Need. (How To Find The Right Mortgage Loan To Buy The Right Home)

The Only Mortgage Loan Options. Guide You Need. (How To Find The Right Mortgage Loan To Buy The Right Home) The Only Mortgage Loan Options Guide You Need (How To Find The Right Mortgage Loan To Buy The Right Home) Page 2 The Only Mortgage Loan Options Guide You Need (Or: How to Find the Right Mortgage Loan for

More information

Which Home Loan is Right for You?

Which Home Loan is Right for You? Conventional Which Home Loan is Right for You? Minimum down payment: 3% for Primary Residences/ investors minimum of 20%, unless condo the down payment = 25% Co-Signers allowed in specific situations Options

More information

How to Avoid The Five Biggest First-time Homebuyer Mistakes. Mistake #1

How to Avoid The Five Biggest First-time Homebuyer Mistakes. Mistake #1 How to Avoid The Five Biggest First-time Homebuyer Mistakes Mistake #1 Failure To Examine And Repair Any Credit Problems Prior To Applying For Your Loan Many potential new home buyers have no idea what

More information

The Road Map Back to Home Ownership after. Short Sale, Foreclosure and/or Bankruptcy

The Road Map Back to Home Ownership after. Short Sale, Foreclosure and/or Bankruptcy The Road Map Back to Home Ownership after Short Sale, Foreclosure and/or Bankruptcy Danny Poulos, Mortgage Banker The Elite Lending Team at FEMBI Copyright 2013 When Can I Buy a House Again? Alright, so

More information

HOME LOAN? YOU CAN. by John Adams, for Fox5 GOOD DAY ATLANTA

HOME LOAN? YOU CAN. by John Adams, for Fox5 GOOD DAY ATLANTA SPECIAL REPORT: TURNED DOWN FOR HOME LOAN? YOU CAN STILL BUY A HOUSE! by John Adams, for Fox5 GOOD DAY ATLANTA If you are renting and happy, then this column is not for you. But if you ve tried to buy

More information

How To Sell Your House Fast and Easily in 2013

How To Sell Your House Fast and Easily in 2013 Special Seller Report: How To Sell Your House Fast and Easily in 2013 Hello and thank you for downloading this special report. Often times I have people asking us, How do you find buyers for houses so

More information

How Much Is Your Credit Score Costing You?

How Much Is Your Credit Score Costing You? How Much Is Your Credit Score Costing You? In the past, the credit report was instrumental in determining whether a consumer had the ability to purchase big-ticket items such as homes, cars, and appliances.

More information

HOMEPATH BUYERS GUIDE WWW.HOMEPATH.COM

HOMEPATH BUYERS GUIDE WWW.HOMEPATH.COM HOMEPATH BUYERS GUIDE WWW.HOMEPATH.COM Buyers Guide Buyers Guide For a Fannie Mae-owned Home Whether you re buying your first home or your fifth, the experience can be exciting, confusing, overwhelming

More information

A mortgage is a loan that is used to finance the purchase of your home. It consists of 5 parts: collateral, principal, interest, taxes, and insurance.

A mortgage is a loan that is used to finance the purchase of your home. It consists of 5 parts: collateral, principal, interest, taxes, and insurance. A mortgage is a loan that is used to finance the purchase of your home. It consists of 5 parts: collateral, principal, interest, taxes, and insurance. When you agree to a mortgage, you enter into a legal

More information

BankFirst Mortgage Services

BankFirst Mortgage Services BankFirst Mortgage Services Thank you for taking the time to educate yourself on your new mortgage loan. We understand that it is a difficult process for new home buyers. We ll be happy to answer any question

More information

Financial Planning for a Home of Your Own

Financial Planning for a Home of Your Own Financial Planning for a Home of Your Own FAMILY PLANNING EDUCATION INVESTMENT RETIREMENT SAVING EQUITY FAMILY PLANNING EDUCATION INVESTMENT RETIREMENT SAVING EQUITY FAMILY PLANNING EDUCATION INVESTMENT

More information

INTRODUCTION. A guide for homebuyers

INTRODUCTION. A guide for homebuyers FINANCE GUIDE INTRODUCTION A guide for homebuyers The prospect of buying a home can be intimidating, particularly given the many changes to mortgage rules and requirements over the past several years.

More information

8 Ways to Avoid or Stop Foreclosure...

8 Ways to Avoid or Stop Foreclosure... Free Special Report 8 Ways to Avoid or Stop Foreclosure... Dear Homeowner, If you are headed toward foreclosure, or are already in foreclosure, you need to know the rights and options available to you

More information

How Selling Your House To A Real Estate Investor Stacks Up Against Your Other Options

How Selling Your House To A Real Estate Investor Stacks Up Against Your Other Options How Selling Your House To A Real Estate Investor Stacks Up Against Your Other Options Pros, cons, costs, and timeline of each option So, you need to sell your house. Selling in a market like today s can

More information

Step 1: Decide to Buy

Step 1: Decide to Buy Step 1: Decide to Buy Do you really want to pay someone else's mortgage? If you re renting and have a stable job with some savings, and a credit score in the high 600 range, you can likely qualify for

More information

Sell Your House in DAYS Instead of Months

Sell Your House in DAYS Instead of Months Sell Your House in DAYS Instead of Months No Agents No Fees No Commissions No Hassle Learn the secret of selling your house in days instead of months If you re trying to sell your house, you may not have

More information

SPECIAL REPORT: How to Use the 203K Loan Program to Profit From the Foreclosure Crisis

SPECIAL REPORT: How to Use the 203K Loan Program to Profit From the Foreclosure Crisis SPECIAL REPORT: How to Use the 203K Loan Program to Profit From the Foreclosure Crisis Presented By: RGR Construction, Ltd. 1-877-289-7231 Welcome, and thank you for ordering this report from RGR Construction

More information

When & Where CREDIT. to Apply for. How to Know. Discover when your credit is good enough to get approved FIX YOUR CREDIT YOURSELF HOW TO

When & Where CREDIT. to Apply for. How to Know. Discover when your credit is good enough to get approved FIX YOUR CREDIT YOURSELF HOW TO HOW TO FIX YOUR CREDIT YOURSELF (without an attorney) How to Know When & Where to Apply for CREDIT Discover when your credit is good enough to get approved Introduction Now that you ve been through the

More information

How do I get good credit?

How do I get good credit? Slide 1 Credit The information provided in this e-course is intended for educational purposes only and does not constitute specific advice for you as an individual. When evaluating your particular needs,

More information

Home HOW TO BUY A WITH A LOW DOWN PAYMENT 3 % A consumer s guide to owning a home with less than three percent down. or less

Home HOW TO BUY A WITH A LOW DOWN PAYMENT 3 % A consumer s guide to owning a home with less than three percent down. or less A consumer s guide to owning a home with less than three percent down. 3 % WITH A LOW DOWN PAYMENT or less HOW TO BUY A Home If you re dreaming of buying a home, congratulations. You re in good company!

More information

The USA Mortgage Smart-Loan Guide

The USA Mortgage Smart-Loan Guide The USA Mortgage Smart-Loan Guide Page 1 of 8 The USA Mortgage Smart-Loan Guide Hello! Welcome to the USA Mortgage Smart-Loan Guide. Please keep in mind that this simple guide is not intended to be an

More information

How Selling Your House To A Real Estate Investor Stacks Up Against Your Other Options

How Selling Your House To A Real Estate Investor Stacks Up Against Your Other Options How Selling Your House To A Real Estate Investor Stacks Up Against Your Other Options Pros, cons, costs, and timeline of each option So, you need to sell your house. Selling in a market like today s can

More information

First Timer s Guide PREParing First Time Homebuyers

First Timer s Guide PREParing First Time Homebuyers First Timer s Guide PREParing First Time Homebuyers SO MANY QUESTIONS Maybe you live in the best apartment with a great landlord and don t want to change a thing. Or maybe you ve looked at the rent going

More information

The. Path. Refinancing. www.totalmortgage.com October. totalmortgage.com 877-868-2503

The. Path. Refinancing. www.totalmortgage.com October. totalmortgage.com 877-868-2503 The Path Refinancing totalmortgage.com 877-868-2503 www.totalmortgage.com October 1 2012 The Path Refinancing Over time, many things change and need adjustment, and the reality is your home financing is

More information

5 Common Types of Home Loans

5 Common Types of Home Loans 5 Common Types of Home Loans Copyright 2015 Platinum Home Mortgage Corporation All Rights Reserved Feel free to email, tweet, blog, and pass this ebook around the web, but please don t alter any of its

More information

Getting a Difficult Business Loan Is Easy

Getting a Difficult Business Loan Is Easy Getting a Difficult Business Loan Is Easy Learn How Easy IT Is To Get a Business Loan Even IF You Have Bad Credit And Have Been Turned Down Before Every Winner Has A Coach! John P Fazzio, Your Coach www.winning-advantage.com

More information

Home Buying Dos and Don ts

Home Buying Dos and Don ts Compliments of Records Results Real Estate Fulfilling Dreams in Paradise! 239-205-8966 Home Buying Dos and Don ts Home Buying Dos and Don ts 2 Table of Contents Introduction...4 Home Buying Dos and Don

More information

HOME BUYING LOAN SOLUTIONS

HOME BUYING LOAN SOLUTIONS HOME BUYING LOAN SOLUTIONS A Guide to Realizing Your Dream Home Every homebuyer is unique, so are we. Our goal is to provide education and guidance to ensure that our clients understand the lending process

More information

Life After Bankruptcy. By Jason Amerine

Life After Bankruptcy. By Jason Amerine Life After Bankruptcy By Jason Amerine Bankruptcy: A Fresh Start for You Every day I have clients ask me about what life might be like after bankruptcy, and perhaps you re feeling that way, too. Sure,

More information

Guide for Homebuyers

Guide for Homebuyers Guide for Homebuyers Tips for Getting a Safe Mortgage You Can Afford Q u i c k S u m m a ry Figure out what you can afford. Contact at least 3 different lenders or brokers. When you call, say: I m buying

More information

FINANCIAL PLANNING FOR A HOME OF YOUR OWN

FINANCIAL PLANNING FOR A HOME OF YOUR OWN FINANCIAL PLANNING FOR A HOME OF YOUR OWN Buying a Home Reaching a Dr eam Owning a home is a cherished part of the American dream. Buying that home also may be the largest financial investment you will

More information

EASY KEYS FOR GUIDING THE FIRST-TIME HOME BUYER

EASY KEYS FOR GUIDING THE FIRST-TIME HOME BUYER EASY KEYS FOR GUIDING THE FIRST-TIME HOME BUYER EASY KEYS FOR GUIDING THE FIRST-TIME HOME BUYER Purchasing your first home can be an exciting process but it can also be scary and a bit overwhelming. Buying

More information

Home Buyer s Guide. Buy Your First Home with Confidence! Own Your Future

Home Buyer s Guide. Buy Your First Home with Confidence! Own Your Future Home Buyer s Guide Buy Your First Home with Confidence! Own Your Future Own Your Future Thinking About Buying Your First Home? You ve Come to the Right Place! The prospect of buying your first home is

More information

Tips for Buying or Selling Your Home

Tips for Buying or Selling Your Home mortgage Taxes HOME OWNERSHIP Credit Property Tips for Buying or Selling Your Home REAL Estate Agent Loans Home Inspection CURB Appeal TABLE OF CONTENTS Introduction... 3 Buying a Home... 3 Are You Ready

More information

VA Homeowners Guide PRESENTED BY. www.lowvarates.com

VA Homeowners Guide PRESENTED BY. www.lowvarates.com VA Homeowners Guide PRESENTED BY www.lowvarates.com TABLE OF CONTENTS Introduction to LowVARates Why a VA Loan? VA Loan Eligibility What is a COE? Occupancy Requirements Credit/Income Requirements VA Funding

More information

Home Buyer s. Helpful Information to Find and Finance Your Next Home. www.colonialnationalmortgage.com 1-800-937-6001

Home Buyer s. Helpful Information to Find and Finance Your Next Home. www.colonialnationalmortgage.com 1-800-937-6001 Home Buyer s H A N D B O O K Helpful Information to Find and Finance Your Next Home www.colonialnationalmortgage.com 1-800-937-6001 The information herein is subject to change and is not an offer to extend

More information

Preparing for homeownership

Preparing for homeownership Preparing for homeownership What we ll cover 1. Getting ready for homeownership 2. Mortgage basics 3. What you need to buy a home 4. Finding the right home 5. Resources 2 Getting ready for homeownership

More information

Settlement. Coming to Grips With. Coming to Grips With Settlement. What to Know Before Your Closing. The Event. What Is Closing?

Settlement. Coming to Grips With. Coming to Grips With Settlement. What to Know Before Your Closing. The Event. What Is Closing? Coming to Grips With Settlement Coming to Grips With Settlement What to Know Before Your Closing The closing, also known as the settlement, is the last step in getting your mortgage and actually becoming

More information

HOME BUYING MADE EASY. Live the dream of owning your own home.

HOME BUYING MADE EASY. Live the dream of owning your own home. HOME BUYING MADE EASY Live the dream of owning your own home. sm Getting started For most of us, buying our first home is a dream come true. It s also a lengthy process where potential and sometimes very

More information

Homebuyer s Guide. Brought to you by:

Homebuyer s Guide. Brought to you by: Homebuyer s Guide Brought to you by: AmeriSouth Mortgage Company NMLS ID: 67050 Phone: (704) 845-9400 info@amerisouth.com www.amerisouth.com The basics What is a mortgage? A mortgage is a loan secured

More information

"How to Sell Your Land 'as is' For CA$H on the Date of Your Choice, Guaranteed"

How to Sell Your Land 'as is' For CA$H on the Date of Your Choice, Guaranteed Free Special Report "How to Sell Your Land 'as is' For CA$H on the Date of Your Choice, Guaranteed" If you want to sell your land in the fastest, easiest, and most convenient manner,read this important

More information

The Ultimate. Improvement Loans

The Ultimate. Improvement Loans The Ultimate Guide to Home Improvement Loans Page 2 THE ULTIMATE GUIDE TO HOME IMPROVEMENT LOANS Section 1: What is a Renovation Mortgage? Page 4.What is a Renovation Mortgage? Section 2: Home Improvement

More information

How the Fannie Mae Foundation can help.

How the Fannie Mae Foundation can help. How the Fannie Mae Foundation can help. If you re like most Americans, homeownership is a major part of the American dream. The Fannie Mae Foundation can help you understand the steps you will need to

More information

Guide to Purchasing a Home

Guide to Purchasing a Home Your journey to homeownership starts at your credit union. Purchasing your first home is a big decision, and it may even seem overwhelming. Rest assured Beacon Credit Union is here to assist you in understanding

More information

NMLS# 128231 ImpacMortgage.com 888-780-4210 Info@ImpacMortgage.com

NMLS# 128231 ImpacMortgage.com 888-780-4210 Info@ImpacMortgage.com NMLS# 128231 ImpacMortgage.com 888-780-4210 Info@ImpacMortgage.com yourpartner.yourfuture.yourhome. Letthisguidebearoadmapforyoutouse onyourjourneyintohomeownership.weat ImpacMortgageCorp.knowthatthebuying

More information

Home Finance Seminar. Presented by Commonwealth Credit Union Mortgage Department

Home Finance Seminar. Presented by Commonwealth Credit Union Mortgage Department Home Finance Seminar Presented by Commonwealth Credit Union Mortgage Department Times have changed Then Any employee could provide mortgage loan information 100% financing was an option The disclosure

More information

1-866-667-6724 Where homeownership education takes flight!

1-866-667-6724 Where homeownership education takes flight! 100% Financing Options for CalPERS Members Thank you for attending We will begin in a moment Class Scheduled to begin at 10:00am Homeownership Educator Scott Schang Branch Manager Broadview Mortgage Corporation

More information

1-866-667-6724 Where homeownership education takes flight!

1-866-667-6724 Where homeownership education takes flight! 100% Financing Options for CalPERS Members Thank you for attending We will begin in a moment Class Scheduled to begin at 10:00am Homeownership Educator Scott Schang Branch Manager Broadview Mortgage Corporation

More information

Credit Scores and Economic Opportunity in Illinois Communities of Color

Credit Scores and Economic Opportunity in Illinois Communities of Color Credit Scores and Economic Opportunity in Illinois Communities of Color Symposium on Credit Scoring and Credit Reporting June 6, 2012 Boston, Massachusetts Tom Feltner Vice President Woodstock Institute

More information

Fun, engaging and effective. Aligned with national financial education and core curriculum requirements.

Fun, engaging and effective. Aligned with national financial education and core curriculum requirements. Building Your Financial Foundation Adult Level Curriculum - Instructors Guide Fun, engaging and effective. Aligned with national financial education and core curriculum requirements. Lessons on: Credit

More information

MANAGING CREDIT101 TM %*'9 [[[ EPXEREJGY SVK i

MANAGING CREDIT101 TM %*'9 [[[ EPXEREJGY SVK i MANAGING CREDIT101 TM i This book is intended as a general guide to the topics discussed, and it does not deliver accounting, personal finance, or legal advice. It is not intended, and should not be used,

More information

Q: Will I have to pay federal taxes on the money my lender loses in the short sale?

Q: Will I have to pay federal taxes on the money my lender loses in the short sale? Q: What is a Short Sale? Answer: In a short sale, the lender agrees to settle the debt owed on the property for less than the full amount. Settled means that the lender is writing off the debt (which is

More information

Improving Your Credit

Improving Your Credit Teacher Homebuyer Guide to: Improving Your Credit By John Godbey, Founder and Broker of Teacher Homebuyer Real Estate Introduction Thank you for signing up for our Ebook "Improving Your Credit." We find

More information

BETTER YOUR CREDIT PROFILE

BETTER YOUR CREDIT PROFILE BETTER YOUR CREDIT PROFILE Introduction What there is to your ITC that makes it so important to you and to everyone that needs to give you money. Your credit record shows the way you have been paying your

More information

Mortgage Secrets. What the banks don t want you to know.

Mortgage Secrets. What the banks don t want you to know. Mortgage Secrets What the banks don t want you to know. Copyright Notice: Copyright 2006 - All Rights Reserved Contents may not be shared or transmitted in any form, so don t even think about it. Trust

More information

Capital Choice Mortgage Solutions. Getting Started

Capital Choice Mortgage Solutions. Getting Started Capital Choice Mortgage Solutions Our Philosophy: At Capital Choice Mortgage Solutions we try to do what's right for our clients one hundred percent of the time. We will keep you informed throughout the

More information

UMB Mortgage Solutions. Home Buying 101

UMB Mortgage Solutions. Home Buying 101 UMB Mortgage Solutions Home Buying 101 1 Agenda Are You Ready to Buy a Home? Selecting a Lender Mortgage Loans Getting Started Home Checklist Purchase Contract Questions 2 Home buying Terms Mortgage Lender

More information

How Do I Qualify for a Loan?

How Do I Qualify for a Loan? The three primary things a lender considers when approving a loan are: Credit - do you have a history of paying your bills? Income - do you earn enough to afford the mortgage payments? Assets - do you

More information

2013 BUYERS GUIDE. KW Market Navigator

2013 BUYERS GUIDE. KW Market Navigator KW Market Navigator 2013 BUYERS GUIDE Am I ready to buy? How much can I afford? Where do I find homes? Why buy now? How s the market? Is there a right time to buy? What is this home worth in today s market?

More information

VA LOANS. things you absolutely. need to know about. From chris birk, Home Loans. our national VA Loan expert and author of The Book on VA Loans

VA LOANS. things you absolutely. need to know about. From chris birk, Home Loans. our national VA Loan expert and author of The Book on VA Loans things you absolutely need to know about VA LOANS From chris birk, our national VA Loan expert and author of The Book on VA Loans Home Loans Veterans United Home Loans NMLS ID #1907 (www.nmlsconsumeraccess.org).

More information

Need Help With Your Mortgage?

Need Help With Your Mortgage? ACT NOW TO GET THE HELP YOU NEED! Need Help With Your Mortgage? Learn how you may be able to make your mortgage payment more affordable. Beware of Foreclosure Rescue Scams Assistance from a HUD-approved

More information

Will Lenders or Banks do short sales if the mortgage is current?

Will Lenders or Banks do short sales if the mortgage is current? Frequently Asked Questions FAQ What is a short sale? A short sale is when your Lien Holder(s) agree to accept less than you owe in order for you to sell your home. They agree to a discount of the mortgage

More information

Settlement. Coming to Grips With. What to Know before Your Closing. The Event. What Is Closing?

Settlement. Coming to Grips With. What to Know before Your Closing. The Event. What Is Closing? Coming to Grips With Settlement What to Know before Your Closing The closing, or settlement, is the last step in getting your mortgage and actually becoming the owner of your new home. You ll probably

More information

Welcome! How five mortgage products of today can help you sell homes!

Welcome! How five mortgage products of today can help you sell homes! Welcome! How five mortgage products of today can help you sell homes! Add contiguous numbers (horizontally and vertically) so that they total 38. Each number may be used only once. 4 5 3 2 1 8 7 6 9 Replace

More information

A Strategic Approach to Residential Mortgage Lending

A Strategic Approach to Residential Mortgage Lending A Strategic Approach to Residential Mortgage Lending Presented by Tracy Jean Ashfield Strategic Mortgage Solutions The Consulting and Training Division of Prime Alliance Solutions, Inc. October 19, 2009

More information

Affordable, fixed rate mortgages

Affordable, fixed rate mortgages First Home Program Affordable, fixed rate mortgages Dear Future Homeowner, MaineHousing s First Home Program makes it easier and more affordable to buy a home of your own. There are many reasons to consider

More information

Step 1 Getting Pre-Qualified

Step 1 Getting Pre-Qualified Step 1 Getting Pre-Qualified Now that you ve made the decision to purchase a home, the next step is to get pre-qualified from a lending institution, like Michigan Mortgage Solutions, to determine how much

More information

How to Sell Your Property Fast and For Top Dollar!

How to Sell Your Property Fast and For Top Dollar! SPECIAL REPORT How to Sell Your Property Fast and For Top Dollar! A Guide for Home Sellers to Help Attract An Unlimited Number of Buyers for Your Property This publication is designed to provide accurate

More information

HOME BUYING MADE EASY. Live the dream of owning your own home.

HOME BUYING MADE EASY. Live the dream of owning your own home. HOME BUYING MADE EASY Live the dream of owning your own home. HOME buying Made Easy PNC, PNC AgentView and Home Insight are registered service marks of The PNC Financial Services Group, Inc. ( PNC ). PNC

More information

Your home financing process checklist

Your home financing process checklist Your home financing process checklist As you prepare to purchase a home or refinance your loan, it s important to know what to expect along the way. Here, we ve outlined some of the general steps in the

More information

Todd: Kim: Todd: Kim: Todd: Kim:

Todd: Kim: Todd: Kim: Todd: Kim: Todd: [0:00:18] Hey everybody, welcome to another edition of The Prosperity Podcast, this is No BS Money Guy Todd Strobel. Once again, we have my cohost, bestselling financial author Kim Butler with us,

More information

HOMEBUYER S MORTGAGE GUIDE

HOMEBUYER S MORTGAGE GUIDE WWW.WINTRUSTMORTGAGE.COM WINTRUST.COM/MYHOME HOMEBUYER S MORTGAGE GUIDE HELPFUL INFORMATION ABOUT THE MORTGAGE PROCESS TO GUIDE YOU AS YOU PURCHASE YOUR NEW HOME. www.wintrust.com/myhome WHY WINTRUST?

More information

Buying your first home.

Buying your first home. Financial Milestones: Buying your first home. What you should know to make the process easier and more rewarding. Everything you wanted to know about buying your first home Buying your first home can be

More information

INTERACT WITH CAPITOL FEDERAL

INTERACT WITH CAPITOL FEDERAL TALK with an Associate in Capitol Federal s Customer Service Center 888-8CAPFED. EMAIL your questions to Capitol Federal securely online at capfed.com/contact. VISIT any one of Capitol Federal s convenient

More information

How to Stop and Avoid Foreclosure in Today's Market

How to Stop and Avoid Foreclosure in Today's Market Solutions Home Buyers, Inc. 800-478-9213 ext. 700 SolutionsHomeBuyersFL.com How to Stop and Avoid Foreclosure in Today's Market This Guide Aims To Help You Navigate the foreclosure process [Type the company

More information

800.550.9435 www.pwsb.com

800.550.9435 www.pwsb.com 800.550.9435 www.pwsb.com Thinking of buying your first home? Bet you re pretty nervous, huh? Maybe even cold sweats nervous. How in the world are you going to afford it? Where do you start? All these

More information

Homeownership Division

Homeownership Division Michigan Credit Union League & Affiliates Annual Convention and Exposition Helping Credit Unions Serve, Grow and Remain Strong #mculace MSHDA s Homeownership Programs Delivering the Dream to Michigan Families

More information

AVOID FORECLOSURE HOW TO A CONSUMER GUIDE. Open mail from your mortgage company. Can you afford your home? Contact your mortgage company

AVOID FORECLOSURE HOW TO A CONSUMER GUIDE. Open mail from your mortgage company. Can you afford your home? Contact your mortgage company HOW TO AVOID FORECLOSURE A CONSUMER GUIDE Open mail from your mortgage company Can you afford your home? Contact your mortgage company Keeping or not keeping your home What happens if you do not contact

More information

Overcoming Credit Obstacles

Overcoming Credit Obstacles Overcoming Credit Obstacles Ever wondered how your credit impacts your overall financial wellness? Let us tell you: It plays a starring role in many of your life s important financial endeavors! Whether

More information

Mortgage Guide and Helpful Tips

Mortgage Guide and Helpful Tips Mortgage Guide and Helpful Tips Dear Prospective Home Owner, Let me tell you that home ownership is one of the key ingredients to building wealth. Take any 100 people at the start of their working careers

More information

Buying a Car. A Car Means Convenience. Which Car is Right for You?

Buying a Car. A Car Means Convenience. Which Car is Right for You? Buying a Car A Car Means Convenience It s Wednesday morning and you are sleeping soundly, dreaming about that Hawaiian vacation you d like to take. Suddenly you hear, instead of ocean waves, a loud buzz.

More information

REAL ESTATE REPORT 3RD QUARTER 2015 SOURCES: BUFFINI & COMPANY,

REAL ESTATE REPORT 3RD QUARTER 2015 SOURCES: BUFFINI & COMPANY, REAL ESTATE REPORT 3RD QUARTER 2015 SOURCES: BUFFINI & COMPANY, INDUSTRY FACTS MEDIAN DAYS ON THE MARKET: 39 Days in April 2015 vs. Home sales in April reached a seasonally adjusted rate of 5.04 million,

More information

Mortgage Basics. What is it? Prequalification vs. preapproval. Applying for a mortgage

Mortgage Basics. What is it? Prequalification vs. preapproval. Applying for a mortgage Mortgage Basics What is it? Prequalification vs. preapproval Applying for a mortgage Mortgage brokers Private mortgage insurance Escrow account Closing costs Buydowns Mortgage life/disability insurance

More information

SOME IDEAS THAT MAY HELP WITH. Credit Problems and How to Get Help

SOME IDEAS THAT MAY HELP WITH. Credit Problems and How to Get Help 66308 1083 9/9/04 3:03 PM Page Cov1 SOME IDEAS THAT MAY HELP WITH Credit Problems and How to Get Help 66308 1083 9/9/04 3:03 PM Page Cov2 Table of Contents Do you have a credit problem? 1 Minor credit

More information

Introduction to Renovation Lending. Presented by: Jane King Freedom Mortgage

Introduction to Renovation Lending. Presented by: Jane King Freedom Mortgage Introduction to Renovation Lending Presented by: Jane King Freedom Mortgage Agenda Renovation Lending Overview of renovation products Identifying the right borrower Identifying the right property Evaluating

More information

FOR SALE. Sheeley Moving Co. AVOIDING FORECLOSURE & FORECLOSURE SCAMS

FOR SALE. Sheeley Moving Co. AVOIDING FORECLOSURE & FORECLOSURE SCAMS FAIR HOUSING UNIVERSITY FOR SALE Sheeley Moving Co. AVOIDING FORECLOSURE & FORECLOSURE SCAMS WHAT IS FORECLOSURE When a lender takes possession of a house from a homeowner who has not met the mortgage

More information

A Residential Redevelopment Company. Home Selling Guide

A Residential Redevelopment Company. Home Selling Guide A Residential Redevelopment Company Home Selling Guide Who Are We? Caymus Realty Solutions is a full service professional real estate solutions company located in the north Pittsburgh region. Founded in

More information

LHFS Wholesale. HECM for Purchase Training Home Equity Conversion Mortgage. Great Rates. Great Programs. Great Service.

LHFS Wholesale. HECM for Purchase Training Home Equity Conversion Mortgage. Great Rates. Great Programs. Great Service. LHFS Wholesale HECM for Purchase Training Home Equity Conversion Mortgage Great Rates. Great Programs. Great Service. Discover the HECM for Purchase Loan The HECM for Purchase Program is a Federal Housing

More information

Understanding Your Credit Score

Understanding Your Credit Score Understanding Your Credit Score Whether or not you re aware of it, your credit score (or lack thereof) plays a significant role in your financial well being. Build a great score and you ll enjoy the rewards

More information

SPECIAL REPORT. How To. Sell Your Home. In 9 Days Or Less. No Commissions! No Fees!

SPECIAL REPORT. How To. Sell Your Home. In 9 Days Or Less. No Commissions! No Fees! SPECIAL REPORT How To Sell Your Home In 9 Days Or Less No Commissions! No Fees! You may discover the perfect solution by reading this report. If you are like many home owners struggling to sell your home

More information

How to make Your first $100 million U.S. dollars.

How to make Your first $100 million U.S. dollars. How to make a million dollars x 100: Your first $100 million U.S. dollars - 1 - How to make Your first $100 million U.S. dollars. This e-book is under copyright by Sheldon Arendse. You have permission

More information

Mortgage Safety Tips. Stability is important in your home life it s essential in your home mortgage.

Mortgage Safety Tips. Stability is important in your home life it s essential in your home mortgage. Stability is important in your home life it s essential in your home mortgage. What s the difference between a mortgage broker and a mortgage bank? A broker does not lend money, but merely originates a

More information

BUYER Guide. Toledo Area Real Estate. A Tradition of Trust in Ohio Real Estate. (419) 874-1188 Jon@Modene.com www.modene.com

BUYER Guide. Toledo Area Real Estate. A Tradition of Trust in Ohio Real Estate. (419) 874-1188 Jon@Modene.com www.modene.com BUYER Guide (419) 874-1188 Jon@Modene.com www.modene.com Toledo Area Real Estate A Tradition of Trust in Ohio Real Estate Sell Your Home From childhood to parenthood to retirement, your home is a statement

More information

How Mortgage Insurance Works A GUIDE FOR LENDERS

How Mortgage Insurance Works A GUIDE FOR LENDERS How Mortgage Insurance Works A GUIDE FOR LENDERS 2 What Is Mortgage Insurance? It s a financial guaranty that reduces the loss to the lender or investor in the event the borrowers do not repay their mortgage

More information

HOME BUYER S H A N D B O O K

HOME BUYER S H A N D B O O K HOME BUYER S H A N D B O O K Helpful Information To Find and Finance Your Next Home Buying a home is one of the most important financial decisions you'll ever make. A home can be an excellent investment

More information

HOME BUYING MADE EASY. Know what you need to get it right.

HOME BUYING MADE EASY. Know what you need to get it right. HOME BUYING MADE EASY Know what you need to get it right. HOME BUYING MADE EASY PNC, PNC AgentView and Home Insight are registered service marks of The PNC Financial Services Group, Inc. ( PNC ). PNC has

More information

Please note the information contained within this document is for Educational purposes only.

Please note the information contained within this document is for Educational purposes only. Legal Notice: This ebook is copyright protected. This is only for personal use. You cannot amend, distribute, sell, use, quote or paraphrase any part or the content within this ebook without the consent

More information

Which Loan Is Best. For You?

Which Loan Is Best. For You? Which Loan Is Best For You? US Mortgage Corporation (NMLS ID#3901). Corporate Office is located at 201 Old Country Road, Suite 140, Melville, NY 11747; 631-580-2600 or (800) 562-6715 (LOANS15). Licensed

More information

Before you agree to buy a house, make sure

Before you agree to buy a house, make sure SPECIAL ALERT Office of the Attorney General, Consumer Protection Division Home Buyers: Beware of Flipping Scams Bought by "flipper" $24,000 February Before you agree to buy a house, make sure you re not

More information

6 Steps to Completing Your Loan Modification Yourself

6 Steps to Completing Your Loan Modification Yourself 6 Steps to Completing Your Loan Modification Yourself Page 1 of 12 You hear it in the news almost every day, more and more hard working Americans are falling behind on their mortgage payments. Many real

More information