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WHAT ARE THE FIRST STEPS TO BUYING A HOUSE? The first step before
you do anything else is get a copy of your credit report....
WHAT DO I QUALIFY FOR? Used to be that your total debts had to fall within
certain maximum percentages of your income. Not anymore...
WHAT IS THE BEST TYPE OF MORTGAGE FOR ME? Find out which of the
many loan programs is best suited for your situation.
WHAT ARE MY CHANCES FOR GETTING APPROVED? Your loan approval is
based on different criteria, mainly credit, income, employment, assets and
the property. I can listen to your situation and give you a good feel for what
you may qualify for.
WHAT IS A CREDIT EXPLANATION LETTER? This isn't required as much as it
used to be, but when it is, is still is important to know what the underwriter
is looking for...
WHAT CAN I PUT IN MY EXPLANATION LETTER TO IMPROVE MY CHANCES OF
APPROVAL? Well you don't want to put that you never were late, because it
shows up right there on your credit report. Let's discuss the right way to
explain your credit situation...
HOW IMPORTANT IS CREDIT? Credit is so important that loan decisions may
be made based on credit history ALONE...
WHAT IS A CREDIT SCORE? Think of it like a report card grade in school and
you're starting to get an idea...
HOW DOES YOUR CREDIT SCORE AFFECT THE LOAN DECISION? Whether it
is right or wrong, MANY lenders will make a loan decision solely based on
the score...
WHAT KIND OF MORTGAGE IS BEST FOR ME? That all depends. How long
are you planning on being in this house? Are you planning to have a family
and maybe someone will be home and not earning that second income, at
least for a while...
WHAT IS AN ADJUSTABLE MORTGAGE AND HOW DOES IT WORK? There are
many types of these, and I still highly recommend the 1 year ARM if only
living somewhere for two years or less...
WHAT IS A BALLOON MORTGAGE? This is a type of mortgage that may take
you by surprise if you don't find out before you take one...
WHAT ARE JUNK FEES? All lenders have fees associated with getting a
mortgage. But when there are fees that seem high or are listed as a fee you
may have never heard of before, they may be junk fees...I can help you with
this...
WHAT IS APR? Annual Percentage Rate, if this isn't higher than your
mortgage rate you are receiving you'll want to close TOMORROW....
WHAT IS PMI AND WHEN DO YOU NEED IT? Private Mortgage Insurance. It is
needed whenever you have less than 20% down payment, but I can explain
how to get around this...
WHAT ARE RATIOS? These are the percentages that are calculated that
measure the amount of your gross monthly income that is used for a
mortgage payment and total debts....
HOW MUCH down payment DO I NEED? Believe it or not, you may need 0
down...
HOW DO CHILD SUPPORT PAYMENTS AND 401K LOANS AFFECT QUALIFYING?
Child support payments count as monthly debts and 401k loans used to
but not anymore...
WHAT IS SUBPRIME CREDIT? This is when credit history reflects several
derogatory items such as late payments, collections, even bankruptcies...
WHAT IS AUTOMATED UNDERWRITING? The new underwriting method that
takes away the use of a human underwriter...do I sound bitter?...
WHAT ARE THE PITFALLS OF A LEASE PURCHASE? You better make sure
you are paying more than the fair market rent each month or you could be
at square one...
WHAT IS 'LOCKING-IN' VERSUS 'FLOATING'? When you lock in you are
deciding on a definite rate and points and it is set in writing. When you like
to gamble on the rates it is called 'floating'...
SHOULD I REFINANCE NOW? It really depends on your current situation and
what you are trying to achieve...
WHAT IF I AM GETTING DIVORCED AND REMAINING IN THE HOME? If you
want to see if it is possible to qualify to stay in your home, I can do some
number crunching for you and discuss your options...
WHAT IS A CASH-OUT REFINANCE? This is when any portion of the
mortgage is used to pay off a debt other than the present mortgage and
closing costs of doing the loan. There are a few exceptions though...
WHAT IF I WAS ALREADY TURNED DOWN FOR A MORTGAGE? Don't feel
destined to be throwing away rent all your life or never moving out of your
folks home. Let me educate you...
THIS IS JUST A SAMPLING...NO QUESTION IS TOO DUMB!! I'M HERE TO HELP!
If you aren't sure about some of these answers you can use my service!
You are not WASTING money here! This is an Investment for one of the
most important financial decisions of your life!
DON'T WAIT UNTIL ITS TOO LATE! DO IT NOW!
you do anything else is get a copy of your credit report....
WHAT DO I QUALIFY FOR? Used to be that your total debts had to fall within
certain maximum percentages of your income. Not anymore...
WHAT IS THE BEST TYPE OF MORTGAGE FOR ME? Find out which of the
many loan programs is best suited for your situation.
WHAT ARE MY CHANCES FOR GETTING APPROVED? Your loan approval is
based on different criteria, mainly credit, income, employment, assets and
the property. I can listen to your situation and give you a good feel for what
you may qualify for.
WHAT IS A CREDIT EXPLANATION LETTER? This isn't required as much as it
used to be, but when it is, is still is important to know what the underwriter
is looking for...
WHAT CAN I PUT IN MY EXPLANATION LETTER TO IMPROVE MY CHANCES OF
APPROVAL? Well you don't want to put that you never were late, because it
shows up right there on your credit report. Let's discuss the right way to
explain your credit situation...
HOW IMPORTANT IS CREDIT? Credit is so important that loan decisions may
be made based on credit history ALONE...
WHAT IS A CREDIT SCORE? Think of it like a report card grade in school and
you're starting to get an idea...
HOW DOES YOUR CREDIT SCORE AFFECT THE LOAN DECISION? Whether it
is right or wrong, MANY lenders will make a loan decision solely based on
the score...
WHAT KIND OF MORTGAGE IS BEST FOR ME? That all depends. How long
are you planning on being in this house? Are you planning to have a family
and maybe someone will be home and not earning that second income, at
least for a while...
WHAT IS AN ADJUSTABLE MORTGAGE AND HOW DOES IT WORK? There are
many types of these, and I still highly recommend the 1 year ARM if only
living somewhere for two years or less...
WHAT IS A BALLOON MORTGAGE? This is a type of mortgage that may take
you by surprise if you don't find out before you take one...
WHAT ARE JUNK FEES? All lenders have fees associated with getting a
mortgage. But when there are fees that seem high or are listed as a fee you
may have never heard of before, they may be junk fees...I can help you with
this...
WHAT IS APR? Annual Percentage Rate, if this isn't higher than your
mortgage rate you are receiving you'll want to close TOMORROW....
WHAT IS PMI AND WHEN DO YOU NEED IT? Private Mortgage Insurance. It is
needed whenever you have less than 20% down payment, but I can explain
how to get around this...
WHAT ARE RATIOS? These are the percentages that are calculated that
measure the amount of your gross monthly income that is used for a
mortgage payment and total debts....
HOW MUCH down payment DO I NEED? Believe it or not, you may need 0
down...
HOW DO CHILD SUPPORT PAYMENTS AND 401K LOANS AFFECT QUALIFYING?
Child support payments count as monthly debts and 401k loans used to
but not anymore...
WHAT IS SUBPRIME CREDIT? This is when credit history reflects several
derogatory items such as late payments, collections, even bankruptcies...
WHAT IS AUTOMATED UNDERWRITING? The new underwriting method that
takes away the use of a human underwriter...do I sound bitter?...
WHAT ARE THE PITFALLS OF A LEASE PURCHASE? You better make sure
you are paying more than the fair market rent each month or you could be
at square one...
WHAT IS 'LOCKING-IN' VERSUS 'FLOATING'? When you lock in you are
deciding on a definite rate and points and it is set in writing. When you like
to gamble on the rates it is called 'floating'...
SHOULD I REFINANCE NOW? It really depends on your current situation and
what you are trying to achieve...
WHAT IF I AM GETTING DIVORCED AND REMAINING IN THE HOME? If you
want to see if it is possible to qualify to stay in your home, I can do some
number crunching for you and discuss your options...
WHAT IS A CASH-OUT REFINANCE? This is when any portion of the
mortgage is used to pay off a debt other than the present mortgage and
closing costs of doing the loan. There are a few exceptions though...
WHAT IF I WAS ALREADY TURNED DOWN FOR A MORTGAGE? Don't feel
destined to be throwing away rent all your life or never moving out of your
folks home. Let me educate you...
THIS IS JUST A SAMPLING...NO QUESTION IS TOO DUMB!! I'M HERE TO HELP!
If you aren't sure about some of these answers you can use my service!
You are not WASTING money here! This is an Investment for one of the
most important financial decisions of your life!
DON'T WAIT UNTIL ITS TOO LATE! DO IT NOW!