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This poor dog is so severely matted, it hurts just to move

Tips For Finding The Best Mortgage Rates

The first thing to consider when it comes to getting a mortgage loan is to find a reliable lender. It is the responsibility of the debtor to verify the feedback from their clients to ensure the quality of the money lending service. In certain cases, booking an appointment with the bank officials to discuss the terms and conditions of their mortgage loan will also give results. This will eventually help the debtor to find the best mortgage rates. Before finalizing the deal, verify if there are any complaints or lawsuits pending against them. The debtor can also run a basic background check with the help of a lawyer.

Next step is to verify their money lending history to see the reliability of the service. Applying for a loan does not oblige a person to make commitments to the bank. Consult with other banks to see which one will provide the best mortgage rates. There are several external factors that decide the rate of interest, terms and condition of a loan. In some cases, the interest rate varies from one day to another. It is also possible to find a loan at a fixed rate.

For a debtor, it is very important to understand the difference between rate quote and rate lock. A bank calculates rate quotes depending upon the following factors: credit rating, loan to value ratio and income. In the case of lock rate, it is fixed for a certain period or days. The debtor can lock a rate 30, 45, 60 or 90 days. The extension of the lock will decide the rate of interest. This system is beneficial in certain cases and unprofitable in some other cases. All this will depend upon the financial status of the borrower. In the case of big amounts, it is always better to lock the rate.

Getting the best mortgage rates requires preparation. For instance, people who are working in the real estate industry very well know that a lock price is better for a long term agreement. At the same time, it is not very easy to get a fixed interest rate. The bank will consider several financial parameters to decide the mortgage rate. The credit rating of the borrower plays an important role in deciding mortgage rates. People with credit problems can negotiate with the bank to get a better down payment option.

Borrowers with low credit score may find it hard to get the best mortgage rates. In such circumstances, it is very much important to discuss with the bank officials to find an amicable solution. In short, there are several factors that influence the best mortgage rates. The debtor can do his own homework or consult with a mortgage broker to finalize the deal.

Prepare to Get a Housing Mortgage Pre-Approval

Home buying or home shopping, as others refer to the process of finding a house to purchase is a very serious task. Aside from hunting the house which matches your preferences and lifestyle, there are plenty of things you should know such as getting a housing mortgage pre-approval. This is necessary because it is very impossible for an average wage earner to cash in for his dream house. Even those who are referred to as rich and famous sometimes avail of housing mortgages too. But there are also plenty of things you need to prepare to get approved. Discussed briefly are 5 of them.

Proof of Income: Gone were the days when home mortgage companies issue pre-approvals without submitting documentations or without the buyer going through a rigorous verification check. Today, a buyer needs to prove that he is capable of repaying whatever amount the lender is to give. Some of the documents considered as proof of income include W-2 statements, recent pay slips, tax returns, bonuses, and payments from clients if you have business.

Evidence of Assets: In support of your income-earning capacity, you also have to present evidences of asset ownership. The assets will serve as additional proof of loan-paying capability. Usually, the bank or the institution from where you will seek the pre-approval will require you to submit copies of your bank statements and investments. These documents will prove that you have adequate funds for the down payment, closing costs, and monthly dues. They are also your evidences of cash reserve.

Good Credit Rating: Most lenders require borrowers to have a score of 740 and above to avail of the lowest interest rates on home mortgage plans. But, those who have at least a FICO of 620 will get pre-approved. Those who have lower credit scores will have to negotiate. Lucky enough that there are mortgage companies that gives pre-approval to individuals with low credit scores. But usually, they are of higher interest rates. In case you have a low credit rating, it is better to fix it first by repaying outstanding credits to other companies such as from your utilities, internet, and credit card.

Verified Employment Documents: The proof of income usually does not satisfy credit and mortgage companies. Thus, you also need to prepare verified or certified employment documents. The employment document or certificate needs to contain your complete name, present address, name of the company, your position, and salary grade. The letterhead of the company where you are presently employed is also an important element of the employment certificate you have to obtain. Of course, it has to be duly signed by the company's representative.

Other Documents: Any other documents which will be requested by the lender should be available upon request. Usually, these documents include copies of proof billing and identification cards. Be prepared to fill up any mortgage-related forms. You also have to prepare your Social Security Number as this will be used to pull out your credit report.

If you have prepared the above documents, you are at least eased out of additional burdens as may be brought by the housing mortgage pre-approval. Having these documents at hand will pave way towards a smooth-flowing house hunting and home buying processes.

This poor dog is so severely matted, it hurts just to move. He's afraid of staff, so this is the posture he takes to protect himself.
He is available to rescue

PetHarbor link:

San Bernardino City Animal Shelter
Address: 333 Chandler Place, San Bernardino, CA 92408
Information Number: (909) 384-1304
Open to the Public: 10 - 5:00 Tuesday, Wednesday, Thursday, Friday, Saturday
Closed Sundays, Mondays and Holidays
Traditionally, home hunters face an uphill task when they want to find finance to buy a new home. But the truth is that getting a home loan with bad credit is easier that many would think. What must be accepted is that compromises need to be accepted, like higher interest rates.

Lenders are usually thought of as conservative in their lending policies. This is certainly true with traditional lenders, like banks, but the rise of alternative lenders has seen the chances of securing mortgage approval increase dramatically. And with terms that are more flexible, and interest rates that are more competitive (though still not very low), these finance packages are more affordable too.

Getting approval is possible, even when an applicant has a very low credit rating. And, for any applicant, the chances of getting that home loan are improved when certain areas of the application are prepared properly.

Key Areas to Consider

There are three areas that every applicant should pay careful attention to before they submit their application for a home loan with bad credit. These relate to calculating an accurate budget (and sticking to it), the down payment, and finding the right lender with the right loan terms.

Calculating the budget is the first step, and involves making a careful assessment of existing debts and outgoings, and comparing them with income. Most lenders will stress the need to have enough excess income to cover mortgage payments for the lifetime of the loan. In fact, when it comes to securing mortgage approval, this is the core issue.

Budgeting means that the limit to what home loan is attainable is recognized so that a strategy can be devising to eventually increase that limit. For example, if the amount of existing debt is high, then lowering it by clearing some individual debts, or using a consolidation loan, then more income can be made available to cover mortgage repayments.

Increase the Down Payment

The down payment is often overlooked as an element in the overall mortgage deal, but increasing the size of the payment can have a positive impact. This is especially true when seeking a home loan with bad credit, where the monthly repayments need to be kept as affordable as possible.

Basically, the size of the required mortgage is lowered if the down payment is bigger. For example, a down payment of 5% on a home worth $200,000, means a mortgage of $190,000 is needed to complete the purchase. But a 10% payment means $180,000 is required, which could translate to a fall of perhaps $100 in repayments each month. Securing mortgage approval, therefore, become much easier.

Of course, another aspect is that providing a larger down payment tells lenders of the commitment an applicant has to getting a home loan. Saving a large sum of money relatively quickly requires real financial discipline, which is a positive attribute.

Find the Right Lender

Your choice of lender is just as important a part of any deal as anything else. They set the policy that affects the interest rate structure, as well as the range of penalties and fees that can be charged. So, getting the right one can make the task of finding an affordable home loan with bad credit easier to accomplish.

Online lenders are generally the best in the market, often charging more competitive rates and offering terms that are more suited to bad credit borrowers. For those with poor credit histories, the chances of securing mortgage approvals are increased, as long as the criteria and conditions are met.

Still, be sure to examine any home loan offer carefully for hidden charges before signing up to anything. Also, check the reputation of the online lender with the Better Business Bureau website.

Mark Venite is the author of this article and a successful financial advisor with 20 years of experience. He helps people to get approved for Bad Credit Personal Loan and Student Loans with Bad Credit.

When a homeowner is having trouble paying their mortgage or they've suffered from a change in income or financial status, the first step they usually take is to request a loan modification from their lender.

This is often a big mistake. What most homeowners don't realize is that most lenders aren't willing to modify their loan. This may come as a surprise to many people but if a lender feels like they can make more money by foreclosing on your home, you run the risk of being denied a loan modification.

Most homeowners aren't aware that there are many reasons why their lender is unwilling to help them. If you make too much money, are current on your payments, or you can't prove a hardship, your lender will likely not assist you with a loan modification. They are in the business to make money. It doesn't improve their bottom line if they reduce your payments or your interest rate.

You may even go through the lengthy loan modification process with your lender only to find out that they won't be able to help you after your loan is reviewed. In that case, you will be stuck with the mortgage you have and you will have to catch up on any payments you are behind on or you will risk foreclosure.

If you aren't able to afford your mortgage or you are concerned that your lender is unwilling to help you, you may want to start by seeking help from a third party to help you with your loan modification. A third party can perform a non-biased forensic mortgage audit on your mortgage loan documents and can provide you will the help you need.

A forensic mortgage audit can detect any errors that were made when your loan documents were processed by your lender. It is estimated that about 90% of adjustable rate mortgages have errors in their documentation. If an error is found in your loan documents, it could provide you with some leverage against your lender.

That leverage could give you the means to win the fight against your lender and prevent them from foreclosing on your house. In most cases, this leverage will also allow the homeowner to reduce the principal of their mortgage note, have more affordable mortgage payments, and forgiveness of any amount they are past due on.

If you're looking to get assistance with your current mortgage, start by seeking help from a company that specializes in forensic mortgage audits. It can be the best solution to saving the home you've worked so hard to have.