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7 Things You Should NOT Do When Applying For A Home Loan

 

7 Things You Should NOT Do When Applying For A Home Loan

 

The following is a sample of this report:

This is a list of things to steer clear of when you are seeking to obtain financing for a home. The following items may prove to be a detriment when you wish to move forward with the loan process.

  • Don't buy or lease an auto!  Lenders look carefully at your debt-to-income ratio. A large payment such as a car lease or purchase can greatly impact those ratios and prevent you from qualifying for a home loan.
  • Don't move assets from one bank account to another!  These transfers show up as new deposits and complicate the application process, as you must then disclose and document the source of funds for each new account. The lender can verify each account as it currently exists. You can consolidate your accounts later if you need to...

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Christian A. Penner
Area Manager, MLO
Phone: 561-316-6800 
Fax: 561-807-2551
Email: 
Christian@ChristianPenner.com
Apply online: Your Loan Application
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Christian Penner 
Area Manager
Mortgage Loan Originator
Phone: 561-373-0987
Fax: 561-935-4142
License: NMLS#368289
Christian@ChristianPenner.com
www.christianpenner.com

Rate versus Price Reduction

Everyone wants to get the best deal when buying a home. However, Mortgage Broker West Palm Beach has some good advice for potential buyers who are waiting to see if home prices come down a little more, the wait could cost them.

Let's look at an example, from 
    Mortgage Brokers West Palm Beach to see why. Say a home buyer wants to buy a home that costs $300,000. But the buyer wants a better deal on the home, so she delays a transaction until the home is reduced by $10,000. If, in the meantime however, rates were to rise .75% to 6.00% and the buyer financed 90% of the purchase price, the amount of total payments over a 30-year term would be over $35,000 more than paying the $300,000 purchase price and locking in the 5.25% interest rate. In other words, the buyer would save $10,000 only to end up paying $35,000 more.


Now these prices and rates are just for the sake of example. But according to
    Mortgage Brokers West Palm Beach the point is that home prices are already very affordable…and rates are still low for now. So in the end, waiting for a home price to reduce may end up costing you much more than you expect if rates rise.

Mortgage Interest Rates for Fixed Rate Mortgages*
Rates as of Monday, 15th August, 2011:
  Term Conforming APR Payment per
$1,000
Jumbo APR Payment per
$1,000
30-yr Fixed 360 4.125% 4.208% $4.85 4.625% 4.711% $5.14
15-yr Fixed 360 3.250% 3.329% $4.35 4.25% 4.334% $4.92
FHA 30yr Fixed 360 4.000% 4.082% $4.77 % 0.000% $0.00
FHA 5yr Arm 360 2.875% 2.952% $4.15 % 0.000% $0.00
5-yr Arm 360 3.250% 3.329% $4.35 3.000% 3.078% $4.22
5-yr Arm Int Only 360 3.375% 3.455% $2.81 3.125% 3.203% $2.60
*Rates are subject to change due to market fluctuations and borrower's eligibility.
Christian is a Full Service Mortgage Banker. He is also approved with numerous lending sources throughout the country. He provides conventional, non conforming, jumbo, construction perm, FHA and VA loans. He assists customers with great credit and no credit. He can assist individuals and professionals with their financing needs whether buying, selling or refinancing real estate. If he can be of assistance or to be added his distribution list, contact him at the telephone numbers provided. To be added to his distribution list please register at : http://www.dbnurture.com/optin.php?u=cpenner