Blog – Page 255 of 875 – Fred Gruber - First Rate Financial Group

20

Apr

Mortgage

A Checklist Of Documents You Need To Refinance Your Mortgage

A Checklist Of Documents You Need To Refinance Your Mortgage If you want to save money on your mortgage, you might think about refinancing. Before you can complete the refinancing process, there are several documents you need to have. Make sure you have all of these documents organized before you go through the refinancing process.

Basic Personal Information

You need to have documents that prove your basic personal information. This includes your name, current address, and phone number. There are plenty of documents you can use to prove this information, and your current lender probably already has this on file if you are using the same lender to go through the refinancing process.

Income and Debt Documents

You also need to have documents that verify all of your current income or debt. If you are a wage-earner, you should have at least one recent pay stub. You should also have tax returns and W2 forms from the past two years.

Make sure you have recent asset or bank statements as well. This could include retirement accounts, checking accounts, savings accounts, and investment accounts. You will probably need the most recent quarterly statement for monthly statements going back at least two months.

Any Additional Letters and Documents

There are several other letters or documents you might need as well. If you receive alimony payments or child support, you will need to have divorce decrees verifying this information.

If there are any questions about your credit history or gaps in your employment, you will need to have letters explaining these issues. That way, the lender will be reassured that you can repay the home loan. If you receive pension payments or social security payments, you should have an award letter specifying the size of the payments and how long they are going to be paid.

You also need to have a deed showing that you are the rightful owner of the home and a document showing that you have an active homeowners insurance policy with appropriate coverage.

Get Your Documents Organized for the Refinancing Process

Once you have all of these documents, you should be ready for the refinancing process. You should work with a professional who can walk you through this process from start to finish.

19

Apr

By First Rate Financial Group

Home Mortgage Tips

Til’ Debt Do Us Part: How to Get a Mortgage If One Spouse Has A Poor Credit Score

Til' Debt Do Us Part: How to Get a Mortgage If One Spouse Has A Terrible Credit Score A poor credit history is a reality for many people, but it can be particularly daunting when it comes to investing in a house. Fortunately, if you or yours have experienced bad credit doesn’t mean that you should be penalized in the future. If your spouse has struggled with bad credit in the past but you’re both preparing to move forward and invest in a home, here are some tips for getting it together financially.

Face The Music

Many people who have bad credit are too scared to take a look at their credit report and broach it honestly, but it’s important to come to terms with the problem so that it can be fixed. Instead of ignoring it, get a copy of the credit report and review it for any errors so that you can update these if needed and be aware of the issues impacting your credit score. While there may not be any inaccuracies on the report, knowing what you’re dealing with will give you a point to start from.

Make Your Payments

At some point, most people have missed a credit card or bill payment, but the first step involved in improving your finances and your credit is ensuring your spouse is paying their bills on time. While this won’t require paying the complete balance each month, it’s important to pay the minimum balance before the due date, and stick with it! It may seem like a small step, but over time it will improve credit and say a lot to mortgage lenders!

Save Up For Down Payment

20% is the amount that’s often suggested when it comes to a down payment, but if your spouse has terrible credit, it may be worth your while to save up more. It goes without saying that having good credit for both yourself and your spouse is important in getting approved for a mortgage, but by having extra for your down payment and paying your bills on time, you may be successful at convincing lenders you’re a solid bet.

It can be a lot more difficult to get your mortgage approved if your spouse has bad credit, but there are steps you can take to improve your financial outlook and give lenders a better impression. If you’re planning on investing in a home in the near future, contact your trusted mortgage professionals for more information.

18

Apr

By First Rate Financial Group

Financial Reports

What’s Ahead For Mortgage Rates This Week – April 18, 2022

What's Ahead For Mortgage Rates This Week - April 18, 2022 Last week’s economic reporting included readings on monthly and year-over-year inflation and the preliminary reading on consumer sentiment from the University of Michigan. Weekly readings on mortgage rates and jobless claims were also released.

Gas Prices Drive High Inflation in March

Consumers felt near-record pain at the pump in March as gas prices continued to rise. Month-to-month inflation increased by 1.20 percent in March as compared to February’s month-to-month inflation rate of 0.80 percent. Analysts expected inflation to rise by 1.10 percent in March. The extent of rapidly rising gasoline prices on inflation is evident when comparing readings for the Consumer Price Index and the Core Consumer Price Index, which excludes food and fuel prices. The month-to-month Core Consumer Price Index reading for March was 0.30 percent; analysts predicted a reading of 0.50 percent growth, which matched February’s reading.

Year-over-year Consumer Price Index readings showed 8.50 percent inflation, which exceeded the expected reading of 8.40 percent, and February’s year-over-year reading of 7.90 percent growth in inflation. The year-over-year core Consumer Price Index rose to 6.50 percent in March and matched analyst expectations based on February’s year-over-year core inflation reading of 6.40 percent.

Mortgage Rates, New Jobless Claim Rise

Freddie Mac reported the average rate for 30-year fixed-rate mortgages rose by 28 basis points to 5.00 percent last week; rates for 15-year fixed-rate mortgages averaged 4.17 percent and were 26 basis points higher on average. Rates for 5/1 adjustable rate mortgages averaged 3.16 percent and averaged 13 basis points higher than in the previous week. Discount points averaged 0.80 percent for 30-year fixed-rate mortgages, and 0.90 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.30 percent.

First-time jobless claims rose to 185,000 new claims filed, which surpassed expectations of 172,000 new claims filed and the previous week’s reading of 167,000 new jobless claims filed. 1.48 million ongoing jobless claims were filed as compared to the previous week’s reading of 1.52 continuing jobless claims filed.

The University of Michigan released its Consumer Sentiment Index for April with an index reading of 65.7 as compared to the expected index reading of 64.1 and the March index reading of 59.4.

What’s Ahead

This week’s scheduled economic reporting includes readings from the National Association of Home Builders on housing markets, federal government readings on housing starts, and building permits issued. Weekly reporting on mortgage rates and jobless claims will also be released.