Know Mortgage Loan

Most people enjoy getting a new mortgage loan about as much as the proverbial “pulling teeth.” Today, mortgages are even more complicated than ever before, but many of the critical components that lead to a loan approval are still the same as they were in the past. A purchase money loan or a refinance have essentially all of the same working parts. Even so, the paperwork requirement and never ending requests from the lender can be overwhelming. This process has not become any easier but there are steps that can be taken to reduce stress and make the process as efficient as possible. Chances are that the loan officer will provide a list of documents that are required. Most of the common items on the required list include:   Two-year employment history (tax returns, W2s, 1099s, etc.) •    Current pay stubs •    Application (1003) •    Statements •    Identification (Driver’s License or State-issued ID cards) •  ...

Interest rates are lower than they have been in years and everyone seems to be refinancing their mortgages right now. Are you thinking about getting in on a slice of the action? Ever since interest rates dropped, banks, brokers and underwriters are being completely overloaded with home mortgage refinances . Lenders used to say it would take about 30 days to refinance a mortgage, but now it is taking closer to 45 or even 60 days – just because of the sheer volume of requests they get each month. And, those time constraints are based on IF everything works out right. One missing document can jeopardize or delay a refinance, which could impact your interest rate. Before you rush out to the loan office to take advantage of these low interest rates here are a few things you should know. Prepare Ahead of Time If you are thinking about refinancing, you should prepare in advance. Start to assemble all your paperwork and documentation as early as you can. You’ll need the last two copies of pays...