Underwriter: Unseen Approver of Your Mortgage
Once you have found a house
you like, made an offer and been pre-approved for a mortgage, you might think
you are home free. However, you still have an important hurdle to clear:
Getting through the loan underwriting process.
Think of the underwriter as
a gatekeeper. The underwriter won’t let you in the front door unless you can
How will new mortgage rules affect you?By Polyana da Costa • Bankrate.com-->The home loan industry now has to adapt to new mortgage rules that offer borrowers much needed protection against lender abuses and reckless lending standards. But the changes may not please all borrowers.Some of the new mortgage rules will influence qualification requirements and the types of mortgages that borrowers g...
Where do home buyers have the most to spend on housing? CNNMoney
recently highlighted a map that shows which states millionaires
gravitate to the most. Here are the 10 states that boasted the highest
number of millionaires, along with the ratio of millionaires to
households in each state:
New Jersey: 7.49%
I Buy a Home With a Low Credit Score?
QUESTION: My credit scores vary from 620 to 638.
Can I qualify for a home loan to purchase a home? I’ve been at my current job
for five years and a couple of months.
ANSWER: You obviously are aware that your credit
score is an important factor in whether you can qualify for a mortgage. In
addition, if you are applying for a conventiona...
Occidental Petroleum Corp. has announced that it is moving its
corporate headquarters from Los Angeles to Houston, where hundreds of
energy companies have their headquarters or major regional offices.
“Occidental Petroleum is the largest oil producer in Texas and one of
the largest in the nation, so it seems only fitting the company would
locate its headquarters in Houston, the Energy Cap...
Some Americans who owe more than what their house is currently worth are opting to walk away from their mortgage. But a survey finds Americans don’t agree with home owners who make that choice. Sixty-percent of Americans say it is “never OK” for home owners to stop making payments on their mortgage, according to a new survey of 1,000 American adults by FindLaw.com, a legal information We...
The recent massive data breach of up to 70 million customers’ credit
and debit cards at stores such as Target could have a spill-over effect that might
derail real estate transactions. Victims may face damaged credit files
and lower credit scores in the coming months that could disqualify them
from a mortgage – at least until they are able to fully document the
problem, the Los Angeles T...
Investors have a new target in real estate: undeveloped land. They're snatching up undeveloped land heavily discounted in bankruptcy proceedings from developers and banks that foreclosed on the builders once they ran out of money for their projects, Reuters reports. The investors then resell the land for up to 20 percent or more returns on their investment. Or, in a buy-and-hold strategy, the inve...
Mortgage Basics: What Is a Mortgage?
A mortgage — a loan to finance the purchase of your home — is likely the
largest debt you’ll ever take on. A mortgage is actually made up of several
parts — the collateral you used to secure the loan, your principal and interest
payments, taxes and insurance.
Since most mortgages last 15 to 30 years of monthly payments, it helps to
understand the work...
Reserve Chairwoman Janet Yellen, testifying in front of a Senate panel
this week, said it was too soon to tell just how much of the
disappointing data of late were due to winter storms. She added that it
would take a "significant change" in the outlook for the economy before
the Fed would consider changing course on the dialing back of its
monthly purchase of bonds.New-home sal...
Tax Deductions for Vacation HomesTax deductions for vacation homes vary greatly depending on how much you use the home and whether you rent it out.Is your vacation home a vacation home?If you bought your vacation home exclusively for personal enjoyment, you can generally deduct your mortgage interest and real estate taxes, as you would on a primary residence. Use Schedule A to take...
With lending standards extra stringent, some borrowers applying for a mortgage may be tempted to bend the truth slightly so that they can qualify for a mortgage. But lenders have a word of caution to those would-be borrowers: They’re watching you even more carefully nowadays. “Little white lies,” as a Chicago Tribune article notes, can get mortgage applicants into big trouble, even if just inflati...
Should I Offer More Than the List Price on a Home?
QUESTION: My agent is suggesting that I make an offer on a home that
is more than the asking price. I am being told that there are other interested buyers. Right now I am not entirely
comfortable with this situation. I don’t know if I am being told this because
it is true, or is it [for the real estate agent] to have a higher commission?
With home prices and mortgage rates rising, the overall costs of home ownership have spiked dramatically since 2012.
A new analysis by RealtyTrac finds that the estimated monthly house
payment for a median-priced three-bedroom home purchased at the end of
2013 was 21 percent higher than it was at the end of 2012 in more than
300 U.S. counties.
RealtyTrac included the cost of a ...
Existing-home sales and prices are up, but government officials
caution the economy is still fragile in the Obama Administration’s
recent Housing Scorecard, an overall look at the nation’s housing
The report showed progress among several key indicators. “In 2013,
home sales had their strongest performance in several years; foreclosure
starts were at their lowest annual level sin...