November 6th, 2014
Housing prices have leveled off. Mortgage interest rates are still affordable. But they won’t stay that way for long. The Feds continue to ease up on purchasing bonds so rates are slowly creeping up again.
The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 2.6% in the group’s seasonally adjusted composite index for the week ending October 31. That followed a drop of 6.6% for the previous week. Mortgage loan rates rose during the week on three types of loans and remained unchanged on two others.
Now is definitely the time to talk with a professional loan officer to find out what options you have.
Here are five things sellers commonly try to hide during the sales process, and the questions you can ask to find out the truth about your soon to be dream home before it becomes a nightmare.
Always get a reputable home inspector in to do a thorough evaluation. You can also hire people do do deeper searches on the history of the home if you have concerns about if there were deaths.
USA Today answered this question. Generally between 30-45 days. It can be sped up if the borrower returns documents, disclosures and requests for information.
When you apply for a mortgage, there are a few no-brainer items almost every borrower knows the lender will look at: your credit scores, your income and your debts.
But a mortgage lender looks at more then just the numbers. They review your income as a means to offset your mortgage payment liability. As a rule of thumb, the lender will want your income to be 55% greater than your outgoing mortgage payment, plus other liabilities such as car loans, student loans, or credit card payments. The lenders look at your ability to consistently pay on your obligations.
So, if you have alternate income, here’s how to make it work for you.
A reputable loan officer will be able to work with you to provide the best documentation for your situation.