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31 Common Mortgage Mistakes Smart People avoid

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Icon Mini Profile gmakerley
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Post Posted: Sun Nov 29, 2009 9:06 pm    Post subject:
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a 6 month time frame is a bit scant, savior. most people won't have built sufficient credit to come up with scores worthy of a mortgage approval in that short a period.

better to wait a year and perhaps even more before entertaining the idea of making a home purchase when there's new credit to deal with.

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Icon Mini Profile enoughdollars





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Post Posted: Mon Nov 30, 2009 1:29 pm    Post subject: re
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loan amount depend on annual income after less expenses and ltv i think offering upto the EMI you can afford from your income ... and credit score must be high from 610 ... am i rite?
Icon Mini Profile jenkin7
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Post Posted: Wed Dec 09, 2009 12:20 am    Post subject:
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Hi enoughdollars,

Your credit scores must be higher than 620, in order to get approved for a mortgage loan. Certain lenders do offer loans even though your credit score is less than 620. But they require higher down payment and the interest rate will also be higher than normal. The loan amount depends on your annual income and your debt to income ratio. You must earn enough to afford the monthly payments for the mortgage of your required amount. At the same time, you should not have too much of debt obligations to eat up your monthly income.
Icon Mini Profile aboutyourmortgageusa





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Post Posted: Mon Feb 15, 2010 10:01 pm    Post subject:
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Hello… good discussions… for most Americans… purchasing a house requires taking on a mortgage loan. a mortgage can be a very difficult and valuable financial investment and in order to pass up making common mortgage mistakes a borrower should be reasonably knowledgeable before committing to a contract…thanks Smile
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Icon Mini Profile gmakerley
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Post Posted: Tue Feb 16, 2010 10:34 pm    Post subject:
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about....you've been around long enough that it's time for your posts to begin to make some sense. the mindless platitudes need to cease and you should start providing advice or realistic opinions.
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Icon Mini Profile oswingrant





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Post Posted: Sat Mar 13, 2010 3:25 pm    Post subject: Mortgage mistakes and Help
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A common mistake homeowners make when taking out a home loan is this. They often take out more than they can afford. A good rule of thumb if you have a double income household is to take out a mortgage as if were taking it out for only 1 of your 2 incomes. Average out the 2 incomes 1st, and use that average income amount, and keep your payments under 30% of that average gross income. It does 2 things, it protects your if one person looses their income, and it keeps your housing in income ratio well balanced as it should be.

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Icon Mini Profile jmross





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Post Posted: Tue Apr 27, 2010 4:51 pm    Post subject: 9 common mistakes of refinancing
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Hi,

I'm in the processing of reviewing the benefits of refinancing my current mortgage and the common mistakes in refinancing link was very helpful. One item was whether or not I should get an appraisal of my home, before shopping around for refinancing options. What's the average cost for an appraisal?

What if your lender is independent and not a bank?

Thanks.

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Icon Mini Profile gmakerley
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Post Posted: Tue Apr 27, 2010 7:09 pm    Post subject:
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Jason, you'll find all sorts of prices for appraisals. They're specific to location, they're specific to property type, and they're going to vary depending on the type of report you desire. Check your state directories to see if there's a grouping of appraisers. That question might get varied answers, but you'll get a better handling by asking them.

I suppose you're speaking of a mortgage lender when you said independent...they're all regulated by law...there are differences, but it's hard to capsulize in one short post.

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Icon Mini Profile jmross





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Post Posted: Wed Apr 28, 2010 5:05 pm    Post subject:
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George,
Thanks for the information on appraisals. I'll check with my State directories to get a more accurate idea of on the pricing.

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Icon Mini Profile gmakerley
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Post Posted: Wed Apr 28, 2010 6:39 pm    Post subject:
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It's a pleasure...you're welcome.
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Icon Mini Profile oswingrant





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Post Posted: Tue Jun 01, 2010 5:09 pm    Post subject: Mortgage Mistakes
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Don't assume that because you got a trial loan modification that mean your mortgage was completely modified. If your don't do what you are suppose to do, you may find your trial loan modification was denied even after your approval. follow all the way through.

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Icon Mini Profile newportboc





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Post Posted: Thu Jun 17, 2010 5:29 am    Post subject: Major Mortgage Mistakes
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Here are some major mortage mistakes
1.Choosing the Wrong Mortgage
2.Letting Qualifying Ratios Get Out of Hand
3.Not Enough Down payment
we avoid these potential costly and/or disastrous mistakes by preparing yourself as best you can for the mortgage lending process.This can be done by carefully researching the types of mortgages available in your area.[/b][/list]
Icon Mini Profile mreb1010
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Post Posted: Mon Jul 19, 2010 7:33 pm    Post subject: New Good Faith Estimate
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Learn to read your good faith estimate. Under the new Respa Regs, lenders cannot get away with the old bait and switch any longer. (You should receive a good faith estimate within 3 business days of making application) Under the new regs, there are certain lines with NO tolerance (Box 1 cannot increase from the good faith to final HUD) It can decrease but not increase.
Reading the Good faith estimate and your loan docs is extremely important. Don't be afraid to ask your loan officer questions.
Icon Mini Profile buywuwant





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Post Posted: Sat Sep 04, 2010 10:23 am    Post subject:
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Thanks for these Good informations Caron
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Icon Mini Profile amayer





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Post Posted: Mon Sep 20, 2010 12:46 pm    Post subject:
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I heard I/O programs are difficult to qualify for since you not only have to qualify for P/I payments, but you also have to show 24 months worth of assets sitting in an account.

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