Any homeowner who wants to get a home loan modification will need to write a letter of “Financial Hardship”. This letter is an important key to getting approved for a home loan modification. Most people have no idea how to write one of these letters, or where to look for help. Here are some mistakes, and tips, for homeowners who need to write a letter of “Financial Hardship”.
You might not have access to the revenue sources of those with great credit when you are severely in debt. But if you are eligible for a remortgage loan, it’s almost like you don’t need those options that are only available to more fortunate spenders. First of all, a person with bad credit will only get themselves into more debt by trying to use new sources of credit. Unlike those options, (more…)
Getting a mortgage can be an intimidating and confusing process, but it doesn’t have to be that way. There are three things you can do to make the process smooth, easy, and clearly understandable.
1. Be willing to take the extra time to have your loan specialist explain all the aspects of the loan and how it works.
Most good VA loan specialists are willing to take the time to explain (more…)
When a lender evaluates your mortgage application a big factor they consider is your estimated future housing expense.
This housing expense is broken down into the following areas:
Your first mortgage loan
Your second mortgage loan (if any)
Home ownership association dues
When you decide to refinance, you can get a better interest rate than the one you were originally quoted on the first loan. Let’s say for instance your original mortgage had an ARM or adjustable-rate mortgage. At the time you took it out, it may have been more appealing than a fixed-rate mortgage.
The ARM is recommended by loan advisors to those who aren’t yet financially stable and not fully (more…)
With hot summers and mild winters, Tennessee is a popular place to live and work. There is a steady flow of residents who move to the state each year, and as a result, the housing market is very strong, especially in Nashville and Memphis. These two metropolitan cities account for more than one third of the state’s population.
If you will be looking for a Tennessee mortgage loan, it is very important (more…)
Closing costs are the final charges you pay when you get a new mortgage, whether it is a refinance or a purchase loan. They are not necessarily out of pocket. All or some of the charges can be included in the loan.
A real estate purchase is a complex transaction that takes lots of different players to pull off. Each of them usually has their own fees, except the buyer.
For example, (more…)
As hundreds of thousands of UK home owners reach the end of the discount period on their fixed interest home loans most will look to remortgage to a new product some time this year. Only a few months go it seemed likely that most borrowers in this situation would opt for another short term fixed rate deal, however the credit crunch has changed the situation.
It is estimated (more…)