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.
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.