When you are filling out a mortgage application, the lender will be asking you for specific financial information. One of the reasons they ask for this information is to enable the underwriter to calculate your debt to income ratio. This ratio is what most mortgage lenders use to determine the level of risk they are…
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What to Expect When Facing Judicial or Non-Judicial Home Foreclosure
By Janet Howard Recent surveys show that a significant number of Americans are unprepared to handle an unexpected bill of $500. As many as 80% of Americans live paycheck to paycheck. A sudden job loss, illness or accident can create financial chaos. For anyone paying off a home mortgage, foreclosure and the impending loss of…
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Types of Mortgages & Home Buying FAQs
Buying a home is a big investment. For most of us, it’s the biggest loan we’ll have in our lives. The Consumer Financial Protection Bureau discusses the different types of loans, many of which are available through private lenders and partially guaranteed by different federal programs, thus offering benefits for people who qualify. Talk with…
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Complaints About Mortgage Servicers Are Soaring as Millions of Americans Still Can’t Make Their Monthly Payments
By Jacob Passy, MarketWatch Although the economy has shown significant signs of improvement in 2021 thus far, many homeowners continue to face financial challenges. A new report from the Consumer Financial Protection Bureau finds significant disparities among which Americans have encountered those hurdles. As of March, around 4.7% of all active mortgage loans remained in forbearance,…
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Buyers May Want to Ask Lenders: How Long to Close?
House hunters may want to ask their lenders how long it will take them to close on a loan while shopping for a mortgage. In a housing market where multiple offer situations have become commonplace, the ability for a buyer to close quickly can stand out to home sellers. Buyers should ask lenders: How long…
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