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Searcy County, Arkansas VA Home Loan Information

January 27, 2023 by Brett Tams

Table of Contents What is the VA Loan Limit? How to Apply for a VA Home Loan? What is the Median Home Price? What are the VA Appraisal Fees? Do I need Flood Insurance? How do I learn about Property Taxes? What is the Population? What are the major cities? About Searcy County Veteran Information […]

The post Searcy County, Arkansas VA Home Loan Information appeared first on VA Home Loan Centers.

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Understanding the Home Equity Line of Credit (HELOC)

January 27, 2023 by Brett Tams

A home equity line of credit, or HELOC, is a great financial tool that allows homeowners to tap into their available equity as needed. HELOCs work similarly to credit cards in that you have access to a credit line — up to a certain limit — and can spend as much or as little as… View Article

The post Understanding the Home Equity Line of Credit (HELOC) first appeared on Total Mortgage.

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Explaining the Loan Process Part 4: Underwriting Mortgage

January 27, 2023 by Brett Tams

There are many steps associated with securing a home loan. After the preparation, paperwork, pre-approval and appraisal, you’ll find that you’re still not quite ready to pick up the keys to your new property. Final verification from your lender is required to ensure you’re equipped to repay your mortgage in full and on time. This is where the mortgage underwriting process comes into play. During the underwriting stage, your application moves from the loan processor to the mortgage underwriter. The underwriter will ensure your financial profile matches your lender’s qualification guidelines and loan criteria. Then, the underwriter will make the final decision to approve or deny your loan application. The mortgage underwriter plays a crucial role in finalizing your loan, so it’s important to set yourself up for success during this stage. In fact, there are several steps you can take to improve your overall financial health and increase your chances of being approved. What Is the Role of a Mortgage Underwriter? A mortgage underwriter is responsible for analyzing your risk to determine if your loan terms are acceptable. The underwriter will investigate to make sure your application and documentation are truthful, and they will double-check you have described your finances accurately. Mortgage underwriting standards have become more stringent, thanks in large part to new Consumer Financial Protection Bureau requirements enacted in the last few years. This requires mortgage underwriters to look closely at the applicant’s employment and financial history before approving a loan. Depending on your lender, the mortgage underwriter may be part of an in-house underwriting team or a separate processing/underwriting company your lender uses to outsource the underwriting process. The underwriting process may vary slightly among lenders, who can delegate responsibilities to originators, processors and underwriters accordingly. Make sure to check with your loan originator for guidance on what information to send to whom. How Long Does Underwriting a Mortgage Take? Underwriting mortgages is an essential part of the overall home loan process and generally takes about 30–60 days, depending on the type of loan, lender and current volume of borrowers. The underwriting process itself demands only a small fraction of that time, typically only a few days. That said, because authentication and verification of the loan are the primary reason for underwriting, mortgage companies are very thorough in reviewing every aspect of the loan before they are willing to finalize it. This means that if the underwriter encounters an issue, it may delay your closing. Determining Your Risk In order to assess a borrower’s risk, mortgage underwriters primarily look at the “Three C’s” of underwriting: Capacity: Do you have the means and resources to pay off your debts? Underwriters assess your available resources by reviewing your employment history, income, debts and asset statements. (Note: If you are self-employed, you may be asked to provide additional documentation such as income and work status.)They will also review your savings, checking, 401(k) and IRA accounts to ensure you can still pay your mortgage if expenses arise unexpectedly. Underwriters will pay particular attention to your debt-to-income ratio; they want to ensure you have enough money to fulfill your current financial obligations, as well as take on a new mortgage. Credit: Do you have solid repayment and credit history? Your credit is one of the most important factors in the loan approval process. The underwriter will review your credit score and determine your ability to make the proposed mortgage payments on time and in full. Collateral: What is the value and type of property being financed? The mortgage underwriter must make sure the loan amount meets the loan-to-value requirements of the product. Otherwise, in the case of a default, a lender may not be able to recover the unpaid balance of the loan. In order to place a value on the property, an underwriter will typically order a home appraisal, which will assess the home’s current worth.In addition, the underwriter will likely review the type of property you are looking to buy. This is important for several reasons.First, different types of properties carry different risks. For example, many lenders consider an investment property a riskier investment. This is because, historically, a borrower who is in a difficult financial situation is more likely to walk away from an investment property than their primary residence.Second, lenders need to be sure that the property they are helping you purchase doesn’t already have any legal claims on it. The lender will likely work with a title company during underwriting; mortgages, liens, claims, easement rights, unpaid taxes, restrictive covenants and pending legal action already attached to the home can derail a possible loan. Performing a title search ensures that the property can be transferred to you once the mortgage is finalized. How You Can Streamline the Underwriting Process Underwriting a mortgage can’t, and shouldn’t, be rushed. It takes time for the lending company to verify your information and do a final evaluation to determine whether you represent a good candidate for the loan. On the other hand, while the underwriter is ultimately responsible for the approval of your loan, there are a few things you can do to reduce your risk and make the process go more smoothly: Protect Your Credit Score Nowadays, many lenders are required to check the borrower’s credit twice during the home loan application process: once during pre-approval and once right before closing. Maintaining a good credit score throughout the application process is crucial. Any changes can delay your loan process or adversely impact your ability to obtain a loan. Respond Promptly to Requests for More Information For the purposes of approving or denying your loan, a mortgage underwriter is essentially a real estate and financial investigator. This means they will be reviewing all of your documentation and paperwork in detail and reaching out for more information when something is incomplete. Don’t be concerned if they ask for clarification on a late payment, missed signature or large deposit—these are all normal requests. The important thing is to respond quickly and accurately, which will reduce the length of the underwriting stage and improve your chances of being approved. Be Proactive About Your Loan Approval The underwriter will take care of reaching out to the necessary parties, but that doesn’t mean you have to sit back and wait. Give your employers or other relevant parties advanced notice that they may be contacted to provide information. Call your lender and/or broker to check on the status of your application to make sure the underwriter is not missing any necessary information. In addition, keep records of your conversations with your lender so you have a record of what documents were provided and when. Do All You Can to Help Your Underwriter With the home you love at stake, the underwriting process can seem very intimidating. However, being prepared by filling out your application and supporting documents carefully and accurately will save you precious time. A Pennymac Loan Expert will be happy to answer any additional questions you may have about the underwriting process. Jump to… Part 1 – Getting Prepared for the Home Loan Process Part 2 – Completing a Home Loan Application Part 3 – Understanding Loan Processing Part 4 – Explaining the Mortgage Underwriting Process Part 5 – The Mortgage Closing Process Part 6 – Transfer of Loan Servicing

Posted in: Refinance, Renting Tagged: 2, action, All, ask, assets, balance, before, Blog, Broker, Buy, closing, company, Consumer Financial Protection Bureau, Credit, credit history, credit score, Debt, debt-to-income, Debts, decision, deposit, Employment, estate, expenses, finances, Financial Wize, FinancialWize, good, good credit, health, history, home, Home appraisal, home loan, house, impact, Income, investment, investment property, IRA, jump, Legal, lenders, lending, liens, loan, loan approval, Main, Make, money, More, Mortgage, mortgage payments, Mortgages, new, Other, payments, PennyMac, pre-approval, proactive, property, protect, protection, Purchase, questions, ready, Real Estate, Review, right, risk, save, savings, search, second, self-employed, Servicing, stage, taxes, time, title, title search, Underwriting, value, volume, will, work

Home sales eke out gain to cap disappointing year on rates

January 27, 2023 by Brett Tams

Sales of new U.S. homes rose for a third month in December, wrapping up an otherwise disappointing year in which soaring borrowing costs stifled demand and weighed on the economy. Purchases of new single-family homes increased 2.3% to an annualized 616,000 pace after a downward revision to the prior month, government data showed Thursday. The … [Read more…]

Posted in: Refinance, Renting Tagged: 2, 2021, 2022, borrowing, Builder Sentiment, builders, Buying, Census Bureau, construction, contracts, data, Department of Housing and Urban Development, Economy, estate, expectations, Family, Federal Reserve, Financial Wize, FinancialWize, government, growth, home, home purchases, Home Sales, homes, homes for sale, Housing, Housing inventory, Housing markets, inventory, investment, jump, market, Midwest, Monetary policy, More, Mortgage, Mortgage Rates, new, new home, points, quality, rate, Rates, Real Estate, Residential, residential investment, sales, single, single-family, single-family homes, soaring, survey, time, under

Mortgage Rates Hold Almost Perfectly Steady

January 27, 2023 by Brett Tams

Scheduled economic reports are one of the first places the market looks to get a read on interest rate momentum.  Of all the days this week, Thursday boasted the highest concentration of potentially relevant data.  Nonetheless, rates barely budged. In fact, the average lender is perfectly in line with yesterday’s latest rate offerings.  This is interesting considering the economic data generally agreed that rates should have moved slightly higher.  In other words, the data was stronger than expected (fewer jobless claims, higher GDP, higher Durable Goods orders).  A stronger economy can support higher rates.  It also fuels inflation, the arch nemesis of low rates. Data affects rates via the bond market and to be fair to bonds, they did lose some ground today.  But there was a bit of a cushion from yesterday afternoon that allowed lenders to hold steady.  Additionally, mortgage-specific bonds did a bit better than the broader bond market. In the bigger picture, none of the recent movement has been significant.  Rates have been declining since November and have generally bottomed out in their current range over the past 2 weeks. [thirtyyearmortgagerates]

Posted in: Refinance, Renting Tagged: 2, All, bond, bonds, data, Economy, Financial Wize, FinancialWize, hold, Inflation, interest, interest rate, lenders, low, low rates, market, markets, Mortgage, Mortgage Rates, Other, rate, Rates

Homebuilders still need lower mortgage rates

January 27, 2023 by Brett Tams

How are homebuilders positioned heading into spring? It’s all about mortgage rates as they move through a backlog of unfinished homes.

Posted in: Mortgage, Mortgage Rates, Refinance Tagged: 10-year yield, 2, 2021, 2022, active, All, balance, balance sheet, Behavior, bond, bond yields, Books, build, builders, business, buyers, Census Bureau, construction, crash, data, Deals, Department of Housing and Urban Development, efficient, existing, Existing home sales, expensive, Family, Financial Wize, FinancialWize, good, growth, historical, history, home, Home Sales, Homebuilder confidence, Homebuilders, Homeowner, homeowners, homes, house, Housing, housing crash, Housing inventory, Housing market, Housing permits, index, inventory, investors, Listings, low, LOWER, Make, making, market, model, money, More, Mortgage, Mortgage Rates, Move, Moving, NAR, new, new home, new home sales, Other, Permits, points, products, rate, Rates, ready, Reverse, sales, second, Sell, sellers, single, single-family, Spring, spring housing market, stock, stocks, story, time, U.S. Census Bureau, under, will, work

What Are Closing Costs and How Much are They?

January 27, 2023 by Brett Tams

What Are Closing Costs and How Much are They? is a post from Pocket Your Dollars.

Posted in: Mortgage, Refinance Tagged: 2, All, Applications, balance, basic, before, buyer, buyers, closing, closing costs, company, Conventional Loans, cost, country, Credit, credit history, Credit Report, credit score, deposit, down payment, escrow, expensive, Extra Money, Fees, FHA, FHA loans, Financial Wize, FinancialWize, good, great, guide, history, home, home inspection, Homebuyers, Homeowner, house, inspection, Insurance, interest, interest rate, Learn, Legal, legal documents, lenders, lending, list, loan, Loans, Local, Make, money, More, Mortgage, mortgage payment, Move, Moving, needs, new, new home, office, Origination, Other, Personal, points, premium, property, property taxes, Purchase, rate, Research, Review, save, savings, search, seller, states, survey, taxes, the balance, time, title, title search, under, Underwriting, united, value, will, young

Government Foreclosure Settlement Means Homeowners Could Get Reduced Principal, A Refinance Or Compensation

January 27, 2023 by Brett Tams

The government just announced a settlement with 5 major banks that will mean some homeowners will now be eligible to receive reductions in principal, a refinance or compensation.

The post Government Foreclosure Settlement Means Homeowners Could Get Reduced Principal, A Refinance Or Compensation appeared first on Bible Money Matters and was written by Peter Anderson. Copyright © Bible Money Matters – please visit biblemoneymatters.com for more great content.

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Originators: Don’t rest on your laurels as economy improves

January 27, 2023 by Brett Tams

“What’s happening now in this last week and a half, we’ve seen volume grow in most parts of the country – not all, but most parts of the country. More contracts, more pre-approvals, more people visiting homes,” he told MPA. “Loan officers are going back to the habit of not prospecting because now, there’s more … [Read more…]

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Mortgage Rates Lowest Ever, Woo.

January 27, 2023 by Brett Tams

About a month ago, I discussed whether mortgage rates could drop any lower. At that time, the en vogue 30-year fixed-rate mortgage averaged 4.32%, per Freddie Mac data. Today, expectedly, it hit a fresh all-time low, falling to 4.12%. Freddie attributed it to “market concerns over Eurozone sovereign debt default and a weak U.S. employment… Read More »Mortgage Rates Lowest Ever, Woo.

The post Mortgage Rates Lowest Ever, Woo. appeared first on The Truth About Mortgage.

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