The problem is, interest rates are fickle. They can change pretty quickly, like in a week or even less. On the other hand the loan approval process can take several weeks. Who knows where mortgage rates will be by then! A lock guarantees that the low terms that were in affect when you applied will still be valid once your loan is approved – they’re locked in.
Read the rest here: Mortgage Rate Lock Advice Offered In New Video From LoanLove.com
The good news is you actually don’t need a large down payment or great credit in order to purchase a home with competitive market terms. Let’s look at the characteristics of what a mortgage lender deems to be bad credit when it comes time to qualify for a mortgage loan. Credit Score Scale 680-700 Mediocre *620-680 Less than perfect, but approvable A mortgage company’s definition of bad credit might not be what a consumer considers to be bad credit. A credit score of 620 or higher is required to successfully obtain a mortgage. By the same token, a 620 credit score is considered by a lender to be less than perfect, but it’s still possible to get a mortgage Reverse Mortgage Tomball with that score. Your credit score determines two major things for a mortgage company: Loan program – Whether it’s a conventional or FHA-type mortgage.
Read the rest here: It’s Still Possible to Qualify for a Mortgage Despite Bad Credit
Nationstar Mortgage Sued for Failing to Sell Loans
Nationstar said it sued Truman Capital in federal court in California last week seeking a ruling on contracts governing the auction, and believes the New York suit is without merit. Good Faith We attempted to work in good faith with Truman Capital to resolve the dispute, Nationstar said in the statement. Unfortunately we were not able to reach a resolution of this matter. So we determined the only way to resolve this matter was to resort to litigation. Nationstar Mortgage, based in Lewisville, Texas , and majority-owned by Fortress Investment Group LLC (FIG) , was the program manager for a title trust participating in the loan deal. U.S. Bank, a unit of Minneapolis-based U.S.
Read the rest here: Nationstar Mortgage Sued for Failing to Sell Loans