Mortgage Approval Information

Mortgage Interest Rates Hitting Rock Bottom!

superadmin — Tue, 16 Aug 2011 18:59:03 +0000

If you haven’t considered a home loan refinance yet, there is no better time than now. Interest rates are at historically low levels and there’s no saying how long this will be the case. Many people are concerned these days with whether they can get a home loan or refinance their current mortgage. Qualifying for home loans is more difficult now for many reasons, but mostly because many of our home values are significantly lower than they were 5 years ago, resulting in our current mortgage balance being near or greater than our current value.

As discussed in a previous article, Home Loan Refinancing Options, there are ways to acquire your home loan refinance even if your home is a bit “underwater” (meaning, the mortgage balance is higher than the current property value).

For a very ballpark idea of where rates stand, you can get a general approximation by visiting: Approximate Mortgage Interest Rates. Of course, the rate that you would qualify for depends on your exact loan amount, value of your property, property type, your credit scores, state that the property resides in, and other factors.

Don’t let this opportunity slip by you. Now is the time to look at a home loan refinance and determine how great your monthly and long-term savings could be.

Home Loan Refinance

How Can I Qualify For A Mortgage?

superadmin — Mon, 25 Jul 2011 18:47:12 +0000

Wouldn’t it be nice if you were able to answer your own question, “Can I qualify for a Mortgage“, easily, quickly, and without all the confusion from lenders, loan officers, etc?

Most homeowners and first-time buyers want to better understand how to qualify for a mortgage, but unfortunately prequalifying for a home loan is not made easy by the professionals around us. If only they could simplify things, and give you the short & skinny with no agenda. If only you could get the answer to the common question, “Can I qualify for a Mortgage?”

Now you can. LoanPath.com is your source and we’re on your side. We want to get you the answers, short and sweet. It’s only fair that you have an idea of where you stand before you spend a bunch of time and money searching for homes and/or applying for mortgages. And while loan officers and lenders aren’t willing to spend the entire time necessary to help you fully answer your question of Can I Qualify for a Mortgage, LoanPath is.

Keep your eyes on LoanPath.com in late August. All the answers you seek to the above question, and more, will be arriving soon!

can I qualify for a mortgage

Looking for an Online Home Loan?

superadmin — Mon, 11 Jul 2011 19:10:32 +0000

Worried about obtaining a home loan online and identity theft? Well, before we discuss further, let’s clarify that you’re really not getting an “online home loan”. You’re just using the internet to find the lender you might ultimately work with on putting your loan together. If you search for an online home loan you will received a ton of results, simply because almost every lender, loan officer, and their brother is advertising and marketing themselves on the internet.

Many people might think of an online home loan as a situation where you provide a bunch of personal info to a man behind a curtain and never connect with a real person, but the reality is that a mortgage cannot be obtained without dealing with a human-being at many points throughout the process. Due to the complexity of mortgages, human interaction is necessary here and there at least. Thus, you’re really just using the internet to educate yourself on the process and to find the lender you feel is best for your situation. The internet, as with many consumer decisions, can be a tremendous resource for weighing and making decisions on your mortgage loan, first time home loans, and qualifying for home loans, especially if you use the right website. Mortgageclarity endorses LoanPath.com , which will be launched soon, and you will have access to a wealth of mortgage knowledge and expertise, tons of preferred lenders hand selected by LoanPath.com, and a helping hand to make the process as understandable and easy as possible.

In the meantime, careful of what you share over the internet. Again, there really isn’t such a thing as an “online home loan” so if you find a site that says they will offer you a loan online and asks for a bunch of personal info, be careful. Again, you’re just using the internet to find lenders, at which point they should be reputable and you should absolutely deal with a human being at a certain point (typically when they start asking for documents and personal info from you like social security numbers). Otherwise, be very cautious until you know who you’re dealing with. For more information on safety tips on the web, please see:
Federal Trade Commission Alert.

Online Home Loan

Tricky First Time Home Loans

superadmin — Wed, 06 Jul 2011 16:43:34 +0000

The problem with obtaining first time home loans is not so much that you’re undesirable by a lender’s standards; quite the contrary these days actually. Lenders like first time homebuyers because they often have no other large debts hanging over their heads. The problem actually is as simple as consumers not knowing where to start, where to go, who to trust, and whether the information they come across is valid. To have confidence in obtaining first time home loans and to do it right, a first time homebuyer needs a trusted advisor. A friend with knowledge and expertise that has done all the heavy lifting.

There are a multitude of sites out there but how do you know which you can trust, which are best and easiest to understand, and which have your interests in mind? Too often these sites have hidden agendas and they rope you into something. What the consumer needs is an unbiased 3rd party to help guide them along the way, much like a very knowledgeable and “tapped in” friend.

One such website that does not seek your money nor will they try to sell you a loan is LoanPath.com. They are not a mortgage lender but instead a “3rd party consultant”. It’s is an educational website that will guide you through the process as easily and stress-free as possible. Consumers often think that their only option for first time home loans are via FHA loans, however this channel has become more restrictive and expensive in recent years, and consumers are definitely not forced to go this way their 1st time around. There are many more options available. You just need to know them and where to start. LoanPath will be a great resource for this.

The LoanPath.com website is being built out but looking to launch in August of this year.

First Time Home Loans

Home Loan Refinancing

superadmin — Wed, 15 Jun 2011 18:45:48 +0000

In today’s market, the biggest wall people hit when reviewing home loan refinancing options boils down to home value. Unfortunately, almost all property values have taken some kind of hit and many homeowners have a current loan balance that is near, at, or exceeds the current value of their home. Therefore, home loan refinancing might not be a possibility. In the past, to refinance a home loan your value needed to be far above the loan balance so that there was significant equity in the home. Unfortunately, many people today are short on equity simply due to home prices falling.

Fear not though. Thanks to the Home Affordable Refinance Program, HARP home loan refinancing is very possible even if your value is “under water”. Without this special program, a great percentage of homeowners would be unable to complete a mortgage refinance.

Home Loan Refinancing

Prequalify for Home Loan

superadmin — Mon, 13 Jun 2011 19:09:39 +0000

It’s the age old question that has become even more complex to answer, “How do I qualify for a mortgage?”

As we find ourselves trying to shovel out of this mortgage mess, it is clear that consumers want to take control and understand their options better. No more sitting back and just hoping their loan officer does them right. We’ve talked to you, we’ve heard the complaints, and we understand that mortgages are a confusing mess in your eyes. The steps to prequalify for home loan financing have never been laid out in an easy to understand way for the consumer. If you want to get a home loan, you have to rely heavily on an industry professional. The problem is, it’s very hard to find mortgage professionals that are responsive and willing to provide the amount of time necessary to help educate you and lead you along the way in the process.

We want you to prequalify for home loan options and understand them during the process. We want you to have the best rates and have lenders fighting to earn your business. Our missing is to find a solution that will help consumers make educated decisions, under an easy and friendly format, and diffuse this solution across the internet so the masses can start to make a difference.

Prequalify for Home Loan

Time to Prequalify for Mortgage Loan?

superadmin — Thu, 09 Jun 2011 01:30:29 +0000

It’s not easy to determine how to prequalify for mortgage loan options these days, but it can be done if you go about it the right way. To learn how to prequalify for mortgage loan, you need to start at the basics. Look at your pretax income per month, what your total monthly liabilities and debts you have to pay out, and see if you’re stretching things thin or have a fair amount of wiggle room to go up on your housing payment.

You then need to have good credit. Depending on your scenario, you might need a 700 middle credit score or better. Others can go as low as 620. There is a lot more to understand if you are to prequalify for mortgage loan options that best fit your goals and needs, and there are plenty of resources on the internet to do so, the most trusted of which are not lenders that look at you solely as a number. Try to find someone that is unbiased and more of a 3rd party. Not everyone is lucky enough to have a best friend or family member in the business, but these days the internet has plenty of info on how to prequalify for mortgage loan financing.

Get Your Home Loan Pre Approval First

superadmin — Wed, 01 Jun 2011 17:02:54 +0000

Before you jump into purchasing a home, the 1st thing you want to focus on before making an offer on a property is a home loan pre approval. A home loan pre approval, also known as a prequalification letter, will answer your question of “How much mortgage can I qualify for”, while also telling you how much you need to put down, and let you know that the bank/lender is reasonably comfortable with your scenario and likely to provide a loan given a few other details coming in satisfactory.

A home loan pre approval different than a loan commitment. It is simply the lender’s initial review of your situation, taking into mind your credit history and scores, income, debts, assets, and the proposed housing payment of the home you’re looking to buy. The lender does not guarantee approval, as they still need to get a property appraisal and review/evaluate the collateral (IE, the property), however the home loan pre approval is your 1st step towards buying a home. At the very least, it is often needed before a seller will even pay serious attention to an offer to purchase their property or enter into a Purchase Agreement.

How Do I Qualify for a Mortgage?

superadmin — Tue, 31 May 2011 21:06:49 +0000

“How do I qualify for a mortgage?” This seems to a very popular question these days. The mortgage industry continues to constrict and mortgage borrowers are eager to understand options for the best home loans. You’re not alone if you’re wondering, how do I qualify for a mortgage.

The home loan requirements have tightened in many ways, but the basic explanation is that you now need higher credit scores, more down payment to contribute, and your debt ratios (all of your debts in addition to the proposed housing payment, divided by your pretax income) must be lower, meaning less debt compared to your income. There are also more restrictions on certain property types, such as condominiums. How do I qualify for a mortgage? Great question and not one that can be answered easily, but our suggestions are that you take a look at your credit, make sure you have some money in your savings, and try to get a feel for what your debt ratios are using the following calculators:

Simple Qualifying Calculator

Qualifying Calculator

How Do I Qualify for a Mortgage

The Mystery of Qualifying for Home Loans

superadmin — Thu, 26 May 2011 23:21:08 +0000

It’s almost become a puzzle, at least to the general public. There is no clear cut path laid out for consumers when qualifying for home loans; they pretty much have to give it a shot and go along for a “fun” ride. If you feel like you’re in the dark, you’re not alone. It’s almost as if the lenders keep the process for qualifying for home loans a mystery. Actually, it would make sense for them if they do; puts all the chips on their side of the table.

Since the mortgage industry fallout of 2008, things have continued to get fuzzy and the consumer is lost more now than ever. Qualifying for home loans has become more of a battle with the consumer losing more time and money as Lenders continue to make the process more difficult. Things will continue to be tight for a while and qualifying for home loans will have its fair share of mystery, but hopefully sites like this will begin to shed light on how to qualify for a home loan.