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Below, you'll
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Getting a Home Mortgage? Don’t Even Think About Applying Unless you Have These 3 Things!
By John R. Blakefield
Purchasing a new home can be both exciting and terrifying as you put all your hard earned money towards a down payment, and prepare for one of the largest financial decisions you will make in your lifetime.
The best advice I can offer you when applying for a mortgage, is to be prepared! This means understanding all your finances including income, expenses, debt and credit history and score. When you come prepared to a lender or broker, you are more likely to explain your wants and needs, and the process will be expedited because they will not have to decipher your financial information.
The broker or lender will be able to simply verify your information and look at it from a lending stand point. They will be able to determine the amount of money you can handle as a monthly payment, how much money will be paid in interest, as well as the interest rate that is best suited for your level of risk. Generally, the better your financial position and credit history, the better your interest rate on the will be.
You are saving both yourself and the lender broker time in assessing your specific case.
By being educated, you also have a sort of protection device. You are more likely to sense wrong doings, or unfair dealings when you come prepared. They can not tell you something negative about your financial environment that is
Americas Watchdog Offers Assistance For Frozen Or Devalued Cash Equivalents, ARS & Suggests Do's & Don'ts For A Wild 2009 Economic Ride
Americas Watchdog's Wall Street Fraud Watchdog is warning that from an economic standpoint, 2009 will make 2008 look like a walk in the park. In the strongest terms possible the Wall Street Fraud Watchdog is encouraging all US, or international investors, who were defrauded with auction rate securities, and or failed or frozen cash equivalents, to not sit on their hands, waiting for the government to come riding into the rescue. According to the group, " in the case of smaller banks or stock brokerage firms, it will not happen." The group is also offering to help and or assist Bernard Madoff victims that may have a possible SIPC claim. "2009 absolutely terrifies us, we are looking right down the barrel of a global economic meltdown, so if you have failed or frozen ARPS, Schwab Yield Plus, TD Ameritrade Reserve Yield Plus, or any other problematic cash equivalent call us, and we will try to help put you on a track to get your money back, before its too late." US or International investors who were duped into buying auction rate securities, failed or frozen cash equivalents can call the Wall Street Fraud Watchdog anytime at 866-714-6466 or visit their web site at Http://WallStreetFraudWatchdog.Com (PRWeb Jan 7, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1831204.htm ]]>
Americas Watchdog Invites Residential Construction Defect Attorneys Nationwide To Join In Its Construction Defect Initiative
Americas Watchdog & its Homeowners Consumer Center are about to begin what will be a year long nationwide construction defect initiative, aimed at assisting condominium homeowners associations and homeowners in larger residential sub divisions, in identifying common construction defects in their homes, or condominiums, and then doing something about it. According to the President of Americas Watchdog, "Most homeowners in condominiums or larger residential subdivisions have no clue as to whom to call, and or what to do, when they discover a common construction defect. We are about to change that in a dramatic way. We want the best construction defect law firms in each state to join with us, so we can address the problems to the benefit of the homeowners associations, or homeowners in larger sub divisions, in their specific states." The Homeowners Consumer Center has been blasting national homebuilders for years, over issues ranging from undocumented workers building our nations houses, to low quality workmanship." According to the group, "2009 is the year we start going after homebuilders in each state, for selling innocent consumers defective housing. We will do this with the help of the best construction defect law firms we can find in each state." Interested construction defect law firms are welcome to call the Homeowners Consumer Center anytime at 866-714-6466 or visit their web site at http://HomeownersConsumerCenter.com (PRWeb Jan 7, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1833104.htm ]]>
Concrete-Driveway.org: New Website Explores Everything Related to Concrete Driveways
Newly launched website, Concrete-Driveway.org is dedicated to informing consumers about the many benefits and advantages of installing a concrete driveway. This educational site covers project tips, design ideas, types of concrete surfaces, typical installation costs, photos and more. (PRWeb Jan 7, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1825834.htm ]]>
not so, because you know what your situation looks like and understand the type of deal you are capable of qualifying for.
So here are the top 3 things you need to have before you begin shopping lenders:
1. Credit Report
Don't rely on the lender to pull your credit report. Take responsibility and pull it yourself! You can get your credit report for free. Check for mistakes or discrepancies, as they can happen often. You can see the exact items on your credit report and your credit score. Perhaps there are items you can quickly take care of, or items you simply forgot about that could be easily closed out. You can also have an explanation planned for less than attractive items on the credit report.
Perhaps you fell on hard times, but since have taken steps to correct the problem and are now in a better position. When you understand your own credit history you have full control over the information and how it is used in the process.
It is much better to come prepared with an explanation for a negative item, rather than being surprised by the item by the broker and responding with a “What?” or “I don't know.”
2. Income and Expense Sheet
In order to assess how much of a monthly payment you can afford, an analysis of your total income and expenses needs to be done. You can do this by writing down literally every source of income as well as the amount, on a monthly basis. This may include pay checks, alimony, child support, investments, a side business etc. Anything that contributes to your income is a source.
You then would want to determine your monthly expenses, such as rent, car payment, food, cellular phone bill, utilities, clothing etc. Anything that is taken from your income is considered an expense.
Everything that is left over is considered disposable income, and this is used to help determine how much a payment can be afforded every month in congruence with your current rent or lease payment.
3. Asset Documentation
Assets are a definite plus when applying for a mortgage. It shows the lender that even if your cash reserves are depleted or in trouble, you will still be able to afford the monthly payment. Assets may include investment properties, investment accounts, types of cars and household items etc. Anything that can appreciate or return you money is considered an asset. Assets are used to gain wealth, not just have a large bank account. Be prepared to show these assets with supporting documentation.
If you come prepared with this information and documentation to support it, you are half way to getting your application approved! The process will be much smoother and pleasant by having this information readily deliverable to who might need it. If you need help putting this together, ask for the help of a financial advisor. There are many resources available for your use.
John R Blakefield is a mortgage and real estate specialist. For more information, articles, news, tools and valuable resources on home mortgages or investment loans, refinancing, debt solutions, visit this site: www.scourtheweb.com/mortgage/
Additional
Resources
Fixed Rate Mortgage Advice
By Peter Kenny
One of the most important decisions you will make in your financial life is which mortgage you should get. For many people, the option of a fixed rate mortgage seems appealing. But what exactly is a Read more...
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Additional
Resources
Are You Considering Refinancing Your Home Mortgage? Read This First and Save Yourself Money!
By John R. Blakefield
Refinancing your home mortgage can be a great decision- if it saves you money! A homeowner naturally would not refinance if a new mortgage cost him or her more money than it saved, but a good offer, Read more...
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Read the full story at http://www.prweb.com/releases/FloridaRealEstateAuctions/FloridaLandAuctions/prweb1828324.htm ]]>
Court-Ordered Estate Liquidation for Orange Park, Florida Land Auctions and Florida Commercial Real Estate Auctions Rapidly Approaching
A Court-Ordered Estate liquidation was announced by United Country Certified Real Estate of Tallahassee, FL, for an upcoming Florida land and Florida commercial real estate auction for the Filmore Estate in Orange Park, Florida, that will be offered at public auction on January 22, 2009. (PRWeb Jan 6, 2009)
Read the full story at http://www.prweb.com/releases/FloridaLandAuctions/CommercialRealEstate/prweb1828044.htm ]]>
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