With interest rates the lowest they’ve been in a while, you may be thinking about refinancing your existing mortgage into a new one. As a homeowner, there are good reasons to consider this option: to get a lower interest rate, to drop private mortgage insurance, or to pull cash from your home’s equity to consolidate debt or make home improvements. The short answer, of course, is to have more money each month for groceries, car payments and the credit card bill.
Interest rates have gone and done it again; they've dropped. Considering refinancing your current mortgage with a new one at a lower interest rate? You could reduce your monthly payments and more importantly, the total cost of your loan. That means you keep more of your hard-earned cash where it belongs, in your pocket to do the things that matter most to you.
Found a home in an area with only fixer uppers? Want to renovate your current home? Not sure what to do? There's a Fannie Mae program for you.
Maneuvering the home loan process is a more tedious and daunting task than it was at the beginning of the 21st century. Previously lenders often approved loans to borrowers without properly checking their level of risk. This caused a tidal wave of defaulted mortgages which sent the country into the Great Recession. Shortly afterwards, new laws and requirements were enacted to ensure that lenders properly vetted their potential borrowers and their ability to repay their loans.
At Louisiana Home Lending, we hear these questions all the time. Whether it be from potential customers, those looking into funding commercial or residential construction projects, current customers, local insurance agents, or blasted on Pandora or popular podcasts:
Most home buyers are unaware of how other financial decisions can weigh on their mortgage approval and closing. In this blog we discuss the top road blocks you should avoid when attempting to get approved for a mortgage.
The time has come: it's your time to have your piece of the pie of the American Dream. Time to find a lender. You've done your research, and you've come across two distinct terms: mortgage bankers and mortgage brokers. What is the difference between these two entities and which is right for you? How do they help you?
Some of you may be familiar with receiving emails from your current banks such as Chase, Iberia, or HomeBank regarding your “pre-approval” for mortgage lending through them.
And while this may seem like good news for those of you currently looking for lending options, going with the big banks as opposed to a local, private lender, could pose some hidden problems that most aren’t aware of in the lending world.
Topics: Interest Rates
Whether you're thinking about buying, shopping for a home, or have found the home you love, getting a pre-approval is paramount in helping you make a great decision both financially and practically.