
The recent changes in FAT mortgages it is making homeownership much easier. So, how does the average individual know when to purchase or to refinance a home? Should they call a broker for an appraisal, or should they consult with a mortgage professional? Do the wise people and Consult with a Mortgage Professional – someone who knows this valley and can answer all your queries easily and practically?
The answer depends on many factors, but the biggest one is the current situation. The borrower should look into recent job losses, lay-offs, downsizing, medical bills, and taxes on their home loan. These are all things that affect a borrower’s ability to pay back the loan and become current on their payments. And when we refer to “rates,” we mean what the lender will charge for the loan based on all these factors.
The first step should be to consult with a mortgage professional. He or she will ask some questions to get a sense of what you as a borrower might be able to afford on your current income level. Then, based on this information, they will help you develop an affordable monthly payment amount. This monthly amount will likely include your mortgage, any homeowner’s insurance, and possibly your children’s college tuition costs. This figure is called your “buy down” amount. Consult with a broker about the best interest rates available for your area.
Monthly payments must be made under the following circumstances: First, the lender will probably require you to have partial payments applied to your principal and a second payment applied to the remaining principal. Second, if you do not have enough money in your monthly budget, the lender will probably require you to have a home equity loan or home equity line of credit applied to the remaining principal balance. Third, if you cannot qualify for either of these alternatives, your house will most likely be foreclosed. See note below on how to avoid a foreclosure.
If your credit disputes are going to involve a modification of your loan, then you will definitely want to consult with a loan officer first. This is critical because certain loan officers will require you to apply for both a full or a partial modification to your loan. A loan officer’s job is to review your application and make the determination as to whether it is appropriate for your specific circumstances. Depending on your specific circumstances, your loan officer may approve the modification or may consider it not feasible. You will also need to consult with a mortgage professional to see which approach your lender will take regarding credit disputes.
Note that some homeowners fall behind because of errors on their credit reports. For example, the mortgage companies do not report all negative information (e.g., bankruptcy, County Court Judgments, etc.), which prevent the borrower from receiving affordable housing loans. When this happens, the borrowers must hire a loan modification specialist who can explain why the negative information was not reported and suggest ways to fix the issue. While consulting with a specialist, be sure to ask them about potential forbearance options that may be available for you, particularly with regard to resetting or adjusting your negative information on your credit report.
There are two ways in which homeowners can deal with credit disputes before consulting with a mortgage process service. First, borrowers can contact the lender directly to notify them of any negative information. Second, borrowers can contact a reputable credit disputes specialist who will review their loan documents and provide advice to help avoid having their mortgage process stopped. Some specialists may charge a fee for this consultation. Note that most reputable specialists will require borrowers to pay a small retainer upfront to cover any legal costs incurred, in addition to possibly consulting fees.
If you need to consult with a mortgage professional due to a foreclosure or loan modification denial, one of the first things that you should do is check your credit report and/or engage in the initial research of your mortgage company and/or broker. By law, mortgage companies are required to provide you with a copy of your credit file in situations where you have been denied a mortgage. Remember to consult with a licensed mortgage broker to avoid paying high broker fees and/or losing valuable time during the foreclosure process.