Short sales, in most cases, are one of the most economical solutions for all parties involved when a borrower can no longer afford their home. The bank typically incurs a smaller financial loss than would result from an ultimate foreclosure or continued delinquency on the mortgage payments. Borrowers may be able to soften the overall [...]
How can a fully approved loan get denied for funding after the borrower has signed loan docs?
Simple, the underwriter pulls an updated credit report to verify that there hasn’t been any new activity since original approval was issued, and the new findings kill the loan.
In the past, this generally wouldn’t happen. However, after June 01, [...]
So you’re in the market to purchase a home in Phoenix, Arizona? You’ve saved your money, but were hoping to find something with a low down payment. Unfortunately, most of the affordable houses in your price range are unable to be financed with a FHA home loan. It is beginning to seem like your only [...]
You have probably heard the buzz by now: Big changes are happening in the mortgage lending industry, triggered by new requirements under the Real Estate Settlement Procedures Act (RESPA), which governs many of the processes and procedures that mortgage lenders and brokers must follow in order to comply with the law and to ensure consumers [...]
USDA Home Loans - 100% Financing
If you’re interested in purchasing a home in Arizona but don’t have the available resources for a down payment, look no further than the U.S. Department of Agriculture (USDA) Home Loan. The USDA has a guaranteed home loan program available to help individuals and families purchase a home in Arizona located in certain qualified rural areas.
How do you qualify [...]
So you’ve decided that you want to buy a home in Phoenix, AZ. Besides the many advantages to living in the Valley, interest rates reaching all-time lows coupled with the recent plunge in home prices make Phoenix a very affordable and attractive option. Nowadays, it is actually cheaper to purchase a home in the Phoenix [...]
You’ve been pre-qualified for a 3.5% down-payment, FHA home loan, to buy the house of your dreams in Arizona. You and your Realtor have searched for months and finally narrowed it down to one home. It’s a short-sale located in beautiful Phoenix, AZ. This is the ideal location; not too far from your office, great schools for the kids, plus terrific dining [...]
“So what’s my Phoenix home loan rate”? This is the question asked to loan originators everyday from our clients and prospects. There is no simple answer and it seems to be getting more complex as the mortgage industry moves toward more risk-based pricing. Risk-based pricing allows adjustments to par pricing for risk factors such as; FICO scores, loan-to-value percentages, [...]
You’ve searched for the perfect home for what seems like an eternity. Your Real Estate Agent has shown you so many homes, in Phoenix, that you lost count. She calls you up and says, “I found the perfect home; it has a big backyard, 3 car garage, 5 bedrooms and the location is exactly where you want to be.” You’re [...]
If you’re like 8 out of 10 homeowners in Arizona that owe more than their house is worth but could benefit from refinancing your home mortgage to a lower rate then continue reading. The first step would be to determine who actually owns your home loan. Chances are pretty good that the mortgage servicer, the bank that [...]
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