Mortgage Guidelines

Simplified Home Loan Modification Program Recently Announced

The Federal Housing Finance Agency (FHFA) recently announced a new, streamlined home loan modification program to help Morgan Hill home owners who are behind in their payments or own a home with a mortgage that is under water. The purpose of the recently announced program continues to focus on helping troubled borrowers avoid foreclosure and stay in their homes. Simplified Modification Criteria Creates More Opportunity For Home Owners Beginning this summer, on July 1st to be exact, the new Streamlined Modification Initiative will be available to home owners that meet certain criteria. Interestingly, this new program will require home loan…
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Mortgage Guidelines

3 Tips To Get The Best Results On Your Mortgage Application

Although the financial markets have tightened lending guidelines and financing requirements over the last few years, the right advice when applying for your loan can make a big difference. Not all loans are approved. And even when they aren't approved immediately, it doesn't have to be the end of your real estate dreams. There are many reasons why a mortgage loan for the purchase of your real estate could be declined. Here are a few things to understand and prepare for when applying for a mortgage: Loan-to-Value Ratio The loan-to-value ratio (LTV) is the percentage of the appraised value of…
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How To Know If You Will Need Private Mortgage Insurance on Your Mortgage Loan

  Have you heard the term Private Mortgage Insurance (PMI) when looking to finance real estate? You may be wondering what PMI is and how you know when you need to purchase it. These answers can be hard to find among all the real estate jargon you might be hearing lately. Below is the short version of what you need to know. What is Private Mortgage Insurance? Private Mortgage Insurance is an insurance premium required by some lenders to offset the risk of a borrower defaulting on their home loan. When you put down less than 20 percent of the…
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Mortgage Approvals : Documents You’ll Need For Your Lender

According to the Federal Reserve's quarterly Senior Loan Officer Survey, it's getting easier to get approved for a home loan. Between July - September 2012, fewer than 6% of banks tightened mortgage guidelines -- the fourth straight quarter that's happened-- and roughly 10% of banks actually loosened them. For today's buyers and refinancing homeowners in Morgan Hill , softening guidelines hint at a quicker, simpler mortgage approval process; one which gives more U.S. homeowners better access to today's ultra-low mortgage rates.  However, although banks are easing guidelines, it doesn't mean that we're returned to the days of no-verification home loans.…
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