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Showing posts from July, 2014
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What to Know When Applying for a Mortgage Loan as a Couple
If you and your partner plan to split the mortgage payment, and if both names will appear on the mortgage deed, it only makes sense for both of your names to appear on the mortgage loan. Although it’s customary for couples — either married or living together — to apply for a mortgage loan together, they may run into a few obstacles along the road to homeownership. For that matter, here are three things to know when applying for a home loan as a couple. 1. Understand the way the mortgage industry handles different credit scores If you’re applying for a mortgage loan with Majestic Home Loan as a couple, we will check both of your credit reports and credit scores.  The process includes reviews of your debt, the length of your credit history and current credit activity. Paying bills late and too much debt can negatively impact a mortgage approval, plus influence the mortgage rate. However, some couples believe that they’ll receive …
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Tips for Underwater Borrowers Looking to Refinance
Underwater on your mortgage and still haven’t refinanced? Here are some lender tips from Majestic Home Loan on refinancing through HARP, a government-backed program to help underwater homeowners lower their monthly payments or lock down a low, fixed-rate mortgage Do you owe way more on your home than it’s worth? You can still refinance through HARP (the Home Affordable Refinance Program) no matter how underwater you are.Moved out and rented your home? Is it a second home, a condo or an investment property that’s underwater? You can still use HARP. You can easily check your initial eligibility yourself — it takes just a few minutes online. First, you need to know that your loan is owned by either Freddie Mac or Fannie Mae: Freddie Mac Loan Lookup ToolFannie Mae Loan Lookup ToolSecond, you need to be able to answer yes to these three questions: Are you current on your mortgage payments? (No 30-day+ late payments in the past six months, and n…