Mortgage Yes

When looking for a home loan, new or refinance, one of the most important and influential things that a lender looks at is your credit.  This gives the lender an idea about your reliability in paying back the loan they give you.  There are several other factors involved, time on job, income, etc, but credit is the first thing a lender is going to look at.  A good idea is to go and pull your credit through a free credit report site.  A lot of times there actually are small charges for your score and/or to receive all three credit reports, but this could help you greatly when obtaining a mortgage.  Make sure everything is accurate and if it is not, contact the bureaus and/or your creditors to correct it.  An accurate picture of your credit history is important.  Your loan officer here at MortgageYes.com could also help with the pulling and review of your credit.  Always be honest with your loan officer and they can and will help you in any way possible.  A loan officer could also help give you tips on how to raise your credit score.  We have programs that will help us analyze the best and most cost effective way to raise your credit score quickly. 

Please contact one of your talented loan officers today, to start the process or home ownership or refinance.   http://www.mortgageyes.com/credit_challenged.htm

A qualified veteran may use the VA Loan to: buy a home; build a home; simultaneously purchase and improve a home; improve a home by installing features relating to energy conservation. 
 

Townhomes and condominiums are also allowed as long as they are located in a VA-approved project.
 

There are strict rules that apply regarding the purchase of manufactured homes and/or lots—the home must be at least 24 feet wide, the land must be included, and the home must have an identifiable tag.  http://mortgageyes.com/learn_about_home_buying.htm

Are you looking to purchase a home? Do you have poor credit? If you have poor credit, you will need to find a specialty or “sub-prime” lender to obtain financing; and we can help you!  The best way to do this is to go through a mortgage broker who specializes in less than perfect credit financing, so you have found your best advocate: MortgageYes.com can help you! 
Specialty lenders specialize in helping borrowers with poor credit; and we work with many different lenders, so we can find the best rates and programs for you; we represent you – like a lawyer represents you – something that is better not to do for yourself. 
Once we have secured your new home mortgage loan, then we can help you to rebuild your credit by making all the payments on time, and updating your credit file with an approval.  This will help your credit and your pocket book, and you will not have to pay large late charges.   When we have raised your credit score, then you will have the opportunity to refinance at better rates and terms.  Having poor credit now doesn’t need to haunt you forever!
When you are looking to refinance your home mortgage and have poor credit, the same things apply.  There are still those specialty lenders out there vying for your business.  You can still find reasonable financing with professional representation.  We have been very successful with helping clients here in the Portland Vancouver area as well as in other parts of the states and nation with ‘credit challenged financing’
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The first thing you will want to do once you have decided to refinance is contact a mortgage professional: us!  We will accept even your email address only to start, because we understand that we need to build a relationship of trust with you.  Once we have done this, we can work on your credit and review it with you for any errors.  If we do find any mistakes or outdated items (very likely) we can help you with notifying the appropriate agency and corrections.  Once we have your accurate (updated) credit score, then we can start “shopping” your loan with all of our lenders, to see who has the best rates and programs for your situation.  At MortgageYes.com in Vancouver, Washington, we REPRESENT YOU! http://mortgageyes.com/creditscoringbooklet.htm

Many people hesitate from doing a VA Loan, thinking the process is long and difficult.  That just isn’t factual. Actually the process is much like any other type of mortgage loan. In most cases, there is no downpayment required and the veteran will receive more favorable interest rates.  The major difference is the requirement of the veteran’s certificate of eligibility.  And the appraisal must be assigned and completed by a VA-approved appraiser. More and more lenders have become approved for automatic processing, which eliminates the need for the credit application to be approved by the VA before funding the loan. 

President Franklin D. Roosevelt signed the GI Bill of Rights into law in 1944. This was put into action to provide veterans a federally guranteed home loan without the need of a down payment. The protection the VA Loan gives the private lender allows for them to give better financing terms than a higher-risk loan type. The guaranty protects the lender against any loss should the veteran become delinquent and end up not repaying the loan. Veterns may obtain a VA loan through a banks, savings & loan, or mortgage company. VA Loans are not for all veteran’s so you will want to make sure you meet the qualifications.

Typically a mortgage lender will require two years at your current job. However, if you had a change in jobs over the past two years, but have remained in the same industry, this should be ok. If you have changed jobs in the past two years, in order to earn more money or advance in your current line of work, that is even better.

When purchasing or refinancing a home, closing costs are part of the picture.  The closing costs for both are very similar.  You will pay fees for Title Company, Escrow, appraisal, broker, and any additional charges.  Additional charges that will or might be required include taxes, interest, home owner’s insurance, etc.  Many lenders require certain things to be paid upfront, such as a years worth of home owner’s insurance, etc.  

At the time of your meeting with a loan officer they will give you a Good Faith Estimate (GFE), this is an estimate.  The GFE will tell you what the broker fees will be, but are just an estimate of the rest of the fees and charges that will be required.  Do not confuse the total closing costs with the broker/lender fees.  The broker/lender has the fees they charge, but the total fees are based on all the parties involved.  The broker/lender does not have any control over what the parties charge to process your loan.  The GFE you are given is an educated guess of what you will be charged, but can be higher or lower than what the final costs are.  Our processor and/or loan officer will review the final numbers with you before you go to a signing, so you have no surprises. 

If you have credit that is not perfect or just plain bad, don’t feel like there is nothing you can do.  Be ready to speak openly and honestly with a loan officer about your credit challenges.  Loan officers know that there are often legitimate reasons for credit problems.  There are many things that come up during our lives that can cause us to have credit issues.  Know that your loan officer is never judging you, but needs to know about everything upfront to help you.  Remember that your loan officer is just a person too and may have been through personally, the same things you have.  If your loan officer hasn’t chances are they have worked through the same things with other clients.  You are not alone in the world of bad credit. If you have been working to rebuild or build your credit, the most important thing is to make your payments on time.  Use the pre-addressed envelopes sent with your statements and contact your creditors if you don’t see a statement when you usually do. A good idea is to send the payment as soon as you can.  Many creditors calculate interest daily and this can help you pay less interest.  Make sure you give your payments plenty of time to reach the creditor and be processed.  This can take 5 business days or more. 

When you apply for a mortgage it is important to make sure to calculate a budget to establish how much of a mortgage payment you can afford.  Our loan officers can help you in calculating out what will work for you and with lenders.

Lenders have guidelines they follow and have a set max debt to income or DTI.  When planning out what you feel you can afford, it is important to also meet with a loan officer who can tell you what a lender is going to approve you for.

Another important thing to review with your loan officer, this will effect the amount of loan you can afford, is your credit.  The rate you will qualify for will depend highly on your credit score.  Late payments, high balances on credit cards, and other errors made can affect your credit greatly.  Your loan officer can find ways to help build or rebuild your credit, if needed.

You might want to consider refinancing if you:

• Have a high interest rate and want to benefit from lower rates.

• Have an adjustable-rate mortgage (ARM) and want a fixed-rate mortgage for the security of knowing exactly what payment you will have for the term of the loan.

• Want to change to an ARM with a lower interest rate or other features, i.e. payment caps, than the current one.

• Want to build up equity quickly by changing to a loan with a shorter term.

• Want to benefit from the equity in your home and take cash out for a child’s education, small business loan, vehicle purchase, home improvements, etc.

• Have an ARM and the fixed rate term is coming up. At this point the payments may go up to an unmanageable amount.

• Consolidating a first and second mortgage into one payment.

Of course, you may have another reason for wanting to refinance. Contact one of our loan officers to discuss your goals and options.

If you are looking start a small business, but are unsure about where to find the money, look at your home. The equity in your home may be the answer to making those dreams come true. For example: We did a loan for a client who wanted to purchase a tanning salon. The client did not have the savings to purchase the salon, but they did have equity in their home. The client quickly had the money to purchase the salon they wanted and then some.

Are looking to start up a small business of your own? Our loan officers can help you evaluate what is right for you.

The goal of our team at MortgageYes.com is to build a long term relationship with our clients. The only way of doing that is to always look at what is right for and will benefit you, the client.

There are two basic kinds of second mortgages. The first is a home equity loan and is much like your first mortgage. It is a one time lump sum that is paid over a set loan term. It will have a fixed interest rate and the payments will stay the same from month to month. Once you receive the money you can no longer borrow any more from this loan. The second is a home equity line of credit or HELOC, a HELOC is used similar to a credit card because it has a revolving balance. A HELOC lets you borrow up to a set amount for a certain term, set by the lender. For this period of time you can withdraw money as needed, and as you pay down or off the principal you can use it again. After the set term is up, you will make payments on the remaining balance until paid in full.

An important part of purchasing a home is to determine home much money you have available for down payment.  Whether you are making a down payment or not, do not forget to add for closing costs.  Closing costs are on top of the down payment and can be 3 to 6 percent of the amount borrowed or more.  An example would be:  There has been $15,000 put aside for the purchase of the home.  You are purchasing a $150,000 home and closing costs are $4,500.  Then the amount you have left for down payment is $10,500.  You will have to obtain a mortgage for the remaining balance or $139,500.

A true ARM is amortized over the loan term, i.e. 30 or 40 years. With these the borrower is paying a portion of the principal with each payment. There are other loans that may look like an ARM, but are not lowering the balance with each payment. Such loans as interest only (I/O) or balloon mortgages may not amortize the balance over the full term of the loan. The result is the borrower can be making payments for years without paying any of the original principal. These loans can be helpful to some, but they can also be an unknown and unwanted surprise to others. Be aware, when looking into loan programs that there is a distinction between an ARM and other loans that carry an adjustable rate, but do not repay the principle from the first payment.

With a fixed rate mortgage (FRM), your interest rate will not change, so your monthly payments will be steady. In contrast, with an adjustable rate mortgage (ARM), your interest rate will change, so your payments will vary over time. Adjustable rate mortgages typically have an initial fixed rate lower than the rate of a comparable fixed rate mortgage. The initial fixed rate period is followed by adjustment intervals. For example, a “3/1 ARM” is fixed at an initial low rate for the first 3 years, and then adjusts every year based on an index. Common ARMs are: 1/1, 3/1, 5/1, 7/1, and 10/1. To determine which is right for you, contact your loan officer to review your situation and help you decide. Calculate here.   http://mortgageyes.com/calculators.htm

Many people hold off from buying a home, thinking they aren’t able to afford it. There are several new and exciting loan programs specifically for first-time-home-buyers! In many cases home ownership is as affordable as renting and much more rewarding!

Your first step should be to contact a mortgage professional to help you decide if the time is right to purchase. The people at MortgageYes.Com are dedicated to helping you achieve your goal of homeownership.

Repaying the capital on your mortgage loan is easy and there are a number of options to discuss with your lender when you take out a mortgage. Remember that repayment of a mortgage often depends on where you are, the area’s tax laws, and best practice; thus it’s imperative you connect with a company or individual who knows the laws of your locality intimately and can steer you in the correct direction.

In general, there are several different options for repaying the capital on your mortgage. These include regular payments on the capital and interest, regular payments on the interest and partial capital, and no capital or interest payments.

Making regular payments on the capital and interest on a mortgage is the most common way to pay it off. The borrower and the lender set a term and the borrower pays both the capital and the interest over this set period of time; the term for this practice is amortization. The repayment period can be anywhere from ten to fifty years and over; the payments are usually made on a monthly basis. The first few years of payments on the mortgage loan will mostly cover the interest and little of the capital, but this ratio changes with the life of the loan. As the mortgage nears its end, interest dwindles, and payments apply more towards the capital, or principal, than the interest.

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MortgageYES.com believes in educated consumers and borrowers. The more you know, the easier it is for you to find a mortgage lending option that works for your specific situation. There are some basic facts and excellent information that is out there if you know where to look. But if you’re here, look no further.

We have compiled a large amount of loan and mortgage related material that educates you on everything from how to manage your credit and sell your home quicker to what affects your credit score and how to manage your time and workflow.

The materials we offer are available for download, and include free CD’s with audio interviews from credit experts and loan professionals on topics as varied as real estate investment strategies and how the credit scoring model works.

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