How come you get a quote from a lender on Monday, and when you call back to lock on Tuesday, the rate is different? Here’s a great explanation on what may have caused the change.
Category: Foreclosure
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Best Mortgage Rates in History … thanks to Greece!
We have just been handed a gift by the Greeks once again. This is the best time in history to lock a purchase or refinance loan. Special deals for underwater homeowners and jumbo
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How to Compare Mortgage Rates and Lenders the Right Way!
If you are shopping for a home loan, you MUST know how to choose your rate and lender. Here’s some great tips on how to get the best possible deal, tailored to fit YOUR needs. Rates at record lows!
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Apply Again for a Mortgage Refinance After Denial, Rosemary Rugnetta, Freerateupdate.com
Despite what has been heard about the mortgage market for the past several years, it is not all gloom and doom for everyone. More homeowners are not underwater than there are those that are underwater. Even today, mortgage refinance applications are still up and providing existing borrowers the opportunity to obtain the current lower mortgage rates available. Applying again for a mortgage refinance after receiving a denial is a must for existing homeowners since there is a good chance for approval.
Many borrowers are or have been denied a mortgage refinance for some reason or other. The denial is often the result of a particular lender’s guidelines that were in place at the time of the mortgage refinance application. Lenders have what are called overlays for conforming mortgages which are additional guidelines on top of those issued by Fannie Mae and Freddie Mac. These are called the matrix in the lending world and differ from lender to lender. Each mortgage is approved or denied according to the matrix for that particular mortgage product. For this reason, when a borrower is denied by a lender, it should not be their final attempt. However, running from lender to lender is also not a good idea since each one will probably make a hit to the credit report which can ultimately damage the borrower’s credit scores. By inquiring for information online without using a social security number, the borrower may be able to find a lender who is able to help them. It is a much easier and efficient way of searching for help and more likely that the borrower will find success.
In some cases, it may very well be impossible at this time to refinance. Finding out the reason is important because it could be related to something on the credit report which the borrower can work on improving so that in several months they may be able to apply again for a mortgage refinance after receiving a denial. Whatever the reason is for being turned down, success is still a real possibility.
FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard 0.7 to 1% point origination fee.
Related articles
- Common Refinance Mistakes | MortgageRefinanceRates.org (mortgagerefinancerates.org)
- Mortgage Refinance Benefits | StreamlineRefinance.net (streamlinerefinance.net)
- Making Home Affordable Explained | MortgageRefinanceRates.org (mortgagerefinancerates.org)
- How to Find the Best Mortgage Broker (mortgagerefinancerates.org)
- Should You Bother Refinancing Your Current Maine Mortgage ? (brendanfontaine.wordpress.com)
- Record low mortgage rates: What to do now (cbsnews.com)
- Is that refinance offer the best you can get? (hsh.com)
- Should I Refinance My Mortgage? (myinvestingblog.com)
- HARP refinance program ready for upside-down mortgage holders (sellingfloridarealestate.wordpress.com)
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How to Shop for a Home Loan the Right Way
Many people don’t know how to properly shop for a mortgage loan – and mistakes cost thousands. Here’s some easy tips to help you get the best rate and terms. Rates are now back at all-time lows!
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Why the HARP 2.0 refinance program affects EVERYONE!
Maybe I’m a broken record, but you all need to tell your family and friends about the HARP refinance program. It might save their home, and your home’s value. Watch as I explain why!!
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The Smoothest Home Loan Ever!
Every day I hear people grumble about “how hard” it is to get a loan these days. Well, it doesn’t have to be that way. Watch today as I show you how to make your purchase or refi loan EASY to get!!
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Where are all the Portland area foreclosures?
Portland has a significant “shadow inventory” of foreclosures. In today’s video, I share details about this and what you can do if you want to buy or sell a home in this market!
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How to get a home loan without an appraisal!
Did you know there are actually mortgage loan programs available that don’t require you to have an appraisal? Did you know that if you qualify for the HARP refinance program, it doesn’t matter how far upside-down you are? Watch for details!
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You CAN Buy a Home Again After a Short-Sale or Foreclosure!
Even if you lost your prior home, there is hope for you to own again. Watch today’s video as I run down the waiting time for you to get back in the saddle!
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Mortgage Insurance defined and how to Avoid Paying it!
Did you know that there is away to avoid paying monthly mortgage-insurance, even if you have less than 20% equity or downpayment? Watch today’s video!
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Short Sale Myths vs Reality – should you do one?
Many homeowners are still upside-down on their mortgage loans, and not sure what to do. In today’s video, I explain the pros and cons of completing a short-sale.
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Nine mortgage mistakes to avoid when buying a home
You would be surprised at the things people do when trying to get a home loan. Watch today’s video to avoid the most common errors and make sure you get the best deal possible!
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Does your mortgage bank send your financial info overseas?
Did you know that most big banks outsource their loan processing and other parts of the mortgage application process? Don’t let your finances go to a foreign country – watch today’s video for details
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Why ALL homeowners should care about HARP refi program, even if you don’t need it!
HARP refinance program is designed for underwater borrowers who are current on their payment. That might not be you, but you should know about it, and tell your neighbors, friends, and clients to use it. Watch today’s video as I explain
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HARP 2.0 refinance program – what it is and how to qualify!
A ton of homeowners are calling about the HARP 2.0 government refinance program … asking if they can they qualify, what’s the rates, etc. Watch today’s video as I give the plain and simple facts – very informative!
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Think you have to sell your home first before buying another? Think Again!
The home purchase market is getting more competitive. Many homeowners think they have to sell first before buying … but that isn’t necessarily true. Watch today’s video as I explain the options to get your dream home now, without delay!
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My current lender won’t do a HARP refinance for me … why not?
Not all lenders are as flexible with the new HARP refi program as we are. Did you know that you may be able to refinance, no matter how far upside-down you are? And even if you have mortgage-insurance now?
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Higher LTV Jumbo loans now available, along with looser guidelines!
Did you know we can do a Jumbo Mortgage Loan up to 90% loan-to-value? We also have Jumbo’s and Equity Lines available for 2nd homes!
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Client approved for refinance at 146% LTV with NO appraisal!
I love the new HARP 2.0 program! Doesn’t matter how far upside-down you are … we can get it done, and the rates are phenomenal. Lots of loosening lending guidelines – tell your friends and family to take advantage now!
OREGON REAL ESTATE ROUND TABLE 