Mortgage Process Articles

Letter of Explanation for Credit Issues
Borrowers are often prompted to write a letter explaining the reasons for credit default. You can use our sample letter as a guide if you asked to write such a letter.. Dear Sir or Madam,. This letter provides explanations for each negative item on my credit report that you will...

Homeownership and Understanding Student Loan Repayment Options
Options exist to help prospective borrowers obtain the mortgage they want, despite having student loan debt. . Who has student debt?Nearly 60% of all college students in the calendar year 2011 –2012 accrued debt via student loans. It's estimated that in...

HARP 2.0 Requirements
For a mortgage to be eligible for a HARP refinance, it must satisfy the following guidelines:. Must be owned by either Fannie Mae or Freddie Mac.Must have been acquired before June 1, 2009.Must not have been previously refinanced through HARP.HARP 2.0 Borrower RequirementsFor a...

What is FHA 203k Streamline?
Looking to renovate or remodel your home? The FHA Streamline 203k may be just what you are looking for! This loan is a fast and easy way to acquire the essential funding you need. . The FHA 203K Streamline program lets you add the remodeling funds with your original mortgage...

What Are Some of the HARP 2.0 Limitations?
HARP 2.0 Takes TimeThe HARP application process could take months to complete. Lenders who manually underwrite mortgages could start refinancing applications immediately; however, those who depend on automated software to underwrite mortgages must wait until updates...

Construction Loan Process
Considering building a house? Read to find out the construction to permanent financing process. . Note that if you have found a piece of land or lot that is ideal but are not ready to break ground, a lot loan may be the best option for you. . Often, the current...

How a Refinance Works: A Simple 3 Step Process

Lender Overlays and Why Your Credit Score Matters for Mortgage Applications
The interest rates that mortgage lenders usually offer are based on a consumer's credit scores (risk-based pricing). Credit scores are the lender's indicator of risk of borrower default.. A credit score is a calculation which measures the probability a consumer...

How to Prepare For a Mortgage Like a Pro
Before you shop for a new home, prepare to qualify for a mortgage loan. Preparing will help eliminate confusion while ensuring that the process goes as smoothly as possible. . There are six factors reviewed during approval process (excluding the home appraisal):. 1....

Mortgage Rates 6-12-15
What will mortgage interest rates do tomorrow? Mortgage professionals are voting in our daily poll. US rates have been following the path of EU rates today, which ultimately pushed them lower. However rates are still at their highest levels of the year. Home loan...