Stated Income Mortgage Loans - A Few Things You Need To Know

By C.L. Haehl

Stated income mortgage loans are an ideal type of loan for those that are in need of a mortgage in which their income is not verified. On this type of mortgage you simply state what your income is but it is not necessarily verified with the employer. Yet, your employment is verified and assets are generally necessary as well. For those that can not or do not want to state what their income is, a stated income mortgage loan can be ideal. It works well for those that are self employed, as well.

Qualifications For Stated Income Loans

In most cases, lenders will have some very specific goals in qualifications in order to obtain this type of mortgage loan. Generally you will have to have a fair or better credit score (usually no less than 620) and you should have an established credit history. If you have had problems like bankruptcies or foreclosures, these should be at least three years or longer ago and you should have reestablished your credit since them. Often, you will be required to have a down payment that is generally not less than five percent of the cost of your home.

How Stated Income Effects The Mortgage You Get

A stated income mortgage loan will cost you a bit more than that of a standard, income verified loan. You will find that some interest rates can be 1 to 1.5 percent higher (sometimes more so) than what you would get if you were applying for a traditional loan. This can effect how much your monthly payment is on the loan as well as how much you will pay in general.

Stated income mortgage loans are an option that you have in getting a mortgage loan. Although there are plenty of opportunities for you to secure a loan that is affordable like this, you should consider how well they fit your specific needs.

Recommended Stated Income Mortgage Lenders - We maintain a list of recommended mortgage companies online and update the list regularly.

Signs That You Are Getting Into a Risky Mortgage - Read this article to learn the 15 signs that you are getting into a risky mortgage.

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Mortgage Refinancing - How To Improve Your Credit Before Applying

By Louie Latour

The mortgage rate you qualify for when refinancing your mortgage is heavily influenced by your credit score. Your credit score is derived from the contents of your credit reports and improving your credit score is easier than you think. Here are several tips to help you improve your credit score before applying for mortgage refinancing.

Credit records in the United States are maintained by three separate credit agencies and records are frequently prone to errors. The three credit agencies that maintain your records are Experian, Equifax, and Trans Union; you can request a copy of the records from each agency by visiting the website AnnualCreditReport.com. Congress recently passed a law requiring these agencies to provide you with a free credit report every year and this website was established to comply with the law. When you visit AnnualCreditReport.com to request your reports each agency will try and sell you a credit score when generating your report; however, you don’t need to purchase it when refinancing your mortgage.

Once you’ve requested your credit records from each reporting agency you’ll need to carefully review the reports for errors. If you find errors you need to dispute the error with the individual credit agency. Also, if you have negative information in your credit records such as judgments or write-offs you need to settle with the creditors to have this information removed. Having negative information in your credit report will significantly reduce your credit score and negatively impact your ability to qualify for a competitive mortgage rate.

After you’ve reviewed your credit records and ensured that everything is accurate, there are steps you can take to improve your credit score before applying for mortgage refinancing. Start by paying all of your bills on time; 35% of your credit score is based on your history of on-time payments. Also, try and maintain low balances on your credit cards. The less outstanding debt you have when you submit your mortgage refinancing application, the better your mortgage rate will be. You can learn more about qualifying for the best mortgage rate by registering for a free mortgage tutorial.

To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinancing - What You Need to Know," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinancing tutorial today at: http://www.refiadvisor.com

Home Mortgage Refinance Loan

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Subprime mortgage sector rattles markets

NEW YORK (Reuters) - U.S. financial markets were rattled by news on Tuesday that late payments on U.S. mortgages had reached their highest level in 3-1/2 years, while regulators began a probe of subprime mortgage lending and called for legislation. read more.......

High Risk Mortgage Lenders - What Subprime Lenders Look For

By C.L. Haehl

Sub-prime lenders, different from prime lenders, are high-risk home mortgage lenders. Their service is targeted at people who are plagued with a poor credit history. People who have adverse credit history on account of diverse financial problems including bankruptcy can approach online home mortgage lenders, who specialize in offering loans to such borrowers. Sub-prime lenders offer mortgage loans to high-risk applicants at slightly higher rates and fees. You will find many predatory lenders also among those who charge exorbitant rates, but they can be bypassed with ‘comparative shopping’.

Factors considered for determining the rates of the mortgage are the same for sub-prime lenders and prime lenders. Along with credit history, the debt burden, amount of down payment and cash reserves also help to determine the rates applied.

For improved mortgage rates, one should close credit card accounts lying unused, keep a three month living expense reserve and make at least a five percent down payment against the loan.

It is quite easy to locate high-risk home loan lenders using the internet. Just by answering a few questions, one can ask for quotes form several lenders through mortgage comparison websites. You can streamline the list of mortgage lenders on the basis of these quotes to list a few you would like to approach. To make the final selection, you would need detailed real quotes from the lenders on the list.

To get a real quote, you will need to fill in an online application on the lender’s website, in which you will have to provide detailed information. The online application would speed up the loan process. After you receive detailed quotes from different lenders, it is advisable to make a comparison of the rates and fees. You should attention to the fees because they can add to the actual cost of the loan.

Once you get your mortgage, make timely repayments and establish a good credit history. If you are able to lower your debt and build cash reserves, you may qualify for lower rates of interest after three years.

Creative Mortgage Financing & Alternative Ways To Finance a Home - See a comprehensive list of ways you can finance a home without getting a morgage loan.



List of Reputable Mortgage Lenders Online - Bad Credit OK

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