To qualify for a mortgage, most lenders require that you have a debt-to-income ratio of "28/36." That is, no more than 28 percent of all your monthly income (before taxes) can be used for housing, and no more than 36 percent of your monthly income can be used to pay your total monthly debts (including your mortgage payment). They will consider any longer term loans in this calculation (auto loans, student loans, credit cards debts, etc.). It is important to look at what you can realistcally afford, and not to get over-extended or 'house poor'....
Posted : April 01, 2009 | 
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Steps to Apply for a Mortgage:
A home mortgage is a substantial obligation, and it requires some considerable work and thought. These are the basic steps you can expact:
1. Visit your selected lender and complete a Uniform Residential Loan Application. It requests information about your income, assets, liabilities and a description of the property you want to purchase.
2. The lender will need documentation about your personal finances. You may be requested to provide any or all of the following information; Social Security Number, birth date, recent pay stub showing year-to date earnings, W-2 tax forms and tax returns for the last two years, name, and address, and phone numbers of your employers for the last two years, information about your current loans and charge accounts, information about all savings accounts, stock ownership, and other assets....Posted : April 01, 2009 | Comments : 0 |
Refinancing Your Mortgage:
Refinancing is getting a new mortgage with all or a portion of the loan used to pay off the original mortgage.
Refinancing can be a good idea for homeowners who want to lower their monthly payments by getting a lower interest rate loan when interest rates drop. You might also want to convert your loan from an adjustable-rate mortgage to a fixed-rate loan so you know exactly what the payment will be for the length of the loan. You might want to build your equity faster by converting to a shorter term loan. You might also need to take some of your home equity out to raise cash for some other need....Posted : April 01, 2009 | Comments : 0 |
This site is about mortgages. When we first shopped for a home the mortgage process was a mystery - very frustrating. So when we discovered the domain homemortgagequick.com was available we decided to create a site to help others understand the mortgage process.
Let me say in all honesty that we are in no way involved in the mortgage business - never have been. What we did to produce this site is research numerous sites on the web and hopefully simplified the language used so that it is clear and concise - easy to understand - which will make the mortgage application process easier and quicker.
The article index on the left will be help...Posted : April 01, 2009 | Comments : 0 |
What Is a Mortgage?
Not many home buyers have the cash to buy a home, so they borrow money from a lender in the form of a mortgage. A mortgage is a long-term loan from a bank, thrift organization, mortgage broker or a credit union. The house and the land it is built on serve as the collateral for the loan. This means that you agree to forfeit your rights to the property (to the lender) if you are unable to repay the loan according to the agreed-upon terms. Mortgages are a substantial obligation and are usually structured to be paid in monthly payments over a lengthy time period, usually from 15 to 30-years.
The key aspects of a mortgage are:
1. The Principal: The amount of money being borrowed.
2. Interest Amount: The interest amount you pay the lender for the use of the money they lend you.
3. Loan Term: The ...Posted : April 01, 2009 | Comments : 0 |
Who Gets Involved in the Mortgage Process?
The Buyer - The buyer of the home; the one applying for a mortgage and who must repay the loan principal and interest.
The Seller - The person or business offering the property for sale.
The Real Estate Agent - Representatives of the buyer and/or seller. They are paid a commission (a percentage of the sales price of the home) for their work in facilitating the sale.
The Title Insurer - A firm that examines the legal title to the property and insures that the title to the property has no encumbrances or liens, and who reviews the legal documents related to the sale to make sure they are correct.
The Appraiser(s) - Appraisers are licensed individuals employed by the lender and/or buyer to provide property value assessments.
The Mortgage Lender - T...Posted : April 01, 2009 | Comments : 0 |
How Does a Mortgage Work?
Because most people do not have the cash to purchase a home, they obtain a home loan, or mortgage, to help pay for it. The things below are part of the mortgage and the mortgage or loan process.
The Annual Percentage Rate (APR) - The annual percentage rate is the cost of the loan expressed as a yearly rate. All lenders follow the same rules to calculate the APR so it is a good way to compare the costs of your loan. The finance charges for your loan will also include any points and fees assessed, and will be reflected in the APR for your loan. The APR is intended to show the the real cost of the loan by adding all the charges that would not be part of the deal if you could pay cash for your home.
The Mortgage Closing - The closing is a meeting where all the necessary paperwork is completed to t...Posted : April 01, 2009 | Comments : 0 |
What Are the Various Types of Mortgages?
There are many different types of mortgages, and you should contact several lenders to decide which fits your needs best.
Some of the most common mortgages available today include fixed-rate mortgages and adjustable-rate mortgages.
Fixed-Rate Mortgages - A fixed-rate loan has an interest rate that stays 'fixed' during the term of the loan. This means that your loan payments will stay the same for the whole term of the loan. Fixed-rate loans offer stability in fluctuating market conditions and the comfort of knowing exactly how much your housing payment will be.
Adjustable-Rate Loans - Adjustable-Rate Mortgages (or ARMs) are home mortgages with interest rates that can change periodically. They frequently have an initial interest rate lower than that of a fixed-rate loan...Posted : April 01, 2009 | Comments : 0 |
News Headlines Mortgage Applications Fall 4.4 Percent ...Published:Wed, 28 Jul 2010 07:14:07 -0700 Mortgage applications fall 4.4 percent last week, despite the lowest rates in decades Mortgage - Business - United States - Financial Services - Loan...... Mortgage applications rise...Published:Wed, 28 Jul 2010 10:35:12 -0700 Mortgage applications rose 2.3 per cent in the June qtr, but credit card applications dropped 9 per cent....... Mortgage applications rise 2.3% in Q2...Published:Tue, 27 Jul 2010 23:31:06 -0700 Mortgage applications are rising slowly, but consumers are still shying away from greater credit card usage, Veda Advantage says....... Mortgage applications fall 4.4 percent ...Published:Wed, 28 Jul 2010 06:39:54 -0700 Mortgage applications fall 4.4 percent last week, despite the lowest rates in decades...... Mortgage demand dips on rising rates...Published:Wed, 28 Jul 2010 04:37:06 -0700 U.S. home loan demand cooled last week as rising mortgage rates curbed refinancing requests that had soared to a 14-month high, the Mortgage Bankers Association said on Wednesday.......
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Do I Qualify for a Mortgage?...
