Reduce Your Mortgage Online

A little planning and extra caution can pay off before you apply for that mortgage.

Credit scores are a critical factor that lenders consider in deciding whether you can get a new mortgage or not. Your score determines if you can qualify for a loan and how much you will pay for it.

Considering of the importance of your score, there are a few noteworthy points that borrowers need to be aware of before applying for a mortgage. Credit score models use a variety of sources in a credit report to calculate the big number.

Things that Impact Credit Scores:

• Amount of time since accounts were opened
• Number and type of accounts with balances
• Proportion of current balances to credit limits
• Number of late payments over 30 days past due
• How long delinquent accounts were past due
• Bankruptcy, judgments, liens, collection accounts

Planning to buy a home or refinance in the next few months? There are things to avoid during the 2 to 3 month period before applying for a mortgage that can reduce your credit score, which could affect your chances of qualifying, plus raise the mortgage rate and your monthly payments.

Avoid These Things Before Applying for a Loan:

• Do not apply for any new credit cards before getting a loan
• That includes not opening new accounts to transfer credit balances
• Avoid running up credit card balances, but reduce them instead
• Don’t buy a vehicle that requires getting new a loan financed
• It is not a good idea to close any accounts with or without a balance
• Do not allow any payments to go over 30 days late or to collection

Another thing, look for errors on your credit report and dispute the accuracy if you find any. Consumer disputes must be investigated by the credit reporting agencies within 30 days of reporting an error. If the derogatory information cannot be confirmed by the source during that time period, it must be removed from your report, which could boost your credit score.

Written by Rick Smith – Refinance, Mortgage Loan Rates, Chula Vista New Homes

Article Source:http://www.articlesbase.com/mortgage-articles/safeguard-your-credit-before-getting-a-mortgage-1708334.html

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FHA Mortgage Streamline Refinance loans are available to homeowners that financed their homes with FHA Loans.

First a little history on FHA Refinance Loans. They have been available for a long time, all of the way back to the 1980’s. Because of the popularity of FHA Home Loans the FHA Streamline Refinance Program has at least 20% of the home refinance market and it is increasing at a steady rate.

The FHA Home Loan Program is very popular in today’s housing market because of the low 3.5% down payment and the lower credit scores needed to qualify for a loan. Most conventional and insured conventional loans require 20% down payment. The credit scores for FHA loans can be around 620.

There are many advantages for this type of refinancing.

The Advantages of FHA Mortgage Streamline Refinance Loans:

1. The homeowner can get a lower interest rate and this will help them to reduce their monthly mortgage payment.

2. They can change the terms of their existing loans such as the length of the loan.

3. Quick processing and reduced paperwork and documentation. This is how they get the name “streamlined”. It will take less time to close and you will spend less time trying to get all of the paperwork and information together.

4. Closing costs can be can choose to include them in the new loan if there is enough equity in the home or they can choose to have no closing costs but that may result in a higher interest rate.

5. The homeowner does not have to verify income or employment status.

Of course there are some qualifications that you will have to meet in order to get the Streamlined FHA Refinance loan.

FHA Mortgage Streamlined Refinance Loans Qualifications:

1. You can not be delinquent on your monthly mortgage payments within the last 12 months.

2. The new mortgage loan must reduced monthly payments or the length of the loan.

3. No cash-out option is available.

4. No credit qualifications.

Unfortunately things may be changing. FHA is considering changes to their loan program because of the cost of increased home foreclosures. Among the changes being discussed are the increase in mortgage insurance and higher credit scores to qualify for a mortgage.

If you are considering refinancing your home mortgage now is a good time to get more inofrmation on FHA Mortgage Streamline Refinance Loans before the changes take place!

Click here for more free advice about FHA Streamline Refinance Program where you get much more information on the different types of FHA loans.

Learn more about the FHA Home Loan Program Requirements And Guidelines.

Article Source:http://www.articlesbase.com/mortgage-articles/fha-mortgage-streamline-refinance-loans-advantages-and-qualifications-1676191.html

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A bad credit home mortgage loan is a valuable option in times of economical difficulties and our credit scores a taking a bit of a battering.

However it can be difficult sourcing a financial institution willing to offer you a home mortgage loan under these circumstances. And worse still if you already have a bad credit score it will be even harder. But despite all of this the possibility of getting a bad credit home mortgage loan is still there.

When FICO analyses your credit history they will rate you with a good or bad credit score.

A bad credit is when you were not able to pay off a large number of the debts you owe to various institutions. So when FICO takes a look at your credit history it can be an anxious moment.

Regardless of the fact that you might have a bad credit score there are financial institutions that will still be able to advance loans to you. The name of the loan is the bad credit home mortgage loan and it is advanced to people who have a bad credit history.

But before you start celebrating there are a few things you must know.

To start with, when you’re paying back a bad credit home mortgage loan the overall sum will be much larger than if you had good credit.

Essentially the down payment on the home itself will also be much more than what you would have been expected to pay if you had good credit. Down payments on bad credit mortgage loans are between 5-10% more than the ones on a normal loan.

On top of this when you’re paying back the money the monthly payments you will be asked to pay are a lot more than if you had good credit.

The interest rates on such bad credit loans can be exorbitantly high and it begs the question, how then will a person with a bad credit score be able to improve it with such interest rates?

The reason for this is the risk involved with giving a person with a bad credit score a home loan with high repayments.

But before rushing to such lenders I would strongly advise a person with bad credit to save up money for a down payment on a home loan. In the event of you approaching a lender with a sizeable down payment such a lender might be able to advance to you a loan on the basis of you paying 5-7% for a down payment.

And the interest rates might be lower as well.

For the mean time your primary focus should be on trying to improve your credit score, it’s fairly easy. Just be disciplined enough to work harder and pay off all your debts and after a year it might actually improve.

To discover more information about bad credit loans have a look at Home Loans

Article Source:http://www.articlesbase.com/mortgage-articles/tips-for-getting-a-bad-credit-home-mortgage-loan-1651646.html

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The standards for all types of housing loans have changed in the last year because of the credit turmoil and the economic crisis that we are currently going through.  The FHA Manufactured Home Loan has seem to be also effected by the tighten standards.

A FHA Manufactured Home Loan is normally the best way to finance the purchase of a manufactured home because you only have to have 3.5% down payment and your credit scores does not have to be as high as for conventional loans.  FHA is the largest insurer of manufactured home loans and for the last few years been almost the only one doing these types of mortgages.

If you are still looking for a home to buy you may want to consider a HUD Home Foreclosure.  The best thing is currently you can buy one with just $100 down payment! You can get more information on the HUD $100 Down Payment program by clicking on the link at the bottom of this article.

Things are changing now.  It is becoming more difficult to get manufactured home financing.  Why is it hard to get this type of financing?

In today’s housing market it is becoming increasing more difficult to secure a FHA Manufactured Home Loan because there is less number of lenders that are willing to finance this type of loan or lenders that are approved by FHA.  

These three largest lenders that are left are JP Morgan, Wells Fargo and Countrywide.  The three companies are not aggressively seeking these types of loans and are becoming less active in the less few months.  The problem with this is it will lead to less competition, even tighter credit standards and higher interest rates.

It is very important that you find a lender that can do a FHA Manufactured Home Loan before you make a commitment to buy a manufactured home.  You can contact your real estate agent and they should be able to help you to find a lender that they have used in the past.

You don’t want to give up on securing a loan on this type of home.  You will just have to spend a little time researching your area to find an approved lender.  Better yet, let your real estate agent do the research for you.  You can also do your research on the Internet.  There are a lot of websites that will give you the names of lenders across the country and also in your local area that will help you.  FHA Manufactured Home Loan is still the best way to help you to finance your dream home!

Click here for more free advice about FHA Manufactured Home Loan where you get much more information on the different types of FHA loans.

Find out how you can buy HUD Home Foreclosure for just HUD $100 Down Payment!

Article Source:http://www.articlesbase.com/mortgage-articles/fha-manufactured-home-loan-is-fha-manufactured-home-financing-still-available-1618373.html

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