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Not everyone knows the most important things that he or she should keep in mind when applying for a mortgage loan. At times, they go to buy a home when they see that the interest rates and the prices of homes are coming down. However, it’s important to know that the process of applying for a home loan is different from the process of renting an apartment or applying for a car loan. It’s important that you educate yourself. Given below are 6 tips that may help you get approval for your home mortgage loan.

1. Review Your Credit Rating

Some people don’t review their credit history prior to applying for a home loan. Actually, they assume that their credit rating is already high enough, which is not the case in some cases. A lower credit rating is a big hurdle when it comes to the approval of a mortgage application. So, it’s important that you check your credit history and fix errors before the submission date.

2. Get Some Cash

Often, the requirements for a home mortgage loan change. If you are going to apply for a loan, make sure you have enough cash in your pocket. If you have no cash, your application will be rejected. You need to make a down payment. The minimum amount of down payment can be different based on a lot of factors like the type of lender and the type of loan.

3. Don’t quit your job

It’s important that you keep your job while you are going through the process. Actually, changes to your income status or job may have a negative impact on the home mortgage process.

Most lenders grant approval on the basis of the information given in the loan application. During the process, if you quit your existing job, the lender may have to evaluate your finances once again to ensure you still qualify.

4. Get rid of your debt

Having a balance on your credit card won’t stop you from getting a mortgage loan, but it’s better to have no debts to pay. Actually, your debts is a large factor that can help the lender find out if you should get a mortgage. The amount of loan you can get also depends upon this factor.

Generally, it’s a good idea to avoid making big purchases unless your application has been approved. What this means is that you shouldn’t use your credit card to finance a car or buy expensive home appliances.

5. Consider Your Budget

You should consider your budget when it comes to a mortgage loan. You shouldn’t make this decision based on the dictation of your lender. Typically, lenders figure out the pre-approval amount on the basis of your credit report and income. They don’t care about how much someone spends on fuel, groceries, insurance or daycare. So, it’s better that you stay within your budget limits.

The Takeaway

You may not want to lose heart if you don’t qualify for a mortgage loan. Instead, you should work on your finances and credit rating. You should put together a realistic plan and work accordingly.

Reverse Mortgages are a tricky subject. No one wants to discuss them, and yet, for some it can be an excellent solution. The Elder’s heirs might not appreciate it much, but it can be a life-saver. Kind of reminds us of that bumper sticker you see on the back of motor-coaches; “We are spending our children’s inheritance!” Now then, how do you market reverse home mortgages if you are a mortgage broker? Remember it’s a tricky topic. Below is a one-page marketing piece you can use to modify and come up with a decent strategy of your own. Your modification of this could be used for an email marketing campaign, web-page, brochure or advertisement.

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Reverse Mortgages

Have you been considering a Reverse Mortgage but aren’t sure if it’s right for you situation? Would you like to get the facts and talk to someone who has all the answers, someone who can answer any remaining questions you might have? Sometimes reverse loans make sense, and sometimes they don’t, it depends on your situation. There are certain rules, restrictions and costs on Reverse Mortgages that you need to know upfront.

We offer reverse loans because they can be a life-line and a nice strategy when the conditions are right. These mortgages can be life-changing when structured correctly. Are you ready to talk seriously about a Reverse Mortgage and make an informed decision? Contact us now and we can schedule a meeting, look over your financial situation and help you make an informed decision.

There are many different types of structures and strategies for reverse mortgages, each one has its own benefits and disadvantages – reverse mortgages are not a one-size fits all – by knowing your options and having the right knowledge you can decide for yourself. Below are a few of the choices within the “Reverse Home Mortgage” category to consider:

- Single Purpose Reverse Home Mortgages, which are from local, state, non-profit agencies.
- Proprietary Reverse Home Mortgages – jumbo reverse mortgages.
- Standard HECM – Home Equity Conversion Mortgage, which are backed by HUD.
- Reverse Mortgage Refinance – refinancing a current reverse loans.
- Home Purchase HECM when downsizing to new more appropriate sized property.

The rules and regulations on reverse home mortgages are in place to protect seniors from being sold something that isn’t appropriate. These are probably well-intentioned by authorities, but they don’t protect you from making a poor choice. You need someone who can explain everything to you upfront, based on your actual needs now, and the needs you see for your future. We are is here for you, ready to explain all the details and answer all your questions – then get the ball rolling and make it happen.

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Just because the Federal Reserve has raised rates doesn’t mean there aren’t other markets out there to keep your business busy and keep your team gainfully employed. I hope this helps you think about your future marketing strategy.

If you are worried about losing your home to foreclosure and are getting behind on your mortgage payments, there are some financially strategic things you can do to save your home. It’s best to learn about the foreclosure laws in our state and understand the well-documented case law. You should probably immediately seek the professional advice of a bankruptcy attorney who has dealt with such issues if you want to prevent foreclosure.

Did you know that once you file Chapter 7 Bankruptcy in California, the bank cannot do a foreclosure sale during the proceeding which take about 3-4 months? The lender can petition the judge to bypass that general rule and foreclose early or ask for a foreclosure sale, but it’s rarely ever granted without extenuating circumstances.

In Chapter 13 Bankruptcy, you will have to keep up on your mortgage payments and/or make a deal with your lender, otherwise, the lender can ask the judge to foreclose anyway. Depending on your relationship with your lender and your good faith, the judge sometimes allows this. Again, it’s best to ask your bankruptcy attorney what to do and how to do it in order to have the best chances of keeping your home when it is over.

Can You Stay in Your Home After Foreclosure in California?

It turns out that you can stay in your home after foreclosure and up to the final sale, although that would be cutting it close. Generally speaking, after a foreclosure it takes anywhere from 2 months to a year for the actual sale to occur. This is the case for both judicial and nonjudicial foreclosures.

In fact, in California, there is a terrible problem where the family that once lived in the home before foreclosure leaves as requested, but then a new party, a homeless squatter, moves in and stays in the home until it is sold, often until the new owners try to move in. Sometimes the new owners have to go and get an eviction notice, which also takes time. It’s an interesting world we live in but that’s what’s happening here in California.

In Ventura County, there has been a whole slew of cases where this has happened. Squatters learn about the loopholes in the law on the Internet, often watching YouTube Videos. Some of the advice is garbage, some is valid. Either way, it is causing a problem in neighborhoods around the Ventura County area and nearby adjacent neighborhood that are in Los Angeles County.

Can You Buy a New Home After You File for Chapter 7 Bankruptcy?

The answer to this question might shock you. After all, people assume that filing for bankruptcy is the kiss of death, and their credit will be shot forever or at least a decade. Not so. Indeed, 24-months after the date your bankruptcy is completed you will be able to qualify for a home loan and mortgage providing you have adequate income at that time to service the loan payments.

For Chapter 13 Bankruptcy, the situation is similar, but there are other things you need to know and you should contact a bankruptcy attorney in your area who specializes in these venues for all the correct details.

What Can I Keep from My Home If the Bank Forecloses?

This is a very important question and if you get it wrong you could find yourself in jail for grand theft. You cannot take solar panels, hot water heaters, or any built-in appliances. Don’t attempt to take garbage disposals, trash compactors, built-in ranges, dishwashers, or air-conditioning systems. You cannot take burglar alarms, smoke detectors, or smart house systems that are built into the home as an integrated system. You may take televisions, refrigerators, and washers and dryers.

You cannot take an outdoor patio system that is anchored to the house on one or more sides or on top. Basically, the law reads that you cannot take anything affixed to the building or land. Again, take these rules seriously, and if you have any questions, ask your bankruptcy attorney. If you have to go and you’ve exhausted all other avenues, do it right. You don’t want to begin your fresh start with a new criminal conviction – that doesn’t look good on any resume.

There Are Ways to Prevent Foreclosure in California

The easiest way is by asking your lender for a loan modification. The bank doesn’t want to take back your home, they just want to get paid. Thus, it is in their best interest to work out a favorable deal that will have you back making payments until that mortgage is paid in full. Sometimes lenders won’t move an inch on the first request, but when an attorney contacts them on your behalf, it’s amazing what you can negotiate.

If you pay off your mortgage the lender cannot foreclose obviously, which is one more option. Get a loan from another source and pay off the mortgage. You can also sell your home in a short sale, or for the amount left on the mortgage. Although you won’t get any equity back, your credit will be great having paid it off.

Other Considerations

After the housing crash of 2008 many servicers made errors in the paperwork. The court no longer takes their word over the borrower. If they made a serious mistake, your attorney will now be in a very favorable position to negotiate for you. At least, your bankruptcy and foreclosure attorney will have the lender start the process all over again, and at best, might save you 10s of thousands of dollars and a truly stellar renegotiated mortgage rate and terms. Be sure to learn all the facts.