About siskiyouguy

siskiyouguy has written 11 articles so far, you can find them below.

Expect the Worst When Home Prices Rise

Those seeking a mortgage fast to purchase now may need to consider what will happen to the real estate market upon a rebound.

People have been feeling stuck in their homes, unable to move for many years now.  As prices fell, more and more homes went underwater.  (Click here for more information on underwater mortgages) Now there is huge amount of Americans that want to move the second they can sell their home to cover their mortgage.

What does this mean for the value of my future or current home?

Once prices rise, all of the people on the fence will likely put their home on the market at the same time.  Also, banks who have been waiting for a recovery will be eager to put inventory on the market too.  This will result in an over supply of homes on the market causing prices to fall again.  Sellers unable to sell quickly will end up in a market flooded with homes and eventually many will pull their homes back off the market due to another price decline.

Those looking to purchase during this time of price increase then decrease will need to consider pulling the trigger quickly on any home they want to buy at the bottom.  Prices will likely increase after this dip, shaking out those willing to sell at lower prices and leaving those only willing to sell at higher prices.  However, be careful… There could be multiple spikes and dips due to the amount of inventory on the market and people eager to sell their home at a price that will pay off their current mortgage.

Learn More…


Protect Yourself from Big Bad Mortgage Companies

Not all mortgage lenders are like the big bad wolf – trying every way to ruin your life. Stay away from companies that don’t have your best interest in mind. Protect yourself from mortgage fraud with these helpful tips.

  1. Ask if there are any prepayment penalties
  2. Ask about fees prior to signing anything
  3. Don’t sign anything form that is only partially complete
  4. Understand the terms and monthly payment after PMI, taxes, and more!
  5. Shop lenders and don’t take any too good to be true offer.
  6. Full List

Click here to learn more…


2 Quick Reasons for Refinancing My Mortgage Fast

Many homeowners are feeling like they are trapped and their back is against the wall with their monthly mortgage payment looming over them. ARMs, foreclosures, underwater, and joblessness are all key terms repeated time and time again on this subject. So, the question becomes – Why refinance my mortgage fast? Will finding a quick mortgage refinance help?

Reason 1: Refinance to Saving Your Home from Foreclosure

Having trouble paying the mortgage because the payments are too high or you are making less money? It is time to approach your lender about refinancing and even a loan modification. Refinancing now through the new HARP 2 program is easier because the loan to value ratio standard has been eliminated. This means you can be far underwater on your home and still get refinancing. Also, the cost of refinancing through HARP is far lower than a conventional refinance. For more information about loan modifications or the new HARP 2.0 program – visit the following links on Fast Mortgage Loan Approval that dig deeper into this topic:

*How to Refinance Your Underwater Mortgage Via Harp 2.0

*Two Options for Those Far Underwater or at Risk of Foreclosure

Reason 2: Lock into a Fixed-Rate Mortgage

The second reason to refinance your mortgage fast is to lock in a fixed rate mortgage and get rid of your looming ARM. Fixed rates are so low now, they are likely at the same rate of your ARM. Even if the rate is very slightly higher, the piece of mind from a reset or higher rate will end with a refinance. This is a proactive way to add more predictability to your household finances and helps homeowners plan for the long term.

Full List of Reasons


Two Options for Those Far Underwater or at Risk of Foreclosure

Financial institutions are required to find who is eligible for aid because of the recent foreclosure settlement. This must happen within the next six to nine months while many need help right now. Most critics say that the settlement is too little too late. Those in trouble now should likely not count on receiving anything significant. So what should someone do if they need help now?

The best likely solution for homeowners in need is to attempt a loan modification. It is possible that lenders will reduce principal balances. This would lower the mortgage amount which could provide the homeowner with a small amount of equity while reducing monthly payments. Unfortunately, the recent settlement will help only a fraction of Americans who are having mortgage troubles or those who are underwater. This continues to be the case even though Obama recently increased lender incentives to write-down mortgages.

Learn about the 60 minute loan modification.

Another option is to try refinancing under HARP 2.0. Learn more about this program the post entitled “How to Refinance Your Underwater Mortgage via HARP 2.0.

Click here for more options for those far underwater.

Click here to fight foreclosure and save your home.


4 Fast Mortgage Approval Tips

Few things in life are as disappointing as letting the opportunity of a lifetime slip away because you forgot a detail or were not fully prepared. For those who need to get a fast mortgage, usually because their dream home has appeared on the market for a more than reasonable price, the difference between getting approval and being left on the sidelines is usually founded in preparation.

The first and most important step to securing a fast mortgage is being prepared in all of the paperwork necessary to secure the loan. This means that you will need a checklist of items handy when the home you wish to purchase becomes available on the market. Here is a brief rundown of what you need;

  • Bank Statements
  • Tax filings for the last 2 years.
  • Pay stubs or income statements if you are self-employed.
  • Social Security Number

Those are the “Big Four” so to speak of what you need to get a fast mortgage. While bank statements and pay stubs or income accounts are obvious, your tax filings for the past two years can be quite handy as many mortgage companies want to look at more than just last year when approving a loan. Your social security number is also needed as well, plus if you have a co-signer to the loan their social security number, too.

Your social security number is to obtain your credit rating. How good your credit rating is can be of great importance in getting a fast mortgage. You’ll want to check out your rating and remove and old or outdated information that has a negative impact. By doing so, you can help secure a loan for your dream home more quickly if the price is around market standard.

There are instances in which the price is low enough that obtaining a fast mortgage is no problem even if your credit rating is not the highest since the value of the property itself is enough to convince the lender that even if you default, their money is secure knowing they can get a higher price for the property later. However, these instances are generally few and far between, but if you can find one, then you need to take advantage of that as soon as possible.

Of course, the information you can provide about the property is the final step. The date in which the home was built and the asking price are vital in securing a fast mortgage. In this area, you’ll need to do a bit of research especially if the asking price differs from the overall market value of the homes in the area. For example, a price that is well below market value generally has a good reason from the homeowners wanting to make a quick sale to something definitely wrong with the home that even such a low price would not compensate. So be sure to ask questions about the home and bring that information to your lender.

Overall, obtaining a fast mortgage requires having your financial documents in order, a good credit rating and information about the home you wish to purchase. The better prepared you are, the faster you will get the loan.


How to Refinance Your Underwater Mortgage via HARP 2.0

Recent data shows that over 10 million Americans are underwater on their mortgage. Being underwater on a mortgage means that the current market value of the property exceeds the amount owed on the loan. The federal government found that the first HARP program did not help enough homeowners so it has changed eligibility requirements.

Big Change from Harp 1 to Harp 2.0

Harp 2.0 removed the LTV or loan-to-value ratio cap. Under HARP 1, if you owed $130,000 on your mortgage but your property value appraised at $100,000 then you could not refinance. Harp 1 did not allow the ratio between the loan and the property’s value to exceed 125%. The LTV requirement is gone is HARP 2 for fixed-rate mortgages backed by Freddie and Fannie.

Other changes include:

  • Elimination of some “risk-based” fees for homeowners
  • Waiving some representations and warranties that lenders use to make loans owned or guaranteed by Freddie and Fannie.
  • No need for a new property appraisal with a reliable automated valuation.
  • Date extension for the HARP program until 12/31/13 for loans originally sold to Freddie and Fannie on or before 5/31/09.

Eligibility Requirements

  • Freddie/Fannie guaranteed mortgages only
  • Up-to-date on payments
  • No minimum credit score, qualifying income, or property appraisal
  • Must be underwater or nearly underwater.
  • Some double-dips are allowed if homeowner took advantage of HARP 1 during March – May 2009.

We offer more information on this program through our free newsletter. Sign up today.


The Top 3 Reasons Your Mortgage Refinance Application May Suffer Refinance Rejection

With the state of the economy nowadays, more and more people are searching for ways to make ends meat. Mortgage refinance is a good option because it may allow you take on a smaller mortgage payment or reduce your interest rates. The problem with applying to refinance your mortgage is that, after submitting your application you may experience refinance rejection and find that you do not qualify.

To help your odds of acceptance for your refinancing, I have compiled a list of the top five reasons that may disqualify you. This should help ensure that you have the best opportunity of mortgage refinance from the start.

Your Credit Score Is Subpar:

The first thing that your lender will check is your credit score. Your personal credit report, from all three major credit agencies, will be easily accessible to the lender, so you must be ready for it. Having past financial troubles is an indication that you are not truly trustworthy in the lender’s eyes, so if you have had previous defaults on loans or a bankruptcy, that could be grounds for immediate refinance rejection.

Lack Of Sufficient Funds In The Bank:

When applying for a mortgage refinance, it is imperative that you remember that you will have to pay anywhere from 5-25 percent out of your own pocket in fees and such. Your lender may look in your bank account and your past spending history. This is about financial trust again. They have to be able to see that you are responsible, so they can justify lending you the money. If they have a reason to believe that you will not be paying the remaining balance, they may decide to reject your application.

Already Struggling With Debt:

Having too much debt is always hard, and lenders understand that. If they see that you have two or three credit cards maxed out and other bills that you have been meaning to pay off, but haven’t quite gotten to yet, they may use that as an excuse for refinance rejection.

If you are able to maintain a healthy financial record, have proven that you are able to make sound economic decisions, and if you are always paying your bill on time, you should be fine when applying for your mortgage refinance. If you are unsure of what your credit score is looking like, it may be best to check that out before submitting your application. It may save you a lot of heartache and time.

More about refinance rejection.


2 Tips for Fast Mortgage Approval


Two Keys for a Fast Mortgage

You may have heard the horror stories about how a friend or family member applied for a mortgage they needed fast only to wait weeks or longer to find out they were not even approved. This does not have to happen to you because there is a fast track to mortgage approvals if you just know a few tips.

1.  First you need to work with a mortgage professional who understands how to do a fast mortgage approval. Do not just ask how long their underwriting times are – ask how fast they can close a mortgage from application to closing table.

2.  You also need to have all of your necessary documentation available so the loan officer can approve your mortgage faster. If you have to dig for your tax returns, W-2 forms, pay stubs, bank statements, and other required documentation you personally can turn a fast mortgage process into a very slow one. If you know there are challenges on your credit you will need to work closely with the loan officer to make sure all issues are resolved before expecting a fast mortgage. Delays like these are not uncommon and it is those applicants who are the most prepared and who follow the advice of the mortgage professionals who end up with fast mortgage closing.


Fast Mortgage Tip: Know How Much You Can Borrow

To begin looking for a home, soon-to-be borrowers should look for what they can afford. It is generally recommended that mortgage payment should not exceed 28% of your gross income. This figure includes your mortgage payment and homeowner’s insurance. First time homeowners may often be surprised by how many mortgage options are available. To learn about all of them without dealing with many different individuals, using a mortgage broker is recommended.

Some of the options that new borrowers learn about are the traditional and non-traditional mortgage programs. The traditional 30-year fixed mortgage locks your interest rate and locks your payment. The advantage of this option is stability however many non-traditional mortgage options cater to people that do not plan to be in their home for the long term or that do not have the down payment for a traditional mortgage.

Borrowers need to remember that each mortgage option has pros and cons. A responsible mortgage broker will tell you the pros and cons up front.


House Hunting Tips You Won’t Hear From Other Mortgage Professionals

  • Find a realtor that won’t mind submitting multiple low offers in this slow market. Some people have started to fish for a home. To do this, soon-to-be home buyers take all the homes in their price range and submit offers (with lots of contingencies) on all of them at 35-50% of their asking price. Fishers wait patiently until a seller bites and then they hook them.
  • 100% financing and interest-only mortgages were popular but you need a down payment to purchase in 2012. Expect 10-20% down payment unless you qualify for a first-time buyer program.
  • Find a mortgage professional that will explain all of the pros and cons of your mortgage options. No matter the mortgage program you choose, there are good and bad aspects that must be weighed. The system is simple. Financial institutions know that your home will often be your biggest asset. Lending institutions will work with you to find the best program for you because they want you to make the interest payments. Lenders want you to be successful so that you will pay more interest on the next home. So you must choose, either get pre-approved for a mortgage or sit out.
  • Full list

Click here for more house hunting tips.

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