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Comment on What banks do mortgage loans with credit scores below 600? by leon

leon — Wed, 10 Aug 2011 14:15:21 +0000

Thanks for this very interesting article. I add it to my bookmark.

Comment on Buying A Home After Bankruptcy by Emile Pausch

Emile Pausch — Mon, 11 Jul 2011 08:53:26 +0000

I recently came across your post and have been reading along. I thought I would leave my first comment. I wonder how this pertains to Business Loans ? I don’t know what to say except that it caught my interest and you’ve provided informative points. I will visit this blog often.

Comment on Irresponsible Lending, Spending and Borrowing by Maragaret Hercman

Maragaret Hercman — Sun, 29 May 2011 17:48:02 +0000

Wonderful site you have here but I was curious if you knew of any forums that cover the same topics discussed here? I’d really like to be a part of community where I can get opinions from other experienced people that share the same interest. If you have any recommendations, please let me know. Thanks!

Comment on Buying A Home After Bankruptcy by admin

admin — Fri, 01 Apr 2011 00:53:32 +0000

Just started it… can you help?

Comment on Buying A Home After Bankruptcy by Modesto Bankruptcy Lawyer

Modesto Bankruptcy Lawyer — Mon, 28 Mar 2011 12:25:27 +0000

Great article! Just how long have you been working your website?

Comment on In relation to mortgage loans what constitutes a low credit score? by Smilin'_Bob_The_Enzyte®_Guy

Smilin'_Bob_The_Enzyte®_Guy — Tue, 15 Mar 2011 07:04:41 +0000

To insure a good rate you need to be in the upper 600′s… to reserve an EXCELLENT rate.. the upper 700′s…

What I would do is to go this website, and get all 3 credit reports at once, then go down the credit report and dispute anything you think is in error with the credit agency that is showing the erroneous mark..

Housekeeping can make your FICO score go up 20-50 points, because I know, I’ve done it….

Comment on Student loans not in repayment or in deferral included in a mortgage loan application as an expense? by Carolinahomerates.com

Carolinahomerates.com — Mon, 14 Mar 2011 05:03:08 +0000

Student loans that are deferred…need to be deferred for 3yrs in order to take it out of the expense ratio.

If not, I WOULD HIGHLY recommend that you find the original contract of the student loan. OTHERWISE, the underwriter will use his own calculations of what you will pay…which is USUALLY higher than you will normally pay.

Comment on What are the effects of outstanding business loans on my home mortgage application? by Quicken Loans

Quicken Loans — Sun, 13 Mar 2011 02:29:52 +0000

This depends how the debt is structured (is it personal debt of yours or of your old company – was your company incorporated?)

Even if it is personal debt, you might easily still qualify for a mortgage if your debt is under a certain percentage of your income. Mortgage companies use what’s called a Debt-to-Income Ratio (or DTI). This is simply comparing how much you owe to how much you make. Mortgage companies want to be sure that you’ll still be able to afford your mortgage payment after you pay your other monthly debts.

So, as long as you have enough income, it doesn’t really matter how much debt you have.

And 5% is enough to get a conventional loan in today’s market (though you will have to pay private mortgage insurance monthly). You can get an FHA with only 3.5%.

Speak to a trusted mortgage professional and they’ll run your numbers and let you know if your debt is at a qualifying level.

Good luck!

Comment on How exactly do 'interest only' mortgage loans work? When do I pay on the principle of such a loan? by Kim F

Kim F — Sat, 12 Mar 2011 04:44:30 +0000

In an interest-only loan or mortgage the borrower only pays interest each month. This makes it cheaper than a conventional mortgage, in which part of each month’s payment goes towards the principal and part goes towards interest. These loans have become popular because the monthly payments are lower, allowing borrowers to afford a larger home.
However, these loans can be dangerous, especially in a down housing market. The interest rates are generally fixed for the first 1, 3 or 5 years. After that, they convert to a conventional loan, with a higher monthly payment. Most borrowers take on these loans because they assume they will sell the home before the interest rate increases. In a down market, they may not be able to sell. If they cannot afford the increased payment, they may have to default on the loan, and foreclose on the home. So, when the rate starts to adjust, you would need to refinance again. And, either get a fixed or another interest only adjustable. And, yes, I do believe you mean ARM. Although, if you have extra money every so often, you can pay down the principal in extra payments.

Comment on Mortgage Loans? by John L

John L — Fri, 11 Mar 2011 07:57:38 +0000

It is difficult to get a loan with bad credit. Now a days it is more tough . You can try to fill some online forms for loans of different banks. You can also try to build up your credit or you can go for some cosigner.
To know more you can visit
http://geteasyloans.blogspot.com
and
http://debtconsolidationmanagement.blogspot.com