Daily Archives: May 6, 2009
Mortgage Lender Change May Prevent Jumbo Mortgage Loan Terms
As the mortgage market contracts, some mortgage lenders are buying other lenders and then requiring existing borrowers to reapply for mortgage loans. The new mortgage lender may not want to honor the terms of the other mortgage lender’s loan. This may be especially true for jumbo loans, which may be perceived to have higher risk. What can you do if your original mortgage won’t go through for new construction? Contact an executive at the new mortgage lender and provide documents showing the terms of your original jumbo mortgage loan.
House Inheritance Question May Require Estate Attorney
When a homeowner dies and it’s unclear who inherits the home it may mean you need to hire an estate attorney. If you cannot afford to hire an estate attorney to help you sort out inheritance issues, you may seek assistance from a local legal aid clinic. It’s difficult to resolve a complex house inheritance situation without some outside help.
Three Rules For Refinancing Your Mortgage Loan
Deciding whether to refinance a mortgage loan involves more than just getting a lower interest rate. For a refinance of your mortgage loan to be worth it, you have to achieve three things: lower your mortgage loan interest rate, lower your mortgage loan monthly payment and shorten the length of your mortgage loan. If you can only achieve two out of three of these refinance rules it may still be worth it, but pay attention to closing costs because lenders make a lot of money off of fees these days.
Do It Yourself Title Search May Be Incomplete
Can you do a title search for your own property? You may be able to research your property’s title and related liens in public records but you may also miss something. Do you need to hire an attorney to help with a title search? Or a title insurance company? Find out what a title search includes and why a do-it-yourself title search may not be the best idea.
Credit Crisis, Recession Eases With Home Buying And Jobs
How can you tell when the recession has eased? Some of it is just a feeling, such as when the news doesn’t sound as bad as it used to. Other signs of the recession lifting include an uptick in home buying at higher market values and a decline in customer service. Finally, people’s worries about losing their jobs start to ease. What signs do you look for to see that the credit crisis or recession is lifting?
What Will Canceling Credit Cards Do To My Credit Score?
Which credit cards should you cancel to have the least negative impact on your credit score? Canceling old credit cards that you don’t use anymore shouldn’t have too much of an effect on your credit score as long as the remaining cards are kept to a balance below 50% of your available credit. Your credit score will be higher if you are using and repaying credit, rather than just holding onto some old credit cards.
