Posts in category 'Ruhl Mortgage'
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1
Proper Planning for Your Mortgage Application
With good preparation, most things are easier. That works in mortgages too! Today, I want to give you some ideas that can make your mortgage experience less painful.
Income Items:
- Gather your documents. Today, many people will have to produce 2 years' complete tax returns, including W2′s, 1099′s, K1′s, and all the schedules, as well as a month's worth of pay stubs.
- Be prepared to explain them. Deductions in your returns and your pay stubs may impact the income your lender will use to qualify you which, in turn, has a big impact on the loan you will get.
- Have a breakdown of base pay versus overtime for both your pay stubs and 2 years' W2′s. Lenders treat overtime (and bonus income) differently than your base pay. Be prepared to explain any changes ov...
2
FHA Mortgage Insurance Changes Coming April 9th
Soon it will cost a little more for some mortgage loans. The Federal Housing Authority (FHA) will have a new premium structure for FHA-insured single-family mortgage loans, increasing the Annual Mortgage Insurance Premium (MIP) it collects by 0.10 percent. These premium changes will impact new loans insured by the FHA, effective April 9, 2012. Loans with amortization terms of 15 years or less, and a loan-to-value ratio of 78% or less, remain exempt from the Annual MIP. FHA reports that this increase is a part of ongoing efforts to encourage the return of private capital to the housing market and to protect capital reserves, according to a statement. In addition, the Up Front Mortgage Insurance Premium (UFMIP) will increase from 1 percent to 1.75 percent of the base loan amount, effective April 9, 2012 as well. This increase applies regardless of the amortization term or loan to value ratio. FHA will...
29
1862 Mortgage Offers Home Affordable Refinance Program
4
What If I Don't Currently Qualify For a New Mortgage?
Ruhl&Ruhl realizes that when the idea or dream of purchasing a home starts to circle around in your mind, majority of the time the title above does not accompany that thought. And while this type of situation is unbelievably frustrating, keep in mind that you do have options. Ruhl&Ruhl Realtors along with 1862 Mortgage is here to help. Let's start from the beginning, say you have begun your home search and you meet with a Lender. That Lender will review your credit along with income and assets to determine if you qualify for a new loan. What happens when you find out you do not qualify? First, find out what steps you will need to take to get qualified. These may vary and include a credit improvement plan, a savings plan to accumulate your down payment and closing costs and/or a plan for how long you mus...
4
More Disclosures on the Way to
In their never ending quest to "simplify" the confusion surrounding the borrowing of money, the Fed has released their Final Rule for Risk Based Pricing Notices, as well as Adverse Action Notices. More paper work filled with CYA, legal terminology that winds up baffling people more than giving them any clarity. Let's take a peek…. Risk Based Pricing Notices are required under the Fair Credit Reporting Act (FCRA), and now, because of provisions in the Dodd-Frank Act, they must include language that relates to credit scores IF those scores were used to determine the interest rate (and resultant APR) given the customer. Also, the language can't simply be "the lower your credit score, the higher rate you will pay". That would be too easy. You see…lower...
