Homes for Sale Mckinney Tx Homes For Sale Frisco Tx, Prosper, Celina

Texas Real Estate Blog

June 18th, 2008 6:40 AM

An expected wave of refinancing failed to materialize this year. But in anticipation of lower interest rates, Lenders are beefing up for a mini-boom. Are you going to be ready?

Far starters, realize that qualifying for a new mortgage won't be easy this time as it was even a year or two ago when lenders were falling over themselves to get your business. Now they are being far more picky.

With that thought in mind, get copies of your credit report from the three bureaus--- Trans Union, Equifax, and Experian.

You are entitled to a free credit report once a year. Visit www.annualcreditreport.com or call 1--877-322-8228. This will not include your credit scores. You can go to any of the three bureau's web sites & order a tri merged report with scores for $39.95. As a service to my loyal friends, I will order your report with scores for only $25.00. Should you refinance or purchase a home using MST Mortgage, I will credit you the $25.00 towards your closing costs.

Upon receipt of you reports, scour each line item for erroneous or damaging information and get it corrected or removed. Do this early as it could take several weeks for the corrections to show up on the reports.

Getting charge-offs, liens & late payments off your record will have an immediate & positive effect on your credit score & interest rate.

Get-up-to-date documentation of your wages, savings, & other assets. You'll need the last 30 days of pay-stubs.

If you are self employed, the lender will want signed copies of your last 2 years tax returns & a current profit-and-loss statement, preferably signed by your accountant. Also have the last 2 years' tax returns for your business.

Closing costs can be rolled into your new mortgage provided that there is sufficient equity to do so, or can be paid at closing.

If you used another lender in the past, check to see if your current loan has a pre-payment penalty. If it does, we will need to see the feasibility of paying it versus your new lower mortgage payment. We can roll this charge into the loan along with the regular closing costs provided there is enough equity. You will also need to show that you have 2 to 3 months of mortgage payments in reserve in case of an emergency.

You will also need to provide a copy of you drivers license & social security card. If you are a foreign national, you'll have to prove you are in the U.S. legally.

A new appraisal will have to be done, unless you have an existing FHA Mortgage. FHA does not require one if certain conditions are met. Market values of homes in certain areas have dropped. It would help if you knew of any "sales by owners" information as these are not included in the MLS & could help increase your homes value.

Once you have your information ready, give me a call and let me help you lower your mortgage payment. You referrals are appreciated & are the life line for my business

Posted by Trae Gardner on June 18th, 2008 6:40 AMPost a Comment (0)

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