Friday, June 27, 2014

When Can Your Mortgage Application Get Rejected?

Filling out mortgage application can be a tedious job that not many of us like doing. It is important to give it a few extra minutes and complete the application carefully with all details correctly and fully mentioned. There are several reasons for a mortgage application to get rejected, a few of which are discussed here.

Areas where you went wrong

Baffled with a mortgage rejection? Well, one of these may have been the reason!
  1. Unsuitable credit history – A lender will check your past records to see how well you have managed your finances – both incoming and outgoing, to decide if you will be able to manage a mortgage. Poor credit history equals rejection.
  2. Insufficient credit history – Quality and quantity matter with this one. Those who have been using only cash for all transactions and have never had a loan or credit card in the past don’t have any credit history to be checked.
  3. Employment issues – Be sure to be gainfully employed for a good amount of time, on a regular basis before you apply for a mortgage. How stable you are with your earnings is a deciding factor for mortgage lenders.
  4. Incorrectly filled application form – By deliberately hiding information or omitting to mention important details, you are giving an opportunity for the lender to reject your application. For this issue, using a mortgage broker is beneficial as he/she can check your form and give you advice on filling it before submission.
Steve Morgan of Bethany Beach lender is a reputed mortgage broker who helps you understand the reasons of a loan rejection before helping you to tackle them. Be sure to hire the right broker to avoid frustrating mortgage delays and rejections.

Wednesday, June 18, 2014

Things you Must Know Before Refinancing your Mortgage

News from the Mortgage Bankers Association has put many home buyers and mortgage shoppers on the alert. They have estimated that the APRs may go up by a percent from the current 3.4 percent for a long-term fixed mortgage of 30 years. Does that imply you should refinance quickly? Steve Morgan at Bethany Beach Lender gives you a few helpful tips.

What to expect while mortgage refinancing

There are a few simple but vital things you must do before you rush to get a better finance option.
  1. Be prepared – Financing means money and a financer would like to ascertain that your repayment ability is up-to-the mark. Documentary evidence is mandatory, so it would help if you keep copies of pay stubs, proofs of your assets and liabilities and tax returns filed handy.

  2. File an application – With all documents ready and an impressed financer, the next few steps are relatively easy for you. Fill out the lender’s application accurately and honestly. You must make time; shop around for the best financers. Approaching your current provider, provided you have a good payment history, would not be a bad idea too, if they offer better refinances. Once an application has been submitted, be patient. Processing applications takes a while. They need to verify your suitability and go over every aspect of your finance with a fine-toothed comb.

  3. Choose a rate and seal the deal – Once approved, choose an optimum mortgage, preferably with a locked rate for the initial months so you do not worry about soaring APRs. Make sure you clarify every small doubt you have before the mortgage closing takes place and you land a new deal.
As you see, it’s not that easy to choose a better mortgage. Helpful personnel like Steve Morgan at Bethany Beach ensure that you understand every stage of the process. So follow these basic steps and enjoy a more convenient mortgage for a long period of time!

Thursday, June 12, 2014

Managing your Mortgage Smartly

Smart Ways of Managing Mortgage

In these tough times, managing your mortgage should be an essential part of your financial planning. Whether you are comfortably paying off your mortgage or are struggling to make the payments, there are always smart ways that you can utilize to make your financial health better and your life easier.

Mortgage management tips

Keeping an eye on your  finances is essential for everybody and your mortgage is one of the most important part . So whether you are trying to cobble together the monthly payments on your first home or are comfortable paying off that vacation home in Bethany Beach, here are a few tips that everyone can use.

  • If you are having problems in making your mortgage payments, contact your lender and try to work out a payment plan that is more suitable for you. Remember that the bank is as interested in getting back the money from you as you are of paying it back. In most cases, they will support you fully and in whatever way they can.

  • If you are not having any problems paying off your mortgage, but have some money leftover that you are not utilizing, consider talking to your lender to increase the monthly payment and pay off the debt quickly

Whether it’s a private Bethany Beach lender such as Steve Morgan, or a bank, everyone is interested in getting their money back as soon as possible and they will certainly help you set up a plan which will reduce your payment term and help you save thousands on interest payment.

A home is one of the biggest investments of our lives, and it is a great feeling to pay off the mortgagee and become debt free. Following these tips will help you reach this goal faster and without any problems in the way.

Thursday, June 5, 2014

Interest on Mortgage Loans Remains Firm

Here’s some good news for you if you are looking to buy an attractive house! Mortgage interest rates have remained steady for the year. So cast those worries of wildly fluctuating interest rates and exorbitant monthly payments. Read on to know why Bethany Beach lenders think this would make a vast difference to you.

Good opportunity to buy home   

Big players like Bank of America, Sun Trust and Wells Fargo are offering term loans for 30 years at an average APR of 4.14 percent and short-term mortgages at 3.31 percent. Whether you are looking to refinance or buy a new property using a mortgage, steady rates for this year as compared to the last year indicate a healthy property market. 

Steve Morgan, a Bethany Beach lender thinks this is an ideal time for opting for a mortgage. Whether you are looking for a fixed or flexible APR mortgage, short-term finances, term mortgages, refinances or plan to consolidate some other debts while  refinancing your home, keep a sharp eye on the APR caps and the base rates so you get the best out of the deal that affects your monthly payments.

The residents of Bethany Beach can make the most of this favorable period in the real estate markets boosted by steady, low rates offered by banks. By using the opportunity now, you can ensure that you move into your dream house with an affordable mortgage that does not throw alarming curves down the long repayment lane.